Koreans must work 42 minutes to buy Big Mac

　 　　With the current minimum wage, South Koreans need to work 42 minutes to earn a Big Mac burger, a study showed.　The research, conducted by the market research firm ConvergEx Group, compared countries’ minimum wages by using the price of a Big Mac, the signature burger of fast-food giant McDonald’s, as an indicator. 　It takes 42 minutes of work at South Korea’s current rate of 4,860 won ($4.35) to afford the burger, according to the data. 　Australia has the highest minimum wage, at $16.88, whi

Aug. 22, 2013

Japan’s Topix erases losses as China PMI gauge increases

Japan’s Topix index erased earlier losses as investors weighed an unexpected increase in China’s manufacturing against Federal Reserve minutes showing broad support for paring unprecedented stimulus. Daikin Industries Ltd. (6367), an air-conditioner maker that gets 18 percent of revenue in China, rose 0.2 percent after falling as much as 1.7 percent. Mazda Motor Corp., an automaker that gets 30 percent of its sales in North America, pared its loss to 2.5 percent. Tokyo Electric Power Co., owner

Aug. 22, 2013

Fed seems on track to slow bond buys by year's end

The Federal Reserve appears on track to slow its bond purchases by the end of this year if the economy continues to improve. But it remains divided over the exact timing of the move.That's the message from the minutes of the Fed's July 30-31 meeting released Wednesday.A few policymakers said they wanted to assess more economic data before deciding when to scale back the central bank's $85 billion a month in Treasury and mortgage bond purchases. These policymakers “emphasized the importance of be

Aug. 22, 2013

Vestas replaces CEO with Runevad as losses widen

Vestas Wind Systems A/S, the Danish turbine maker that’s been unprofitable for two years, replaced its chief executive officer after a worse-than-expected loss. Anders Runevad, from Ericsson AB, will take over on Sept. 1 from Ditlev Engel, who has been at Vestas since 2005, the turbine maker said. Its two-year turnaround program "continues according to plan" even as second-quarter margins narrowed. Vestas rose the most in three months in Copenhagen trading. "It is now the appropriate time to mak

Aug. 21, 2013

IPad's China market share plunges as domestic tablet makers gain

Apple Inc.'s share of the Chinese tablet-computer market plunged in the second quarter as Samsung Electronics Co. and dozens of local makers built on gains in smartphones to curb growth in iPad shipments. Apple accounted for 28 percent of tablet shipments during the period, down from 49 percent a year earlier, Dickie Chang, a Hong Kong-based analyst with researcher IDC, said in an e-mail today. Samsung surged to second with 11 percent, while half of shipments were generated by producers with 1 p

Aug. 21, 2013

Emerging Asia currencies struggle as Fed move looms

HONG KONG (AFP) -- Currencies in developing Asia struggled Wednesday as concerns grow that the US Federal Reserve will soon begin to unwind its massive stimulus programme, diverting cash back to the West.Asian share markets were mixed as investors awaited the release later in the day of minutes from the Fed's July policy meeting.They are anxious to see if higher US interest rates are in the offing, which would lessen the appeal of emerging markets for investors.The Indian rupee fell to another r

Aug. 21, 2013

Facebook unveils global Internet access initiative

NEW YORK CITY (AFP) -- Facebook and other technology giants launched an initiative Wednesday designed to give the whole world access to the Internet.The project is entitled Internet.org and its goal is to cut the cost of smart phone-based Internet services in developing countries."Everything Facebook has done has been about giving all people around the world the power to connect," Facebook founder Mark Zuckerberg said."There are huge barriers in developing countries to connecting and joining the

Aug. 21, 2013

Mineworkers rally over Amplats’ 6,900 job cuts

RUSTENBURG, South Africa (AFP) -- Around 2,000 mineworkers angry at Anglo American Platinum‘s plans to cut 6,900 jobs in South Africa protested Tuesday, but said they would meet management before deciding on strike action.Miners gathered at the Khomanani shaft in the northern city of Rustenburg to protest against Amplats’s plan, announced days after the anniversary of police shooting dead 34 miners at the nearby Marikana mine.“The workers are not happy with the job losses,” said Joseph Mathunjwa

Aug. 21, 2013

Judge approves Kodak plan to exit bankruptcy

Kodak doesn't look a whole lot like it did when it filed for bankruptcy protection last year, but its executives and investors are hoping for a picture-perfect future.Many of its products and services are gone, including the camera-making business that made it famous more than a century ago. Also gone are scores of workers, manufacturing facilities, supply contracts and millions of dollars in investments.On Tuesday, U.S. Bankruptcy Judge Allan Gropper approved the company's plan to emerge from c

Aug. 21, 2013

Big banks must improve financial cushions: Fed

WASHINGTON (AP) ― The Federal Reserve says the nation’s largest banks need to do a better job of determining how much capital they need to cushion against a future crisis. In a report issued Monday, the Fed said the big banks have made progress in preparing for stresses like those brought by the 2008 financial crisis. But it said they must go further by accounting for specific risks that relate to their business activities. The Fed has been conducting annual stress tests on the biggest banks sin

Aug. 20, 2013

GM recalls 293,000 Cruzes

DETROIT (AP) ― General Motors Co. is recalling nearly 293,000 Chevrolet Cruze compact cars in the U.S. because the power-assisted brakes can fail. The recall affects Cruzes made in Lordstown, Ohio, from the 2011 and 2012 model years that are equipped with 1.4-liter turbocharged gasoline engines and 6T-40 six-speed automatic transmissions, the company said Friday. It’s the eighth recall of the car since it was introduced in September of 2010, according to records compiled by the National Highway

Aug. 18, 2013