Most Popular
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Dongduk Women’s University halts coeducation talks
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Defense ministry denies special treatment for BTS’ V amid phone use allegations
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OpenAI in talks with Samsung to power AI features, report says
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Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
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Two jailed for forcing disabled teens into prostitution
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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S. Korea not to attend Sado mine memorial: foreign ministry
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South Korean military plans to launch new division for future warfare
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Kia EV9 GT marks world debut at LA Motor Show
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Gold bars and cash bundles; authorities confiscate millions from tax dodgers
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Asian shares mostly lower on China woes
HONG KONG (AFP) ― Asian markets mostly fell on Tuesday owing to growing concerns about a liquidity crisis in China, although Shanghai managed to claw back some ground after sinking more than five percent at one point.The dollar also lost its upward momentum against the yen after seeing a pull-back in New York following comments from U.S. Federal Reserve officials indicating the bank would not immediately wind down its stimulus program.Tokyo fell 0.72 percent, or 93.44 points, to 12,969.34, Seoul
June 25, 2013
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Brazil to earmark $25 bn for public transport
Brazilian President Dilma Rousseff on Monday proposed to earmark $25 billion for public transport following days of mass nationwide street protests, in a bid to seize the political initiative.She also suggested a referendum on broad "political reform" in response to public exasperation with substandard public services and rampant official corruption in Brazil, the world's seventh largest economy.The president also warned against any repeat of the violence and vandalism that marred Thursday's pro
June 25, 2013
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China slump, higher bond yields weigh on markets
More signs of distress in China's economy and rising bond yields led to a broad sell-off in stocks Monday, leaving key market indexes down more than 5 percent from their record highs last month.It was the first 5 percent decline - referred to on Wall Street as a ``pullback'' - since November.Pullbacks that occur during bull markets tend to be ``nasty and brutish'' _ but short, said John Manley, chief equity strategist at Wells Fargo Funds Management. He said it's common to get declines of 3 perc
June 25, 2013
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Lenovo playing games in China to challenge Samsung phones
To offset falling PC sales and reduce its reliance on ThinkPad notebooks, Lenovo Group Ltd. is adding a gaming service that the computer maker says can help it overtake Samsung Electronics Co. in smartphones in China. Lenovo Game World will include social-networking features, software reviews and gameplay tips when it starts in the third quarter, offering popular titles like “Fruit Ninja” for devices such as the computer maker’s Ideaphone K900 that run Google Inc.’s Android operating system. Sof
June 24, 2013
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Starbucks says pays British corporation tax after row
LONDON (AFP) ― U.S.-based coffee giant Starbucks said Sunday it had paid 5 million pounds ($7.7 million) in British corporation tax and will pay another 15 million pounds by next year after facing a backlash from lawmakers and customers over non-payment.The moved comes despite Starbucks claiming that it remained unprofitable in Britain, and that it was looking at closing its struggling stores in the country. Corporation tax is levied on a company’s profits and currently stands at a rate of 23 pe
June 24, 2013
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Central banks seeing limits of powers to revive growth: BIS
Central banks can’t expand loose monetary policy without exacerbating risks to world economies, the Bank for International Settlements said. “Central banks cannot do ‘whatever it takes’ to return still-sluggish economies to strong and sustainable growth,” Stephen Cecchetti, economic adviser and head of the monetary and economic department at the BIS in Basel, Switzerland, told reporters on a conference call. “Central banks cannot do more without compounding the risks they have already created.”
June 24, 2013
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Putin pledges $43 billion for infrastructure
ST. PETERSBURG, Russia (AP) ― President Vladimir Putin pledged on Friday that Russia would invest at least $43 billion to upgrade the country’s roads and railways to help spur growth and leave a lasting legacy for generations. Russia is looking at ways to boost its economy, which is expected to grow by only 2.4 percent this year, the lowest in more than a decade. Addressing an international economic forum on Friday, Putin said at least half of Russia’s $86.7 billion so-called rainy-day fund will
June 23, 2013
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First Apple computer could net $500,000
NEW YORK (AP) ― It’s the kind of electronic junk that piles up in basements and garages ― an old computer motherboard with wires sticking out.But because it was designed and sold by two college dropouts named Steve Jobs and Steve Wozniak, it could be worth more than half a million dollars.An Apple 1 from 1976, one of the first Apple computers ever built and forerunner of today’s MacBooks, IPads and IPhones, goes on the auction block at Christie’s next week. The bidding starts at $300,000, with a
June 23, 2013
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Japan’s MUFG to buy major Thai bank: report
TOKYO (AFP) ― Japan’s Mitsubishi UFJ Financial Group plans to buy a 51 percent stake in Thailand’s Bank of Ayudhya for about 400 billion yen ($4.1 billion) in a bid to expand its business in Southeast Asia, a report said Saturday.By turning Thailand’s fifth-largest commercial bank into a subsidiary, MUFG aims to offer a wide range of financial services to consumers and businesses in Thailand, the business daily Nikkei said.This will mark the first time that a Japanese bank takes direct control o
June 23, 2013
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EU differs on bank restructuring rules
LUXEMBOURG (AP) ― European Union finance ministers negotiating almost around the clock broke up unsuccessful talks on Saturday on how to downsize or close banks without letting taxpayers foot the bill and faced a danger that the divisive issue could undermine trust in Europe’s ability to stabilize its financial system. Irish Finance Minister Michael Noonan said that the negotiations he chairs would need another “full meeting” next Wednesday to bridge fundamental differences between the 27 member
June 23, 2013
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EU finance ministers aim for progress in bank reform
LUXEMBOURG (AFP) ― European Union finance ministers tackled bank sector reform on Friday, aiming to build on a eurozone deal to inject capital directly into failing lenders to prevent wider damage to the economy.On Thursday, the 17 eurozone finance ministers agreed how the single currency’s rescue fund, the European Stability Mechanism, could help the banks without adding to the already large debt burden on member states.German Finance Minister Wolfgang Schaeuble said that the accord marked an “
June 21, 2013
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Mitsubishi UFJ $250 mn for illegal Iran transfers
New York state hit Japan's largest bank Bank of Tokyo Mitsubishi-UFJ with a $250 million fine Thursday for handling money transfers that violated sanctions on Iran as well as Sudan and Myanmar.The state's Department of Financial Services (DFS) said Mitsubishi-UFJ moved billions of dollars through its New York branch between 2002 and 2007 for state and private entities in Iran, Sudan and Myanmar, including entities on the US Treasury's blacklist.In that period banking services and money transfers
June 21, 2013
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Stocks extend slide as China heightens anxiety
For investors, there was no place to go on Thursday.A day after the Federal Reserve roiled Wall Street when it said it could reduce its aggressive economic stimulus program later this year, financial markets around the world plunged. A slowdown in Chinese manufacturing and reports of a squeeze in the world's second-biggest economy heightened worries.The global sell-off began in Asia and quickly spread to Europe and then the U.S., where the Dow Jones industrial average fell 353 points, wiping out
June 21, 2013
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Norway opens Arctic border area to oil drilling
Norway's Parliament has opened up a new area on the fringe of the Arctic Ocean to offshore oil drilling despite protests from opponents who fear catastrophic oil spills in the remote and icy region.Most of the Norwegian sector of the Barents Sea, which the Nordic country shares with Russia, is already open to petroleum activities.But environmentalists and some opposition lawmakers say the risk to Arctic sea ice is higher in a Switzerland-sized area straddling the Russian maritime border, and wan
June 20, 2013
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Ford CEO Mulally calls Japan currency manipulator
Ford Motor Co. Chief Executive Officer Alan Mulally called Japan a currency manipulator that’s giving local exporters an unfair edge as the weaker yen threatens to undermine U.S. automakers’ profits. Japan is “absolutely” manipulating its currency, the CEO of the second-biggest U.S. automaker said in a Bloomberg TV interview Thursday. “With the currency manipulation, we just have to get back to the place where the currencies are set by the markets and the free trade agreements really are free tr
June 20, 2013
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Airbus takes off with big orders
The Airbus next-generation A350 plane took center stage at the Paris Air Show on Wednesday, winning multi-billion-dollar deals ahead of a much-anticipated possible fly-over.The news comes just days after the new plane took to the skies in its first-ever test flight on Friday, stealing the limelight before the start of the air show ― a key event where Airbus and Boeing compete fiercely for plane orders.The European plane maker is currently ahead of its archrival at the show ― $53.2 billion in new
June 20, 2013
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Senate backs Froman as trade representative
WASHINGTON (AP) ― Michael Froman, a senior White House economic adviser and classmate of President Barack Obama at Harvard Law School, on Wednesday won Senate confirmation to be the next U.S. trade representative. The confirmation vote was 93-4, elevating the 50-year-old Froman to the head of an agency now involved in two of the most significant trade deals in recent history. “In his new position, Mike will stay focused on our primary economic goals ― promoting growth, creating jobs and strength
June 20, 2013
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Markets misinterpreting Bernanke on inflation: Gross
Pacific Investment Management Co.’s Bill Gross, manager of the world’s biggest mutual fund, said investors who are selling Treasuries on expectations that the Federal Reserve will scale back its accommodative policy are missing the influence of inflation on the Fed’s decision. “The market basically has misinterpreted the growth and unemployment targets while leaving out the inflation targets going forward,” Gross said in an interview Wednesday on Bloomberg Television’s “Street Smart” with Trish
June 20, 2013
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Asian stocks down as Fed sees slower bond buys
Asian stock markets plummeted Thursday after the U.S. Federal Reserve said it could start scaling back its huge economic stimulus program later this year.The announcement Wednesday in Washington drew sharp reaction in financial markets, showing just how dependent investors have become on the Fed's easy money policies.The Fed has been buying $85 billion worth of bonds each month to keep long-term interest rates low to boost borrowing and spending. On Wednesday, however, the Fed said the U.S. econ
June 20, 2013
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Fed suggests it's closer to slowing bond purchases
In a move that could send interest rates higher, Fed Chairman Ben Bernanke ended weeks of speculation Wednesday by saying the Federal Reserve will likely slow its bond-buying program this year and end it next year because the economy is strengthening.The Fed's purchases of Treasury and mortgage bonds have helped keep long-term interest rates at record lows. A pullback in its extraordinary $85 billion-a-month program would likely mean higher rates on mortgages and other consumer and business loan
June 20, 2013
