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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Gold bars and cash bundles; authorities confiscate millions from tax dodgers
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North Korean leader ‘convinced’ dialogue won’t change US hostility
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U.S. economy accelerates 2.5% in Q1
WASHINGTON (AP) ― Americans shrugged off higher taxes to lift the U.S. economy at the start of the year. Government spending fell, though, and the impact of the tax increases along with federal budget cuts could slow growth later this year. Economic growth accelerated to a 2.5 percent annual rate in the January-March quarter, the Commerce Department said Friday. That was up from an anemic 0.4 percent annual growth rate in the October-December quarter. Consumer spending surged at an annual rate o
April 28, 2013
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Spain begs time to fix finances, eyes growth
MADRID (AFP) ― Spain forecast Friday it would climb out of its bitter recession in 2014 but needed two extra years to meet the European Union’s target for reining in its public deficit.It announced its latest gloomy growth forecast for the current year along with a “stability plan” that aims to spur economic growth after more than a year of harsh cutbacks.The government said Spain’s economy, the eurozone’s fourth-biggest, would shrink by 1.3 percent in 2013 and timidly return to growth of 0.5 pe
April 28, 2013
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Air traffic returning to normal
NEW YORK (AP) ― The Federal Aviation Administration said that the U.S. air traffic system will resume normal operations by Sunday evening after lawmakers rushed a bill through Congress allowing the agency to withdraw furloughs of air traffic controllers and other workers. The FAA said Saturday that it has suspended all employee furloughs and that traffic facilities will begin returning to regular staffing levels over the next 24 hours. The furloughs were fallout from the $85 billion in automatic
April 28, 2013
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Honda's quarterly profit rises despite China woes
Honda's fiscal fourth quarter profit rose nearly 6 percent as the Japanese automaker's recovery from floods in Thailand the previous year offset recent sales losses in China. Honda Motor Co. reported Friday a quarterly profit of 75.7 billion yen ($765 million), up from 71.5 billion yen the same period the previous year. Quarterly sales jumped 14 percent to 2.74 trillion yen ($27.7 billion).Also coming as good news for Japanese exporters like Honda is the weak yen, as it raises the value of overs
April 26, 2013
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Below-par U.S. growth keeps the pressure on markets
The mood in financial markets remained subdued Friday after a surprisingly big fall in Japanese consumer prices and lower than expected first-quarter U.S. economic growth.The news that the U.S. economy grew by only 2.5 percent on an annualized basis during the first three months of the year was a disappointment as the consensus in the markets was for a rise of around 3 percent compared with the previous quarter's 0.4 percent. After a run of disappointing U.S. economic news, the smaller than expe
April 26, 2013
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Bank of Japan boosts economy, inflation view
TOKYO (AFP) ― The Bank of Japan on Friday boosted its inflation and economic growth projections for the world’s third-largest economy as it eyes an end to years of deflation.The semi-annual report, which came as the BOJ stood pat on new policy measures, estimated 2.9 percent growth in the economy for the fiscal year to March, up from an earlier 2.3 percent projection made in January. It also tipped inflation to hit 0.7 percent, also up from an earlier 0.4 percent projection.“Japan’s economy has
April 26, 2013
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FAA says Boeing 787 can fly
WASHINGTON (AFP) ― The U.S. Federal Aviation Administration issued formal approval of Boeing’s 787 battery fix that will clear the way for the troubled aircraft to fly again after a three-month grounding.The move was quickly followed by regulators in Japan who said they would also allow the resumption of flights by the grounded aircraft following the FAA order, which they said would come into effect Friday.Japan Airlines and domestic rival All Nippon Airways account for half the Dreamliners in s
April 26, 2013
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Japan’s Nakao elected ADB president
MANILA (AFP) ― Takehiko Nakao, a former Japan vice minister for finance, has been elected president of Asian Development Bank, the Philippines-based lender announced Friday.Nakao, 57, replaces compatriot Haruhiko Kuroda, who stepped down last month to become governor of Japan’s central bank.Nakao, a former vice minister of finance for international affairs, will assume office as ADB’s ninth president on Sunday, P. Chidambaram, chairman of the ADB board of governors, said in a statement.“His exte
April 26, 2013
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Boeing: Cause of 787 battery fires remains mystery
A Boeing engineer said Thursday that the cause of the battery problems that have grounded the company's 787 Dreamliners may never be known.The engineering leader for the 787, Richard J. Horigan, said the root cause of smoldering batteries experienced by the two different 787s may never be known because the evidence was destroyed by heat. “When we say a root-cause we want to know exactly what happened, what size particles caused the cell to vent ... and we may never get there because the evidence
April 26, 2013
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European recession hits carmakers
FRANKFURT (AP) ― Europe’s stubborn recession cut deeply into profits at major automakers Ford, Volkswagen and Daimler, first-quarter results showed Wednesday as the industry began reporting earnings. Germany’s Volkswagen AG said its first-quarter net profit fell 38 percent to 1.95 billion euros ($2.5 billion), while Daimler AG’s was down 60 percent at 564 million euros. U.S.-based Ford Motor Co. lost $462 billion in Europe and called the outlook there “uncertain,” although the company’s global e
April 25, 2013
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RBA to invest foreign currency reserves in China
Australia’s central bank plans to invest about 5 percent of its foreign currency reserves in China as it deepens ties with the world’s second-largest economy, Deputy Governor Philip Lowe said. The decision “represents the first time that the RBA will have invested directly in a sovereign bond market of an Asian country other than Japan,” Lowe said in a speech Wednesday in Shanghai. “It reflects the broader economic relationship between China and Australia and our increasing financial ties.” The
April 25, 2013
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Redesigned $100 bill ready by October: Fed
WASHINGTON (AP) ― The Federal Reserve announced Wednesday that it will begin circulating a redesigned $100 bill this fall, more than two years after its initial target. The Fed has set a new target date of Oct. 8. The redesigned note incorporates added security features, such as a blue, 3-D security ribbon and a disappearing Liberty Bell in an inkwell. The features are designed to thwart counterfeiters. The revamped bill had been expected to go into circulation in February 2011. But in December
April 25, 2013
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White House open to flexibility in FAA cuts
WASHINGTON (AP) ― Under growing pressure, the Obama administration signaled Wednesday it might accept legislation eliminating Federal Aviation Administration furloughs blamed for lengthy delays affecting airline passengers, while leaving the rest of $85 billion in across-the-board spending cuts in place.The disclosure came as sentiment grew among Senate Democrats as well as Republicans for legislation to ease the impact of the cuts on the FAA, and Transportation Secretary Ray LaHood held talks w
April 25, 2013
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Predictions of ECB rate cut grow
FRANKFURT (AP) ― Evidence that Europe’s economic downturn is weighing more heavily on its strongest member, Germany, has convinced more and more experts that the European Central Bank will cut interest rates soon. The latest downbeat sign came Wednesday from the closely watched Ifo index of German business confidence. It fell to 104.4 points in April from 106.7 in March, more than the modest dip foreseen by market analysts to 106.2. That follows surveys earlier this week indicating Germany’s man
April 25, 2013
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Boeing sees early-May restart of 787 deliveries
Boeing reported a better-than-expected first-quarter profit even as it scrambled to fix its grounded 787.The company said on Wednesday that deliveries of the 787 should resume in early May. Most of the 50 planes that have been delivered to airlines will be fixed by the middle of the month, Chairman and CEO Jim McNerney said on the company's quarterly earnings conference call.Resuming deliveries and passenger flights would cap a notable turnaround for Boeing. The three-month grounding over batter
April 25, 2013
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Australia consumer prices rose less than forecast
Australian core consumer prices gained less than economists forecast last quarter, giving the central bank scope to resume interest-rate reductions. The so-called trimmed mean gauge of core prices rose 0.3 percent from the previous quarter, the Bureau of Statistics said in Sydney today, compared with the median forecast of 23 economists for a 0.5 percent gain. The consumer price index advanced 0.4 percent from the previous three months, compared with economists forecast for a 0.7 percent increas
April 24, 2013
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Spain recession eases as Rajoy prepares growth plan
Spain’s recession eased in the first quarter as Prime Minister Mariano Rajoy prepares plans to foster growth while reducing the country’s budget deficit. Gross domestic product fell 0.5 percent from the fourth quarter, when it dropped 0.8 percent, the most since 2009, the Bank of Spain said in its monthly bulletin today. That’s the seventh quarterly contraction. Today’s data is in line with the median of 15 economist estimates in a Bloomberg News survey. Rajoy pledged on April 17 to unveil measu
April 24, 2013
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BOJ seen deploying price forecasts
As the Bank of Japan prepares to boost its inflation forecasts this week, analysts from Goldman Sachs Group Inc. to JPMorgan Chase & Co. say the estimates may themselves be used as a tool for ending deflation. The BOJ may indicate that its 2 percent inflation target will be reached by spring 2015, the Nikkei newspaper reported April 18. The central bank may upgrade its view on core price gains to at least 1.5 percent for the year ending March 2015, people familiar with officials’ discussions pre
April 24, 2013
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Online retailers under pressure
WASHINGTON (AFP) ― The U.S. Senate moved Monday toward expected approval of a bill that would subject online retailers to state sales taxes, cutting a advantage that helped them steal business from brick and mortar stores.The bill, the Marketplace Fairness Act, represents a long fought battle by local governments and businesses to collect taxes on Internet sales to local people by outside retailers like Amazon, eBay, and other online giants.But it also raises operating challenges for Internet bu
April 23, 2013
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EU: Fed rule on overseas bank units may spark reprisal
The European Union intensified its campaign against U.S. Federal Reserve proposals to toughen oversight of bank units belonging to overseas lenders, warning of “potential retaliation” against the plans.Michel Barnier, the EU’s financial services chief, last week sent a three-page critique of the draft measures to Fed Chairman Ben Bernanke, saying that they risk driving up costs at EU-based banks, leaving them at a competitive disadvantage. The move follows a meeting this month between Barnier an
April 23, 2013
