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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Toyota’s hybrid vehicle sales pass 5 million
TOKYO (AP) ― Toyota’s global sales of gasoline-electric hybrid vehicles have surpassed 5 million in a milestone for a technology that was initially greeted with skepticism.The Japanese automaker, which said Wednesday it had sold 5.125 million hybrid vehicles as of the end of March, started selling the Prius, the world’s first mass produced hybrid passenger car, in 1997. Gas-electric hybrids deliver fuel efficiency by switching back and forth between a gasoline engine and electric motor depending
April 17, 2013
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EU approves bonus caps for bankers
BRUSSELS (AP) ― The European Parliament on Tuesday voted in favor of reforms to strengthen the bloc’s financial sector, including a new law to cap bankers’ bonuses. The rule limits bonus payments at one year’s base salary, or double that if a large majority of a bank’s shareholders agrees. It will come into force next year and will also apply to European units of foreign banks and the employees of EU banks working overseas ― in New York, for example. Lawmakers in Strasbourg overwhelmingly backed
April 17, 2013
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IMF cuts its forecast for global economy in 2013
The International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession.The global lending organization cut its forecast for global growth to 3.3 percent this year, down from its forecast in January of 3.5 percent. It didn't alter its prediction of 4 percent global growth in 2014.The IMF expects the U.S. economy to expand 1.9 percent this year. That's below its January
April 17, 2013
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EU tests show 1 in 20 beef meals tainted with horse
Thousands of DNA tests on European beef products have revealed extensive food fraud across the European Union, with almost one in 20 meals marketed as beef likely to be tainted with horse, the European Commission said Tuesday.Releasing the results of more than 4,000 tests in recent weeks to detect the potential mislabelling of beef products, the EU executive said 193 products contained positive traces of horsemeat DNA, or 4.55 percent.A further more than 3,000 tests for phenylbutazone, the paink
April 17, 2013
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Dish Network offers $25.5 billion for Sprint
NEW YORK (AP) ― Dish Network Corp. is trying to snag U.S. wireless carrier Sprint Nextel away from a Japanese suitor, the latest sign that satellite dishes are losing their relevance in the age of cellphones that play everything from YouTube videos to live TV. Dish offered $25.5 billion in cash and stock on Monday for Sprint, which Dish says beats an offer from Japan’s Softbank Corp. If the Dish deal goes through, it would create a unique combination of pay-TV and wireless operator. Dish’s hope
April 16, 2013
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Foxconn steps up hiring as Apple readies new iPhone
Foxconn Technology Group, the world’s largest custom manufacturer of electronics, resumed hiring at a Chinese factory as it prepares to make a new Apple Inc. iPhone, said a person familiar with the plans. Workers have been recruited at Foxconn’s plant in Zhengzhou, eastern China, for the past month, ending a hiring freeze imposed in February, said the person, who asked not to be named because the plans haven’t been made public. The extra workers will assemble the new device as well as existing m
April 16, 2013
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Gold has its steepest plunge in 30 years
Gold had its biggest one-day drop since 1983 on Monday as a selling frenzy that began last week picked up speed.The price of gold plunged $140.30 to $1,361.10 an ounce, a decline of 9 percent. The metal has dropped $200 an ounce, or nearly 13 percent, in the last two trading days. It's the lowest price since February 2011.The sell-off started Friday when the government reported a drop in inflation. Investors often buy gold when they're fearful of rising prices and sell it when they see inflation
April 16, 2013
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Rivals decry Google offer to settle EU antitrust probe
Google Inc.’s offer to settle an antitrust probe with the European Union by labeling its own services more clearly in Web search results is a “non-starter” for competitors such as Microsoft Corp. Microsoft, French legal search engine Foundem and at least 10 other companies that filed complaints against Google with the EU will be able to give feedback on the remedies submitted by the Mountain View, California-based company to settle the almost three-year-old investigation. Google, operator of the
April 15, 2013
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Made-in-Asia luxury sheds fake image
For decades, made-in-Asia luxury has been shorthand for “fake.” Now, companies from South Korean bag maker Couronne to Malaysian dressmaker Farah Khan are making a case for homegrown chic. Couronne, Khan and brands such as Woo, a Shanghai-based producer of silk scarves, are winning clients with products that can rival goods made in Europe. Their growing popularity, amid slowing sales at Louis Vuitton and other European brands, shows how demand is changing in Asia, with consumers favoring fresh d
April 15, 2013
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China’s economic growth slows in Q1
BEIJING (AP) ― China’s economic growth slowed unexpectedly in the first three months of the year, fueling concern about the strength of its shaky recovery.The world’s second-largest economy grew by 7.7 percent over a year earlier, down from the previous quarter’s 7.9 percent, the government reported Monday. That fell short of many private sector forecasts that growth would accelerate slightly to 8 percent.A recovery still is under way but is “really very soft ― very slow and gradual,” said Socie
April 15, 2013
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Greece says deal reached to unlock rescue loan disbursement
ATHENS (AFP) ― Greece and its troika of international creditors have reached agreement on its economic recovery efforts, opening the way for the disbursement of 8.8 billion euros ($11.5 billion) in bailout loans, officials said Monday.The talks under way since March “have wrapped up, we have an agreement,” said Finance Minister Yannis Stournaras at a conference organized by The Economist.“We are waiting for the unblocking of loans” worth 8.8 billion euros which were suspended by the troika of th
April 15, 2013
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World Bank: Strong growth in Asia but overheating a risk
SINGAPORE (AFP) ― East Asian and Pacific economies will grow 7.8 percent this year on robust domestic demand, the World Bank said Monday, but it warned countries to guard against overheating in credit and asset prices.The forecast is up from 7.5 percent last year, but the bank said in its latest East Asia and Pacific Update report that expansion would then drop to 7.6 percent next year.Domestic demand will underpin the rise after the region contributed 40 percent of global growth last year.Globa
April 15, 2013
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Egypt sells $600m to allow imports
CAIRO (AP) ― Egypt’s central bank conducted an exceptionally large foreign exchange auction on Sunday, selling $600 million to banks that urgently need money to pay for basic imports like wheat and materials for industry and medicine. The central bank said in a statement that the auction, which is five times the usual weekly amount, was aimed at encouraging the banking sector to bolster the domestic economy. It sold at 6.87 Egyptian pounds to the U.S. dollar. A banker with inside knowledge about
April 15, 2013
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Cyprus president chides bank chief
NICOSIA (AP) ― Cyprus’ president on Sunday chided the central bank chief to not act in ways that catch the government by surprise, but to move to stabilize the bailed-out country’s troubled banking sector. President Nicos Anastasiades’ didn’t say what Central Bank Governor Panicos Demetriades did to raise his ire. But he suggested Demetriades’ actions led to Friday’s resignations of three Central Bank Board members. Demetriades, an appointee of the previous left-wing administration, told the Sun
April 15, 2013
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EU nations gain ground in tax-fraud battle
DUBLIN (AFP) ― Europe’s biggest countries gained ground Saturday in their bid to recover some of the one trillion euros lost each year to tax fraud and money laundering, despite hold-out Austria railing against government “snooping” into bank accounts.After a first day of talks among finance ministers focused on eurozone bailout issues, European Union Tax Commissioner Algirdas Semeta said he expected a breakthrough on the automatic sharing of customer bank data across borders “within weeks.”Cash
April 14, 2013
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U.S. warns Japan over currency
The U.S. Treasury Department said it will press Japan to refrain from competitive devaluation while stopping short of accusing it of manipulating the yen in a report on exchange rates. The Treasury will pressure Japan to adhere to international commitments “to remain oriented towards meeting respective domestic objectives using domestic instruments and to refrain from competitive devaluation and targeting its exchange rate for competitive purposes,” the department said in its semi-annual currenc
April 14, 2013
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Nissan hires Ram CEO for brand in U.S.
Nissan Motor Co., with U.S. sales lagging the industry’s rebound this year, said it hired a former Chrysler Group LLC executive to run its namesake brand in the country after the departure of a long-time sales official. Fred Diaz, 47, formerly president and chief executive officer of Auburn Hills, Michigan-based Chrysler’s Ram brand and Mexican unit, will be vice president of U.S. sales and marketing for the Nissan brand, according to an e-mailed statement Friday. Diaz, who spent 24 years at Chr
April 14, 2013
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Bitcoin bursts: Hacker currency gets wild ride
LONDON (AP) ― It’s a promising form of electronic cash free from central bankers and beloved by hackers. It ― Bitcoin ― may also be in trouble, registering catastrophic losses that have sent speculators scrambling.Although the cybercurrency has existed for years as a kind of Internet oddity, a perfect storm of developments have brought it to the cusp of mainstream use.As currency crises in Europe piqued investors’ interest, a growing number of businesses announced they were accepting bitcoins fo
April 12, 2013
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IMF warns central banks against careless exit from stimulus
WASHINGTON (AFP) ― Countries will face risks of financial instability if central banks do not manage well the winding down of their easy-money monetary policies, the IMF said Thursday.Risks do not necessarily come from the extremely low interest rates and high liquidity measures many major central banks have taken since the 2008 financial crisis, the International Monetary Fund said in its newest Global Financial Stability Report.The challenge is more in managing the resumption of conventional m
April 12, 2013
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U.S. charges ex-KPMG auditor with insider trading
NEW YORK (AFP) ― The U.S. Justice Department on Thursday charged a former KPMG senior partner with insider trading with a friend who allegedly made more than $1 million in illegal proceeds.Scott London allegedly gave confidential information on clients Herbalife, Skechers and Deckers Outdoor Corporation to his friend, Bryan Shaw, according to the U.S. Attorney’s Office for the Central District of California and the Federal Bureau of Investigation.London, who oversaw KPMG’s audit practice for the
April 12, 2013
