The Korea Herald

Bank of America to eliminate 30,000 jobs

NEW YORK (AP) ― Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It’s the largest single job reduction by a U.S. company this year.What CEO Brian Moynihan is trying to do is nothing less than save the nation’s largest bank. Investors hav

Sept. 13, 2011

Bank of America to eliminate 30,000 jobs

Japan’s Suzuki calls for VW ‘divorce’

TOKYO (AFP) ― Japanese automaker Suzuki on Monday said it wanted to end its ill-fated two-year alliance with Germany’s Volkswagen following disagreements between the two on how to operate together.In a statement through the Tokyo Stock Exchange, Suzuki said it had asked Volkswagen to end the capital

Sept. 13, 2011

OPEC lowers global oil demand forecast

Cartel cites economic woes in U.S. and other developed countriesCAIRO (AP) ― OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing on Monday waning economic growth in key industrialized nations and a weak U.S. driving sea

Sept. 13, 2011

IMF releases $5.4b loan to Portugal

WASHINGTON (AFP) ― The International Monetary Fund said Monday it was immediately releasing about 3.98 billion euros ($5.4 billion) to Portugal, part of a three-year rescue of the eurozone country.The IMF executive board on Monday completed a review of Portugal’s performance under an economic progra

Sept. 13, 2011

Central bankers see slowdown, but no recession

BASEL, Switzerland (AP) ― The world’s leading central bankers said Monday that while the global economy is slowing they do not expect it to enter recession, but stand ready to provide liquidity support to banks in need.The recoveries in major developed economies are grinding to a halt, raising fears

Sept. 13, 2011

Greek risk hits U.S., Europe markets

LONDON (AP) ― Fear that Greece will default on its debt, perhaps triggering a financial chain reaction that will cause another global recession, hurt European stocks Monday and sent American stocks lower for a time.The market tension came after a German politician suggested Greek finances are so bad

Sept. 13, 2011

ECB signals rates on hold

Sept. 9, 2011

IMF to slash Irish growth forecasts

The International Monetary Fund will cut its Irish economic growth estimate for this year and next as the outlook for its main trading partners, the euro region, U.S. and U.K. “worsened substantially.” The Washington-based fund will lower its 2011 gross domestic product forecast for the country to 0

Sept. 8, 2011

ECB expected to confirm rates on hold

FRANKFURT (AP) ― Many economists think the European Central Bank will signal Thursday that it now sees less risk of unexpected inflation ― and will make it clear that interest rates will not be heading higher for some time.No rate change is expected when the bank’s 23 member governing council meets

Sept. 8, 2011

Italy Senate OKs austerity plan

ROME (AP) ― Italy’s Senate approved Premier Silvio Berlusconi’s disputed austerity package Wednesday, ending weeks of uncertainty that roiled financial markets unsure that the government was serious about cutting its deficit and avoiding becoming Europe’s next debt crisis victim.The upper chamber vo

Sept. 8, 2011

Fiat’s Marchionne becomes Chrysler chairman

Chrysler Group LLC, the U.S. automaker majority-owned by Fiat SpA, named two new directors and elected Sergio Marchionne, chief executive officer of both automakers, as Chrysler’s chairman. Chrysler said it named Leo Houle and John Lanaway as independent directors, effective immediately. The directo

Sept. 7, 2011

Fiat’s Marchionne becomes Chrysler chairman

German court upholds bailouts

KARLSRUHE, Germany (AP) _ Germany's high court on Wednesday upheld the country's participation in eurozone bailout funds, but ruled that parliament should be more involved in such decisions.The ruling means that while Germany's agreement to take part in the financial rescue of Greece will not be aff

Sept. 7, 2011

Coca-Cola sees ‘huge opportunity’ to spur per-capita China sales

Coca-Cola Co., the world’s largest soft-drink maker, is investing in bottling plants and delivery trucks in China as it targets an increase in average per-person consumption from the current two drinks a month. The maker of Sprite, China’s best-selling soft drink, has a “huge opportunity from a per

Sept. 6, 2011

LVMH weighs bid for Amanresorts luxury hotel chain

LVMH Moet Hennessy Louis Vuitton SA is among companies that might be seeking to acquire luxury-hotel chain Amanresorts International Pte, said two people with knowledge of the matter. DLF Ltd., an Indian real estate developer, has received at least five non-binding bids of $400 million to $450 milli

Sept. 6, 2011

LVMH weighs bid for Amanresorts luxury hotel chain

China loses WTO appeal on tires

The World Trade Organization rejected China’s appeal of a ruling that backed U.S. duties on Chinese tire imports, saying the Obama administration hadn’t violated global trade rules in imposing the three-year levies. WTO judges found last December that the tariffs on $1.8 billion of car and light-tru

Sept. 6, 2011

Many U.S. schools adding iPads, trimming textbooks

HARTFORD, Connecticut (AP) ― For incoming freshmen at western Connecticut’s suburban Brookfield High School, hefting a backpack weighed down with textbooks is about to give way to tapping out notes and flipping electronic pages on a glossy iPad tablet computer.A few hours away, every student at Burl

Sept. 5, 2011

Many U.S. schools adding iPads, trimming textbooks

Murdoch turns down $6m bonus over hacking

LOS ANGELES (AP) ― News Corp.’s 38-year-old heir apparent, James Murdoch, says he’s declining his $6 million bonus for the past fiscal year because of the phone hacking scandal at the British tabloid he oversaw as an executive.Even without the bonus, he was awarded a pay package totaling $11.5 milli

Sept. 5, 2011

Bid to block AT&T deal reflects telecom industry

WASHINGTON (AP) ― The Obama administration has explained its effort to block AT&T’s purchase of T-Mobile USA by saying it will fight mergers that would reduce competition and hurt consumers.Yet few think the lawsuit the administration filed Wednesday signals a more aggressive stance toward acquisiti

Sept. 4, 2011

Before Jobs, Sam Walton and Bill Gates took exits

NEW YORK (AP) -- As CEOs, Sam Walton, Bill Gates and Steve Jobs possessed common traits. They were tireless workers, demanding bosses and sticklers for detail. They were visionaries, too, who reshaped their respective industries.Their companies faced similar challenges when their iconic leaders left

Sept. 3, 2011

Fears over US economy cause world market rout

LONDON (AP) -- Worries that the U.S. economy is stalling and may be heading back into recession caused a severe slump in stock markets around the world on Friday.With European indexes already shaken by concerns that Greece may miss its required deficit reduction targets, worse-than-expected U.S. job

Sept. 2, 2011