The Korea Herald

Dubai Mall developer Emaar to list on stock market

DUBAI (AP) ― Emaar Properties, the developer behind one of the world’s largest shopping malls and the world’s tallest tower, said Sunday it will launch an initial public offering for part of its retail business in Dubai next month.The Dubai-based developer said in a statement that it expects to sell at least 15 percent of the company known as Emaar Malls Group in the offering. Like Emaar properties, the new company will trade on the Dubai Financial Market.Emaar’s retail business includes the vas

Sept. 1, 2014

China’s Alibaba plans IPO next week: report

NEW YORK (AFP) ― Chinese e-commerce giant Alibaba plans to hold its initial public offering on the U.S. stock market the week of Sept. 8, the Wall Street Journal reported Saturday, citing a person familiar with the matter. The shares would then start trading as early as Sept. 18 or 19, the source told the business daily. Alibaba will list its shares on the New York Stock Exchange under the trading symbol “BABA,” the company has said in filings with the U.S. Security and Exchange Commission. The

Aug. 31, 2014

China’s Alibaba plans IPO next week: report

Brazil falls into recession

BRASILIA (AFP) ― Brazil, Latin America’s largest economy, has slid into recession, further weakening President Dilma Rousseff, who faces an increasingly tough reelection battle on Oct. 5.GDP shrank 0.6 percent in the second quarter, Brazil’s national statistics institute said Friday, and revised its formerly positive growth estimate for the first quarter down to -0.2 percent. Coming ahead of October presidential and general elections, those figures will damage already low industrial and consumer

Aug. 31, 2014

IMF expresses confidence in Lagarde

IMF chief Christine Lagarde. (Bloomberg)WASHINGTON (AP) ― The executive board of the International Monetary Fund expressed confidence Friday in IMF Managing Director Christine Lagarde after receiving a briefing on a French corruption probe in which Lagarde is being investigated.In a brief statement, the 24-member board said it continues to have “confidence in the managing director’s ability to effectively carry out her duties.”Lagarde called the investigation “without basis” after answering ques

Aug. 31, 2014

IMF OKs $1.4b aid payment for Ukraine

WASHINGTON (AFP) ― The International Monetary Fund approved Friday the release of nearly $1.4 billion in fresh funds for troubled Ukraine, but warned that continued fighting could undermine the international bailout of the country.The global crisis lender said Kiev had “generally” implemented economic reforms required under the support program launched in April, though it had missed targets for building up reserves and cutting the government’s deficit.But it said that the urgent support program

Aug. 31, 2014

Cyberattacks on businesses, banks rising

NEW YORK (AFP) ― Investigators were digging Thursday to find who initiated and what was taken in an apparent intense hacker effort this month to penetrate the systems of U.S. banks including JPMorgan Chase.The Federal Bureau of Investigation acknowledged that it and the Secret Service were “working to determine the scope of recently reported cyberattacks against several American financial institutions.” The cursory statement, and one from JPMorgan assuring that it has tough defenses against cybe

Aug. 29, 2014

Russian troops ‘directly involved’ in Ukraine conflict

KIEV (AFP) ― Ukraine and the West said Thursday that Russian troops were actively involved in the fighting tearing apart the east of the country, raising fears of a direct military confrontation between Kiev and its former Soviet master. President Barack Obama led a chorus of international condemnation over the escalating crisis, saying it was “plain for the world to see” that Russian forces were fighting in Ukraine.Obama and German Chancellor Angela Merkel warned that Russia’s actions “cannot r

Aug. 29, 2014

Obama: No strategy yet on Syria

WASHINGTON (AFP) ― President Barack Obama admitted Thursday he did not yet have a strategy to combat the Islamic State in Syria, quelling speculation he would imminently unleash the U.S. military against the group in the civil war-torn country.The president stressed though that he was developing a broad and comprehensive plan which would involve military, diplomatic and regional efforts designed to defeat IS for good, in both Syria and Iraq, not just in the short term.Obama also said that Washin

Aug. 29, 2014

Tesla, Chinese firm plan 400 charging stations

Tesla Motors and a state-owned Chinese phone carrier announced plans Friday to build 400 charging stations for electric cars in a new bid to promote popular adoption of the technology in China.Plans call for China Unicom Ltd. to provide space for construction and basic services in 120 cities while Tesla, based in Palo Alto, California, operates the stations. The two companies also will build 20 ``supercharger stations'' in 20 cities to offer high-speed charging.Promoters of electric cars see Chi

Aug. 29, 2014

Malaysia Airlines loss nearly doubles on MH370 impact

KUALA LUMPUR, Malaysia, 2014 (AFP) - Crisis-stricken Malaysia Airlines said Thursday its second-quarter loss nearly doubled as the loss of flight MH370 spurred a decline in bookings, warning the red ink would accelerate as the year wears on.The flag carrier said it posted a 305.7 million ringgit ($97.2 million) loss in the April-June quarter, which followed the March 8 disappearance of flight MH370 with 239 passengers and crew aboard.That compared to a 175 million ringgit loss in the same period

Aug. 28, 2014

[Newsmaker] IMF chief faces French corruption probe

PARIS (AP) ― Christine Lagarde, the chief of the International Monetary Fund, was put under official investigation for negligence in a French corruption probe that dates back to her days as France’s finance minister. After a fourth round of questioning before magistrates on Wednesday, Lagarde said she was returning to her work in Washington, and called the investigation “without basis.” She is the third IMF managing director in a decade to face legal troubles.Lagarde and her former chief of staf

Aug. 28, 2014

[Newsmaker] IMF chief faces French corruption probe

Apple to unveil iWatch, iPhone 6 on Sept. 9: report

SAN FRANCISCO (AFP) ― Apple will unveil an iWatch in September with the maker of the iPhone finally embarking on its much-rumored foray into wearable computing, technology news website Re/code said Wednesday.The California tech giant is expected to merge style and innovation, along with sensors and computing power, in a wrist-worn device that links wirelessly to iPhones or iPads.Apple is believed to be planning a Sept. 9 event at which it will introduce the iWatch, along with new-generation iPho

Aug. 28, 2014

[Newsmaker] Burger King merger fans tax dispute

NEW YORK (AFP) ― Burger King is buying Canada’s Tim Hortons coffee-and-donuts chain in an $11 billion deal that raised concerns about another U.S. company moving abroad for tax advantages.Burger King Worldwide denied that the deal announced Tuesday, which would create the world’s third-largest fast-food company, was being undertaken for tax reasons. But the planned move of the “Home of the Whopper” headquarters from Florida to Canada, which could cut its corporate tax bill, sparked calls for boy

Aug. 27, 2014

[Newsmaker] Burger King merger fans tax dispute

[Graphic News] Half of criminals who fled overseas still at large

More than half of criminal suspects who fled Korea to escape punishment are still at large, according to a Justice Ministry report released by Rep. Lee Sang-min of the main opposition New Politics Alliance for Democracy.The report said 3,890 suspects fled overseas after perpetrating crimes in South Korea over the past five years. Of them, 2,175, or 55.8 percent, have yet to be apprehended.China was the most popular spot for the fugitives with 707 suspects having fled there, followed by the U.S.

Aug. 27, 2014

[Graphic News] Half of criminals who fled overseas still at large

Apple said to prepare 12.9-inch iPad for 2015

Apple Inc.’s suppliers are preparing to manufacture the company’s largest-ever iPad, with production scheduled to commence by the first quarter of next year, according to people with knowledge of the matter.The new iPad will have a screen measuring 12.9 inches diagonally, said the people, who asked not to be identified because the details aren’t public. Apple currently produces iPads with 9.7-inch and 7.9-inch displays. The Cupertino, California-based company has been working with suppliers for

Aug. 27, 2014

Apple said to prepare 12.9-inch iPad for 2015

China said to consider $16b for electric-vehicle charging stations

China is considering providing as much as 100 billion yuan ($16 billion) in government funding to build electric-vehicle charging facilities and spur demand for clean cars, according to two people familiar with the matter.The policy will be announced soon, said the people, who asked not to be named because the discussions are private. The people declined to provide further details of the plan such as how long the program would last or whether the chargers would be compatible with cars made by Te

Aug. 27, 2014

India antitrust watchdog ...fines carmakers $420m

NEW DELHI (AFP) ― India’s antitrust watchdog has fined 14 automakers a total of $420 million for restricting competition in the spare parts market and driving up prices, a official said Tuesday, a few days after Chinese regulators took similar action.The Competition Commission of India found domestic automakers and local units of global vehicle manufacturers guilty of “anti-competitive conduct” by curbing the number of spare parts and ordered them to “immediately cease-and-desist.” The commissio

Aug. 27, 2014

China’s BOC orders 82 Boeing planes

SINGAPORE (AFP) ― Aircraft leasing firm BOC Aviation said Monday it has ordered 80 Boeing 737 planes and two B777-300ERs worth a total $8.8 billion at list prices, to meet expanding client needs as travel booms in Asia.The Singapore-based company, owned by the Bank of China, said the bulk of the orders was for 50 B737 MAX 8 planes and 30 next-generation B737-800s.The 80 planes have a value of $8.14 billion based on 2014 catalogue prices published on Boeing’s website.The orders will allow BOC Avi

Aug. 26, 2014

Russia closes first McDonald’s restaurant outside Moscow

MOSCOW (AFP) ― Russian authorities closed the first McDonald’s restaurant outside the capital over alleged sanitary violations in a move seen as retaliation for Western sanctions over the Ukraine crisis.Consumer safety agency Rospotrebnadzor said it had temporarily closed a McDonald’s restaurant in the southern city of Stavropol, citing unspecified sanitary violations. Russia last week shut three McDonald’s in Moscow and launched inspections of the company’s more than 400 restaurants across the

Aug. 26, 2014

S&P 500 touches another milestone

The U.S. stock market notched another first on Monday as the Standard & Poor’s 500 index nudged briefly past the 2,000-point mark and closed with its second record high in a week.The move was the latest milestone in a five-year rally for U.S. stocks, which are enjoying a late-summer revival after dipping earlier this month on concerns about geopolitical tensions in Russia and the Middle East.Investors have put aside those concerns for now, focusing instead on the improving outlook for the U.S. e

Aug. 26, 2014