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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Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
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OpenAI in talks with Samsung to power AI features, report says
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Two jailed for forcing disabled teens into prostitution
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South Korean military plans to launch new division for future warfare
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Trump picks ex-N. Korea policy official as his principal deputy national security adviser
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Gold bars and cash bundles; authorities confiscate millions from tax dodgers
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Kia EV9 GT marks world debut at LA Motor Show
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Teen smoking, drinking decline, while mental health, dietary habits worsen
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China signs yuan accords with France, Luxembourg
SHANGHAI (AFP) ― China’s central bank said it has signed agreements for yuan clearing arrangements with France and Luxembourg, with the aim of promoting greater use of its currency overseas.The People’s Bank of China said it would designate Chinese banks as the yuan clearing institutions in the two European countries later, according to statements issued on Sunday.China earlier this month named the Bank of China as the clearing bank for yuan dealings in Frankfurt, Germany, and the China Construc
June 30, 2014
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Vice president faces bribery charges
Argentine Vice President Amado Boudou. (AFP-Yonhap)BUENOS AIRES (AP) ― Argentina’s Vice President Amado Boudou has been charged with bribery and conducting business incompatible with public office, adding to the woes of President Cristina Fernandez.Boudou is accused of using shell companies and secret middlemen to gain control of a company that was given contracts to print the Argentine peso, as well as material for Fernandez’s election campaign.Federal judge Ariel Lijo’s decision was published
June 29, 2014
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N.Y. sues Barclays for fraud over ‘dark pool’ trading
NEW YORK (AFP) ― New York prosecutors sued British bank Barclays for fraud Wednesday, saying it ran a “dark pool” securities trading operation to the benefit of “predatory” high-frequency traders.Attorney General Eric Schneiderman said Barclays promised clients that it would protect them from aggressive high-speed trading firms in the dark pools but at the same time took steps that benefited these firms.“The facts alleged in our complaint show that Barclays demonstrated a disturbing disregard fo
June 26, 2014
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Corporate tax schemes hurt developing countries: IMF
WASHINGTON (AFP) ― Developing economies are increasingly hurt by the way global corporations exploit taxation differences and move profits to low-tax locations, according to an International Monetary Fund report Wednesday.But few countries can protect themselves in a competition for direct investment that increasingly appears like a “race to the bottom” in setting corporate tax rates, the IMF said.Moreover, companies are increasingly able to shift and relocate more intangible assets ― like intel
June 26, 2014
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U.S. consumer confidence rises
WASHINGTON (AFP) ― U.S. consumer confidence increased for the second straight month in June to its highest level since January 2008, when the U.S. economy was sinking into recession, The Conference Board reported Tuesday.The consumer confidence index rose to 85.2, up from 82.2 the previous month, with consumers more positive about the outlook for the labor market and holding greater expectations overall for the next six months.“Expectations regarding the short-term outlook for the economy and jo
June 25, 2014
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Abe declares end of deflation
Prime Minister Shinzo Abe said the deflation that wiped out much of Japan’s growth the past 15 years and so stunted the economy that it slipped to No. 3 behind China, has ended and will be thwarted by new government policies designed to encourage business expansion. “Through bold monetary policy, flexible fiscal policy and the growth strategy we have reached a stage where there is no deflation,” Abe, 59, said in an interview Tuesday at the prime minister’s official residence in Tokyo. With the f
June 25, 2014
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With Putin in Vienna, Gazprom signs Austria pipeline deal
VIENNA (AFP) ― Coinciding with a visit to Vienna by Russian President Vladimir Putin, Russian energy giant Gazprom on Tuesday signed a deal with Austria’s OMV approving the EU country’s section of the controversial South Stream pipeline.The crisis in Ukraine has made the planned pipeline bringing Siberian gas to the European Union ― bypassing Ukraine ― a new focus of tensions between Moscow, Brussels and Washington.EU member Bulgaria earlier this month said it was suspending work on building its
June 25, 2014
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[Best Brand] IBK serves smaller clients with household accounts
A model promotes IBK’s household expenses account.Bank - IBKThe Industrial Bank of Korea once again confirmed that it was the right financial institution for the public with its household expenses account that offers fee cuts for those using the account to pay household expenses.Anyone who opens the account is exempted from transaction fees for money transfers of up to 200,000 won for the purpose of paying apartment maintenance and other utility bills.The fees include those they would have to p
June 25, 2014
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Oracle to buy out Micros for $5.3b to boost cloud effort
NEW YORK (AFP) ― Business software giant Oracle said Monday it was buying rival Micros Systems for $5.3 billion in a deal to expand its big data efforts in key retail sectors.The acquisition is the biggest for Oracle since buying Sun Microsystems in a deal announced in 2009 and closed in 2010.The all-cash takeover comes from Oracle’s $39 billion cash stockpile and comes after the software giant founded by Larry Ellison produced disappointing results over the past quarter.“Oracle has successfully
June 24, 2014
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Yahoo aims for Android smartphone home screen
SAN FRANCISCO (AFP) ― Yahoo on Monday ramped up its move to mobile, grabbing for Android smartphone home screens with an Aviate application tuned to where people are.Yahoo bought Aviate early this year in a deal reported to be valued at about $80 million dollars. The software was subsequently honed with a test group.An English language version of Aviate for handsets powered by Google-backed Android software made its global debut on Monday, in a move to give new prominence to Yahoo on the smartph
June 24, 2014
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Brazil economists cut growth forecasts
Brazil economists cut both their 2014 and 2015 economic growth forecasts for the fourth straight week, as above-target inflation continues to sap purchasing power and confidence. Brazil’s economy will expand 1.16 percent this year and 1.60 percent next year, compared with the previous week’s forecast of 1.24 percent and 1.73 percent, respectively, according to the June 20 central bank survey of about 100 analysts published today. President Dilma Rousseff, who is up for re-election in October, ha
June 24, 2014
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France clinches deal to take controlling stake in Alstom
PARIS (AFP) ― France on Sunday clinched a deal to take a stake in Alstom, a move aimed at preserving the country’s strategic interests in the face of a bidding war for the French engineering giant.The transaction would make the state the main shareholder, give it voting rights in Alstom and pave the way for U.S. giant General Electric to buy the French group’s energy business.“We have a deal that was concluded this afternoon which allows the state to become the main shareholder of Alstom with a
June 23, 2014
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JPMorgan buys larger developers in China
JPMorgan Chase & Co.’s headquarters in New York. (Bloomberg)JPMorgan Asset Management and Invesco Asset Management say China’s cooling property market is an opportunity to boost dollar bond holdings as the government’s targeted stimulus benefits the largest developers. Chinese real-estate companies accounted for six of the 10 best-performing Asian notes in the past three months, according to a Bank of America Merrill Lynch index. The yield on 2018 debt of China Overseas Land & Investments Ltd.,
June 23, 2014
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Cameron to press Juncker appointment
LONDON (AFP) ― British Prime Minister David Cameron will meet with EU Council President Herman van Rompuy in London on Monday to press his case against the appointment of Jean-Claude Juncker as head the European Commission.The British leader is ready to force fellow EU leaders to vote on who should head the Commission, the EU’s executive arm, in a last ditch attempt to block Juncker, Downing Street sources said Sunday.Cameron views the former long-serving Luxembourg prime minister as a federalis
June 23, 2014
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Apple likely to launch smartwatch this autumn
NEW YORK (AP) ― Apple is likely to launch a computerized wristwatch this fall that includes more than 10 sensors to take health measurements and other data, according to a published report.The Wall Street Journal also said Friday that Apple Inc. is planning multiple screen sizes for the device, which some people have dubbed the iWatch. Samsung, Sony, Qualcomm and others have already released smartwatches, but the gadgets have mostly functioned as companions to smartphones, offering email notific
June 22, 2014
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In Argentina, debt struggle barely registers
BUENOS AIRES (AFP) ― After the devastating debt crisis of 2001, Argentines have become rather sanguine about economic strife. And for now, many are more focused on the country’s World Cup hopes than the latest ― very complicated ― financial crisis.Some experts fear the country is edging toward another default after a U.S. court victory for the hedge funds who hold bonds but did not take part in a restructuring deal after 2001.Not that many Argentines are panicking.“That doesn’t interest us,” sai
June 22, 2014
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Low rates, rising confidence light takeover fires
PARIS (AFP) ― Low interest rates are stoking the fires of takeovers, with about a quarter of big groups now on the lookout for targets in the next 12 months, a study found this week.The signs are clear “that plans for transformational acquisitions are accelerating,” the survey by consultancy EY concluded.The pharmaceutical sector has led the way so far this year with deals worth $150 billion, according to consultancy Dealogic, and that does not include a failed bid worth $117 billion by U.S. fir
June 22, 2014
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IMF considers ending exemption that enabled 2010 Greek loan
The International Monetary Fund is considering creating a new way for indebted countries to get large loans and dropping a exception to its lending rules that enabled Greece to obtain a loan in 2010 without having to first restructure its debt. The exemption was established at the start of the European debt crisis to prevent contagion by allowing some nations to receive financing even though the fund could not say with “high probability” that their debt was sustainable. In a report released toda
June 22, 2014
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Fed holds course on cut to U.S. growth forecast
WASHINGTON (AFP) ― The Federal Reserve slashed its 2014 growth forecast for the U.S. economy after the rough winter but kept policy on hold on Wednesday, showing faith in a modest rebound.Fed Chair Janet Yellen said the economy had picked up after the first quarter‘s contraction, but she also downplayed a pickup of inflation as any sign of a need to tighten monetary policy.As expected the Federal Open Market Committee cuts its stimulus program back by another $10 billion, to $35 billion a month,
June 19, 2014
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Lawmakers press GM on report’s findings
WASHINGTON (AP) ― Lawmakers expressed disbelief Wednesday at General Motors’ explanation for why it took 11 years to recall millions of small cars with defective ignition switches, and also confronted its chief executive with evidence that the company dragged its feet on a similar safety issue in different vehicles.CEO Mary Barra and attorney Anton Valukas, who recently released a 315-page investigative report into the recall, endured skepticism and some lecturing at a House subcommittee hearing
June 19, 2014
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