BRUSSELS (AFP) -- Eurozone leaders agreed Thursday, alongside the private sector, to pour another 159 billion euros into Greece to stop debt contagion across Europe, even at the risk of triggering a dramatic default.The private finance sector agreed to provide 50 billion euros of funding which will be added to 109 billion euros from European governments and the International Monetary Fund, in a de

World Business July 22, 2011

The nominee to become the new U.S. ambassador to South Korea said Thursday the allies still have doubts over North Korea's seriousness about dialogue despite its recent peace gestures. "We are not convinced that they really are ready to return to serious diplomacy and negotiations. This is why, I think, Seoul and Washington have both been very cautious in just rushing back to the negotiating table

North Korea July 22, 2011

WASHINGTON (AFP) – U.S. President Barack Obama met separately Wednesday with his top Democratic allies and Republican foes to hammer out a compromise that would avert a disastrous early August debt default.But the negotiations wrapped up without news of a breakthrough.With an August 2 deadline looming, White House spokesman Jay Carney said Obama would accept a short-term deal to raise the debt cei

World Business July 21, 2011

 BERLIN (AFP) -- German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed early Thursday on a "joint position" concerning a Greek rescue package, a French delegation source said.This position, reached after hours of discussions, would be submitted to EU president Herman van Rompuy overnight and would be the basis for discussions among eurozone leaders in Brussels on Thursday, th

World Business July 21, 2011

South Korea may end its six-year antidumping measures against Chinese pigments as their prices have risen enough to pose little threat to local competitors, Seoul's trade commission said Thursday.The decision to end the antidumping tariffs on Chinese anatase titanium dioxide used in paint and plastic goods was reached at a meeting of the Korea Trade Commission (KTC) on Wednesday.South Korea began

July 21, 2011

The new commander of U.S. forces stationed in South Korea said their mission is to protect the South against outside aggression and maintain stability in the region.In a posting entitled "Command Philosophy and Priority" on the homepage of U.S. Forces Korea (USFK), Gen. James Thurman said in order to accomplish that mission, "readiness is essential.""To stay ready, our combined forces must be led

Defense July 21, 2011

With skepticism spreading about the possibility of the U.S. government securing ratification of a free trade pact with South Korea this summer, South Korean officials expressed concern Wednesday over major diplomatic and political fallout at home.The Lee Myung-bak administration has eagerly awaited the passage of the free trade agreement (FTA) bill before the U.S. Congress goes into recess on Aug.

July 21, 2011

South Korea plans to permit healthy savings banks to engage in consumer finance in a bid to help them secure stable sources of income, the financial watchdog said Wednesday.The Financial Services Commission (FSC) said consumer finance loans will be allowed for savings banks with more than 10 percent capital adequacy ratio and less than 8 percent sub-standard loan ratio. Consumer finance refers to

July 20, 2011

A ruling party lawmaker on Wednesday disclosed fresh allegations of embezzlement involving Busan Savings Bank, insisting that the corruption-ridden lender bought real estate along the southwest coast for inflated prices that were up to 10 times more expensive than the market value.Rep. Ko Sung-doug of the Grand National Party (GNP) said the Busan-based institution, which was suspended in February

July 20, 2011

Female commuters may soon have a safe haven from sex offenders when riding the subway, as the capital plans to introduce women-only cars, city officials said Wednesday.In order to protect women from sexual assault, the Seoul Metropolitan Government plans to gather public opinion on the measure by next month, and implement a trial run by September.　According to officials, the trial run will be held

Politics July 20, 2011

North Korea has continued its shopping spree for Armani, Gucci and other luxury goods for its ruling elites, a South Korean official said Wednesday, the latest sign that international sanctions on the North have not been fully implemented.The U.N. sanctions imposed on Pyongyang for its nuclear tests in 2006 and 2009 ban the communist country from trading in weapons of mass destruction, some conven

North Korea July 20, 2011

WASHINGTON (AP) -- The House of Representatives has passed legislation conditioning a $2.4 trillion increase in the nation's borrowing cap on a tea party-backed plan to require immediate spending cuts and a constitutional amendment requiring a balanced budget.The 234-190 vote sends the ``cut, cap and balance'' plan to the Democratic-controlled Senate, where it has virtually no chance of passing.Wi

World Business July 20, 2011