Japan scrambled eight fighter jets on Thursday after a Chinese state-owned plane breached its airspace for the first time, over islands at the centre of a dispute between Tokyo and Beijing.It was the first incursion by a Chinese state aircraft into Japanese airspace anywhere since the country's military began monitoring in 1958, the defense ministry said.The move marks a ramping-up of what observers suggest is a Chinese campaign to create a "new normal" -- where its forces come and go as they pl

World News Dec. 13, 2012

The U.N. Security Council condemned North Korea's successful rocket launch on Wednesday and said it will urgently consider “an appropriate response.”Whether that response includes new sanctions against the North, which the United States and its European allies are seeking, depends first and foremost on China, the North's closest ally which has not made its position clear. Chinese Foreign Ministry spokesman Hong Lei cautioned Wednesday in Beijing that the council's response should be “prudent and

North Korea Dec. 13, 2012

Ruling Saenuri Party's presidential hopeful Park Geun-hye maintained a narrow lead over main opposition rival Moon Jae-in in the last nationwide polls that can be made public ahead of this year's presidential election, political watchers said Thursday.The five surveys taken from Monday through Wednesday showed Park's approval rating between 42.8 percent and 48.9 percent, compared to 41.4 percent to 47.5 percent for the Democratic United Party (DUP) candidate.Among the surveys released by broadca

Politics Dec. 13, 2012

The Federal Reserve sent its clearest signal to date Wednesday that it will keep interest rates super-low to support the U.S. economy even after the job market has improved significantly.The Fed said it plans to keep its key short-term rate near zero until the unemployment rate reaches 6.5 percent or less _ as long as expected inflation remains tame. Unemployment is now 7.7 percent.That plan adds detail to what the Fed had said before: that it expects to keep the rate low until at least mid-2015

World Business Dec. 13, 2012

The Federal Reserve will spend $45 billion a month to sustain an aggressive drive to keep long-term interest rates low. And it says it plans to keep a key short-term rate near zero until unemployment drops below 6.5 percent.The policies are intended to help an economy that the Fed says is growing only modestly with 7.7 percent unemployment in November.Stocks and bond yields rose after the Fed's statement was released Wednesday after its final policy meeting of the year. The Dow Jones industrial

World Business Dec. 13, 2012

Following is the first in a series of articles based on the assessment of the presidential manifestos by the Herald expert panel. ― Ed.The main presidential candidates Park Geun-hye and Moon Jae-in have dedicated much of their time to economic pledges, but experts say that their plans fall far short of being viable solutions. According to Herald Corp.’s manifesto review panel comprised of leading academics, the plans put forward by the Saenuri Party’s Park and the Democratic United Party’s Moon

Politics Dec. 12, 2012

China on Wednesday rapped North Korea over its long-range rocket launch, demanding North Korea comply with UN resolutions against using ballistic missiles, the official news agency Xinhua said."Pyongyang should... abide by relevant UN Security Council resolutions... which demands the DPRK not to conduct 'any launch using ballistic missile technology' and urges it to 'suspend all activities related to its ballistic missile programme'," Xinhua said in a commentary.China, North Korea's sole major a

North Korea Dec. 12, 2012

North American Aerospace Defense Command officials said North Korea appeared to have successfully launched an object in orbit on a missile, marking a technological success for the hermit nation.North Korea had confirmed hours earlier the launch of a long-range rocket on Wednesday and said it had succeeded in its mission of placing a satellite into orbit.A previous launch of the same Unha-3 rocket in April had ended in failure, with the carrier exploding shortly after take-off."North American Aer

North Korea Dec. 12, 2012

The launch of North Korea's long-range rocket is expected to become a big issue in South Korea's upcoming presidential election, political observers said Wednesday.Observers said the surprise launch coming just seven days ahead of the Dec. 19 poll can raise uncertainty surrounding the Korean Peninsula and fuel concerns about national security.Such developments can influence whom people will support when they go to cast their ballots, although its effects on public sentiments has yet to be determ

North Korea Dec. 12, 2012