The U.S. Federal Reserve left unchanged near-zero interest rates and its massive bond-buying program on Wednesday, citing modest growth in the world‘s largest economy.Wrapping up a two-day policy meeting, the Federal Open Market Committee said it would continue to buy $85 billion in bonds per month to help tamp down longer term interest rates that have been supporting the economy, and especially the housing market recovery.The bond-purchase program has filled a gap in the Fed’s toolkit after the

World Business Aug. 1, 2013

South Korea's consumer prices grew at the fastest pace in five months in July due to the on-year gain in oil prices, but they ran below the central bank's inflation target band, a government report showed Thursday.The country's consumer prices index rose 1.4 percent in July from a year earlier, picking up from a 1 percent on-year gain in June, according to the report by Statistics Korea.The July data marked the fastest on-year growth since February when the index rose an identical 1.4 percent on

Aug. 1, 2013

South Korean stocks closed 0.16 percent lower Wednesday as market uncertainties grew before the release of minutes from this week's Federal Reserve policy meeting, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) shed 3.02 points to close at 1,914.03. Trading volume was moderate at 379.3 million shares worth 4.02 trillion won ($3.58 billion), with gainers outpacing losers 468 to 343.Analysts said Seoul shares traded lower as investors continued to take a wait-and-see approac

July 31, 2013

The hit Broadway musical “Spider-Man: Turn Off the Dark” is losing its longtime superhero but producers are holding open casting calls for anyone who wants to don the red and blue suit.Reeve Carney, who has been playing the musical's title character and his alter ego Peter Parker since the show began previews in late 2010, will leave Sept. 15 and two casting calls will be held next month to find his replacement, as well as a future actress to play Mary Jane.The casting calls will be in New York

July 31, 2013

South Korean intelligence officials are investigating a local IT company owner suspected of helping a North Korean hacker distribute malignant codes to South Korea, officials said Wednesday.The National Intelligence Service reportedly raided the home and offices of the South Korean businessman, identified only by his surname Kim, on Tuesday after obtaining a search warrant from a local court.Kim is suspected of sharing his office computer network with the North Korean hacker through which malici

Social Affairs July 31, 2013

South Korean stocks opened a tad lower Wednesday as investors took a wait-and-see approach on advanced countries' July economic data slated to be announced this week, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) fell 2.81 points, or 0.15 percent, to 1,914.24 in the first 15 minutes of trading.Tech shares traded lower, with market behemoth Samsung Electronics falling 0.31 percent and its domestic rival LG Electronics losing 0.41 percent. Flat panel maker LG Display shed 0

July 31, 2013

South Korea's new venture-driven stock market has posted stagnant growth since its launch earlier this month, data showed Wednesday, as its low trading volume has dented investors' sentiment.The Korea New Exchange (KONEX) market saw its market capitalization reach 497.3 billion won ($446.6 million) Tuesday, a tad higher than 468.8 billion won tallied on July 1, the Korea Exchange (KRX) data showed.The KONEX market was officially launched earlier this month to foster the growth of young venture f

July 31, 2013

The nominee to become the top commander of American troops in South Korea said Tuesday he supports the transition of wartime operational control (OPCON) as scheduled in 2015, despite Seoul's call for some flexibility on the timeline.The stance by Army Lt. Gen. Curtis Scaparrotti reflects a gap between the allies on the appropriate timing for the OPCON transfer in the face of growing threats from nuclear-armed North Korea."I do agree with the timetable. It is a bilateral agreement, Strategic Alli

Defense July 31, 2013

U.S. college basketball fever will spring from an unlikely place this season -- an American military base in South Korea.The Georgetown Hoyas and Oregon Ducks will face off at Camp Humphreys in Pyeongtaek, about 70 kilometers south of Seoul, on Nov. 8, according to the National Collegiate Athletic Association.The upcoming match is part of ESPN's Armed Forces Classic series honoring the men and women who are serving and who have served in the U.S. military, both at home and abroad."We are honored

More Sports July 31, 2013

A former chief of the national tax agency will be summoned this week over suspicions that he took bribes from CJ Group in return for providing favors during a tax audit into the local food and entertainment conglomerate in 2006, prosecutors said Wednesday.Jeon Goon-pyo, who headed the National Tax Service (NTS) from July 2006 to November 2007, has been notified to show up for questioning at the Seoul Central District Prosecutors' Office in southern Seoul on Thursday morning, they said.Jeon is un

Social Affairs July 31, 2013

The deal to sell state-run Woori Finance Holdings Co. is estimated to fetch at least 5.42 trillion won ($4.85 billion), the financial regulator said Wednesday, amid the government's push to wrap up the long-pending privatization of the banking giant. The Financial Services Commission (FSC), the country's top financial regulator in charge of the Woori sale, said the estimated value has grown by 1.9 trillion won from the figure it came up with a year earlier. The latest sale value was estimated ba

July 31, 2013

South Korean savings banks saw their net losses nearly halve in fiscal 2012 from a year earlier, as they reduced loss reserves upon the stringent restructuring after a whirl of bankruptcies, the financial regulator said Wednesday. The combined net loss of 91 savings banks here came in at 880.3 billion won ($791.9 million) between July 2012 and June this year, down 45.9 percent from the 1.7 trillion-won net loss logged in the previous fiscal year, according to the Financial Supervisory Service (F

July 31, 2013

A military judge on Tuesday acquitted former U.S. intelligence analyst Bradley Manning of the most serious charge against him, aiding the enemy, but convicted him of espionage, theft and computer fraud charges for giving thousands of classified secrets to the anti-secrecy site WikiLeaks. He faces up to 136 years in prison.The judge deliberated for about 16 hours over three days before reaching her decision in a case that drew worldwide attention. Supporters have hailed the 25-year-old Manning as

World News July 31, 2013