The Korea Herald

China considers expanding yuan’s trading band

World BusinessMar 6, 2012

China may “appropriately” widen the yuan’s trading band to better reflect market supply and demand, the official Xinhua News Agency reported, citing People’s Bank of China Governor Zhou Xiaochuan. Zhou said the yuan has gradually met the requirements to become more of a free-floating currency, Xinhua reported. As China improves its industrial structure and gradually reduces its trade surplus, the yuan is now moving “very close” to a “balanced level,” Xinhua reported in English, citing Zhou. The
Greek euro exit would be ‘a disaster’

World BusinessMar 6, 2012

VIENNA (AFP) ― A Greek exit from the eurozone would be “a disaster” for the Greek people, European Commission head Jose Manuel Barroso told Tuesday’s edition of Austria’s Die Presse newspaper.“For the Greek people, it would be a disaster. We know what happened to the people of Latin America when they went bust,” he said.It would also have dire consequences for other eurozone members, “it would provoke a domino effect,” he added. “And it would then be likely we’d have to increase aid given to oth
Japan cleans up radiation zone, unsure of success

World NewsMar 6, 2012

FUKUSHIMA, Japan (AP) ― Workers in rubber boots chip at the frozen ground, scraping until they’ve removed the top 5 centimeters of radioactive soil from the yard of a single home. Total amount of waste gathered: roughly 60 tons.One down, tens of thousands to go. And since wind and rain spread radiation easily, even this yard may need to be dug up again.The work is part of a monumental task: a costly and uncertain effort by Japan to try to make radiation-contaminated communities inhabitable again
Romney wins Ohio, 4 other Super Tuesday states

World NewsMar 6, 2012

Ann Romney, wife of Republican presidential candidate, former Massachusetts Gov. Mitt Romney, laughs with him as he speaks at a town hall meeting at Taylor Winfield in Youngstown, Ohio, Monday. (AP-Yonhap News)Mitt Romney has squeezed out a win in the pivotal Ohio primary after capturing four other
Obama to host G8 summit in May

World NewsMar 6, 2012

WASHINGTON (AFP) ― U.S. President Barack Obama will host leaders of the G8 club of rich nations on May 18-19 at his Camp David retreat instead of in his hometown of Chicago, the White House said Monday.Obama still plans to host NATO leaders and partners in Chicago on May 20-21 for a summit that is shaping up as crucial to plans to transition international forces out of Afghanistan.The White House said in a statement that it had been decided to move the G8 summit to Camp David, which features plu
Report raises alarm over Laos monkey farms

World NewsMar 6, 2012

Thousands of monkeys are being held in overcrowded and barren farms in Laos and sold for international laboratory research, according to a report from a British animal protection group. Laos has exported nearly 35,000 long-tailed macaques since 2004 as part of a fast-growing trade in
Egyptian lawmaker out by a nose

World NewsMar 6, 2012

A lawmaker from Egypt‘s most conservative Islamist party resigned from parliament after he was caught lying to cover up a nose job, claiming the injuries to his heavily bandaged face were from a carjacking and beating.Parliament member Anwar al-Balkimy represented the Al-Nour party, whose members known as Salafis follow a strict interpretation of Islam that forbids cosmetic surgery as meddling in God’s work.The party said Monday that he had resigned and Al-Nour was forced to issue an embarrassin
Record to die for: man kills self in attempt for burial-alive record

World NewsMar 6, 2012

A man who buried himself trying to break a local record for longest time spent being buried alive has died, BBC and other sources reported Sunday.According to police, 24-year-old Sri Lankan Janaka Basnayake voluntarily walked into his three-meter-deep “grave” sealed with wood and oil with the help o
Cotton soars on India export ban

World BusinessMar 6, 2012

Cotton prices soared Monday after India banned exports of the fiber, which may send more buyers to the United States for supplies.Cotton for May delivery rose 4 cents to finish at 92.23 cents per pound. It still is less than half what it was a year ago when shrinking global inventories and stronger demand sent prices over $2 per pound.India, the world’s second-largest exporter of cotton, said that it has halted new export sales of cotton and any cotton that has been sold but not shipped also wil
Seaweed seen as alternate fuel source

PodcastMar 6, 2012

With much valuable farmland being used to produce bioethanol, the search for biofuel should turn to the world's oceans and to seaweed, Israeli researchers say.Scientists at Tel Aviv University said marine macroalgae, common seaweed, can be grown more quickly than land-based crops and harvested as fu
Key investors sign up for Greek bond swap

World BusinessMar 6, 2012

12 of biggest investors in Greek debt will participate in crucial bond swap dealBRUSSELS (AP) ― A dozen banks, insurers and investment funds holding Greece’s bonds will participate in a massive debt relief plan for the country, the group representing the private creditors said Monday as the deadline for the deal draws near. The statement from the Institute of International Finance comes amid concern that not enough investors will voluntarily swap their Greek government bonds for new ones with a
Ex-Iceland P.M. on trial for role in banking crisis

World NewsMar 6, 2012

Former premier Geir Haarde said Monday he could not be held responsible for the collapse of Iceland‘s banks in 2008 as he became the first politician to be tried in connection with the global financial crisis.“I reject all accusations, and believe there is no basis for them,” Haarde, 60, told the court in a calm and confident voice as he took the stand.Haarde, who headed the right-leaning Independence Party and was prime minister from mid-2006 to early 2009 when his coalition was ousted amid pub
U.S. service firms grow at fastest pace in a year

World BusinessMar 6, 2012

U.S. service companies expanded in February at the fastest pace in a year, helped by a rise in new orders and job growth.The Institute for Supply Management said Monday that its index of non-manufacturing activity rose to 57.3, up from January’s 56.8 and the third straight increase. Any reading above 50 indicates expansion.Expansion in the service sector coincides with the lowest unemployment in three years, five straight months of solid to strong job growth and rising consumer confidence.The tr
Libya buries 170 bodies found in mass grave

World NewsMar 6, 2012

Thousands of mourners gathered Monday in the eastern Libyan city of Benghazi to bury 155 bodies unearthed from a mass grave of people were killed during last year‘s civil war.It was the largest grave yet to be discovered from the conflict that began as a popular uprising and ended with the capture and killing of Libyan leader Moammar Gadhafi last October.It illustrated how Libya is struggling to recover from the 10-month civil war that left the nation with weak governing institutions, squabbling
Yahoo! to cut thousands of jobs: report

World BusinessMar 6, 2012

NEW YORK (AFP) ― Yahoo! is preparing to lay off thousands of workers in a sweeping restructuring being launched less than three months after CEO Scott Thompson took control, according to a report Monday.The Dow Jones website All Things Digital said the shakeup of the struggling Internet giant could come as early as the end of March and could target Yahoo’s public relations and marketing division, research, and region-focused and other marginal businesses.The layoffs “are likely to number in the