The Korea Herald

China’s trade surplus up to $35.92 billion

Jun 8, 2014

BEIJING (AFP) ― China’s trade surplus surged in May, official data showed Sunday, as export growth accelerated sharply while imports showed a surprise fall.Exports increased 7 percent to $195.47 billion year-on-year, the General Administration of Customs announced, while imports declined 1.6 percent to $159.55 billion, resulting in a surplus of $35.92 billion ― a 74.9 percent jump from the same month last year.The result, China’s third straight monthly surplus, surpassed the median forecast of a
Fed: Economy expands across U.S.

Jun 5, 2014

WASHINGTON (AP) ― A Federal Reserve survey shows the U.S. economy strengthening over the past two months in areas from manufacturing and construction to retail sales and bank lending.Seven of the Fed’s 12 regions ― Boston, New York, Richmond, Chicago, Minneapolis, Dallas and San Francisco ― reported “moderate” growth during the early spring, while the remaining five described growth as “modest,” according to the Beige Book survey released Wednesday.Retail sales were reviving, helped by pent-up d
Amazon expected to unveil smartphone

Jun 5, 2014

Amazon.com Inc. is planning to introduce a smartphone later this month, according to a person with knowledge of the matter, plunging the world’s largest online retailer deeper into the competitive mobile-device market. Amazon tweeted Wednesday that it was holding an event in Seattle on June 18 hosted by chief dxecutive officer Jeff Bezos for a product unveiling. The post included a picture of a black, thin device with Amazon’s name in silver emblazoned on it. Mary Osako, a spokeswoman for Amazon
Hollande: BNP penalty could hit European bank stability

Jun 5, 2014

A potential $10 billion fine against BNP Paribas SA, France’s biggest bank, for violating U.S. trade sanctions could have repercussions affecting the stability of Europe’s financial sector, French President Francois Hollande warned ahead of his meeting with President Barack Obama. U.S. authorities “must be fully aware of what is at stake from a sanction that would be not just unfair, but disproportionate, and with consequences well beyond a single French bank. Other banks could be targeted, intr
U.S. auto sales surge in May

Jun 4, 2014

Auto sales hit highest monthly total in 9 years; GM sales rise 13%
Facebook buys Pryte to boost Web reach

Jun 4, 2014

NEW YORK (AFP) ― Facebook agreed Tuesday to buy the Finnish-based tech startup Pryte, which enables smartphone users to purchase mobile data on demand, the companies announced.The move could help Facebook further its goal of bringing the Internet to more people around the globe, allowing them to avoid costly monthly data plans and instead buy “bite-sized, app-specific” data packages.Terms of the deal were not disclosed.Facebook said the deal would help its efforts to bring the Web to underserved
France hits back at mooted U.S. mega fine on BNP Paribas

Jun 4, 2014

PARIS (AFP) ― France, trying to minimize U.S. penalties against BNP Paribas on charges of breaking sanctions, said Tuesday that a reported $10 billion fine was excessive and warned it could damage trans-Atlantic trade talks.The remarks from French Foreign Minister Laurent Fabius ramp up French concern at the size, manner and likely effects of the expected fine that could be imposed on the French bank.The New York Times newspaper reported that the governor of the Bank of France, Christian Noyer,
World Bank OKs first Russia investment since crisis

Jun 4, 2014

The World Bank approved an investment in Russia for the first time since President Vladimir Putin annexed Crimea, overriding opposition from Canada and lack of support from the U.S. The International Finance Corp., the lender’s private-sector arm, voted May 29 for parts of a 250 million euro ($340 million) package enabling French retailer Groupe Auchan SA to expand in Russia, Vietnam and other emerging markets, World Bank spokeswoman Serene Jweied said Tuesday in an email. The deal thrusts the W
Solar plane makes debut with eye on global trip

Jun 3, 2014

PAYERNE, Switzerland (AFP) ― A sun-powered plane made a successful test flight on Monday, clearing a vital hurdle towards its goal of a round-the-world trip next year, its pilot and mission chiefs said.Solar Impulse 2 carried out a flight lasting two hours and 15 minutes, half an hour longer than scheduled, German test pilot Markus Scherdel said.“Everything worked as expected,” Scherdel told a press conference at an air base in Payerne, central Switzerland.“Of course, we have to do more testing,
World needs $48tr investment by 2035 to meet energy demand, IEA says

Jun 3, 2014

LONDON (AFP) ― More than $48 trillion must be invested by 2035 to meet global energy needs as current technologies go offline and demand rises in emerging nations, the International Energy Agency said in a report launched in London on Tuesday.The special report warns that the expansion of the global gas market, thanks largely to the improvements in unconventional extraction methods, will not reduce prices significantly due to high transportation and infrastructure costs.The Paris-based body pred
Apple expands into health, home with new software

Jun 3, 2014

SAN FRANCISCO (AP) ― Apple is expanding into home and health management as the company tries to turn its iPhones, iPads and Mac computers into an interchangeable network of devices that serve as a hub of people’s increasingly digital lives.The new tools for tracking health and controlling household appliances are part of updated operating systems that Apple unveiled Monday in San Francisco at its 25th annual conference for application developers.The revised software for Apple Inc.’s devices won’
China manufacturing improves in May

Jun 3, 2014

BEIJING (AFP) ― China’s manufacturing activity improved in May, but weakness remained as the world’s second-largest economy faces headwinds, particularly in the property sector, HSBC said Tuesday.The HSBC final purchasing managers’ index, which tracks activity in the nation’s factories and workshops, came in at 49.4 in May, lower than a preliminary reading of 49.7, the British banking giant said in a statement.But the figure improved from 48.1 in April and was the highest reading since January’s
77,000 banks to share tax info with IRS

Jun 3, 2014

Global banks, firms sign up to fight tax evasion, U.S. Treasury says
Buffett lunch auction accelerates with $355,100 charity bid

Jun 3, 2014

Warren Buffett’s annual charity auction drew an offer of more than $355,000 as bidders vie for a chance to have lunch and a conversation with the billionaire investor.The event kicked off Monday with a starting price of $25,000, according to a page on eBay Inc.’s website. The top bid was $355,100 as of 3 p.m. in San Francisco. The event is scheduled to end at 7:30 p.m. on Friday.Buffett, 83, uses the event to raise cash for San Francisco’s Glide Foundation, drawing admirers and acolytes who want
U.S. to seek 30% cut in emissions by 2030

Jun 2, 2014

WASHINGTON (AP) ― The Obama administration on Monday will roll out a plan to cut earth-warming pollution from power plants by 30 percent by 2030, setting in motion one of the most significant actions to address global warming in U.S. history.The rule, which is expected to be final next year, will set the first national limits on carbon dioxide, the chief gas linked to global warming from the nation’s power plants. They are the largest source of greenhouse gases in the U.S., accounting for about