The Korea Herald

Facebook in $2b deal for virtual reality firm

Mar 26, 2014

SAN FRANCISCO (AFP) ― Facebook on Tuesday announced a $2 billion deal to buy a startup behind virtual reality headgear that promises to let people truly dive into their friend’s lives.Facebook co-founder and chief Mark Zuckerberg said that the acquisition of Oculus was a long-term bet that making the social network’s offerings more immersive would pay off in the future.“People will build a model of a place far away and you will just go see it; it is just like teleporting,” Zuckerberg said. “I do
BOJ decision on extra easing possible in May

Mar 26, 2014

The Bank of Japan could decide as soon as mid-May whether further stimulus is needed to keep inflation on track for its 2 percent target after a sales-tax bump next month, an adviser to Prime Minister Shinzo Abe said. “If the BOJ judges that the economy has fallen off its projected path, it will act appropriately and flexibly, and further easing is possible,” Etsuro Honda said in an interview at the Prime Minister’s Office in Tokyo Tuesday. “I believe the BOJ will act if it sees changes in price
Five former Madoff workers convicted

Mar 25, 2014

Trial is first to result from massive fraud revealed in December 2008
Tigerair buys 37 Airbus A320neo planes

Mar 24, 2014

SINGAPORE (AFP) ― Singapore budget carrier Tigerair said Monday it will buy 37 Airbus A320neo planes valued at $3.8 billion, enabling the airline to cut fuel costs and fly to new, more distant destinations.Tigerair, which is 40 percent owned by Singapore Airlines, said in a statement it also has the option to buy up to 13 additional aircraft and to convert the A320neo planes to the bigger A321neo model.Delivery of the fuel-efficient planes will start from 2018 through to 2025, the airline said i
China, Netherlands sign trade pact for better milk

Mar 24, 2014

THE HAGUE, Netherlands (AP) ― China and the Netherlands signed a trade pact Sunday pledging Dutch dairy expertise to help Chinese producers boost the quality and quantity of their milk. The deal signed at a ceremony at Prime Minister Mark Rutte’s official residence in The Hague is another step by China to rehabilitate the reputation of its dairy industry in the aftermath of tainted milk product scandals. It was part of a raft of deals and memoranda of understanding inked on the second day of a s
China’s manufacturing slows further

Mar 24, 2014

A Chinese manufacturing index unexpectedly fell, underscoring the risk that leaders will need to add stimulus to meet this year’s economic-growth goal. The Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics dropped to 48.1 in March, the companies said Monday. The preliminary reading compares with the 48.7 median estimate of 22 analysts surveyed by Bloomberg News and February’s final 48.5 figure. Numbers above 50 signal expansion. The Australian dollar fell and copper extended
Russia staring at recession on sanctions

Mar 24, 2014

Western sanctions are pushing Russia toward recession and the pain could intensify if U.S. and European leaders turn the screw over tensions in Ukraine. Banks including state-run VTB Capital say the world’s ninth-biggest economy will shrink for at least two quarters as penalties for annexing Crimea rattle markets, curb investment and raise the cost of borrowing. Sanctions that have so far focused on individuals via visa bans and asset freezes may be expanded to target specific areas of the econo
U.S. economists see growth pickup this year: survey

Mar 24, 2014

WASHINGTON (AP) ― With the pace of U.S. economic growth seen speeding up later this year and next, many business economists expect the Federal Reserve to end its bond purchases this fall or even earlier.The consensus of the 48 economists surveyed by the National Association for Business Economics is that bad weather cut first-quarter growth to a weak annual rate of 1.9 percent, but that growth could exceed 3 percent by year’s end. NABE’s report, released Monday, covered a survey period from Feb.
Tesco to become first foreign supermarket to open in India

Mar 23, 2014

NEW DELHI (AFP) ― Britain’s Tesco said Friday it had struck a joint venture deal with India’s Tata Group to become the first foreign supermarket to enter the country’s $500-billion retail sector.The world’s third-biggest retailer made the announcement after winning clearance from the Indian Foreign Investment Promotion Board for a $140-million investment in the alliance with Tata Group unit Trent Ltd. Tesco said in a statement it had “entered into an agreement with Trent Limited, part of the Tat
Obama reassures tech CEOs on privacy

Mar 23, 2014

U.S. president meets with Facebook, Google, tech CEOs to discuss government surveillance
NSA targeted Chinese tech giant Huawei

Mar 23, 2014

BERLIN (AP) ― U.S. intelligence agencies hacked into the email servers of Chinese tech giant Huawei five years ago, around the time concerns were growing in Washington that the telecommunications equipment manufacturer was a threat to U.S. national security, two newspapers reported Saturday.The National Security Agency began targeting Huawei in early 2009 and quickly succeeded in gaining access to the company’s client lists and email archive, German weekly Der Spiegel reported, citing secret U.S
Visa, Mastercard bar Russian bank customers

Mar 23, 2014

MOSCOW (AFP) ― Several Russian banks on Friday saw their customers barred from using Visa and MasterCard credit cards as U.S. economic sanctions over Russia’s takeover of Crimea began to dig in.U.S.-based Visa and MasterCard have stopped servicing the credit cards of customers at Russian banks due to the economic sanctions announced in Washington, the banks said Friday.A Visa spokesman told ITAR-TASS news agency that the move was to “in order to comply with U.S. law” and concerned four banks: Ba
China's economy facing 'downward pressure': state think tank

Mar 22, 2014

BEIJING -- China's economy is facing "downward pressure" as Beijing pushes for economic reforms amid persistent worries about global economic recovery, a senior official at China's top state think-tank said Saturday.Liu Shijin, vice president of China's State Council Development Research Center, however, voiced optimism that the Chinese economy can weather such downward risks, citing what he calls "conditions" set by China's leadership "for stabilizing its economy."Liu made the remarks at a glob
EU nations agree on rules to fight tax evasion

Mar 21, 2014

BRUSSELS (AP) ― European Union nations on Thursday agreed on a sweeping policy to fight tax evasion after tiny Luxembourg dropped its reservations to new rules which render its secretive banking culture more transparent. Luxembourg Prime Minister Xavier Bettel confirmed at Thursday’s summit of EU leaders “the willingness of the government to take that road,” a key step to scrap the banking secrecy for foreigners. EU President Herman Van Rompuy said the move was “indispensable for enabling the me
Korea expects limited impact

Mar 20, 2014

The U.S. move to further scale back its monthly bond purchases is within an expected range and its impact on the Korean economy will be “limited,” Deputy Finance Minister Eun Sung-soo said Thursday.“The additional tapering action has been expected, and such market indicators as U.S. stocks and interest rates remain within a range expected by the (Seoul) government,” Eun told reporters after holding a closed-door meeting to discuss responses to the Fed’s latest decision. “We expect that its impac