The Korea Herald

Obama signs debt ceiling measure into law

Feb 16, 2014

RANCHO MIRAGE, California (AP) ― President Barack Obama on Saturday signed separate measures into law to lift the federal debt limit and restore benefits that had been cut for younger military retirees. Obama signed the bills during a weekend golf vacation in Southern California. The debt limit measure allows the government to borrow money to pay its bills, such as Social Security benefits and federal salaries. Failure to pass the measure, which the Senate passed 67-31 earlier this week and sent
Pot businesses allowed to open U.S. bank accounts

Feb 16, 2014

The U.S. government took a step toward legitimizing the marijuana industry, allowing U.S. banks to offer accounts and other services to businesses in states where medical or recreational pot sales are legal. The Treasury’s Financial Crimes Enforcement Network issued guidelines for banks intended to reduce the danger that sellers face in operating an all-cash business. The rules would also give law enforcement more information about marijuana business activity, the agency said Friday in a stateme
Hollande in California for tech talks

Feb 13, 2014

SAN FRANCISCO (AP) ― France’s president met with Silicon Valley and government leaders in the heart of tech country Wednesday, just days after a French regulator hit Google with an embarrassing regulatory slap and after years of efforts to wrest more taxes from tech firms. President Francois Hollande was greeted at San Francisco City Hall by Mayor Ed Lee, California Lt. Gov. Gavin Newsom and former U.S. Secretary of State George Shultz as school children waved French and American flags on the st
U.S. Senate clears debt limit measure

Feb 13, 2014

WASHINGTON (AP) ― Must-pass legislation to allow the U.S. government to borrow money to pay its bills cleared Congress Wednesday for President Barack Obama’s signature, staving off a debt default that could have rattled financial markets and spiked interest rates. The Senate approved the measure by a near party-line 55-43 vote. All of the “aye” votes came from Obama’s Democratic allies in what amounted to a major victory for the president.The measure is required so that the government can borrow
White House offers help to industry on cyberattack

Feb 13, 2014

WASHINGTON (AP) ― The Whited House on Wednesday offered to help U.S. businesses protect their computer systems from cyberattacks that President Barack Obama called “one the gravest national security dangers that the United States faces.”Administration officials warned during an event at the White House that an attack on critical sectors of the U.S. economy could put the entire country at risk.“It boils down to this ― in cybersecurity, the more systems we secure, the more secure we all are,” said
Prince William slams ‘despicable’ poaching

Feb 13, 2014

LONDON (AFP) ― Britain’s Prince William called Wednesday for the “despicable” illegal trade in elephants, rhinos and tigers to be stamped out, ahead of an international conference to clamp down on poaching.Representatives from 50 states have gathered in London for the talks, aimed at improving law enforcement in the ― mainly African ― countries where poaching is rife and stemming growing demand in Asia.The London Summit on Illegal Wildlife Trade is being hosted by the British government and Prin
Online protest targets U.S. Internet snooping

Feb 12, 2014

SAN FRANCISCO (AFP) ― Google joined Internet rights activists on Tuesday in a virtual protest aimed at getting U.S. law makers to reign in online snooping.Groups including the American Civil Liberties Union, Amnesty International, the Electronic Frontier Foundation and Yahoo-owned Tumblr were on the roster of backers of an online protest called “The Day We Fight Back.”By mid-morning here, more than 20,000 telephone calls had been made to members of the U.S. Congress to oppose privacy “intrusion”
Cautious Yellen sticks to Bernanke script

Feb 12, 2014

New chief stresses Fed needs to keep eye on range of labor indicators
House passes bill raising U.S. debt ceiling until 2015

Feb 12, 2014

WASHINGTON (AP) ― House Republicans backed away from a battle over the government’s debt cap on Tuesday and permitted President Barack Obama’s Democratic allies to drive quick passage of a measure to increase the government’s borrowing ability to pay its bills and avoid a default ahead of the November elections.The 221-201 vote came hours after Republican House leader John Boehner announced that his fractured party would relent.Just 28 Republicans voted for the measure, including Boehner. But 19
‘Dumb Starbucks’ draws curious crowd

Feb 11, 2014

LOS ANGELES (AP) ― It was a caffeine-charged Hollywood whodunit: Who created the “Dumb Starbucks” coffee shop that popped up and started serving free drinks from the corner of an otherwise uncelebrated California shopping center.After several days of speculation, the news came Monday: The shop was a Canadian comedian’s publicity stunt.Nathan Fielder told a crowd he was pursuing the “American dream” ― before acknowledging that he planned to use the bit on his Comedy Central show “Nathan For You.”
Court backs Apple e-book antitrust monitor

Feb 11, 2014

SAN FRANCISCO (AFP) ― A U.S. appeals court on Monday shot down Apple’s bid to derail a court-ordered monitor in its e-book price-fixing case.The panel of judges specified, however, that the monitor’s job is limited to making sure that Apple has an antitrust compliance program put in place and that workers across the board are taught its details.“It became apparent that the parties differed considerably regarding the proper interpretation of the order as to the scope of the monitor’s duties,” a p
Icahn steps back from Apple battle

Feb 11, 2014

NEW YORK (AFP) ― Activist investor Carl Icahn said Monday he would no longer press Apple to boost its share buyback plan after a proxy advisory firm recommended against his proposal.The billionaire said in an open letter to shareholders that Apple has already done much of what he was seeking, by repurchasing $14 billion in shares in recent weeks.Icahn’s letter said he was “disappointed” by the recommendation against his plan from Institutional Shareholder Services.But he maintained that “we do n
Bond sales show governments confident of keeping inflation low

Feb 11, 2014

Governments from the U.S. to Italy are boosting sales of inflation-linked bonds, wagering consumer prices will remain in check even after central banks inundated the world with cheap cash. Thirty-five nations issued $1 trillion of the securities in the past three years, the most on record, according to data compiled by Bloomberg. The amount of government debt in developed countries tied to consumer prices is now equal to 7.9 percent of the fixed-rate sovereign bond market, the most since 2008, i
U.S. takes India to WTO to open solar industry

Feb 11, 2014

WASHINGTON (AFP) ― The United States said Monday it was taking India to the WTO to open up its solar industry, raising a new dispute weeks after a bitter feud over a diplomat’s arrest.The United States asked for talks under the World Trade Organization to change India’s requirements for the use of domestic content as part of the energy-hungry country’s ambitious plan to boost solar power. “This kind of discrimination is against WTO rules and we are determined to stand up for U.S. workers and bus
Blankfein: Emerging markets in better position than in 1998

Feb 11, 2014

Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein said emerging markets are better able to weather an investor retreat now than in 1998, when currency turmoil spread and forced international bailouts. “There were a lot of things in ’98 that don’t exist now,” Blankfein, 59, said in an interview Tuesday with Bloomberg Television’s John Dawson in Hong Kong while attending the Goldman Sachs Global Macro conference. Those markets now have “better reserves, more flexibility in exchan