The Korea Herald

Few ‘wearables’ balance fashion, function

Jan 9, 2014

Gadget show is awash with ‘wearable’ devices, but questions remain on acceptance, usefulness
Petition presses Washington Post over Amazon’s CIA contract

Jan 9, 2014

WASHINGTON (AFP) ― More than 30,000 people have signed an online petition calling on The Washington Post to tell readers that Amazon, founded by its owner Jeff Bezos, does business with the CIA, activists behind the campaign said Wednesday.RootsAction.org said it would deliver the petition at the newspaper’s downtown Washington headquarters next Wednesday, as it released an exchange of correspondence with executive editor Martin Baron.The Post, which Bezos personally acquired in October, reports
Eurozone economy shows glimmers of hope: data

Jan 9, 2014

LONDON (AP) ― Glimmers of hope emerged Wednesday for the eurozone economy to suggest that the coming year will see the recovery gathering steam.Official figures showed a stabilization in unemployment and the biggest increase in monthly retail sales in 12 years.Eurostat, the EU’s statistics office, said the eurozone’s unemployment rate held steady in November at a record 12.1 percent for the eighth month running after a modest 4,000 rise in the ranks of the jobless to 19.24 million. Since Septemb
China inflation eases to 2.5% in Dec.

Jan 9, 2014

BEIJING (AP) ― China’s inflation rate eased in December to 2.5 percent amid signs the world’s second-largest economy might be cooling. The consumer price rise reported Thursday was down from November’s 3 percent. Inflation for the full year of 2013 was 2.6 percent, below the ruling Communist Party’s target of 3.5 percent. Lower inflation could ease pressure on Chinese leaders as they try to focus on promised reforms aimed at making the economy more productive and keeping growth strong. China’s e
U.S. trade deficit reaches 4-year low on record exports

Jan 8, 2014

WASHINGTON (AFP) ― The U.S. trade deficit shrank sharply in November as exports hit a record high for the second straight month, official data showed Tuesday in a positive sign for economic growth.The foreign trade deficit narrowed 12.9 percent from October, the second month in a row of contraction, to a four-year low of $34.3 billion, the Commerce Department reported.That was the smallest trade deficit in goods and services with the rest of the world since September 2009.The deficit was much lo
Ford chief Mulally won’t leave for Microsoft

Jan 8, 2014

DEARBORN (AP) ― Alan Mulally is staying at Ford.The chief executive, who was rumored to be in the running to become Microsoft’s next leader, told the Associated Press Tuesday that he won’t leave the automaker before the end of 2014.“I would like to end the Microsoft speculation because I have no other plans to do anything other than serve Ford,” Mulally said in an interview. When asked if this should end investor concern about his departure, Mulally said, “You don’t have to worry about me leavin
‘IMF to revise upward global growth forecast’

Jan 8, 2014

NAIROBI (AFP) ― The International Monetary Fund will revise upward its global growth forecast in about three weeks, Managing Director Christine Lagarde said Tuesday in Nairobi.“We will be revising upwards the global forecast of the economic growth,” she told a press conference in the Kenyan capital, adding that it would be premature to say any more.Lagarde, who was wrapping up a two-day visit to Kenya, gave no reason for the revision.When it issued its latest World Economic Outlook report in Oct
Unemployment benefits bill clears hurdle

Jan 8, 2014

WASHINGTON (AP) ― Election-year legislation to revive expired federal jobless benefits unexpectedly cleared an early hurdle on Tuesday, offering a hint of bipartisan compromise in Congress and a glimmer of hope to the long-term jobless and their families.“Let’s get this done,” implored President Barack Obama at the White House, shortly after six Republicans sided with Democrats on a 60-37 Senate vote to keep the measure alive.Even so, the fate of the three-month reinstatement remained uncertain
JPMorgan to pay over $2.5b in Madoff fraud

Jan 8, 2014

NEW YORK (AP) ― JPMorgan Chase & Co., already beset by costly legal woes, will pay more than $2.5 billion for ignoring obvious warning signs of Bernard Madoff’s massive Ponzi scheme, authorities said Tuesday. The nation’s largest bank will forfeit a record $1.7 billion to settle criminal charges, plus pay an additional $543 million to settle civil claims by victims. It also will pay a $350 million civil penalty for what the Treasury Department called “critical and widespread deficiencies” in its
China’s cabinet said to impose rules in shadow banking fight

Jan 7, 2014

China’s cabinet imposed new controls on the multi-trillion-dollar shadow-banking industry with an order that targets off-the-books loans and shores up enforcement of current rules, two people familiar with the matter said. The rules include a ban on transactions designed to avoid regulations, such as moving interbank loans off balance sheets to reduce reported levels of lending, said the people, who asked not to be identified because the order hasn’t been made public. Such operations are part of
Investment banks advise sale of emerging market shares

Jan 7, 2014

Goldman to JPMorgan say sell emerging markets after worst run since ’98
Senate confirms Janet Yellen as chair of U.S. Federal Reserve

Jan 7, 2014

The U.S. Senate confirmed Federal Reserve vice chair Janet Yellen to be the new head of the world's most powerful central bank Monday, the first woman ever to lead the Fed.President Barack Obama's nominee earned bipartisan support in the bitterly divided chamber, but the 56-26 vote was still among the closest in the 100-year history of the institution.Yellen replaces predecessor Ben Bernanke, who steps down on Jan. 31 after eight years in the job.At 67, Yellen has built a strong reputation as an
Selling social media clicks is big business

Jan 6, 2014

SAN JOSE, California (AP) ― Celebrities, businesses and even the U.S. State Department have bought bogus Facebook likes, Twitter followers or YouTube viewers from offshore “click farms,” where workers tap, tap, tap the thumbs up button, view videos or retweet comments to inflate social media numbers. Since Facebook launched almost 10 years ago, users have sought to expand their social networks for financial gain, winning friends, bragging rights and professional clout. And social media companies
Global central banks split on stimulus in 2014

Jan 6, 2014

The united stimulus front of central banks is starting to splinter as 2014 dawns. The Federal Reserve ― soon to be led by Janet Yellen, who is poised for confirmation by the Senate Monday ― begins pulling back on its quantitative easing amid stronger U.S. growth, and the Bank of England is trying to cool its housing market. The European Central Bank and Bank of Japan lean toward more monetary action to fight weak inflation. The ECB and BOE both hold policy meetings this week. The erosion of the
Bitcoin tops $1,000 again as Zynga joins wider usage

Jan 6, 2014

The price of Bitcoin surpassed $1,000 again on the Mt.Gox exchange, after Zynga Inc. said it would start accepting the virtual currency for some of its online social games as the digital money becomes more widely used. Bitcoins, which exist as software and aren’t controlled by any country or banking authority, surged to about $1,119 on the exchange Sunday, one of several markets where they are traded for dollars, euros and other currencies. Bitcoins first crossed the $1,000 threshold in late Nov