The Korea Herald

U.S., EU end third round of free-trade talks

Dec 22, 2013

WASHINGTON (AFP) ― The United States and the European Union on Friday ended a third round of talks to create the world’s largest free-trade area to boost growth and jobs in their huge economies.U.S. and EU trade officials wrapped up five days of negotiations in Washington, where the talks began in July, to hammer out the Transatlantic Trade and Investment Partnership, an ambitious agreement to expand trade, investment and regulatory cooperation.The two economies combined make up 40 percent of ou
Deutsche Bank says will pay $1.9b in U.S. mortgage case

Dec 22, 2013

FRANKFURT (AFP) ― Deutsche Bank, Germany’s biggest lender, said on Friday it will pay 1.4 billion euros ($1.9 billion) to end litigation related to home mortgage-backed securities in the United States.“Deutsche Bank announced today that it has reached an agreement to resolve its residential mortgage-backed securities litigation with the Federal Housing Finance Agency as conservator for Fannie Mae and Freddie Mac,” the bank said in a statement.It described the litigation as its single largest mor
Facebook, Zuckerberg to sell 70 million shares

Dec 20, 2013

MENLO PARK, California (AP) ― Facebook and Chairman and CEO Mark Zuckerberg are selling a combined 70 million shares of Class A stock as the social media company prepares to join the Standard & Poor’s 500 index. The offering includes more than 41 million shares from Zuckerberg, who also will buy Class B shares that carry more voting weight. After a premarket stock dip of more than 4 percent on the news, Facebook’s stock recovered somewhat and was down less than 1 percent in afternoon trading on
Gold sinks below $1,200, lowest in three years

Dec 20, 2013

NEW YORK (AP) ― The price of gold slumped below $1,200 an ounce Thursday, the lowest in more than three years, a day after the Federal Reserve said it would pull back on its stimulus program. Gold for February delivery plunged $41.40, or 3.4 percent, to $1,193.60 an ounce. It hadn’t closed below $1,200 an ounce since August 2010. Gold went as high as $1,900 an ounce in August 2011 partly because traders feared that the Fed’s efforts to support the U.S. economy with easy money policies would caus
Facebook's Zuckerberg to sell 41.35 million 'B' shares

Dec 19, 2013

Facebook founder Mark Zuckerberg will sell 41.35 million 'B' shares in the company for tax purposes, US stock market regulators said on Thursday.These shares will allow Zuckerberg to retain power over Facebook because each has 10 voting rights. Proceeds from the sale will allow the young billionaire to pax taxes due on the exercise of an option enabling him to obtain 60 million additional 'B' Facebook shares.(AFP)
Bitcoin crashes after China bank measures

Dec 19, 2013

SHANGHAI (AFP) ― The virtual currency Bitcoin crashed in China on Wednesday, falling nearly 50 percent after the country’s biggest trading platform BTC China banned deposits in yuan following new restrictions reportedly imposed by the central bank.Chinese speculators have driven Bitcoin prices into the financial stratosphere this year, peaking at 7,588.88 yuan (now $1,250) on Nov. 30.By late Wednesday they stood at 2,245 yuan, more than 70 percent lower, and down 42.7 percent from their 24-hour
Bank of England to issue plastic banknotes

Dec 19, 2013

LONDON (AFP) ― The Bank of England is to issue plastic banknotes for the first time in its history, it announced Wednesday, with Winston Churchill gracing the first run.The polymer note, carrying a value of 5 pounds ($8.2), is to be released in 2016, Britain’s central bank said in a statement, and will feature World War II prime minister Churchill.A new 10 pound note featuring novelist Jane Austen to be issued a year later will also be made of polymer.More than 25 other countries have flexible p
EU opens summit buoyed by landmark bank deal

Dec 19, 2013

BRUSSELS (AFP) ― The European Union took a historic step towards greater integration just hours ahead of a summit Thursday, with a deal on a banking union aimed at preventing a repeat of the eurozone’s crippling crises.The agreement, which marks one of the biggest transfers of national sovereignty to the bloc since the creation of its single currency, will be put for approval to European leaders including German Chancellor Angela Merkel, just beginning a fresh four-year mandate.The deal is expec
World faces ‘bumpy’ fallout from end to U.S. spending: U.N.

Dec 19, 2013

UNITED NATIONS (AFP) ― The United Nations said Wednesday that the world economy should grow in 2014 but faces a “bumpy” ride when the U.S. government starts ending its major stimulus spending.The U.N.’s annual World Economic Situation and Prospects report predicted the global economy would grow by 3.0% in 2014 and 3.3% in 2015, up from an estimated 2.1% in 2013.U.N. experts said they were more positive about the world economy as euro-using countries were emerging from recession and U.S. growth h
U.S. Congress passes bipartisan budget agreement

Dec 19, 2013

Congress has sent President Barack Obama a modest, bipartisan budget pact designed to avert another U.S. government shutdown and ease the harshest effects of automatic budget cuts. Obama's signature was assured on the measure, which lawmakers in both parties and at opposite ends of the Capitol said they hoped would curb budget brinkmanship and prevent more shutdowns in the near future.The final vote on the measure Wednesday was 64-36 in the Senate. The House approved the bill last week.The produ
U.S. stocks soar as Fed cuts stimulus, citing jobs

Dec 19, 2013

The U.S. stock market had a swift and clear reaction to the Federal Reserve's decision to trim its stimulus efforts: That wasn't so bad after all.Stocks surged Wednesday, lifting the Dow Jones industrial average nearly 300 points to another record, after the Fed decided the economy was strong enough for it to begin a modest reduction of its bond purchases.“Investors should see this as a vote of confidence for the economy,” said Kristina Hooper, head of U.S. investment strategies for Allianz Glob
U.S. Fed will reduce bond purchases by $10b in January

Dec 19, 2013

The Federal Reserve has decided to reduce its stimulus for the U.S. economy because the job market has shown steady improvement. The shift could lead to higher long-term borrowing rates for individuals and businesses.The Fed's decision amounts to a vote of confidence in the economy six years after the Great Recession struck. It signals the Fed's belief that the U.S. economy is finally achieving consistent gains.The central bank said in a statement after its policy meeting ended Wednesday that it
Obama meets with tech executives

Dec 18, 2013

Top tech firms press U.S. president to reform surveillance practices
Japan posts biggest trade deficit as imports climb

Dec 18, 2013

Japan reported the biggest November trade deficit on record as imports climbed 21.1 percent from a year earlier, supported by demand ahead of a sales-tax increase in April. The shortfall of 1.29 trillion yen ($12.6 billion) reported Wednesday by the Ministry of Finance in Tokyo compared with the 1.35 trillion yen median estimate in a Bloomberg News survey of 32 economists. Exports climbed 18.4 percent, as shipments to China bounced back from a year earlier. A record run of monthly deficits shows
Google Glass lets wearers snap photos with a wink

Dec 18, 2013

SAN FRANCISCO (AFP) ― Google Glass on Tuesday announced updates to the software in its Internet-linked eyewear to allow users to snap pictures by winking.The new feature, which promises to escalate privacy concerns already being voiced about the high-tech gadget, came as one of an array of improvements.“We’ve got a new setting that lets you quickly and easily capture the moments you care about with a simple wink of the eye,” Google Glass posted on its Google+ social network page.“We’re starting