The Korea Herald

Mitsubishi expands into Asian condos

Nov 4, 2013

Mitsubishi Corp., Asia’s largest trading company by market value, is expanding into property development in Southeast Asia as the slowdown in China shrinks profits from its commodity businesses. The first project, starting next year, entails building an apartment complex with more than 1,000 units in the Philippines at a cost of 40 billion yen ($405 million), Masahiro Nagaoka, head of township development and construction at Mitsubishi, said in an interview in Tokyo. The trader has allied with l
Fed’s Fisher: Economy ‘hog-tied’ by government

Nov 4, 2013

Federal Reserve Bank of Dallas President Richard Fisher said fiscal discord has led to the U.S. government playing a suppressive role in the country’s recovery. “I am not a proponent of ever-increasing government spending,” Fisher, who will hold a vote on monetary policy next year, said in the partial text of a speech in Sydney Monday. “I mention this simply to illustrate a point: Unlike in most recoveries, government has played a countercyclical, suppressive role. The inability of our governmen
Big U.S. technology companies call for reform on snooping

Nov 3, 2013

WASHINGTON (AFP) ― Six of the biggest U.S. technology firms are urging Congress to rein in the National Security Agency by requiring more transparency about surveillance and improved privacy protections.In a letter to a Senate committee, the tech giants applauded the introduction of the USA Freedom Act aimed at ending bulk collection of phone records and improve privacy protection in the Foreign Intelligence Surveillance Court.“Recent disclosures regarding surveillance activity raise important c
U.S. factory growth hits fastest pace in 2 1/2 years

Nov 3, 2013

WASHINGTON (AP) ― U.S. factory activity expanded in October at the fastest pace in 2 1/2 years, suggesting that the 16-day partial shutdown of the government had little effect on manufacturers. Instead, overseas demand and healthy U.S. auto sales appear to be supporting factory output. The housing recovery is also lifting the furniture and wood products industry despite a recent slowing in home sales. “We’ve become accustomed to the way Washington operates in the past couple of years and assume
Citi, JPMorgan caught up in global forex probe

Nov 3, 2013

NEW YORK (AFP) ― Citigroup and JPMorgan Chase said Friday they have been approached by U.S. and foreign authorities investigating possible manipulation in the foreign exchange markets.In filings with the Securities and Exchange Commission, both U.S. banks reported having received queries on the issue, days after Barclays Bank, Deutsche Bank, UBS and Royal Bank of Scotland also acknowledged being under investigation over foreign exchange market issues.“Government agencies in the U.S. and other ju
RBS forms ‘bad bank’ to aid private-sector return

Nov 3, 2013

LONDON (AFP) ― Royal Bank of Scotland will create an internal “bad bank” to run down 38 billion pounds ($61 billion) of high-risk assets as the government looks to return the state-rescued lender to the private sector.RBS hopes to remove all of the toxic assets, equivalent to $61 billion or 45 billion euros, from its balance sheet over the next three years, the bank said in a statement as it announced also a third-quarter net loss of 828 million pounds.The lender, currently 81-percent-owned by t
Fed to subject six foreign bank units to stress tests

Nov 3, 2013

WASHINGTON (AFP) ― The U.S. Federal Reserve said Friday it has expanded the list of major banks it subjects to tough stress tests to include U.S. subsidiaries of six foreign banks.The fourth annual evaluation of the strength of major banks, undertaken after the numerous collapses of 2008 financial crisis, will cover 30 banks in early 2014, up from 18 last year. The 30 are all bank holding companies with more than $50 billion of total assets.The list includes the U.S. banking arms of six foreign
Fitch revises Spain outlook to stable from negative

Nov 3, 2013

Fitch Ratings raised its outlook on Spain’s rating to stable from negative, saying the nation’s overhaul of banks has “advanced well” and financing conditions have improved. The company affirmed its “BBB” rating in a statement in London Friday, leaving the country at the second-lowest investment grade. Spain has improved its “policy track record,” with improvements to its labor market, pension system and budget, it said. Spain emerged from a more than two-year recession in the third quarter and
Economists cut fourth-quarter U.S. growth forecast on shutdown

Nov 1, 2013

The U.S. economy will probably expand at a 2 percent annualized rate in the final three months of the year, less than economists projected at the start of the budget impasse that resulted in a 16-day government shutdown.The median projection of 71 economists surveyed by Bloomberg yesterday compares with a 2.4 percent forecast in an Oct. 4-9 survey.Gross domestic product, the sum of all goods and services produced in the nation, will accelerate to a 2.6 percent growth rate in the first three mont
Facebook Q3 results fly past expectations

Oct 31, 2013

Company revenue soars 60 percent as mobile ad revenue surges
Brazil’s OGX files for bankruptcy protection

Oct 31, 2013

Oil firm’s trouble is a blow to once richest man, Eike Batista
EU spying backlash threatens billions of dollars in U.S. trade

Oct 31, 2013

BRUSSELS (AP) ― The backlash in Europe over U.S. spying is threatening an agreement that generates tens of billions of dollars in trans-Atlantic business every year ― and negotiations on another pact worth many times more. A growing number of European officials are calling for the suspension of the “Safe Harbor” agreement that lets U.S. companies process commercial and personal data ― sales, emails, photos ―from customers in Europe. This little-known but vital deal allows more than 4,200 America
Eurozone economic confidence picks up

Oct 31, 2013

BRUSSELS (AFP) ― The 17-nation eurozone economy continues to make progress, official data showed Wednesday, but a modest recovery shows signs of slowing and the outlook is mixed.The European Commission said its Economic Sentiment Indicator, a measure of overall confidence, rose 0.9 points to 97.8 points in October but the pace of improvement was slower.“While the upward trend observed since May has been continued, the magnitude and sectoral scope of the improvement in confidence has moderated co
Bank of Japan maintains stimulus

Oct 31, 2013

TOKYO (AFP) ― The Bank of Japan on Thursday held off launching fresh easing measures as the economy shows increasing signs that a government-backed policy blitz aimed at reviving growth is gaining traction.The brief central bank statement on its asset-buying scheme comes as attention turns to the release of its semi-annual economic outlook later in the day.With data indicating the world’s number three economy slowly picking up BOJ policymakers had been expected to hold fire as they study the eff
BlackRock’s Fink says there are ‘bubble-like markets again’

Oct 30, 2013

BlackRock Inc. chief executive officer Laurence D. Fink, whose company is the world’s largest money manager with $4.1 trillion in assets, said Federal Reserve policy is contributing to “bubble-like markets.” “It’s imperative that the Fed begins to taper,” Fink said Tuesday at a panel discussion in Chicago, referring to the central bank’s $85 billion in monthly bond purchases. “We’ve seen real bubble-like markets again. We’ve had a huge increase in the equity market. We’ve seen corporate-debt spr