The Korea Herald

Chrysler files for IPO, forced by UAW trust

Sept 24, 2013

DETROIT (AP) ― Chrysler Group is reluctantly preparing for an initial public offering of some of its shares. The automaker is proceeding with the IPO after it failed to reach an agreement on the value of the stock with the retiree trust that owns it. Chrysler shares haven’t been publicly traded since 1998, when the company merged with Daimler AG. The Auburn Hills, Michigan-based automaker is now majority owned by Italian automaker Fiat SpA. The shares that would be sold are owned by a United Aut
ECB is ready to offer more long-term loans, Draghi says

Sept 24, 2013

European Central Bank President Mario Draghi said he’s ready to deploy another long-term refinancing operation to provide funds to Europe’s banking system if needed. “We are ready to use any instrument, including another LTRO if needed, to maintain the short term money markets at the level that is warranted by our assessment of inflation in the medium term,” Draghi said in response to questions from lawmakers in the European Parliament in Brussels Monday. Euro-area money-market rates rose to a l
U.S. braces for shutdown over budget

Sept 24, 2013

WASHINGTON (AFP) ― The Obama administration warned U.S. federal agencies Monday to prepare for a possible government shutdown that could hobble the U.S. economy, as Congress wrangled over a fast-approaching budget deadline.The current fiscal year ends Sept. 30 and Congress remains bitterly split over spending, in particular over President Barack Obama’s landmark health care law.The Republican-led House of Representatives passed a bill last week that would prevent a shutdown at the price of defun
Fairfax reaches tentative deal to buy BlackBerry

Sept 24, 2013

BlackBerry's largest shareholder has reached a tentative agreement to pay $4.7 billion for the troubled smartphone maker, even as many investors fret about its potential demise.BlackBerry Ltd. said Monday that Fairfax Financial Holdings Ltd. has signed a letter of intent that ``contemplates'' buying the company for $9 per share in cash in a deal that would take the company private. The tentative deal comes just days after the Canadian company announced plans to lay off 40 percent of its global w
US judge weighs Google book copyright case

Sept 24, 2013

A federal judge Monday pointedly questioned attorneys for the Authors Guild in a long-running case on whether Google's book-scanning project violates copyright law.The two sides presented oral arguments in a hearing on whether the case should be dismissed, or whether the authors can maintain their challenge to the massive digitization project.US District Judge Denny Chin said a core question in determining the case is whether there is "benefit to society" in helping users find information from b
Euro higher after German election

Sept 23, 2013

SINGAPORE (AFP) ― The euro rose against the dollar in Asian trade Monday after German chancellor Angela Merkel clinched her third term in a convincing election victory.The euro bought $1.3529, up from $1.3524 in New York late Friday, while it also bought 134.15 yen compared with 134.36 yen. The greenback dipped to 99.16 yen, from 99.35 yen, with markets in Japan closed for a public holiday. Merkel’s triumphant conservative Christian Democrats fell just a few seats short of an outright majority S
European leaders hail Merkel win as ‘good result for EU’

Sept 23, 2013

EU president confident of German support for Europe after election win
China manufacturing gauge increases to six-month high: Economy

Sept 23, 2013

Chinese manufacturing index rose to a six-month high in September, signaling that a rebound in the world’s second-largest economy is gaining steam. The preliminary reading of 51.2 for a Purchasing Managers’ Index released Monday by HSBC Holdings Plc and Markit Economics compared with a 50.9 median estimate from 14 economists surveyed by Bloomberg News. The gauge was at 50.1 in August. Asian stocks and the Australian dollar rose on optimism that China’s growth is picking up, boosting Premier Li K
BlackBerry confirms 4,500 job cuts

Sept 22, 2013

TORONTO (AP) ― It was once so addictive it inspired the nickname “CrackBerry.” President Barack Obama confessed to being among the millions of devotees who couldn’t bear to stop tapping feverishly away on its tiny keyboard. Madonna once said she slept with hers under her pillow. Then came the iPhone. Users newly addicted to Facebook and photo-sharing and Angry Birds started flirting with the opposition. And as more smartphones flooded the market with their supersize Samsung screens and thousands
Obama urges Congress to pass budget, raise debt ceiling

Sept 22, 2013

WASHINGTON (AFP) ― President Barack Obama on Saturday urged the U.S. Congress to approve a budget to keep the government open after Oct. 1, and raise the debt ceiling so the country can pay its bills.Far-right Republicans in Congress want to take neither action in their attempt to defund a sweeping health care overhaul approved more than three years ago. Critics nicknamed the law “Obamacare,” and Republicans have fought to repeal it since its passage.If a budget “doesn’t pass before September 30
Asian stocks rise to 4-month high as Fed refrains from QE taper

Sept 19, 2013

Asian stocks rose, with the benchmark regional equities gauge climbing to a four-month high, after the Federal Reserve unexpectedly refrained from cutting economic stimulus.The MSCI Asia Pacific Index climbed 1.3 percent to 140.54 as of 10:02 a.m. in Tokyo as all 10 industry groups on the gauge advanced. Markets are yet to open in Hong Kong, while those in mainland China, South Korea, Taiwan and Sri Lanka are closed for holidays.The Federal Open Market Committee said that it wants to see more mo
Stocks, bonds rise sharply as Fed keeps stimulus

Sept 19, 2013

NEW YORK (AP) -- Investors plowed money into U.S. stocks and bonds Wednesday after the Federal Reserve's surprise decision to keep its economic stimulus in place.The news sent the Standard & Poor's 500 index and Dow Jones industrial average to a record highs. Bond yields fell sharply, and gold jumped as traders anticipated that the Fed's decision could cause inflation.In a statement, Fed policymakers voted to maintain the central bank's $85 billion-a-month bond-buying program, which has been in
Fed delays bond tapering, wants to see more data

Sept 19, 2013

WASHINGTON (AP) -- The Federal Reserve has decided against reducing its stimulus for the U.S. economy, saying it will maintain the pace of its bond purchases because it thinks the economy still needs the support.The Fed says it decided to hold off on slowing the $85 billion a month in bond purchases to see more conclusive evidence that the recovery will be sustained.In a statement after its meeting, the Fed says that the economy is growing moderately and that some indicators of labor market cond
As it meets this week, Fed faces many uncertainties

Sept 17, 2013

WASHINGTON (AP) ― The Federal Reserve is being engulfed by the one thing it tries to prevent: uncertainty.Will the Fed take its first step Wednesday toward reducing the extraordinary stimulus it’s given the U.S. economy?Will its eventual pullback jolt the financial markets?Who will fill several expected vacancies on the Fed’s policy board next year?And, with Lawrence Summers’ withdrawal from consideration, who will lead the Fed once Ben Bernanke’s term expires in January, ending one of the most
WB faces challenge from rival lenders

Sept 17, 2013

WASHINGTON (AFP) ― The World Bank must be more selective and flexible in its work as its faces rising financial constraints and challenges from rivals, according to an internal strategy document seen Monday.The choices include greater risk-taking, cutting back on bureaucracy and adapting commercial-like work with the private sector, moves which would move the huge institution beyond its traditional approaches to fostering development.“To deliver on the value proposition, the WBG (World Bank Grou