The Korea Herald

IMF admits ‘notable failures’ in Greek bailout

Jun 6, 2013

Recession much deeper than foreseen in Greece
Fed survey: Growth improves modestly throughout U.S.

Jun 6, 2013

A Federal Reserve survey says economic growth increased throughout the United States from April through late-May, fueled by home construction, consumer spending and steady hiring.Eleven of the Fed's banking districts reported “modest to moderate” economic growth, according to the Beige Book survey released Wednesday. The 12th, in Dallas, reported strong growth.The survey is based on anecdotal reports. The mostly favorable results of the latest survey suggest that the economy and the job market a
Porn app for Google Glasses faces hurdles

Jun 5, 2013

SAN FRANCISCO (AFP) ― The makers of a porn app for Google’s Internet-linked eyewear were modifying the software Tuesday in response to a move by the company to keep sex off the new devices.Google evidently updated its Glass developer rules over the weekend, ahead of the release of an application on Monday by California-based MiKandi.“Although the app is still live and people are using it, at this point we must make changes to the app in order to comply with the new policies,” MiKandi chief execu
China to probe EU wine after solar duties imposed

Jun 5, 2013

BEIJING (AFP) ― Beijing has begun an anti-dumping probe into European wine, the commerce ministry said Wednesday after the EU imposed tariffs on solar panel imports from China, in a dramatic broadening of the trade dispute. “The Chinese government has initiated an anti-dumping and anti-subsidy investigation procedure into wines from the European Union,” commerce ministry spokesman Shen Danyang said in a statement.China is the EU’s second-largest trading partner, but the move is a major widening
Japan P.M. unveils reform package

Jun 5, 2013

As markets reel and public debt swells, Abe outlines reform strategy for economy
Wal-Mart offers refunds to dissatisfied shoppers

Jun 4, 2013

Wal-Mart Stores Inc., in an effort to sell more groceries, is reminding customers that it offers full refunds on fruits and vegetables. Shoppers are required to present only receipts for full refunds, Bentonville, Arkansas-based Wal-Mart said Monday in a statement. To ensure quality, the world’s largest retailer said independent auditors will conduct weekly store checks. Wal-Mart wants to persuade customers their money is well-spent and that the produce is as good as it is elsewhere, said Eli Po
U.S. auto sales roar back in May

Jun 4, 2013

DETROIT (AP) ― Full-size pickups once again dominated U.S. auto sales in May, as small businesses ― increasingly confident in the economy ― raced to replace the aging pickups they held on to during the recession. Car buyers, too, were lured by low interest rates and Memorial Day sales. Overall, U.S. consumers bought 1.4 million vehicles in May, up 8 percent from the same month a year ago, according to Autodata Corp. The results suggest the auto industry will remain a bright spot in an economy th
Roubini: Gold falling to $1,000 by 2015 on global recovery

Jun 4, 2013

Gold may fall toward $1,000 an ounce by 2015 as the economic recovery curbs demand for bullion that rallied the past 12 years, said Nouriel Roubini, professor of economics and international business at New York University. A lack of inflation and better returns from other assets such as equities are two of six reasons why prices will trend lower, according to an article written by Roubini and published June 1 on the commentary website Project Syndicate. The metal fell 16 percent to $1,403.62 in
IMF urges Germany to keep spending amid low growth

Jun 4, 2013

The International Monetary Fund on Monday halved its growth forecast for Germany as the eurozone recession takes its toll on the bloc's largest economy. In its regular assessment of the country, the Washington-based IMF also called for a more proactive immigration policy to increase the labor force and warned Berlin that overzealously slashing spending could dent growth further. The revised 2013 growth forecast of 0.3 percent, down from 0.6 percent only two months earlier, is a result of the per
Germany to help Spain with credit for growth, jobs

Jun 3, 2013

Germany is setting up a loan program for struggling small and medium-sized firms in Spain to boost growth and jobs in the crisis-hit southern European economy, according to a document obtained Monday.Germany's state-owned KfW bank will provide about 1 billion euros ($1.3 billion) at low interest rates to its Spanish counterpart, which will be probably able to lend out several times that amount in cheap loans to local firms.The move is aimed at easing a credit crunch that is afflicting much of so
3-D printing goes from sci-fi fantasy to real life, industries

Jun 3, 2013

SAN MATEO, California (AP) ― Invisalign, a San Jose company, uses 3-D printing to make each mouthful of customized, transparent braces. Mackenzies Chocolates, a confectioner in Santa Cruz, uses a 3-D printer to pump out chocolate molds. And earlier this year, Cornell University researchers used a 3-D printer, along with injections of a special collagen gel, to create a human-shaped ear. Once a science-fiction fantasy, three-dimensional printers are popping up everywhere from the desks of home ho
China output shrinks more than thought

Jun 3, 2013

BEIJING (AFP) ― China’s manufacturing activity shrank more than first reported in May, HSBC said Monday, confirming the first contraction in seven months.The British banking giant’s final purchasing managers’ index (PMI) reading for May came in at 49.2, the bank said in a press release, the lowest for eight months and worse than the preliminary 49.6 announced on May 23.A reading below 50 indicates contraction in the sector.The HSBC and central government PMIs are both widely watched indicators o
ECB’s Draghi sees signs of stabilization in ‘challenging’ economy

Jun 3, 2013

European Central Bank President Mario Draghi said that while the economic outlook in the euro area is “challenging,” he still expects a recovery this year. “There are a few signs of a possible stabilization,” Draghi said in a speech in Shanghai today, according to a text provided by the Frankfurt-based central bank. “Our baseline scenario continues to be one of a very gradual recovery starting in the latter part of this year.” After reducing the ECB’s benchmark interest rate to a record low of 0
Central bank group warns markets ‘under a spell’

Jun 3, 2013

FRANKFURT, Germany (AP) ― Investors have ignored poor economic news as stocks have risen, leaving markets now vulnerable to unsettling volatility and potential losses, an organization of the world’s central banks said Sunday. The Bank for International Settlements said central banks’ policies of record low interest rates and monetary stimulus had helped investors “tune out” bad news ― every time an economic indicator disappointed, traders simply took that as confirmation that central banks would
Swiss central bank head says no mission to save ailing banks

Jun 3, 2013

Switzerland‘s central bank has no mission to save troubled banks, its president told local media Sunday, as a string of the country’s financial institutions face potentially massive fines over secrecy rules.Earlier this week, the small alpine nation struck a deal with the United States to enable Swiss banks to circumvent some elements of secrecy laws and turn over key information to U.S. authorities. Washington has repeatedly accused Swiss banks of complicity in tax evasion, since they hold bill