The Korea Herald

Australia consumer prices rose less than forecast

Apr 24, 2013

Australian core consumer prices gained less than economists forecast last quarter, giving the central bank scope to resume interest-rate reductions. The so-called trimmed mean gauge of core prices rose 0.3 percent from the previous quarter, the Bureau of Statistics said in Sydney today, compared with the median forecast of 23 economists for a 0.5 percent gain. The consumer price index advanced 0.4 percent from the previous three months, compared with economists forecast for a 0.7 percent increas
Spain recession eases as Rajoy prepares growth plan

Apr 24, 2013

Spain’s recession eased in the first quarter as Prime Minister Mariano Rajoy prepares plans to foster growth while reducing the country’s budget deficit. Gross domestic product fell 0.5 percent from the fourth quarter, when it dropped 0.8 percent, the most since 2009, the Bank of Spain said in its monthly bulletin today. That’s the seventh quarterly contraction. Today’s data is in line with the median of 15 economist estimates in a Bloomberg News survey. Rajoy pledged on April 17 to unveil measu
BOJ seen deploying price forecasts

Apr 24, 2013

As the Bank of Japan prepares to boost its inflation forecasts this week, analysts from Goldman Sachs Group Inc. to JPMorgan Chase & Co. say the estimates may themselves be used as a tool for ending deflation. The BOJ may indicate that its 2 percent inflation target will be reached by spring 2015, the Nikkei newspaper reported April 18. The central bank may upgrade its view on core price gains to at least 1.5 percent for the year ending March 2015, people familiar with officials’ discussions pre
Online retailers under pressure

Apr 23, 2013

Looming Internet sales tax bill jolts consumers, retailers
EU: Fed rule on overseas bank units may spark reprisal

Apr 23, 2013

The European Union intensified its campaign against U.S. Federal Reserve proposals to toughen oversight of bank units belonging to overseas lenders, warning of “potential retaliation” against the plans.Michel Barnier, the EU’s financial services chief, last week sent a three-page critique of the draft measures to Fed Chairman Ben Bernanke, saying that they risk driving up costs at EU-based banks, leaving them at a competitive disadvantage. The move follows a meeting this month between Barnier an
OECD backs Japan deflation fight

Apr 23, 2013

TOKYO (AFP) ― The Organization for Economic Co-operation and Development on Tuesday backed Japan’s bid to end years of deflation, but called on Tokyo to step up efforts to shrink its huge debt pile.In an annual country report, the 34-member OECD described the new government’s bid to reverse falling prices with huge stimulus measures as “most encouraging.”Deflation has dragged on growth in the world’s third-largest economy for at least 15 years with successive administrations unable to conquer th
Flight delays pile up amid budget cuts

Apr 23, 2013

NEW YORK (AP) ― Flight delays piled up across the country Monday as thousands of air traffic controllers began taking unpaid days off because of federal budget cuts, providing the most visible impact yet of Congress and the White House’s failure to agree on a long-term deficit-reduction plan. The Federal Aviation Administration kept planes on the ground because there weren’t enough controllers to monitor busy air corridors. Cascading delays held up flights at some of nation’s busiest airports, i
Mercedes-Benz pushes reset button on China after sales drive falters

Apr 22, 2013

Daimler AG’s Mercedes-Benz is accelerating its dealer expansion in China and streamlining sales to fix past missteps that have contributed to a growing gap with Bayerische Motoren Werke AG and Audi AG. “We spent a lot of time looking at what went wrong in the past,” Hubertus Troska, the newly appointed head of the German manufacturer’s Chinese operations, said at the Shanghai Motor Show. “Among the first things, I did was to go out, visit dealers and do some mystery shopping.” Mercedes lost the
Fed’s Bernanke to miss Jackson Hole symposium

Apr 22, 2013

Federal Reserve Chairman Ben Bernanke will not attend the central bank’s marquee conference in Jackson Hole, Wyoming, this year because of a personal scheduling conflict, a Fed spokeswoman said. The 59-year-old Bernanke, whose term as head of the central bank expires in January, has been the keynote speaker every year since becoming chairman in 2006. The spokeswoman, who asked not to be identified by name, declined to say whether Bernanke would address the conference by video or whether Vice Cha
Seniors find happiness in a corner of Korea

Apr 21, 2013

Bright spring sunshine filtered through the windows to light up the faces of elderly men and women as they moved and twirled in a ballroom dance hall. With arms waving, hips swinging and some missing a few beats, about 80 seniors were learning how to dance with partners to a groovy song.“Here you become healthier and make friends with men and ladies,” Choi Dong-ryeol, 70, said with a beaming smile. Sporting a pink striped shirt, black pants and shiny dress shoes, Choi gestured toward his waist a
U.S. OKs resumption of Boeing 787 flights

Apr 21, 2013

WASHINGTON (AP) ― Boeing’s beleaguered 787 could be flying again within a week after federal officials approved a fix for its batteries, even though the root cause of a fire on one plane and smoke on another still isn’t known. The Federal Aviation Administration said Friday it would send airlines instructions and publish a notice next week lifting the 3-month-old grounding order that day. Airlines will be able to begin flying the planes again as soon as the new systems are installed and they hav
Japan wins spot in mega trade pact

Apr 21, 2013

SURABAYA, Indonesia (AFP) ― Japan won its bid to enter talks on a massive Pacific trade pact Saturday after winning over its last opponent, Canada, for a proposed agreement that would account for more than 40 percent of the global economy.The decision became unanimous when Canada “successfully concluded” consultations with Japan after being the sole nation of 11 in the U.S.-driven Trans-Pacific Partnership that still opposed Tokyo’s participation.“As the world third largest economy, having Japan
Cyprus to open casinos to restart economy

Apr 21, 2013

NICOSIA, Cyprus (AP) ― Cyprus’ president said Friday that the bailed-out country will open casinos and bolster its tourism sector to get the economy going again. Nicos Anastasiades unveiled a first batch of measures he said are designed to boost growth in an economy that is projected to shrink by 13 percent until 2015. Anastasiades included casino openings among campaign pledges before his election in February. He said Cyprus would fork out 21 million euros ($27.54 million) to partly subsidize s
Fitch strips Britain of top rating

Apr 21, 2013

LONDON (AFP) ― Fitch on Friday stripped recession-threatened Britain of its top “AAA” rating, moving it down one notch to “AA+” as a weaker economic outlook continues to push up the country’s debt.In response, the coalition government indicated that the downgrade would not sway it from finance minister George Osborne’s controversial policy of deep cuts to state spending.Fitch meanwhile said in a statement published after the close of British markets: “The downgrade of the U.K.’s sovereign rating
World leaders issue sober assessment

Apr 21, 2013

Finance leaders say recovery is uneven and job creations are weak