The Korea Herald

Cyprus bailout swells to $30b

Apr 12, 2013

BRUSSELS (AP) ― The cost of bailing out Cyprus has swollen to 23 billion euros ($30 billion), with the crisis-hit country having to take on the lion’s share of the measures needed to avoid bankruptcy, according to a draft document by the country’s international creditors. The draft document, obtained by The Associated Press on Thursday, says the country will have to find 13 billion euros ($17 billion) ― an increase on the 7 billion euro contribution agreed during the country’s chaotic bailout ta
Facebook's Zuckerberg launches political group

Apr 12, 2013

Facebook CEO Mark Zuckerberg and other Silicon Valley leaders have launched a political group aimed at changing immigration policy, boosting education and encouraging investment in scientific research.Zuckerberg announced the formation of Fwd.us (pronounced “forward us”) in an op-ed article in The Washington Post late Wednesday. In it, he said the U.S. needs a new approach to these issues if it is to get ahead economically. This includes offering a path to citizenship for the 11 million or so im
Japanese makers recall 3.39 million cars

Apr 11, 2013

TOKYO (AFP) ― Up to 3.39 million vehicles made by major Japanese manufacturers will be recalled worldwide because of possible problems with airbags, the companies said Thursday.Four carmakers ― Toyota, Nissan, Honda and Mazda ― separately said they would recall a combined 3.39 million vehicles globally in accordance with local regulations, all citing the same malfunction of passenger-side airbags.Japan’s transport ministry, which received recall reports from the manufacturers, said the number of
WTO cuts 2013 global trade forecast

Apr 11, 2013

World Trade Organization cuts forecast for global exports in 2013 amid Europe’s debt woes
Obama’s budget avoids big U.S. military cuts

Apr 11, 2013

WASHINGTON (AFP) ― The Pentagon laid out a budget plan Wednesday that holds military spending steady next year without taking into account the cost of the war in Afghanistan or rolling automatic budget cuts.President Barack Obama’s request of $526.6 billion for the Defense Department keeps the base budget at about the same level as in 2013, avoiding dramatic cuts to weapons or benefits.But the proposal leaves out the cost of the war in Afghanistan, projected to surpass $80 billion in the current
EU warns of imbalances in Spain and Slovenia

Apr 11, 2013

BRUSSELS (AP) ― The European Commission turned up the heat on Spain and Slovenia Wednesday, warning that the two struggling countries are facing “excessive” problems fixing their economies. Meanwhile, France’s government came under pressure to get its debt under control. In its health-check of European Union countries with debt and deficit problems, the Commission singled out Spain and Slovenia as countries where swift action was needed. Both countries have been hit by recession, high unemployme
Obama sends Congress $3.8 trillion budget plan

Apr 11, 2013

President Barack Obama sent Congress a $3.8 trillion budget plan that hopes to tame galloping deficits by raising taxes on the wealthy and trimming the country's most popular benefit programs. In aiming for a compromise between Republicans who refuse to raise taxes and Democrats who want to protect those benefits, he's upset some on both sides.The White House wants to break away from the current cycle of moving from one fiscal crisis to another while the government skirts the brink of a shutdown
Chrysler recalls more than 247,000 cars and SUVs

Apr 10, 2013

DETROIT (AP) ― Chrysler Group LLC is recalling more than 247,000 SUVs and cars for several problems, including faulty gas tank hoses, broken drive shafts and air bag warning lights that illuminate when there’s no problem. The largest of the recalls, posted Tuesday on the U.S. National Highway Traffic Safety Administration website, covers about 139,000 Chrysler 300, Dodge Charger and Dodge Challenger sedans from the 2011 and 2012 model years. The automaker says that faulty wiring can cause the ai
Exxon Mobil ordered to pay $236m

Apr 10, 2013

Jury finds Exxon Mobil liable in New Hampshire groundwater contamination trial, oil giant must pay $236 million
IMF to central banks: Watch inflation

Apr 10, 2013

WASHINGTON (AFP) ― The International Monetary Fund on Tuesday warned central banks to keep an eye on inflation and resist political pressure to focus policy only on lowering unemployment.With many governments desperate to find ways to generate jobs, the IMF said, it is ever more important for central banks to assert their independence to keep an eye on all potential problems in the economy ― whether growth, prices, or jobs. “In the wake of the Great Recession, there is political urgency to reduc
France’s lower house passes labor bill

Apr 10, 2013

PARIS (AFP) ― France’s lower house on Tuesday adopted controversial labor law reforms that supporters say are crucial to boosting jobs and competitiveness, but opponents have blasted as unfair for workers.The measures ― designed to give more flexibility to employers, who have long complained of red tape strangling the French economy, while offering more protection to employees ― was adopted by an overwhelming majority.Three of France’s union confederations and the employers federation signed off
Fitch cuts China yuan debt rating on local government

Apr 10, 2013

Fitch Ratings Ltd. cut China’s long-term local-currency debt rating, citing rising risks to the country’s financial stability given the lack of transparency in the increased borrowing of local governments. Fitch lowered its assessment by one step to “A+,” the fifth- highest grade, the London-based company said in an emailed statement Tuesday. It estimates total credit in China’s economy, including various forms of so-called shadow banking, may have reached 198 percent of gross domestic product a
Senate confirms White to head SEC

Apr 9, 2013

WASHINGTON (AP) ― The U.S. Senate has confirmed Mary Jo White’s nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved Monday by a Senate voice vote. She will replace Elisse Walter, who has been interim SEC chairman since Mary Schapiro resigned in December. President Barack Obama nominated White, who had served as U.S. attorney in Manhattan from 1993 through 2002. Critics ha
China’s inflation eases in March

Apr 9, 2013

Eased prices reduce pressure for tighter credit controls
‘Stress tests’ show stronger banks

Apr 9, 2013

Bernanke says Fed’s ‘stress tests’ are better able to detect risks in banking system