The Korea Herald

Boehner agrees to Sandy aid vote

Jan 3, 2013

Under fire from fellow Republicans, Boehner agrees to Superstorm Sandy aid vote Friday
U.S. taxes rising for most despite deal

Jan 3, 2013

Despite deal averting fiscal cliff, taxes to increase for vast majority of American households
Amazon fends off Apple claim to "Appstore" name

Jan 3, 2013

A federal judge on Wednesday rejected Apple's claim of false advertising for Amazon.com to refer to its online shop for mobile gadget applications as an "app store.""Apple has failed to establish that Amazon made any false statement of fact that actually deceived or had the tendency to deceive a substantial segment of its audience," US District Judge Phyllis Hamilton said in her ruling."The mere use of 'Appstore' by Amazon to designate a site for viewing and downloading/purchasing apps cannot be
‘Asia-Europe trade to grow through February’

Jan 2, 2013

Maersk Line, the world’s biggest container shipping company, said demand for trade on the Asia-Europe route is expected to grow until Lunar New Year in February as Chinese manufacturers produce and export more. Imports into China have also helped increase demand as raw materials are shipped to Asia’s largest economy for final assembly while local consumers increase spending, Tim Smith, head of north Asia operations for Maersk Line, said in a Bloomberg Television interview in Hong Kong Wednesday.
Russia restricts sales of beer

Jan 2, 2013

New dilemma in Russia: Where to buy beer? Sales banned at kiosks and during the wee hours
Singapore growth averts recession

Jan 2, 2013

Singapore’s economy expanded more than economists estimated last quarter, averting a recession even after the central bank refrained from monetary stimulus as it sought to contain elevated inflation. Gross domestic product rose an annualized 1.8 percent in the three months to Dec. 31 from the previous period, when it contracted a revised 6.3 percent, the Trade Ministry said in a statement Wednesday. The median of 11 estimates in a Bloomberg News survey was for a 1.6 percent expansion. The econo
U.K. urges bold G8 action on global economy

Jan 2, 2013

LONDON (AFP) ― British Prime Minister David Cameron called on his fellow G8 leaders on Wednesday to start work now on agreeing “bold steps” to help boost global economic growth, ahead of a summit he will host in June.In a letter marking the start of Britain’s presidency of the Group of Eight richest nations, Cameron laid out his three priorities for the year: to extend free trade, tackle tax evasion and combat corruption.Writing to the leaders of Canada, France, Germany, Italy, Japan, Russia and
House Republicans clear way for fiscal cliff vote

Jan 2, 2013

House Republicans abandoned demands for changes in emergency legislation approved by the Senate to prevent widespread tax increases and painful across-the-board spending cuts and cleared the way for a final, climactic New Year's night vote before financial markets reopen Wednesday.The decision capped a day of intense political calculations for conservatives who control the House. They had to weigh their desire to cut spending against the fear that the Senate would refuse to consider any changes
Tribune Co. exits bankruptcy, assets likely to be sold

Jan 1, 2013

CHICAGO (AFP) ― U.S. media conglomerate Tribune Co. exited bankruptcy Monday after four years of court supervision, with the future of assets such as The Chicago Tribune and Los Angeles Times uncertain.The Chicago-based company said it had emerged from bankruptcy protection “with a portfolio of profitable assets, strong liquidity, and a new board of directors.”The reorganization allowed a group of hedge funds and banks based in Los Angeles and New York to take over the media company, which filed
Nissan’s Ghosn calls on Abe to weaken yen, mend China ties

Jan 1, 2013

Don’t count Nissan Motor Co. President Carlos Ghosn among those impressed with new Japanese Prime Minister Shinzo Abe’s ability to weaken the yen against all major global currencies. “We are way long from what I consider a neutral territory” of about 100 yen to the dollar, the Brazilian-born president of Japan’s second-largest automaker told reporters during a year-end briefing at Nissan’s headquarters in Yokohama, Japan. “Please bring it back to the neutral territory so that we can do our job w
Spain faces $274 billion headache in 2013

Jan 1, 2013

MADRID (AFP) ― Spain defied the markets by averting a sovereign bailout this year but high interest rates could yet force Madrid to its knees as the nation confronts a 207-billion-euro ($274 billion) financing headache in 2013.The eurozone’s fourth-biggest economy has skirted a rescue so far even after slipping into a recession in mid-2011 that has sent the unemployment rate soaring to 25 percent, the highest in Spain’s modern history.Prime Minister Mariano Rajoy’s government reached out in June
China's manufacturing unchanged in December

Jan 1, 2013

China's manufacturing remained unchanged in December, indicating the country's economy may be on the slow recovery path, an industry group said Tuesday. The Purchasing Managers Index (PMI) of China's non-manufacturing sector came in at 50.6 percent in December, steady from 50.6 percent a month earlier, according to the China Federation of Logistics and Purchasing (CFLP).The index measures the economic health of a country's manufacturing sector. A reading of 50 or above represents an expansion of
China’s Chengdu aiming to be world’s next Silicon Valley

Dec 30, 2012

CHENGDU (AFP) ― Entrepreneurs in China’s southwest are dreaming of turning the city of Chengdu into the world’s next Silicon Valley as the government encourages more investment outside the booming coastal regions.Small startups as well as big-name western companies have flocked to the metropolis of 14 million people, attracted by cheap labor costs and favorable government investment policies and hoping to tap into China’s rapidly expanding consumer market.And the Silicon Valley dream is becomin
IMF, EU push for less drastic deficit cuts

Dec 30, 2012

PARIS (AFP) ― The International Monetary Fund and European Commission officials have encouraged France and its eurozone partners not to fixate on deficit reduction targets if it would exacerbate the bloc’s debt crisis.The head of an IMF mission in France, Edward Gardner, urged officials in Paris last week to consider their 2013 budget targets “in a broader European context.”The IMF and the EU Commission expect the French public deficit to amount to 3.5 percent of gross domestic product this year
BOJ says will work with new cabinet

Dec 30, 2012

TOKYO (AFP) ― The head of Japan’s central bank has vowed to work with the nation’s new government to tackle deflation, according to an interview. “The Bank of Japan, not just the government, will support efforts to strengthen growth potential,” Masaaki Shirakawa told the Nikkei business daily.Shirakawa added that both monetary easing and measures to strengthen economic growth were necessary to boost inflation.He made the remarks after Shinzo Abe, sworn in as Japan’s prime minister on Wednesday,