The Korea Herald

U.S.-EU counterfeit crackdown seizes 132 websites

Nov 27, 2012

WASHINGTON (AFP) ― U.S. and European authorities said Monday they seized 132 websites in a transatlantic law enforcement crackdown on online sellers of counterfeit merchandise.The seizure was the latest in a string of efforts by U.S. officials to shut down online forgers, but the first joint effort with EU officials.Monday’s announcement was the result of a joint probe by U.S. Immigration and Customs Enforcement (ICE) with authorities from Britain, Belgium, Denmark, France, Romania and the Europ
HP investor sues company for handling of two deals

Nov 27, 2012

A stockholder files suit alleging firm leaders misled investors about 2 acquisitions
U.K. regulator fines UBS in rogue trader case

Nov 27, 2012

LONDON (AP) ― Britain’s financial regulator has fined UBS AG for failures which allowed a rogue trader to lose $2.3 billion in the country’s biggest-ever fraud case at a bank.The Financial Services Authority said Monday that it was fining the Swiss-based bank 29.7 million pounds ($47.6 million) after finding serious weaknesses in procedures, management systems and internal controls in the London branch of UBS.Former UBS trader Kweku Adoboli, 32, was last week sentenced to seven years in prison a
ECB loans to ‘rock’ world from 2014: World Bank

Nov 27, 2012

Three-year loans granted by the European Central Bank last year will disrupt the global economy when the debt matures in 2014 and 2015, according to World Bank Chief Economist Kaushik Basu.“It’s a debt wall that’s going to come up to us,” Basu said at a seminar in Helsinki today. “We’re going to get another big rocking of the global economy in 2014, 2015.”The ECB’s injection of more than 1 trillion euros ($1.3 trillion) of three-year liquidity into Europe’s banks in December and February was int
SEC official Elisse Walter chosen to replace Schapiro

Nov 27, 2012

WASHINGTON (AP) ― President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to head the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the financial crisis.Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 crisis. She can serve through 2013 without Senate approval because she’s already been
Despite talk of compromise, deal on fiscal cliff still elusive

Nov 27, 2012

WASHINGTON (AP) ― Talk of compromise on a broad budget deal greeted returning lawmakers Monday, but agreement still seemed distant as the White House and congressional Republicans ceded little ground on a key sticking point: whether to raise revenue through higher tax rates or by limiting tax breaks and deductions.House Speaker John Boehner, R-Ohio, pressed his case for revenue derived by reducing tax loopholes rather than raising tax rates on wealthy taxpayers, as President Barack Obama insists
U.K. picks Canadian to lead BOE

Nov 27, 2012

LONDON (AP) ― The British government has chosen Mark Carney, a Canadian, to become governor of the Bank of England, the first time a foreigner has been tapped for the position since the central bank was founded in 1694.Treasury chief George Osborne announced the surprise choice to the House of Commons on Monday, saying Carney ― who is currently the head of Canada’s central bank ― would apply for British citizenship.“Mark Carney is the outstanding candidate to be governor of the Bank of England a
Ericsson sues Samsung in U.S. for patent infringement

Nov 27, 2012

Swedish telecommunications equipment maker Ericsson said Tuesday that it was suing South Korean rival Samsung in a U.S. court for violating patents.“Ericsson has today filed a lawsuit in the United States against Samsung for infringing its patents, after nearly two years of negotiations failed to reach an agreement,” a statement said.“The dispute concerns both Ericsson's patented technology that is essential to several telecommunications and networking standards used by Samsung's products as wel
For VW, the path to global dominance leads through China

Nov 26, 2012

As Volkswagen AG plots a course toward its goal of becoming the world’s biggest automaker by 2018, it’s increasingly clear that the path to global dominance runs through places like Lanzhou, in western China. The capital of landlocked Gansu province, which borders the Gobi Desert, is home to a total of 11 dealerships for VW and its sister brands, Audi and Skoda. With a population of 3.6 million, and GDP per capita of about $4,100, Lanzhou is the type of smaller city away from China’s prosperous
Japan’s Renesas jumps on news of rescue deal

Nov 26, 2012

TOKYO (AFP) ― Shares in Japan’s Renesas Electronics jumped some 10 percent Monday on reports that its three major shareholders and a government fund reached a final accord on the embattled chipmaker’s bailout.The stock was up 9.68 percent at 317 yen in mid-morning trade on the Tokyo Stock Exchange, after soaring 15.9 percent earlier in the day.The Nikkei economic daily and other media reported Monday that the troubled chipmaker’s three largest shareholders have agreed to a purchase of the firm b
Cyber Monday set to break records

Nov 26, 2012

Shoppers spent record $1 billion online on Black Friday for first time
Russia P.M. says EU economic crisis ‘very serious threat’

Nov 26, 2012

MOSCOW (AFP) ― Prime Minister Dmitry Medvedev said that Moscow was nervously watching the economic crisis in the European Union, which he said represented a serious threat to Russia’s own economic performance.In a joint interview with Agence France-Presse and Le Figaro, Medvedev complained that EU leaders sometimes lack the “energy and will” to solve their problems amid squabbles over whether to back austerity or growth.“We see this as a very serious threat,” said Medvedev ahead of a working vis
EU leaders to meet on Greece payment

Nov 26, 2012

New eurozone talks to save Greece from financial collapse
Airbus wins Chinese order for 60 A320s after EU carbon retreat

Nov 25, 2012

Airbus SAS won an order for 60 A320 planes from state-backed China Eastern Airlines Corp., less than two weeks after the European Union backed down in a dispute with the government in Beijing over jetliner-emission levies. China Eastern received a “substantive” discount to the list price of $5.4 billion for the single-aisle planes, it said in a statement from Shanghai Friday, adding that Toulouse, France-based Airbus also agreed to take 18 regional jets off its hands. EU plans to impose carbon d
Thanksgiving steals Black Friday sales

Nov 25, 2012

Retailers see fall on Black Friday despite more shoppers; spending shifted to Thanksgiving