The Korea Herald

Greek president to attend EU summit as new P.M. recovers

Jun 26, 2012

ATHENS (AFP) ― Greek President Carolos Papoulias will attend a key EU summit this week as newly elected Prime Minister Antonis Samaras will be recovering from eye surgery after leaving hospital on Monday, officials said.The Greek delegation at the summit is expected to outline its plan to revise the terms of an austerity-centered EU-IMF bailout deal, even though chief paymaster Germany already signaled no decision is expected at the meeting.Samaras, 61, a former foreign minister who was only swo
France needs up to $12.5 billion to cut deficit, minister says

Jun 26, 2012

PARIS (AFP) ― France must find up to 10 billion euros to cut its public deficit to 4.5 percent of gross domestic product, Finance Minister Pierre Moscovici said on Monday.Moscovici told iTele television that the new socialist government was looking for seven to 10 billion euros ($12.5 billion), and added: “We are somewhere in the middle I imagine, but I am waiting to see the official figures.”The numbers given were lower than the government’s previous estimate of about 10 billion euros and came
Moody’s cuts ratings of 28 Spain banks

Jun 26, 2012

Moody’s Investor Service on Monday cut its credit ratings on 28 Spanish banks, saying the weakening financial condition of Spain’s government is making it more difficult for that country to support its lenders. The banks are also vulnerable to losses from Spain’s busted real estate bubble, Moody’s said. The announcement from Moody’s came on the same day that Spain’s government formally asked for help from its European neighbors in cleaning up its stricken banking sector. However the request left
Spain and Cyprus request euro rescues

Jun 26, 2012

Cyprus becomes fifth eurozone state to seek bailoutMADRID (AFP) ― Spain formally requested Monday a banking rescue of up to 100 billion euros ($125 billion) and Cyprus also asked for a bailout, as a pivotal week for the eurozone’s future began. With EU leaders under mounting pressure to take steps to deepen integration to finally get to grips with the debt crisis at a two-day summit beginning on Thursday, Cyprus becomes the fifth out of the bloc’s 17 members to seek assistance.There was increasi
Facebook names first woman to board

Jun 26, 2012

NEW YORK (AP) ― Facebook’s No. 2 executive, Sheryl Sandberg, has become the first woman on the social-networking company’s board of directors. Sandberg was lured from Google in 2008 to become Facebook’s chief operating officer. Besides being the first woman, she is the first executive other than founder and CEO Mark Zuckerberg on the board. People had called for the company to add women to its board ahead of its initial public offering of stock in mid-May. In announcing the move Monday, Facebook
Greek finance minister quits days into job after illness

Jun 26, 2012

Greek Prime Minister Antonis Samaras consented to the resignation of his finance minister, Vassilios Rapanos, four days after naming him to the post.Rapanos, a former National Bank of Greece SA chairman, sent his letter of resignation while still hospitalized after collapsing on June 22. The resignation was accepted by Samaras, according to a phone-text message from the premier’s office in Athens
Moody's cuts debt ratings of 28 Spanish banks

Jun 26, 2012

Moody's Investor Service is cutting its credit ratings on 28 Spanish banks, saying the weakening financial condition of Spain's government is making it more difficult for that country to support its lenders.Moody's also said the banks are vulnerable to losses from Spain's busted real estate bubble.The announcement from Moody's came on the same day that Spain's government formally asked for help fr
Sony, Panasonic tying up in advanced TV displays

Jun 25, 2012

TOKYO (AP) -- Long-time Japanese rivals Sony Corp. and Panasonic Corp. are working together to develop next-generation TV panels called OLEDs in a reversal of decades of rivalry as they try to catch up with South Korea's Samsung Electronics.The companies said in a joint statement Monday they will share core technologies to develop OLED, or organic light-emitting diode, panels. They are aiming for
RIM considers split, sale of handset unit

Jun 25, 2012

Research In Motion Ltd. is considering selling its handset-manufacturing unit or a stake in the whole company, the Sunday Times newspaper reported, without saying where it got the information. The BlackBerry maker, which hired JPMorgan Chase & Co. and RBC Capital Markets to help evaluate its options, may divest the handset division or break it off into a separate listed company, the paper said. Another option would be selling a stake in Waterloo, Ontario-based RIM to a larger technology firm, su
Toyota to expand eco-friendly tie-up with BMW: report

Jun 25, 2012

TOKYO (AFP) ― Toyota Motor is expanding a tie-up with Germany’s BMW on hybrid and fuel-cell vehicle technology as the global automakers push further into the “green” market, a report said on Monday.The two firms’ top executives will announce in Germany this week that they are boosting a previously announced agreement involving joint research on next-generation lithium ion batteries, the Nikkei business daily said.The initial tie-up involved technology for electric cars and the broadened deal wil
China, Argentina hail diplomatic ties

Jun 25, 2012

BUENOS AIRES (AFP) ― Argentine President Cristina Kirchner and Chinese Premier Wen Jiabao hailed 40 years of strong diplomatic ties between their two countries.At a ceremony in a museum opposite the presidential Casa Rosada mansion, Wen on Sunday called the four-decade mark an “important milestone” and praised the “deepening friendship and trust” between Buenos Aires and Beijing.Trade between the two states totalled $14.8 billion in 2011. The Asian powerhouse is Argentina’s biggest taker of agri
BIS says banks need ‘push’ to avoid prolonging crisis

Jun 25, 2012

Banks will need a “healthy push” by governments to fix balance sheets, abandon risky businesses and serve the public to avoid prolonging the financial crisis, the Bank for International Settlements said. Lenders, almost four years after the collapse of Lehman Brothers Holdings Inc., still hold overvalued assets and are postponing necessary recapitalizations while relying on official funding, especially in Europe, the BIS said in its annual report released Sunday. Banks are also returning to risk
‘Germany must underwrite debts’

Jun 25, 2012

LONDON (AP) ― Former British Prime Minister Tony Blair said that the euro will only survive if Germany underwrites the debts of the eurozone’s financially struggling members. He told BBC television that safeguarding the euro would need Berlin to “treat the debts of one as the debts of all,” and debt-wracked nations to carry out reforms which would help restore Europe to competitiveness. “The only thing that will save the single currency now is in a sense a sort of grand plan in which Germany is
GM recalls 475,000 cars over engine fire risk

Jun 24, 2012

CHICAGO (AFP) ― General Motors will recall more than 475,000 Chevrolet Cruzes in the United States, Canada and Israel to fix a defect that could lead to engine fires, the automaker said Friday. “The most important thing for our customers to know is that we are proactively working to assure the Cruze is the safe and durable car they purchased,” Alicia Boler-Davis, GM’s vice president of global quality, said in a press release.“We are sorry for any inconvenience caused by these actions.”GM will al
Internet agency picks little-known executive as CEO

Jun 24, 2012

NEW YORK (AP) ― A businessman with experience in building consensus will be the next CEO of the Internet agency in charge of contentious policies surrounding Internet addresses. The Internet Corporation for Assigned Names and Numbers, which is pushing through a major change in the way Web and e-mail addresses are structured and assigned, announced Fadi Chehade’s appointment Friday. He will replace former U.S. cybersecurity chief Rod Beckstrom as chief executive. In selecting Chehade, ICANN went