The Korea Herald

Risk from Europe has eased: Bernanke

Mar 21, 2012

WASHINGTON (AP) ― Federal Reserve Chairman Ben Bernanke says the threats from Europe’s debt crisis have eased in recent weeks, but U.S. money market funds remain exposed to risky European assets.In testimony prepared for a congressional hearing Wednesday, Bernanke noted developments that have minimized the danger. He pointed to bailout support that European leaders provided in exchange for deep budget cuts by the Greek government and he highlighted the agreement by private creditors to reduce Gr
Hong Kong beats Netherlands, U.S. as best place for business

Mar 21, 2012

Hong Kong, a bastion of free-market policies and low corporate taxes as well as the gateway to the world’s most populous nation, is the best place to do business, according to data compiled by Bloomberg. The city of about 7 million people secured top position in a new index based on six criteria including the degree of economic integration and labor costs. The Netherlands, the U.S., the U.K. and Australia occupied the next four leading slots. The ranking marks a victory for Hong Kong 15 years af
China: Conditions ripe to liberalize interest rates

Mar 21, 2012

BEIJING (AFP) ― China’s central bank chief says conditions are ripe for Beijing to liberalize interest rates, a move analysts say would boost domestic demand as the nation’s exports are hit by overseas turmoil.Beijing has cut the nation’s growth target for 2012 as its export-driven economy slows, and a key policy focus this year will be on expanding demand at home.In an article published in China Finance ― a magazine backed by the People’s Bank of China ― Zhou Xiaochuan said “the conditions to f
Greek Parliament approves new bailout deal

Mar 21, 2012

ATHENS (AP) ― Greece’s Parliament early Wednesday approved a new international bailout deal, which will see the crisis-hit country receive 172 billion euros ($227 billion) in rescue loans.Lawmakers voted 213-79 in favor of the new agreement, with deputies backing the coalition government of socialists and conservatives broadly following party lines.Earlier, the Communist Party staged nationwide protests against the deal, including a rally outside parliament attended by several thousand demonstra
Starbucks opening first Evolution fresh juice bar

Mar 20, 2012

SEATTLE (AP) ― Starbucks Corp. is pushing beyond coffee with the opening of the first Evolution Fresh Inc. juice store, the company said Monday. Starbucks, which is looking for new businesses for growth, purchased the California-based juice maker in November for $30 million. Evolution Fresh had been selling its juices in grocery stores such as Whole Foods groceries. The first Evolution Fresh store is in Bellevue, Washington. Aside from juices, Starbucks says Evolution Fresh shops will have wraps
Wendy’s takes No. 2 spot from Burger King

Mar 20, 2012

NEW YORK (AP) ― Wendy’s has dethroned Burger King as the country’s second biggest hamburger chain.Wendy’s edged out Burger King in U.S. sales volume for the first time last year since Wendy’s was founded in 1969, according to a report by the food industry research firm Technomic Inc. that’s set to be released next month.Wendy’s had sales of $8.5 billion in 2011, compared with $8.4 billion for Burger King. McDonald’s remained far larger than both with $34.2 billion in sales.The figures are based
Moody’s Spain credit rating stable despite deficit slippage

Mar 20, 2012

WASHINGTON (AFP) ― Moody’s on Monday left Spain’s credit rating unchanged despite the country’s missing its deficit goal and requiring new targets to be set.“The easier targets do not affect the country’s “A3” government bond rating with negative outlook because Moody’s had already incorporated a likely deviation from original fiscal targets and a slower pace of fiscal consolidation into its analysis,” the ratings agency said.The ratings confirmation came after Brussels allowed Madrid to relax i
Fed’s Dudley: U.S. isn’t ‘out of the woods’

Mar 20, 2012

Federal Reserve Bank of New York President William C. Dudley said signs the economy is improving don’t dispel risks to growth that include higher gasoline prices, fiscal cutbacks and a weak housing market. “The incoming data on the U.S. economy has been a bit more upbeat of late, suggesting that the recovery may be getting better established,” Dudley said Monday in a speech in Melville, New York. “But, while these developments are certainly encouraging, it is far too soon to conclude that we are
Saudi seeks return of a ‘fair’ oil price

Mar 20, 2012

Saudi Arabia’s cabinet said it will work “alone” and with oil consumers and producers to restore “fair” prices for crude, according to a state news agency.The kingdom, the world’s largest crude exporter, seeks fair prices because of the negative impact that may stem from an increase in energy prices for the world economy, the cabinet said after its weekly meeting, according to a statement carried by the official Saudi Press Agency. The oil price Saudi Arabia wants should be fair to consumers, pr
Apple to pay dividend, start stock buybacks

Mar 19, 2012

NEW YORK (AP) -- Apple is finally putting its pile of cash to work, introducing a quarterly dividend of $2.65 per share and starting a $10 billion share buyback program.Apple says the dividend will start in its fiscal fourth quarter, which begins July 1. The buybacks will begin in its next fiscal ye
Apple to make plans for its cash

Mar 19, 2012

Apple Inc. will outline plans on a conference call Monday for its $97.6 billion in cash and investments, signaling that investors may get the dividend they’ve been seeking from the world’s most valuable company. Chief Executive Officer Tim Cook and Chief Financial Officer Peter Oppenheimer will host the call, scheduled for 9 a.m. New York time, Cupertino, California-based Apple said in a statement Sunday. The company didn’t elaborate on its plans, and said it won’t discuss topics besides cash. A
Monti presses amid warnings crisis not over

Mar 19, 2012

Italy’s prime minister to meet unions on reform, aims for agreement by end of monthItaly’s Prime Minister Mario Monti will press ahead with efforts to revise labor laws this week, amid fresh warnings that the three-year-old European debt crisis is far from over. Monti will lead talks with unions and employers in a final round of negotiations beginning Tuesday. Decision makers meanwhile warned against complacency after delivery of the final element of Greece’s 130 billion-euro ($171 billion) bail
China set for soft-landing: IMF’s Zhu

Mar 19, 2012

International Monetary Fund official Zhu Min said China will avoid an economic hard-landing even as government data showed property prices falling in most of the nation’s biggest cities. “China’s heading for a soft-landing,” Zhu, a deputy managing director at the IMF, said at a conference in Hong Kong Monday, adding that the pace of investment remained strong even after slowing. Prices of new apartments fell in 45 of 70 cities in February from January, the statistics bureau said Sunday. Premier
Fukushima farmers face decades of tainted crops as fears linger

Mar 19, 2012

Farmers in Japan’s Fukushima face years of additional losses as consumers continue to doubt the safety of produce from the region devastated a year ago by the tsunami and nuclear fallout, which may taint crops for decades. Almost 100,000 farmers lost about 58 billion yen ($694 million) by March 1, or 25 percent of production, according to JA, the country’s biggest agricultural group. Imports of farm products jumped 16 percent to 5.58 trillion yen in 2011, according to the agriculture ministry.
Cheap Uniqlo booms in deflationary Japan

Mar 18, 2012

TOKYO (AFP) ― Tokyo’s high-end shopping district of Ginza was back at its booming best this week with hundreds of shoppers queuing up to spend their cash, in an echo of Japan’s bubble years.Around 450 people lined up on one block, eager to splurge more than 40,000 yen ($500) on the new iPad, the latest in a long line of must-have electronic gizmos that a certain sector of Japanese consumers crave.But at about the same time, another 1,000 people were queuing just a few streets away to bag a cloth