The Korea Herald

Airbus, airlines rally against EU carbon tax

Mar 12, 2012

PARIS (AFP) ― Airbus and six European airlines have written to four EU leaders attacking the carbon tax imposed by the European Union, a source close to the dossier told AFP Sunday.Plane maker Airbus, British Airways, Virgin Atlantic, Lufthansa, Air France, Air Berlin and Iberia have written to the leaders of Britain, France, Germany and Spain to warn them about its economic consequences, said the source.They argue the tax could cost them billions of dollars in lost orders and lead to the loss o
Eurozone in ‘mild recession’

Mar 12, 2012

Top ECB official says inflationary pressures aside from oil and taxes remain more benignFRANKFURT (AP) ― A top European Central Bank official says the 17 countries that use the euro will probably see a “very mild recession” this year and that higher oil prices should not have a lasting impact on inflation. Benoit Coeure, an ECB executive board member, told Japan’s Nikkei newspaper that growth was held back by scarce bank credit and necessary government budget-cutting because of problems with deb
Greece clinches debt deal for bailout

Mar 11, 2012

Moody’s declares Greece in default on its debtBRUSSELS (AFP) ― Greece took a critical step Friday toward avoiding bankruptcy with a world-record debt write-off deal crucial for the country’s second massive bailout from the IMF and the European Union.Athens announced that a large majority of the country’s private creditors had agreed to a debt swap aimed at erasing 107 billion euros ($140 billion) worth of debt.The success of the deal meant Greece would be able to meet a looming March 20 debt pay
Mazda plans to cut U.S. employee numbers

Mar 11, 2012

Mazda Motor Corp., Japan’s most unprofitable major carmaker, plans to offer buyouts to U.S. employees and may make mandatory job cuts as earnings are hit by exchange rate pressure. Employees of Mazda’s U.S. unit in Irvine, California, will be notified next week of buyout options, said Jeremy Barnes, a spokesman for the company. Dismissals are possible as a next step if too few workers leave voluntarily, he said. “It’s a result of the global headwinds we are facing,” Barnes said. He declined to s
Consumers line up to buy Chinese-Venezuelan cars

Mar 11, 2012

CARACAS (AFP) ― Just weeks after the opening of four Chery dealerships in Venezuela, dozens of people are lining up every day to buy the first Chinese cars being sold in the Latin American nation.Unlike competing Japanese and American cars, import preferences granted by the Venezuelan government mean the Chinese cars are cheaper, which has attracted a steady stream of interested customers.“I came to buy here because elsewhere there are no cars and this is an alternative,” stylist Juan Hernandez,
Brazil wants Mexico to limit vehicle exports

Mar 11, 2012

SAO PAULO (AP) ― The Brazilian government officially asked Mexico to set a $1.4 billion annual limit on the auto exports it ships to Brazil, an official with direct knowledge of trade talks between the two nations said Friday.Brazil has threatened to scrap a decade-old automotive trade pact with Mexico and start charging tariffs on Mexican-built cars as it battles a growing trade deficit in the auto sector.Officials from the two nations have held talks since February in an effort to reach an acc
More Iran-India trade would boost ties: delegation

Mar 11, 2012

TEHRAN (AFP) ― Boosting exports from India to Iran would not only help right lopsided trade but also deepen ties between the two countries, a major Indian delegation said on Saturday at the start of a five-day visit.“New Delhi is seeking to increase its exports to Iran and sees the increase in trade as a sign of deepening relations,” Rafeeq Ahmed, president of the government-backed Federation of Indian Export Organisations, told a Tehran meeting of Iranian businessmen.“New Delhi gives ample im
EU to keep carbon tax on airlines

Mar 11, 2012

BRUSSELS (AFP) ― The European Union will maintain its carbon tax imposed on airlines operating in its airspace, the Danish climate minister said, despite retaliatory trade measures by China.As long as an international policy on carbon emissions by airlines is not found, the “EU will stick to its own ETS system,” Martin Lidegaard said on Friday. Denmark currently holds the EU’s rotating presidency.The carbon tax imposed on airlines by the European Union came into effect on Jan. 1, but carriers wi
China records huge trade deficit

Mar 11, 2012

BEIJING (AFP) ― China swung into a huge trade deficit of $31.48 billion in February, customs data showed Saturday, as the West’s economic troubles hit the world’s second-largest economy.China is normally a net exporter of goods ― it recorded a surplus of $27.28 billion in January ― but total monthly imports rose 39.6 percent year-on-year to $145.96 billion, with exports only going up 18.4 percent to $114.47 billion.Chinese firms’ efforts to sell to the country’s major trading partners in the Wes
Coke, Pepsi to cut level of ‘cancer’ chemical

Mar 11, 2012

WASHINGTON (AFP) ― Coca-Cola and Pepsi said Friday they will lower levels of a chemical in caramel coloring to comply with a California law, but insisted the beverages pose no health risks and recipes will not change.The changes allow the companies to avoid having to label products with a cancer warning due to what California has ruled are high levels of 4-methylimidazole, shown to cause cancer in lab rodents.Both drink makers said the popular soda recipes will not be affected but that caramel s
Iceland will adopt euro or other currency, prime minister says

Mar 11, 2012

Iceland will either adopt the euro after joining the European Union or drop the krona and unilaterally adopt another currency as “the situation can’t remain unchanged,” said Prime Minister Johanna Sigurdardottir. “The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country or become a member of the EU,” Sigurdardottir said in a speech delivered at a Social Democrat Alliance party convention Saturday in Reykjavik, the c
China says inflation, factory output slowing

Mar 9, 2012

BEIJING (AFP) -- China‘s inflation rate slowed sharply in February and factory output eased, data showed Friday, adding to evidence of a slowdown in the economy and giving Beijing more room to relax credit limits. The figures from the National Bureau of Statistics come as the economy faces headwinds over Europe’s debt crisis and sluggish growth in the United States, which are hurting export-driven China.The consumer price index rose 3.2 percent in February -- the lowest since June 2010 -- compar
Greece secures high participation in bond swap

Mar 9, 2012

ATHENS, Greece (AP) -- Greece took a critical step toward staving off an imminent bankruptcy after securing the support of the vast majority of its bondholders to accept steep losses on their holdings of Greek debt, a move that should pave the way for the country's second massive international
Celebrities brewing coffee sales for a cause

Mar 9, 2012

You know you like your cup of Joe in the morning. But are you ready for a cup of Hugh?We are, of course, talking about actor Hugh Jackman, who recently launched a coffee and tea company that raises money for charity.Philanthropy is the driving force behind Jackman's involvement in the coffee world.
White House narrows list for next World Bank chief

Mar 8, 2012

Obama aides looked at MS's Bill Gates and PepsiCo's Indra Nooyi in early talksPresident Barack Obama and his advisers, casting a wide net for potential candidates to lead the World Bank, considered in initial discussions Microsoft Corp. Chairman Bill Gates, PepsiCo Inc. Chairman and Chief Executive Officer Indra Nooyi, and Brown University President Ruth Simmons, according to a person familiar with the White House search. Obama sought to look beyond the ranks of banking and government in seeking