The Korea Herald

Greek premier says default would lead to 'chaos'

Feb 11, 2012

ATHENS, Greece (AP) _ Greece's future in the eurozone came under renewed threat as popular protests again turned violent and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.The country's beleaguered coalition government promised to push through the tough new aus
Obama hails Italian P.M. in talks on euro crisis

Feb 10, 2012

WASHINGTON (AFP) - U.S. President Barack Obama praised Italian Prime Minister Mario Monti on Thursday, saying he was boosting confidence across Europe and world markets with his economic rescue program.The U.S. leader, who is concerned contagion from any worsening of Europe‘s crisis could impact his reelection prospects, also called for a stronger eurozone firewall to stabilize the continent’s battered financial system.“I personally have great confidence in the prime minister‘s leadership and hi
U.S. faces S&P downgrade again if no budget plan, Chambers says

Feb 9, 2012

The U.S., lacking a plan to contain $1 trillion deficits, faces the prospect of another rating cut in six to 24 months depending on the outcome of November elections, according to John Chambers of Standard & Poor’s. America has had an “AA+” rating with a negative outlook since Aug. 5 when the New York-based unit of McGraw-Hill Cos. stripped the nation of its “AAA” ranking for the first time, citing the government’s failure to agree on a path to reduce deficits. The U.S. has a one-in-three chance
Real Madrid, Barcelona top soccer’s rich list

Feb 9, 2012

LONDON (AP) ― Real Madrid and Barcelona are soccer’s biggest moneymakers for the third straight year and look set to top their rivals for the foreseeable future.The annual review of soccer finance by Deloitte shows Madrid topping the list for the seventh straight year with revenue of $636.5 million for the year ending June 30, an increase of 9 percent from the previous 12 months.English champion Manchester United was again third with $487.2 million, the highest of four English clubs in the top 1
China’s inflation rebounds to 4.5 percent in January

Feb 9, 2012

BEIJING (AP) ― China’s inflation rebounded in January as food prices soared, renewing pressure on Beijing to control surging living costs as it tries to boost slowing growth in the world’s second-largest economy amid warnings of a global downturn.Consumer prices rose by an unexpectedly strong 4.5 percent over a year earlier, up from December’s 4.1 percent, data showed Thursday. Food prices jumped 10.5 percent, accelerating from the previous month’s 9.1 percent.“It makes us more concerned that th
Greek coalition talks end without full agreement

Feb 9, 2012

Greek government coalition talks on austerity measures ended Wednesday, with one remaining point of disagreement, the prime minister's office said.The three coalition partners who took part in the talks on a rescue plan for the Greek economy reached agreement on "all the points of the plan except on
Airline industry split widens over EU carbon tax row

Feb 8, 2012

BRUSSELS (AFP) ― A split widened within the aviation industry Tuesday over EU charges for carbon emissions, as Europe’s low-cost carriers accused Chinese and U.S. rivals of “gunboat” diplomacy against the system.A day after China barred its airlines from complying with what many consider a tax, the head of the International Air Transport Association warned that several nations view the EU scheme as an “attack on sovereignty.”“Non-European governments see this extra terrestrial tax as an attack o
Chairman, 3 others out in Yahoo board shake-up

Feb 8, 2012

SAN FRANCISCO (AP) ― Yahoo Chairman Roy Bostock and three longtime board members are stepping down, submitting to the demands of many frustrated shareholders who blame them for contributing to the follies that have dragged down the Internet company’s revenue and stock price. The shake-up announced Tuesday continues a drastic makeover of Yahoo’s leadership during the past month as the company negotiates to sell its Asian assets in a complex deal that could help ignite a long-promised turnaround.
Bernanke says job market remains weak despite gains

Feb 8, 2012

WASHINGTON (AP) ― Ben Bernanke says the job market isn’t as strong as the steadily declining unemployment rate might suggest.Responding to questions at a Senate hearing Tuesday, he noted that the unemployment rate doesn’t capture the plight of millions of people who have stopped looking for work or part-timers who can’t find full-time jobs.His cautious view helps explain why the Federal Reserve plans to hold interest rates at record lows until late 2014. Many economists were looking to see if Be
Greek talks drag on, banks signal progress

Feb 8, 2012

ATHENS (AP) ― Greece’s private creditors signaled progress late Tuesday on a debt-relief deal but crucial talks between Greek coalition leaders about forcing more austerity upon a hostile public were again postponed.Anger flared on the streets of Athens as more than 20,000 protesters marched through the Greek capital and unions called a general strike Tuesday against the new cuts in jobs and spending. The strike halted trains and ferries, closed down schools and banks and put state hospitals on
Greece faces hour of decision on austerity and rescue

Feb 8, 2012

Greece reached the hour of decision on Wednesday over more budget cuts demanded by the EU and IMF and a debt deal to obtain a second rescue and close a key chapter in the eurozone crisis.A finalised plan on new Greek aid that was hammered out with the European Union and International Monetary Fund h
Mobius: Brazil one of ‘world’s most exciting markets’

Feb 8, 2012

Brazil is among the “world’s most exciting markets,” according to Mark Mobius, executive chairman of Franklin Templeton Investment’s Emerging Markets Group. Mobius made the comments in a post on Templeton’s website following a recent trip to Sao Paulo to look for new investments and to visit companies that his firm had invested in. The fund manager visited banks, one of the nation’s car rental firms, a beer and soft-drink producer and a software company, he wrote, without naming the businesses.
Japan’s current account surplus smallest in 15 years

Feb 8, 2012

TOKYO (AFP) ― Japan’s current account surplus tumbled 43.9% to a 15-year low in 2011 as the nation logged a trade deficit due to lower exports and higher energy costs, government data showed Wednesday.The surplus in the current account, the broadest measure of trade with the rest of the world, stood at 9.63 trillion yen ($125 billion) in 2011, the lowest level since 1996, the finance ministry said.The figure was down 43.9% from 2010, the sharpest year-on-year decline since 1985.The surplus in re
Japan electronics firms eye chip merger

Feb 8, 2012

TOKYO (AFP) ― Three of Japan’s biggest electronics companies are to join forces in a chip-making venture, reports said Wednesday, days after a swathe of dire results from a sector struggling to compete globally.Panasonic, which earlier said it expected to lose more than $10 billion this year, is set to hook up with Renesas Electronics and Fujitsu as they look for economies of scale in an increasingly difficult marketplace.The three companies will spin off their system chip design and development
U.S. bows to EU, Japan in ‘zeroing’ trade row

Feb 7, 2012

WASHINGTON (AFP) ― The United States on Monday said it has bowed to demands from the European Union and Japan to end its controversial “zeroing” antidumping practice.U.S. Trade Representative Ron Kirk said in a statement that Washington had signed agreements in Geneva with the EU and Japan “that will bring to an end longstanding disputes with these important trade partners over ‘zeroing.’”So-called “zeroing” is a practice of calculating the price of imports compared to the normal value in the U.