The Korea Herald

EU sees NYSE-Deutsche Boerse tie-up as unacceptable: source

Jan 11, 2012

BRUSSELS (AFP) ― European regulators consider a merger between stock market operators Deutsche Boerse and NYSE Euronext to be unacceptable, a source said Tuesday, as the European Commission approaches making a final decision next month.The services of Competition Commissioner Joaquin Almunia still have reservations and objections to a merger which would see Deutsche Boerse shareholders own 60 percent of the new combined, Netherlands-incorporated firm, a source familiar with the review told AFP o
Merkel meets Lagarde in euro crisis flurry

Jan 11, 2012

BERLIN (AFP) ― Ratings agency Fitch offered a ray of light for the eurozone Tuesday as German Chancellor Angela Merkel met IMF chief Christine Lagarde on Greece’s struggle to cut its debt, amid tentative signs of progress.While the agency said Italy was the most worrying of the embattled eurozone countries and could see its credit rating cut this month, it also said France’s top “AAA” rating was safe for 2012 barring any significant economic shocks.Speculation has raged for months that France, t
GM likely to recapture global auto sales lead

Jan 10, 2012

DETROIT (AP) ― General Motors Co. is on track to retake the title of world’s top-selling automaker, riding strong sales in the U.S. and China to beat Volkswagen and Toyota.GM, which lost the crown to Toyota in 2008 after holding it for more than seven decades, won’t release global sales numbers until later this month, but it’s on pace to finish 2011 at around 9 million cars and trucks, at least 800,000 more than its German and Japanese rivals.Winning the global sales crown doesn’t mean much to a
Apple CEO’s 2011 package worth $378m

Jan 10, 2012

Apple Inc. Chief Executive Officer Tim Cook is due to receive annual compensation worth $378 million, boosted by restricted stock awards that are payable over the coming decade. The total includes $376.2 million in shares that will vest starting in five years, Cupertino, California-based Apple said Monday in a proxy filing to shareholders. Cook’s base salary was $900,000 in 2011. The company, which plans to hold its annual shareholder meeting on Feb. 23, had previously disclosed that Cook receiv
Hungary’s IMF negotiator to start talks in Washington

Jan 10, 2012

BUDAPEST (AFP) ― Hungary was set to kick off crucial bailout talks with the International Monetary Fund on Monday in Washington, Hungarian officials said, despite recent policy disagreements.Hungarian negotiator Tamas Fellegi “already has talks today,” an economy ministry spokeswoman in Budapest, Zsofia Banhegyi, told AFP, adding he “will meet lots of people.”The discussions were due to last until Thursday, but details of the talks, including their timeline, were kept under wraps.“Offical inform
‘EU-wide financial tax would harm Europe’

Jan 9, 2012

LONDON (AFP) ― British Prime Minister David Cameron said Sunday he would block any attempt to introduce an EU-wide financial transaction tax because he fears it will harm jobs and prosperity in Europe.Cameron said countries such as France pushing for the introduction of such a levy were welcome to go ahead and introduce it within their own borders.But implementing a tax in the European Union when countries in the rest of the world were not bound by it would have a negative effect on jobs and pro
Asia looks to keep Iranian oil flowing

Jan 8, 2012

BEIJING (AP) ― China, the biggest buyer of Iran’s oil, has publicly rejected U.S. sanctions aimed at Tehran’s energy industry while American allies Japan and South Korea are scrambling to find a compromise to keep critical supplies flowing. Beijing is buying less Iranian crude this month, but analysts say China is unlikely to support an oil embargo. Instead, they say, the smaller purchases might be a tactic aimed at obtaining lower prices as the West squeezes Tehran. The sanctions approved by Pr
Italy, France meet as eurozone under pressure again

Jan 8, 2012

PARIS (AFP) ― The eurozone’s debt-wracked economies came under renewed pressure on Friday as bad economic data undermined leaders’ attempts to reassure markets that an end to the crisis is in sight.Italy’s Prime Minister Mario Monti met France’s President Nicolas Sarkozy in Paris as the single currency bloc’s second and third biggest economies sought to head off doubts about their deficit reduction plans.The pair announced a mini-summit with Germany’s Chancellor Angela Merkel on Jan. 23 but also
EU debt crisis specter re-emerges

Jan 6, 2012

Deep concerns over the eurozone debt crisis resurfaced with a vengeance Thursday, driving the euro to 16-month dollar lows as Italy and Spain came under intense pressure on the markets.The euro sank below $1.28 to levels last seen in September 2010 as Spain said it banks would need 50 billion euros, more than first expected, to cover bad loan losses while Italian Prime Minister Mario Monti rattled nerves with an unannounced visit to Brussels.Monti, who meets French President Nicolas Sarkozy on F
U.S. automakers rack up strong gain in Dec.

Jan 5, 2012

CHICAGO (AFP) ― Detroit’s Big Three automakers posted solid December U.S sales Wednesday, driving a strong 2011 performance and expectations for an even better 2012 as the industry slowly climbs out of a deep downturn.Last year, the rebirth of the U.S. auto industry was solidified after years of bleeding balance sheets, painful restructuring and the government-backed bankruptcies of General Motors and Chrysler.It was also a year that likely saw Toyota lose its global sales crown after inventorie
Greece faces uncontrolled default: P.M.

Jan 5, 2012

ATHENS (AFP) ― Prime Minister Lucas Papademos on Wednesday said Greece faced an “uncontrolled default” in March unless unions and employers can quickly agree on labor cost cuts to boost competitiveness.At a round of meetings with social partners, Papademos said the labor issue would be key to an EU-IMF evaluation of Greece’s economy later this month and determine the conclusion of a debt-saving agreement for the country.“Without the agreement and the funding linked to it, Greece faces an immedia
Wen foresees ‘relatively difficult’ Q1

Jan 4, 2012

Chinese Premier Wen Jiabao said business conditions may be “relatively difficult” this quarter and monetary policy will be fine-tuned as needed. “We see downside pressure on our economy and elevated inflation at the same time,” Wen said during a two-day trip to Hunan province, according to a statement on the government’s website yesterday. “We also face problems of weakening external demand and rising costs for companies.” Economists at Barclays Capital and Bank of America Corp. say the central
BRICS nations stronger, but not always in unison

Jan 4, 2012

SAO PAULO (AFP) -- A slow but steady shift in the global balance of power toward the China-led BRICS club of emerging nations was confirmed in 2011, but it will take some time before its members can speak with one voice, experts say.The BRICS -- Brazil, Russia, India, China and South Africa -- now account for roughly 18 percent of the world‘s GDP, 40 percent of its population, 15 percent of global trade and hold 40 percent of global currency reserves.With a combined GDP totaling nearly $14 trill
High salaries for Italian lawmakers stir anger

Jan 4, 2012

ROME (AP) ― A government-mandated report has confirmed what many Italians long suspected: The 11,000 euro ($14,300) that Italian lawmakers earn each month far outpaces what their peers in some of Europe’s largest economies get.Italy’s bloated public sector and the privileges of its political elite have come under fire as the country battles its debt crisis with tax hikes, labor market and pension reforms that are hurting ordinary Italians.Premier Mario Monti has vowed to trim the cost of governi
Tiffany most exposed to luxury slowdown

Jan 4, 2012

With Europeans and Asians buying fewer $65,000 diamond necklaces and $10,000 amethyst earrings, Tiffany & Co. may be in for a less-than-glittering 2012. No U.S. luxury merchant is more exposed internationally. The world’s second largest jeweler generates almost half its sales outside of the Americas, up from 38 percent in 2006, according to data compiled by Bloomberg. Tiffany’s foreign sales are concentrated in Europe, which is facing a sovereign debt crisis, and Asia, where China’s growth is sl