The Korea Herald

Business confidence loses: BOJ

Dec 15, 2011

TOKYO (AP) ― A key central bank survey showed Thursday that confidence at major Japanese manufacturers fell over the last quarter, as the export-reliant country battled a strong yen and an increasingly precarious global economy.In the Bank of Japan’s “tankan” survey of business sentiment, the main index for big manufacturers fell to minus 4, in the first deterioration in two quarters. Three months ago, it stood at 2.The figure represents the percentage of companies saying business conditions are
Global smartphone market gains another player

Dec 13, 2011

Already big in Japan, Panasonic has announced that it plans to take on the world’s smartphone manufacturers and make the leap into the European market.And over the longer term, the Japanese electronics giant intends to use Europe as a stepping stone to a larger slice of the global market.“With the mobile phone market rapidly shifting to smartphone usage worldwide and a steady growth expected particularly overseas, Panasonic aims to tap into this growth with its first global model smartphone for
‘Cayenne crisis’ hurts BMW as much as Porsche while Spain sales dry up

Dec 13, 2011

Roberto Murga, a construction manager from Barcelona, loved his platinum gray Porsche Cayenne until the debt crisis made the sport-utility vehicle’s leather interior and electronic seats expendable. The 66,370-euro ($88,800) status symbol is now unnecessary ballast for Murga, 33, who like other Spaniards has been forced to cut spending because of the country’s weakening economy. Car demand, which has halved since peaking in 2007, probably won’t recover this decade, analysts predict. “I can’t spl
Corzine and 2 other MF Global execs to testify

Dec 13, 2011

WASHINGTON (AP) — Jon Corzine is expected Tuesday to once again distance himself from an estimated $1.2 billion in customer money that vanished when MF Global collapsed this fall.This time, Corzine will have company.Bradley Abelow, MF Global‘s president and chief operating officer, and Henri Steenkamp, the chief financial officer, are also scheduled to testify to the Senate Agriculture Committee.All three say they don’t know where the money is, according to prepared remarks and Corzine‘s previou
Australian firms in major coal merger

Dec 12, 2011

SYDNEY (AFP) ― Australian miners Aston Resources and Whitehaven Coal announced they will merge to form the nation’s largest listed independent coal company, worth AU$5.10 billion ($5.18 billion).Under the deal, valued at AU$3 billion, Aston shareholders will receive 1.89 Whitehaven shares per Aston share, and majority owner Tinkler Group said it intended to vote in favour of the merger.Billionaire mining magnate and Aston chairman Nathan Tinkler recommended shareholders approve the deal, which h
Qantas pushes on with Asian premium airline plan

Dec 12, 2011

SYDNEY (AFP) -- Qantas chief Alan Joyce Monday said he was pushing ahead with plans for a joint-venture premium airline in Asia while insisting damage to the brand from grounding the fleet was only “temporary.”Uncertainty over global economic conditions and volatile fuel prices have sparked reports that the airline was ready to shelve plans for an Asian carrier as part of its strategy to refocus on the fast-growing region.But Joyce said talks were ongoing, with Kuala Lumpur or Singapore seen as
Toyota threatened in U.S. by Camry competition

Dec 12, 2011

Toyota Motor Corp. was already counting on the revamped Camry to spark a U.S. sales rally. The carmaker’s flagship model is now under additional pressure as a stronger currency and Thailand’s floods cut into profit. The company reduced its earnings forecast last week by more than 50 percent for the year ending in March, blaming a slump in production after Thailand’s worst floods in almost 70 years. The 2012 Camry was released in October with a goal of boosting sales hurt by Japan’s earthquake an
Iran urges OPEC to adjust output

Dec 12, 2011

TEHRAN (AFP) ― Iran’s oil minister on Sunday renewed calls for OPEC members Saudi Arabia and Kuwait to ease back their above-quota production as Libyan oil flows back into the market.“Today, supply and demand in the market is balanced and Iran’s policy is to keep OPEC member states from raising production,” Rostam Qasemi said on the oil ministry’s website ahead of a meeting by the cartel on Wednesday.Iran also wishes to see an “end (to) some countries’ extra production which started when Libya e
Luxury spending soars in China’s small cities

Dec 12, 2011

CHENGDU, China (AFP) ― Flashing bright green contact lenses and fake eyelashes, Li Xingyi struts through a shopping centre in southwest China clutching a Louis Vuitton bag and wearing a red fur coat.The 25-year-old entrepreneur is one of a growing number of Chinese living outside the booming metropolises of Beijing and Shanghai who can afford to splash out on expensive designer brands and luxury products.“I liked it, I could afford it, so I just bought it,” Li told AFP, pointing to her Louis Vui
S&P warns European insurers on credit rating

Dec 11, 2011

WASHINGTON (AFP) ― Standard & Poor’s on Friday warned a swathe of European insurers that they could face a credit downgrade as a result of the continent’s fiscal crisis.Allianz, Aviva, Axa, Generali and Mapfre were among 15 firms warned by the U.S.-based ratings agency.S&P said the “creditwatch” was related to an earlier warning on the ratings of 15 of the 17 countries of the eurozone.S&P’s warning on Monday threatened a one-notch cut to the hallowed “AAA” ratings of Germany, the Netherlands, Fi
Oil rallies with euro, equities on EU deal

Dec 10, 2011
Wall St rallies on EU deal but concerns linger

Dec 10, 2011
Europe pushes ahead with fiscal union, UK isolated

Dec 10, 2011
New treaty to save euro splits European Union

Dec 9, 2011

BRUSSELS (AP) ― Leaders of 23 European countries desperate to save the continent’s shared currency agreed in all-night talks Friday to surrender some sovereignty in a new treaty ― but failed to get all 27 European Union members to join in.The split between those in the new treaty and those outside rattles the foundations of a union created to foster peace and prosperity across a bloodied Europe after World War II. The EU has struggled to unite to stem a 2-year-old spiral of debt that started in
EU summit to seek bigger ‘bazooka’ against debt crisis

Dec 8, 2011

BRUSSELS (AFP) ― Eurozone leaders will seek a bigger financial “bazooka” to battle the debt crisis and mull radical steps towards deeper union with treaty change at a game-changing EU summit opening Thursday.“Markets don’t give a hoot about treaty change as it’s all long-term,” said an EU source close to backroom talks ahead of the two-day meeting. “Money is all they care about and we need to convince.”With the entire 17-nation area, even powerhouse Germany, under threat of a ratings downgrade a