The Korea Herald

Honda recalls globally for air bag problems

Dec 4, 2011

TOKYO (AP) ― Honda Motor Co. is recalling 304,000 vehicles globally for air bags that may inflate with too much pressure in a crash, send metal and plastic pieces flying and cause injuries or deaths.Honda said there have been 20 accidents so far related to the problem, including two deaths in the U.S. in 2009.The Japanese automaker announced the recall Friday, which affects the Accord, Civic, Odyssey, Pilot, CR-V and other models manufactured in 2001 and 2002.The recall spans 273,000 vehicles in
Facebook to hire thousands, open N.Y. office

Dec 4, 2011

NEW YORK (AP) ― Facebook will open an engineering center in New York City early next year, its first such office outside the West Coast, the social network giant announced Friday.Chief Operating Officer Sheryl Sandberg joined elected officials for the announcement at Facebook’s existing New York office on Madison Avenue. Sandberg would not say how many people Facebook would hire in New York, only that the company plans to add “thousands” worldwide in coming years.Sandberg said the company will s
ECB set to cut rates again as crisis deepens

Dec 4, 2011

FRANKFURT (AFP) ― The European Central Bank is expected to cut its key interest rates for the second time in two months next week as EU leaders battle to find a solution to the long-running debt crisis.The ECB’s decision-making governing council is holding its last monthly interest-rate meeting this year on Thursday, the same day as European Union leaders gather in Brussels to find ways out of a crisis that is threatening the very existence of the single currency.Many governments and analysts se
Gold heads for biggest weekly gain in five after Korean purchase

Dec 3, 2011

Gold rose in New York, heading for the biggest weekly advance in five, on speculation central banks may increase holdings after South Korea bought bullion to diversify assets.The Bank of Korea, owner of the world's eighth-biggest foreign-exchange reserves, purchased 15 metric tons of gold last month
Toyota, BMW strike green-car technology pact

Dec 2, 2011

TOKYO (AFP) ― Automakers Toyota and BMW on Thursday struck a partnership to share eco-friendly technologies, including in the joint development of lithium-ion batteries for next-generation electric cars, the companies said.Under the deal, the German automaker will also provide diesel engines for Toyota as the Japanese auto giant looks to boost sales in Europe, where more than half of passenger cars are diesel powered.Toyota has struggled to boost its European market share with its gasoline-elect
U.S. auto sales come in strong in November

Dec 2, 2011

DETROIT (AP) ― Americans are finally replacing the cars and trucks they held on to during the economic slump, giving a big boost to U.S. auto sales in November.Chrysler, Ford, Nissan and Hyundai were among the companies reporting double-digit gains from last November, which is normally a lackluster month because of colder weather and holiday distractions. This November, buyers were lured by good deals, improving confidence in the economy and the need to trade in older cars.“Consumers are just st
Coca-Cola product suspected in China death

Dec 1, 2011

BEIJING (AFP) ― A man died and his mother fell into a coma after consuming a product made by U.S. giant Coca-Cola, prompting a city in northeast China to recall the drink, government and state media said Wednesday.Food scandals occur regularly in China, with recent cases involving recycled cooking oil, contaminated eggs and carcinogenic mushrooms.Identified only by his surname Chu, the man died after drinking a bottle of strawberry flavoured milk sold under the brand name “Guoli Naiyou” and made
Slowdown sparks scramble to shore up China growth

Dec 1, 2011

SHANGHAI (AP) ― Chinese leaders are scrambling to shore up flagging economic growth as exports weaken, abruptly reversing course after they spent two years struggling to cool an overheated expansion and surging inflation.In the latest sign the world’s No. 2 economy is weakening faster than thought, a business index released Thursday showed manufacturing contracted for the first time in nearly three years. A day earlier, Beijing eased credit curbs in a bid to spur business activity.Struggling to
Greece faces tough challenge as unions strike

Dec 1, 2011

ATHENS (AFP) ― Greece’s new government will see its resolve tested Thursday as unions take to the streets against the latest austerity cuts demanded by its European peers in return for funds to keep the country afloat.Thursday’s general strike, the sixth this year, will shut down public services, disrupt train and ferriy services and see state hospitals on emergency staffing levels.The protests, likely to see a set-piece stand-off in central Athens between riot police and demonstrators, follow s
S&P downgrades top U.S. banks’ credit ratings

Nov 30, 2011

NEW YORK (AP) ― Standard & Poor’s Ratings Services has lowered its credit ratings for many of the world’s largest financial institutions, including the biggest banks in the U.S.Bank of America Corp. and its main subsidiaries are among the institutions whose ratings fell at least one notch Tuesday, along with Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.S&P said the changes in 37 financial companies’ ratings reflect the firm’s new criteria fo
Japan factory output up 2.4% on carmakers

Nov 30, 2011

Japan’s industrial production increased more than analysts expected in October as manufacturers boosted output of cars. Factory output increased 2.4 percent from September, rebounding from a 3.3 percent drop, the trade ministry said in Tokyo Wednesday. The median estimate of 28 economists surveyed by Bloomberg News was for output to increase 1.1 percent. Manufacturers are contending with a yen near postwar highs against the dollar that has eroded profits and prompted Toyota Motor Corp. President
Cars go green and online: Tokyo Motor Show opens

Nov 30, 2011

TOKYO (AFP) ― Energy-saving electric cars with advanced green technology vie for attention as the Tokyo Motor Show opens Wednesday, with robots and computers becoming ever more part of the vehicles on display.Companies are showcasing concept cars with “transformable” bodies and automotive computers linked to smart phones, while showing off energy-efficient vehicles with electric, fuel cell and hybrid engines.On display on Wednesday will be the compact, fuel-efficient cars with which Japanese car
Hungary raises key rate to 6.5%

Nov 30, 2011

BUDAPEST (AP) ― Hungary’s central bank said Tuesday it was raising its main interest rate from 6 percent to 6.5 percent after Moody’s recently downgraded the country’s debt rating to junk status.The decision takes effect on Wednesday. The change is the first time the National Bank of Hungary has adjusted its base rate since Jan. 25, when it raised it by a quarter percentage point.Central bank President Andras Simor said the bank’s rate-setting Monetary Council voted unanimously for the hike, add
Eurozone inflation stuck at 3 pct in November

Nov 30, 2011

BRUSSELS (AFP) -- Eurozone inflation hit 3.0 percent for the third month running in November, official data showed on Wednesday, but analysts expect the European Central Bank to slash its main rate due to the debt crisis.The ECB, the guardian of euro price stability, wants to keep inflation below 2.
S&P downgrades top US banks' credit ratings

Nov 30, 2011

NEW YORK (AP) _ Standard & Poor's Ratings Services has lowered its credit ratings for many of the world's largest financial institutions, including the biggest banks in the U.S.Bank of America Corp. and its main subsidiaries are among the institutions whose ratings fell at least one notch Tuesday, a