The Korea Herald

Bernanke: Economic growth to be frustratingly slow

Nov 3, 2011

WASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke on Wednesday acknowledged that the pace of economic growth is likely to be ``frustratingly slow,'' after the Fed downgraded its forecast for the next two years.Bernanke said the central bank is open to purchasing more mortgage-backed securities
Nokia plans to return smartphone market in 2012 with a bang

Nov 2, 2011

Nokia Oyj will reenter the U.S. smartphone market in early 2012 with the introduction of devices running Microsoft Corp.’s Windows Phone for multiple U.S. carriers, Chief Executive Officer Stephen Elop said. “Our intention is to come back in the United States and grow significant share in this market,” Elop said in an interview Tuesday at Bloomberg’s headquarters in New York. Elop, 47, last week unveiled Nokia’s first Windows Phone models after the Espoo, Finland-based company struggled to sell
Wen may loosen credit as China inflation cools

Nov 2, 2011

China’s inflation is showing signs of easing further, giving Premier Wen Jiabao more room to loosen fiscal and monetary policies as the economy cools and Europe’s sovereign-debt crisis threatens exports. An index of manufacturers’ input costs fell the most in 17 months in October, China’s logistics federation and the statistics bureau said Tuesday. A separate survey by HSBC Holdings Plc and Markit Economics also showed a decline. China’s central bank has paused in raising interest rates and bank
Philips to take $370M loss on TV arm

Nov 2, 2011

AMSTERDAM (AP) — Royal Philips Electronics NV says it has renegotiated a deal to shed its television unit, placing it into a joint venture 30 percent owned by Philips and 70 percent owned by China's TPV.The company said in a statement Tuesday it would book a loss on the deal of euro270 million
U.S. manufacturing growth slowed slightly in Oct.

Nov 2, 2011

WASHINGTON (AP) ― U.S. manufacturing growth slowed slightly in October, hampered by weaker demand for exports and slower production at factories.But companies ordered more goods and factories slashed their stockpiles, trends that suggest activity could rebound in coming months.The Institute for Supply Management said Tuesday that its manufacturing index dropped to 50.8, down from 51.6 in September. Any reading above 50 indicates expansion.Measures of production and new export orders fell. A gaug
Greek cabinet backs referendum on debt rescue plan

Nov 2, 2011

ATHENS, Nov 2, 2011 (AFP) - Greek Prime Minister George Papandreou secured the unanimous backing of his cabinet for a referendum on the eurozone debt rescue plan, government spokesman Elias Mossialos said early Wednesday.The cabinet also approved Papandreou's decision to hold a vote of confidence in
Growth slowing, eurozone action key to recovery: OECD...　

Nov 1, 2011

PARIS (AFP) ― The world’s top economies are slowing with the eurozone set to shrink briefly, and rapid action by EU leaders to enact promised rescue measures is key to global recovery, the OECD said on Monday.Days before a summit of G20 leading nations in Cannes, southern France, amid a threat of recession in some countries, the OECD called on leaders to act fast and hard to keep promises and also to boost growth.It also pressed the European Central Bank to ease its base interest rate.“Much of t
MF Global is first big U.S. victim of Europe crisis

Nov 1, 2011

WASHINGTON (AP) ― The European debt crisis has claimed its first big casualty on Wall Street, a securities firm run by former New Jersey Governor Jon Corzine.MF Global Holdings Ltd., which Corzine has led since early last year, filed for bankruptcy protection Monday. Concerns about the company’s holdings of European debt caused its business partners to pull back last week, which led to a severe cash crunch, the company said in its filing.Corzine, the former head of investment banking giant Goldm
Bill Gates unfussed by Jobs’ jab

Oct 31, 2011

WASHINGTON (AFP) ― Microsoft founder Bill Gates coolly parried some harsh criticism from late Apple co-founder Steve Jobs, in an interview with ABC television Sunday, saying their professional rivalry was positive.Gates, who maintained a long rivalry with the Apple innovator, was asked about an authorized biography of Jobs by Walter Isaacson which portrayed Gates as comparatively uninspired as a creative spirit.The Microsoft founder was told by ABC that Jobs “basically said that you were ‘unimag
Qantas Airways returns to the skies

Oct 31, 2011

CANBERRA, Australia (AP) — Qantas Airways planes returned to the skies Monday after an Australian court ruled on a bitter labor dispute that had prompted the world’s 10th-largest airline to ground its entire fleet.A flight from Sydney to Jakarta, Indonesia, took off shortly after Australia’s Civil Aviation Safety Authority gave the “Flying Kangaroo,” as the Australian flag carrier is known, the all-clear to resume flying.Qantas said in a statement it still expected some delays as it worked to cl
Japan, India to jointly develop rare earth

Oct 30, 2011

TOKYO (AFP) ― The foreign ministers of Japan and India agreed on Saturday at a meeting in Tokyo to accelerate joint development of rare earth mineral deposits in the South Asian country.Koichiro Gemba and his Indian counterpart S.M. Krishna also confirmed they would move forward stalled talks on a civilian nuclear cooperation pact at a joint news conference after their meeting.“The two countries will move ahead with a joint development,” of rare earth deposits in India, said Gemba, quoted by Jij
Whirlpool plans 5,000 job cuts to reduce costs

Oct 30, 2011

Whirlpool Corp., the world’s largest maker of appliances, sank the most since 1987 after saying it will cut 5,000 jobs and lowering an annual profit forecast by as much as 36 percent with demand in the U.S. falling back to recessionary levels. The shares dropped 14 percent to $51.80 at 4:15 p.m. in New York for the largest decline since the so-called Black Monday stock market crash on Oct. 19, 1987. The stock has declined 42 percent this year. The plan, which also includes reducing factory capac
Qantas grounds global fleet due to strikes

Oct 30, 2011

Qantas Airways says strikes are ‘crisis’ for airlineCANBERRA (AP) ― Qantas Airways has grounded its global fleet, suddenly locking out striking workers after weeks of flight disruptions that an executive said could close down the world’s 10th-largest airline piece by piece.Following Saturday’s announcement by Qantas, the Australian government called for an emergency arbitration hearing, which was adjourned early Sunday morning after evidence was heard from the unions and airline. The hearing was
U.S. president cites income gap to push stalled jobs bill

Oct 30, 2011

WASHINGTON (AP) ― President Barack Obama is banking on a new report detailing the income disparity in the country as further evidence of the need for his $447 billion jobs bill.A report this past week by the Congressional Budget Office found that average after-tax income for the top 1 percent of U.S. households had increased by 275 percent over the past three decades. Middle-income households saw just a 40 percent rise. For those at the bottom of the economic scale, the jump was 18 percent.Obama
Fitch: Greek rating likely stays ‘junk’ after deal

Oct 30, 2011

LONDON (AP) ― Greece’s credit grade will remain low, probably still in “junk” status, even after its debt load is cut as part of a European plan to fight the financial crisis, Fitch ratings agency said Friday.The EU plan asks Greece’s private creditors to take losses of 50 percent on their holdings of the country’s bonds. Along with new loans and other measures, that is meant to bring Greece’s debt down to 120 percent of economic output by 2020.Fitch welcomed the broad outline of the plan, but s