The Korea Herald

GM, UAW agree on new contract

Sept 18, 2011

DETROIT (AP) ― The United Auto Workers union won $5,000 signing bonuses and the possibility of sweeter profit-sharing checks as part of a new four-year contract with General Motors Co., two people briefed on the talks said Saturday.The deal, which was reached late Friday, also includes a $2- to $3-p
Pass jobs bill without ‘division or delay’: Obama

Sept 18, 2011

WASHINGTON (AP) ― President Barack Obama is keeping up his appeal for public support of his $447 billion proposal to boost jobs and consumer spending by urging Americans to press Congress to pass the legislation. “No more division or delay,” he said.In his weekly radio and Internet address Saturday,
Phone rivalry drives down RIM earnings

Sept 16, 2011

BlackBerry maker struggles to compete with Apple, Google’s AndroidTORONTO (AP) ― Shares of Research In Motion plummeted more than 18 percent after hours after the BlackBerry maker reported its net income and revenue declined sharply in its fiscal second quarter.The results show continued struggle to
U.S. retail sales flat, auto demand declines

Sept 15, 2011

WASHINGTON (AP) ― Consumers spent less on autos, clothing and furniture to leave retail sales unchanged in August.The lack of growth suggests households became more cautious during wild stock market fluctuations and increased fears about the economy.The Commerce Department also said Wednesday that r
MS sees Windows as key to growth plan

Sept 15, 2011

Ballmer assures analysts Windows remains solid foundation despite slowing PC salesSAN FRANCISCO (AP) ― Microsoft CEO Steve Ballmer assured analysts on Wednesday that Windows remains the software maker’s financial foundation, even though slowing personal computer sales are raising worries about the o
Italy gives final approval to austerity plan

Sept 15, 2011

ROME (AP) ― Italy’s Parliament gave final approval to Premier Silvio Berlusconi’s government’s austerity measures, a combination of higher taxes, pension reform and slashed spending that sparked street protests in Rome.The Chamber of Deputies passed the package by a vote of 314-300. The Senate, Parl
Fitch downgrades five Spanish regions

Sept 15, 2011

MADRID (AFP) ― Fitch Ratings on Wednesday downgraded the credit of five Spanish regions, including the powerhouse of Catalonia, warning they will struggle to cut deficits in a weak economy.The red ink running through the accounts of Spain’s regional governments is a major concern for the markets, wh
Airlines plan to reduce flying next year

Sept 14, 2011

Airlines are putting next year’s growth plans on hold, with high fuel prices and a sluggish economy forcing them to reconsider which flights make money and cut the ones that won’t.Delta Air Lines Inc. said it will reduce 2012 flying by 2 percent to 3 percent. The company that runs United and Contine
Toyota resumes full N. American output, plans engine increase

Sept 14, 2011

Toyota Motor Corp. resumed full production at all North American plants this week and said it will expand U.S. output of small engines as Japan’s largest automaker works to boost sales slowed by a March earthquake. As of this week, “all plants and suppliers in North America are at full speed, and mo
Nintendo targets women to spur sales of 3DS

Sept 13, 2011

Nintendo Co., the world’s biggest maker of game players, will add functions to its 3DS and target women to spur demand, after sales of the device slumped and led the company to slash its profit forecast to a 26-year low.The upgrades will include a feature to allow users to record movies in 3-D, Pres
Bank of America to eliminate 30,000 jobs

Sept 13, 2011

NEW YORK (AP) ― Bank of America is slashing 30,000 jobs as part of an effort to reverse a crisis of confidence among investors. It’s the largest single job reduction by a U.S. company this year.What CEO Brian Moynihan is trying to do is nothing less than save the nation’s largest bank. Investors hav
Japan’s Suzuki calls for VW ‘divorce’

Sept 13, 2011

TOKYO (AFP) ― Japanese automaker Suzuki on Monday said it wanted to end its ill-fated two-year alliance with Germany’s Volkswagen following disagreements between the two on how to operate together.In a statement through the Tokyo Stock Exchange, Suzuki said it had asked Volkswagen to end the capital
OPEC lowers global oil demand forecast

Sept 13, 2011

Cartel cites economic woes in U.S. and other developed countriesCAIRO (AP) ― OPEC sharply revised down its forecast for world oil demand for this year and expected consumption would remain weak in 2012, citing on Monday waning economic growth in key industrialized nations and a weak U.S. driving sea
IMF releases $5.4b loan to Portugal

Sept 13, 2011

WASHINGTON (AFP) ― The International Monetary Fund said Monday it was immediately releasing about 3.98 billion euros ($5.4 billion) to Portugal, part of a three-year rescue of the eurozone country.The IMF executive board on Monday completed a review of Portugal’s performance under an economic progra
Central bankers see slowdown, but no recession

Sept 13, 2011

BASEL, Switzerland (AP) ― The world’s leading central bankers said Monday that while the global economy is slowing they do not expect it to enter recession, but stand ready to provide liquidity support to banks in need.The recoveries in major developed economies are grinding to a halt, raising fears