The Korea Herald

US creates no jobs in August

Sept 2, 2011

WASHINGTON (AP) -- U.S. employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession.The government also reported that the unemployment rate remained at 9.1 percent. It was the weakest jobs report since September 201
El-Erian sees ECB cutting interest rates

Sept 2, 2011

The European Central Bank will probably cut interest rates as the chance of a recession in the euro zone has risen to 50 percent, Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said in an interview. “I would expect the ECB to change course,” he said. “They’re going t
U.S. carmakers report strong Aug. sales

Sept 2, 2011

Fears that car buyers would stay away from dealerships in August never materialized.Instead, Americans were lured by new models, cheaper financing and the need to replace aging cars. As a result, August sales rose 7.5 percent compared with the same month last year, according to Autodata Corp.Most ma
Sarkozy warns G20 of need for growth above austerity

Sept 1, 2011

PARIS (AFP) ― The Group of 20 developed and developing economies must ensure growth first and avoid the risk of a fresh global recession even if budgets are tight, French President Nicolas Sarkozy said Wednesday.Sarkozy, current head of the G20, said France wanted to see its Cannes summit in Novembe
Wen: China to focus on taming inflation

Sept 1, 2011

China’s top priority is stabilizing prices and the government doesn’t plan to alter the direction of economic policies, Premier Wen Jiabao said. The slowdown in the economy is “reasonable” and within government expectations, Wen wrote in an article in the ruling Communist Party’s Qiushi magazine. An
Pfizer: New cancer pill gives hope, new strategy

Aug 31, 2011

TRENTON, New Jersey (AP) ― Pfizer Inc.’s just-approved drug Xalkori, the first new medicine in more than six years for deadly lung cancer, proves the value of precisely targeting rare diseases linked to gene variants, cancer specialists and Pfizer executives said Tuesday.The drug was approved Friday
Automakers bet consumers want compact cars

Aug 31, 2011

Companies to build more compact cars, hoping bumpy economy won’t slow trendDETROIT (AP) ― Automakers are gearing up to make more compact cars this year. It’s another bet on a part of the car market that has thrived this year as consumers fret about the economy but still want a new set of wheels.Gene
U.S. consumer confidence lowest in 2 years

Aug 31, 2011

NEW YORK (AP) -- Consumers' confidence in August dropped almost 15 points to the lowest level since April 2009 as worries about the U.S. economy fueled the wildest stock market swings since the financial meltdown in 2008.At a time when Americans are growing increasing worried about a weak job market
Japan’s jobless rate climbs to 4.7% in July

Aug 30, 2011

TOKYO (AP) ― Japan’s jobless rate rose for the second straight month in July while household spending fell, the government said Tuesday.The seasonally adjusted unemployment rate climbed to 4.7 percent in July, edging up from 4.6 percent in June. People search job listings on computers at Ikebukuro H
Greek banks to merge, form nation's biggest lender

Aug 29, 2011

ATHENS, Greece (AP) -- Greece's second and third largest lenders, Eurobank and Alpha Bank, on Monday announced plans to merge in order to better withstand the country's acute financial crisis.The widely anticipated move would create Greece's biggest bank, and will see a (euro) 500 million ($720
Retailers target Dubai

Aug 29, 2011

Limited Brands Inc., operator of the Victoria’s Secret chain, and American Eagle Outfitters Inc. are among retailers seeking a foothold in Dubai as consumer confidence in the emirate reaches a seven-year high. Sales in Dubai are up about 10 percent this year, according to store companies such as Riv
Philippines, China talk trade despite tensions

Aug 29, 2011

MANILA (AFP) ― Philippine President Benigno Aquino travels to China this week on a mission to secure billions of dollars in trade deals, with both sides looking to rebuild goodwill amid a bruising territorial row.Aquino’s five-day visit starting Tuesday is held against the backdrop of increasingly s
GM cuts prices to stay atop in China

Aug 29, 2011

General Motors Co. is sacrificing profit margins to maintain market share in China, cutting prices of low-cost minivans by as much as 15 percent to offset slowing sales in the world’s largest vehicle market. Propping up minivan sales through sticker-price reductions is crucial for helping Detroit-ba
Greece’s Eurobank, Alpha Bank in merger deal

Aug 28, 2011

EFG Eurobank Ergasias SA and Alpha Bank SA, Greece’s second and third-biggest banks, plan to merge to become the country’s biggest lender, two people with knowledge of the matter said.The boards of both institutions will meet to approve the terms of the friendly deal on Monday, one of the people sai
Bernanke offers no new steps, but leans on Congress

Aug 28, 2011

JACKSON HOLE, Wyoming (AP) ― Federal Reserve Chairman Ben Bernanke has a message for Congress: Do more to stimulate hiring and growth ― or risk delaying the economy’s return to full health.Bernanke held out the prospect Friday that the Fed may take further steps later to help the economy. But he off