The Korea Herald

‘More dangerous’ times ahead: World Bank chief

Aug 14, 2011

SYDNEY (AFP) ― World Bank chief Robert Zoellick on Saturday warned of a “new and more dangerous” time in the global economy, as Europe struggles to resolve its debt crisis.Zoellick said the eurozone’s sovereign debt issues were more troubling than the “medium and long-term” problems which saw the Un
French growth sputters to a halt in 2nd quarter

Aug 12, 2011

PARIS (AP) -- The French government was put under further pressure to cut deeper into spending after figures Friday showed growth in Europe's second biggest economy ground to a halt in the spring, in another sign that the global economy is facing rising recessionary threats.With the worse-than-expec
No quick exit for eurozone from debt crisis

Aug 12, 2011

FRANKFURT, Germany (AP) ― Twenty-one months after Greece triggered financial and political turmoil by admitting it was broke, the eurozone still can’t fix its debt crisis.The reasons: intractable disputes over who will ultimately pay the costs of saving it, and the still-unadressed vulnerability tha
All options on table to halt franc rise: Swiss central bank

Aug 12, 2011

ZURICH (AFP) ― The Swiss National Bank said on Thursday that it was keeping open all options to bring down the “massively” overvalued safe-haven franc, including pegging it to the euro as well as imposing a negative interest rate.In separate interviews published in the Swiss national press, top Swis
Chinese bullet train maker orders recall

Aug 12, 2011

BEIJING (AP) ― A Chinese bullet train manufacturer announced a recall Friday of 54 trains in the latest embarrassment for a problem-plagued prestige project following a July crash that killed 40 people.The recall adds to growing signs official attitudes toward the bullet train are shifting and Beiji
Fake iPhone5 sells in China

Aug 11, 2011

Infamous technology pirates in China have done it again. This time the target was Apple’s iPhone 5, expected to be launched in a few months. The Chinese version is called hiPhone 5. The phone was based on leaked information on the new iPhone 5. It was much slimmer and lighter and the price was only
Asian stocks bounce back on Fed’s move

Aug 10, 2011

HONG KONG (AFP) ― Asian stocks rallied in early trade Wednesday, part of a global uptick after the U.S. Federal Reserve pledged to keep interest rates near zero for at least two years.Tokyo rose 1.05 percent, or 94.26 percent, to 9,038.74, Sydney added 2.64 percent, or 106.5 points, to 4,141.3 and S
Spain rejects need for rescue, bonds strengthen

Aug 10, 2011

MADRID (AFP) ― Spain rejected outright Tuesday any need for a rescue to avert a sovereign debt crisis even as European Central Bank intervention halted a market attack on its bonds.Fears that the major European economies of Spain and Italy could be the next dominoes of a widening eurozone debt crisi
Regulator sues Goldman over risky mortgages

Aug 10, 2011

LOS ANGELES (AP) ― The U.S. regulator of credit unions on Tuesday sued Goldman Sachs & Co. for more than $491 million in damages over losses incurred by two failed credit unions that purchased mortgage-backed securities underwritten by the investment bank.The complaint filed by the National Credit U
Treasury prices jump as stocks plummet

Aug 9, 2011

NEW YORK (AP) -- A cut to the U.S. government's credit rating by Standard & Poor's was supposed to send Treasury prices down and interest rates up. But just the opposite happened. So why would investors buy U.S. government debt after it was downgraded from AAA to AA+ last Friday? In a word, fear.“Fe
Oil down over 6 pct after US credit downgrade

Aug 9, 2011

NEW YORK (AP) -- Oil plunged to its lowest price of the year Monday on concerns about the slowing global economy and future demand for oil and gas.Benchmark West Texas Intermediate crude fell $5.57, or 6.4 percent to settle at $81.31 per barrel on the New York Mercantile Exchange. That is the lowest
Questions and answers about the market's turmoil

Aug 9, 2011

NEW YORK (AP) -- Global stock markets tumbled Monday on the first trading day since Standard & Poor's downgraded long-term U.S. debt. The plunge came as investors grew anxious over a weakening U.S. economy and a widening debt crisis in Europe.Not everything went as expected. Some analysts had worrie
U.S. markets fall sharply, Dow down more than 450

Aug 9, 2011

NEW YORK (AP) -- The U.S. stock market joined a sell-off around the world Monday in the first trading since Standard & Poor's downgraded American debt.The Dow Jones industrial average fell more than 450 points in afternoon trading. Treasury prices rose -- despite S&P's assessment that they wer
Asia turns to South American markets

Aug 8, 2011

TOKYO (AFP) ― When Japanese beverage giant Kirin said this week it would take a large stake in Brazil’s Schincariol, it was the latest example of Asia’s growing thirst for South American markets and resources.In the same week, China’s JAC Motors said it would invest 900 million dollars in an auto pl
Geithner says he will stay ...at Treasury

Aug 8, 2011

WASHINGTON (AP) ― Timothy Geithner has told President Barack Obama that he will remain on the job as Treasury secretary, ending speculation he would leave the administration.The Treasury Department released a statement Sunday saying Geithner had informed the president of his decision to remain in th