The Korea Herald

Japan recession threat lessens with G7 joint intervention

Mar 20, 2011

Japan’s risk of becoming the first Group of Seven member to return to a recession after the global financial crisis eased as the G7 intervened to halt the yen’s appreciation.The G7’s yen sales sent the currency down the most since September, to 80.58 per dollar at the close Saturday in New York, compared with the postwar high of 76.25 reached March 17. Japan’s Vice Finance Minister Fumihiko Igaras
Obama links Brazil trip to U.S. job growth

Mar 20, 2011

President emphasizes importance of trade with Brazil to economic growth back homeBRASILIA, Brazil (AP) ― Seeking to link his Latin American tour to job growth back home, President Barack Obama said Saturday the U.S. was eager to sell its goods and services to economically booming Brazil’s growing middle class. The president’s economic message, however, was overshadowed by events in Libya, where a
Oil up in Asia on Gulf tensions

Mar 18, 2011

SINGAPORE (AFP) ― Crude rose in Asian trade Friday, pushed up by ongoing tensions in the oil-rich Gulf region and impact from Japan’s nuclear crisis, analysts said.New York’s main contract, light sweet crude for delivery in April, gained $1.65 to $103.07 per barrel while Brent North Sea crude for May was up $1.56 to $116.46.“The initial reaction to Japan is a sharp drop in oil demand in the short-
After earthquake, Japan’s economy faces nuke threat

Mar 18, 2011

TOKYO (AFP) ― Japan’s earthquake-battered economy faces a new and unpredictable threat from a deepening nuclear crisis and power blackouts that analysts say could hinder a recovery from the disaster.The 9.0-magnitude tremor and killer tsunami which struck on March 11 are feared to have caused hundreds of billions of dollars in damage to the world’s third-largest economy, although the full impact i
G7 agrees joint intervention to help weaken Japanese yen

Mar 18, 2011

WASHINGTON (AP) ― Finance officials from the Group of Seven major industrialized countries on Thursday agreed on a coordinated effort to weaken the Japanese yen, which has surged to record levels following last week’s earthquake and tsunami.A super-strong yen could cripple Japanese exports, further worsening the economic impact of the disaster that killed thousands and triggered an unfolding nucle
Japan carmakers still hobbled after quake

Mar 17, 2011

TOYKO (AP) ― The Japanese auto industry remained largely hobbled Thursday, nearly a week after the country’s worst-ever earthquake laid waste to its industrial northeast, although some manufacturers announced plans to resume limited operations.Toyota Motor Corp., the world’s top automaker, will start up plants for producing repair or replacement parts on Thursday. However, the company said it woul
Japan feeds more money to banks

Mar 15, 2011

Bank of Japan injects another $61.2 billion into financial systemTOKYO (AP) ― Japan’s central bank pumped another $61.2 billion into the financial system Tuesday to quell fears that the country’s banks could be overwhelmed by the impact of the massive earthquake and tsunami.The injection of 5 trillion yen comes a day after the Bank of Japan fed a record 15 trillion yen into money markets and eased
iPhone clock bungles time change, again

Mar 14, 2011

NEW YORK (AP) ― It’s hard enough to get your bearings when the time changes twice a year. It’s all but impossible when your phone starts playing tricks on you, too.Users of Apple’s iPhone peppered Twitter and blogs with complaints Sunday when their phones bungled the one-hour “spring forward” to daylight savings time that went into effect overnight Saturday.One user complained of missing church, a
Japan central bank to inject $183 billion

Mar 14, 2011

TOKYO (AP) -- Japan's central bank says it is injecting a record15 trillion yen ($183.8 billion) into money markets to stabilize the financial system after a devastating earthquake and tsunami. The figure is more than double the 7 trillion yen the Bank of Japan had announced earlier in the day. The emergency move comes as the Tokyo stock market plunges nearly6 percent, and worries grew about
Tokyo power utility holds off on power cuts

Mar 14, 2011

TOKYO (AP) _ Japan's top government spokesman says Tokyo Electric Power has held off on imposing rolling blackouts, but is calling for all to try to limit electricity use. Chief Cabinet Secretary Yukio Edano says that if necessary, the utility is prepared to go ahead with the power rationing, which was supposed to begin Monday in eight prefectures and cities, including parts of Tokyo. The dec
3 injured, 7 missing in blast at Japan nuke plant

Mar 14, 2011

TOKYO (AP) _ Tokyo Electric Power Co. says three workers have been injured and seven are missing after an explosion at the stricken Fukushima Dai-ichi nuclear plant. Japan's chief cabinet secretary says a hydrogen explosion occurred Monday at the facility's Unit 3. The blast was similar to an earlier one at a different unit at the facility. Yukio Edano says people within a 12-mile (20-kilome
[Japan Quake] Japan stocks plunge 1.72% on quake, global worries

Mar 11, 2011

TOKYO (AFP) - Japanese shares plunged 1.72 percent on Friday, falling sharply in the closing minutes of trade after the country was hit by a massive earthquake and tsunami. The Nikkei index of the Tokyo Stock Exchange fell 179.95 points to 10,254.43. The Topix index of all first section shares tumbled 1.7 percent, or15.33 points, to 915.51. The market was already weighed down before the e
With iPad 2, Apple one-ups itself

Mar 10, 2011

SAN FRANCISCO (AP) ― With the original iPad, Apple brought an attractive, easy-to-use tablet computer to the masses at a reasonable price ― a feat numerous companies are trying to top.With Friday’s release of the iPad 2, Apple is pulling further ahead, with improvements that make an already excellent tablet even more enticing. It goes to show that when it comes to tablets, Apple refuses to be best
U.N. food expert urges trading regulation

Mar 9, 2011

GENEVA (AFP) ― The U.N. expert on food rights Tuesday urged regulation of agriculture commodities trading to stop a speculative bubble that is artificially helping to drive up food prices.Olivier De Schutter, the U.N. special rapporteur on the right to food, warned that the situation may be amplified by high oil prices.“There is a very close correlation between the price of oil and the price of fo
China may deflect pressure with smaller surplus

Mar 9, 2011

China may deflect international pressure for faster yuan appreciation by reporting the nation’s smallest trade surplus in 10 months tomorrow.The excess was $4.9 billion in February, from $6.5 billion a month earlier, according to the median estimate in a Bloomberg News survey of 21 economists. Data for the first two months of the year is typically distorted by the timing of a Lunar New Year holida