The Korea Herald

OPEC to lift output as oil crisis deepens

Mar 8, 2011

Members joining Saudi Arabia in raising production to allay fears of supply crunch in WestOil’s march towards $120 a barrel sparked a frantic day across financial markets, as OPEC members prepared to increase production and investors seeking a “safe haven” drove the price of gold to a fresh high.Fears were intensified as Libya witnessed a day of fierce clashes between forces loyal to Colonel Gadha
Microsoft to pay Nokia more than $1b in deal

Mar 8, 2011

Microsoft Corp. will pay Nokia Oyj more than $1 billion to promote and develop Windows-based handsets as part of their smartphone software agreement, according to two people with knowledge of the terms.Nokia will pay Microsoft a fee for each copy of Windows used in its phones, costs that will be offset as Nokia curtails its own budget for software research and development, said one of the people,
Japan launches ‘Hayabusa’ bullet train

Mar 6, 2011

TOKYO (AFP) ― Japan’s latest bullet train, the thin-nosed “Hayabusa” or Falcon, made its 300 kilometer per hour debut, boasting a luxury carriage modeled on airline business class.Japan has built up a network of cutting-edge Shinkansen train lines since the 1960s that criss-cross the island nation and now hopes to sell the infrastructure technology abroad, including to the United States.The latest
Oil prices settle at highest level since 2008

Mar 6, 2011

Fighting in Libya pushes oil prices above $104 per barrelNEW YORK (AP) ― Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya intensified and the world’s largest petroleum consumer, the U.S., reported that employers added nearly 200,000 new jobs in February.The Labor Department said Friday that the unemployment rate dropped to 8.9 percent in February. While t
Obama agrees on further budget cuts

Mar 6, 2011

WASHINGTON (AP) ― President Barack Obama says he’s willing to make deeper spending cuts if Congress can compromise on a budget deal that would end the threat of a government shutdown.Obama’s appeal for common ground came Saturday in his weekly radio and Internet address, but lacked specifics on how to bridge the $50 billion gulf that divides the White House and Democratic budget proposal from the
Apple to talk on unlimited downloads of bought music

Mar 6, 2011

Apple Inc. is in talks with record companies to give iTunes music buyers easier access to their songs on multiple devices, three people with knowledge of the plans said.Apple is negotiating with music companies, including Vivendi SA’s Universal Music Group, Sony Music Entertainment, Warner Music Group Corp. and EMI Group Ltd., said the people, who asked for anonymity because the talks are private.
‘Inflation ...rising in Asia, emerging economies’

Mar 3, 2011

WASHINGTON (AFP) ― A top International Monetary Fund official expressed concern Wednesday about overall inflation in emerging countries beyond the current spike in food and commodity prices.Naoyuki Shinohara, IMF deputy managing director, highlighted signs of a broadening upward pressure on prices in a speech to Asian central bankers in Colombo, Sri Lanka. Vendors sell vegetables at a produce mark
Middle East unrest could push oil over $140: Roubini

Mar 3, 2011

Nouriel Roubini, an economist who predicted the credit-market collapse, said an expansion of troubles in the Mideast could push oil prices as high as $140 to $150 per barrel, triggering a double-dip recession in parts of Europe.“If troubles spread to other countries such as Bahrain and Saudi Arabia, this could push oil prices up to $140 to $150 per barrel, which could trigger a double-dip recessio
Portugal to get EU rescue this month

Mar 3, 2011

Portugal will accept a financial bailout “within the next few weeks” as the cost of issuing debt becomes unsustainable, said Axa Investment Managers, which oversees $714 billion in assets.“The borrowing costs are just too high” for Portugal, Christopher Iggo, London-based chief investment officer for fixed income at Axa, France’s fourth-largest fund manager, said in a telephone interview two days
Toyota recalls 2.17 million vehicles

Feb 25, 2011

WASHINGTON (AP) ― Toyota Motor Corp. recalled 2.17 million vehicles in the United States on Thursday to address accelerator pedals that could become entrapped in floor mats or jammed in driver’s side carpeting, prompting federal regulators to close its investigation into the embattled Japanese automaker.The Transportation Department said it had reviewed more than 400,000 pages of Toyota documents
BMW launches new electric, hybrid brand

Feb 22, 2011

FRANKFURT (AFP) ― The German luxury carmaker BMW unveiled on Monday its long-awaited new brand, BMW i, with two new models to be equipped with electric and hybrid drive systems from 2013.The group is also creating a venture capital unit to offer mobility services such as car sharing and navigation systems.“This is BMW i ― Born Electric,” a statement quoted sales director Ian Robertson as saying as the group presented the BMW i3 electric car for city use and the BMW i8 plug-in hybrid for those se
Moody’s cuts outlook for Japan credit rating

Feb 22, 2011

Moody's downgrades Japan rating outlook from stable to negative on massive national debtTOKYO (AFP) ― Ratings agency Moody’s on Tuesday cut its outlook on Japan’s sovereign debt to “negative,” arguing that government policy may not be strong enough to contain the industrialized world’s biggest debt.The move will put further pressure on Japan’s center-left Prime Minister Naoto Kan, in power less th
Chinese telecom giant calls off U.S. deal

Feb 21, 2011

BEIJING (AP) ― A major Chinese telecoms equipment maker is scrapping its effort to acquire a U.S. computer company after a security panel refused to approve the deal.Huawei Technologies Ltd.’s bid to acquire 3Leaf Systems came amid concern in some countries about China’s growing economic might and political assertiveness. American critics said the deal might allow sensitive technology to be transf
Android, video games dominate mobile show

Feb 21, 2011

BARCELONA, Spain (AP) ― The 2011 installment of Mobile World Congress, which gathered 60,000 professionals from 200 countries, served as the official coming-out party for the next generation of Google Android smartphones and tablets.Android had a massive, two-floor booth packed with all the new smartphones and tablets shipping in the coming months running off the various Android platforms, includi
China ups oil prices, further hikes likely

Feb 21, 2011

China, Asia’s biggest oil consumer, increased retail gasoline and diesel prices for the first time this year, aiding state refiners under pressure from $100 crude and prompting bets further increases will come.Shares in China Petroleum & Chemical Corp., the nation’s biggest refiner, rose as much as 2 percent in Hong Kong and 1.3 percent in Shanghai.“The price hike will offset some of the cost pres