The Korea Herald

[Newsmaker] Clinton kicks off 2016 bid

Jun 16, 2015

NEW YORK ― Hillary Rodham Clinton formally kicked off her presidential campaign on Saturday with an enthusiastic embrace of her potential to become the first woman to win the White House, asking supporters gathered at her first major outdoor rally to join her in building an America “where we don’t leave anyone out, or anyone behind.”Hillary Rodham Clinton (Yonhap)With the downtown New York skyline and new World Trade Center over her shoulder, Clinton offered herself as a fierce advocate for thos
[Graphic News] Average yearly pay at big firms reaches W75.64m

Jun 9, 2015

Employees working at South Korean conglomerates earned an average of 75.64 million won ($67,000) last year, said Job Korea, a leading local employment website. The recruiting company collected salary data from corporate reports submitted by 90 of Korea’s top 100 companies. Among the 887,636 employees, including contract workers, 75.1 percent were male and 24.9 percent were female.According to the data, male employees earned roughly 30 million won more than female colleagues, as men received an a
Russian missile maker: MH17 shot down by Ukrainian missile

Jun 2, 2015

The Russian maker of the Buk air defense missile system said Tuesday that it has concluded that Malaysian Airlines flight 17 was downed by an older version of the missile, which isn't in service with the Russian military but is in Ukrainian arsenals.Controversy continues over who shot down the plane last summer over eastern Ukraine, killing all 298 people aboard. Ukraine and the West suspect it was destroyed by a Russian surface-to-air missile fired by Russian forces or separatist rebels fightin
Greece has submitted draft bailout plan to creditors

Jun 2, 2015

Greece has submitted a proposal for an agreement with its creditors, the country's prime minister said Tuesday, as Athens seeks a deal that will unlock desperately needed rescue money.Alexis Tspiras said the ball was now in Europe's court to prevent the potential breakup of the European Union. Without more rescue loans, Greece could default on its debts this month and potentially drop out of Europe's currency bloc.“It is now clear that the decision for whether they want to adapt to realism and e
Yellen: 1st rate hike likely by year end if economy improves

May 23, 2015

Federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year -- if the job market improves and the Fed is confident inflation will climb closer toward its target rate.She described the U.S. economy as “well positioned for continued growth,” but at the same time highlighted a number of headwinds that threaten progress. Wages have been disappointing and too many people who want full-time jobs and instead working part-time, she said. She also noted a la
South African Minister Nene ‘very concerned’ by forex probe

May 21, 2015

South Africa’s finance minister said he’s worried a probe into foreign currency manipulation may expose risks in the banking system, as government officials prepare to meet the central bank to discuss the investigation.“We are very concerned,” Nhlanhla Nene said in an interview at a meeting between business and government leaders in Johannesburg Thursday. “We will meet with the Reserve Bank tomorrow to understand what happened and if there’s any impact on South Africa’s financial systems.”The co
Elbit expands cybersecurity business with $158m deal

May 21, 2015

Israel’s biggest publicly traded defense company, Elbit Systems Ltd., bought a cybersecurity business three days after its chief executive officer said that industry has become a priority.Elbit agreed to pay Nice Systems Ltd. as much as about $158 million for its cyber solutions and intelligence division, according to a filing to the Tel Aviv Stock Exchange on Thursday. The company will merge the acquisition with its recently created subsidiary, Cyberbit Ltd.“We believe cyber will be a major gro
S. Korea takes transparent, lawful stance on Lone Star case: regulator

May 21, 2015

South Korea is taking a transparent and lawful stance on dealing with the ongoing legal dispute with U.S. equity fund Lone Star over its sale of a major commercial bank and other assets here years ago, Seoul's top financial regulator said Thursday. Lone Star lodged a complaint against the South Korea government before the International Centre for Settlement of Investment Disputes in 2012, claiming that it was forced to pay unfair taxes and suffered losses due to Seoul's delay in approving a
Alibaba founder says fakes 'inevitable' part of economic growth

May 19, 2015

Alibaba founder Jack Ma said Tuesday counterfeits are an "inevitable part" of economic development, a remark that comes as the Chinese e-commerce giant is facing claims over its alleged role in facilitating sales of fake luxury products. Kering SA filed a lawsuit against Alibaba in the United States last week, accusing the e-commerce juggernaut of profiting from sales of knockoffs, which were shipped to New York, of its luxury brands, including Gucci and Yves Saint Laurent. The French firm had
Greece warned of cash shortage ahead of deadline: report

May 17, 2015

ATHENS (AFP) - Prime Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($845 million) due this month to the International Monetary Fund, Greek newspapers said Sunday.The reports came less than a week after Athens admitted that it tapped into an emergency account to pay back the loan, in order to avoid crashing out of the eurozone.On May 8, Tsipras wrote to European Commission, IMF and European Central Bank officials to warn them that
Kerry to meet Russia's Putin amid Ukraine, Syria tensions

May 12, 2015

U.S. Secretary of State John Kerry is in Russia to meet President Vladimir Putin with an eye on easing badly strained relations over conflicts in Ukraine and Syria.Kerry laid a wreath at a World War II memorial in the Black Sea resort city Tuesday before holding talks with Russian Foreign Minister Sergey Lavrov. Later, he was to meet Putin on the brief visit, his first to Russia since May 2013 and the advent of the Ukraine crisis.The top U.S. diplomat plans to test Putin's willingness to push pr
Verizon agrees to acquire AOL in deal valued at $4.4b

May 12, 2015

Verizon Communications agreed to buy AOL in a deal valued at $4.4 billion, giving the largest U.S. wireless carrier digital content and Web advertising platforms.Verizon will pay $50 a share, a 17 percent premium over AOL’s stock price on Monday. AOL Chief Executive Officer Tim Armstrong will continue to lead AOL’s operations after the deal is completed, the companies said Tuesday in a statement.AOL has once again become a digital trailblazer, and we are excited at the prospect of charting a new
China cuts rates for 3rd time in 6 months to boost economy

May 10, 2015

BEIJING (AP) -- China cut interest rates Sunday for the third time in six months to boost sluggish economic growth and announced that it is giving banks more flexibility in setting rates paid to depositors in a new step to make its financial system more market-oriented.The central bank's rate cut reflects the communist leadership's growing urgency about reversing a deepening slump that threatens to cause a politically dangerous spike in unemployment.Economic growth has fallen to its lowest level
Greece, creditors 'very close' to a deal: minister

May 10, 2015

ATHENS (AFP) -- Greece and its international creditors were "very close" to a loan deal for the cash-strapped country, a Greek junior minister said Sunday, a day ahead of a key meeting in Brussels."After weeks of painful negotiation, if the other side is willing, it will become apparent that... the deal is very close and will be sealed in the coming period," Euclid Tsakalotos, one of Greece's main negotiators, told Avgi daily.Tsakalotos, a junior foreign minister, said Athens and its creditors w
[Newsmaker] More work urged amid Greece default worries

Apr 19, 2015

WASHINGTON ― Greece was told Saturday to urgently deliver a detailed fiscal and debt plan to official lenders as the IMF-World Bank spring meetings wound up amid escalating worries of a looming default.As Athens’ talks with creditors continued in Paris, both IMF Managing Director Christine Lagarde and European Central Bank chief Mario Draghi warned in Washington that Greece has not provided enough information about how its economic and reform plans will impact its finances.With Greece seeking th