Korean farmers’ music ‘nongak’ added to UNESCO heritage list

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‘Russia seen risking junk status’

Russian ruble banknotes. (Bloomberg)Russia has limited room for tapping one of its sovereign wealth funds before jeopardizing its investment-grade debt rating, according to Standard & Poor’s.“If mon...

Updated : 2014.11.27 21:20

Alibaba plans to invest more in India

NEW DELHI (AFP) ― E-commerce giant Alibaba’s founder Jack Ma promised Wednesday to invest more in India where online sales are soaring, predicting that the Internet will transform the country’s fut...

Updated : 2014.11.27 21:20

Indonesia joins China-led regional bank

China said Thursday that it has signed a memorandum of understanding with Indonesia that allows Jakarta to join a regional bank led by Beijing to fund infrastructure projects in Asia. South Korea, Australia and Indonesia were absent last month when China and 20 other countries in the regio...

Updated : 2014.11.27 20:18

Pre-OPEC meeting fails to deliver oil output cut

Nations supplying a third of the world’s crude oil failed to pledge output cuts after meeting in Vienna. Russia can withstand prices even lower than they are now, the country’s biggest producer said. Officials from Venezuela, Saudi Arabia, Mexico and Russia said Tuesday only that they wo...

Updated : 2014.11.26 20:52

Apple tops $700b valuation, fueled by new products

Apple Inc., already the world’s largest company by market capitalization, hit a record intraday value: $700 billion. Shares of Apple rose to as much as $119.75 at the start of trading in New York Tuesday, giving the company a valuation of more than $702 billion, a milestone that no other ...

Updated : 2014.11.26 20:52

U.S. economy posts even stronger growth in Q3

WASHINGTON (AP) ― The U.S. economy grew even faster in the third quarter than initially thought, posting the strongest six months of growth in more than a decade and pulling further ahead of other bi...

Updated : 2014.11.26 20:51

Juncker unveils $390b plan to ‘kick-start’ EU economy

STRASBOURG, France (AFP) ― New EU Commission chief Jean-Claude Juncker unveiled Wednesday an eagerly awaited 315 billion euro ($390 billion) investment plan to “kick-start” the economy, saying it would show the world that Europe was back in business after years of crisis.Juncker said th...

Updated : 2014.11.26 20:50

HSBC to pay $12.5m to settle SEC charge

NEW YORK (AFP) ― A Swiss unit of British bank HSBC has agreed to pay $12.5 million for flouting U.S. rules requiring registration of cross-border brokerage services, the Securities and Exchange Commi...

Updated : 2014.11.26 20:50

Eurozone ‘major risk’ to world growth

PARIS (AFP) ― The weak eurozone economy poses a key threat to global growth, the OECD warned Tuesday, urging more flexibility in fiscal rules for struggling EU members like France and Italy to prevent another recession.Forcing the two major European economies to meet the EU’s tough defic...

Updated : 2014.11.26 20:50

Russia loses $140b from sanctions

MOSCOW (AFP) ― Russia is losing up to $140 billion a year because of Western sanctions over the Ukraine conflict and plunging oil prices, but President Vladimir Putin has dismissed the economic damage as “not fatal.”“We are losing around $40 billion per year due to geopolitical sanctio...

Updated : 2014.11.25 21:11

Global warming could undermine poverty fight, World Bank says

WASHINGTON (AFP) ― Climate change could undermine efforts to defeat extreme poverty around the globe, the World Bank warned Sunday.In a new report on the impact of global warming, the bank said sharp...

Updated : 2014.11.24 21:00

Judge OKs $450m deal in Apple e-book suit

SAN FRANCISCO (AFP) ― A U.S. judge signed off Friday on Apple’s $450 million legal deal to compensate consumers harmed by an illegal price-fixing conspiracy for electronic books.The settlement negot...

Updated : 2014.11.23 21:06

Toyota recalls 423,000 Lexuses for fuel leaks

DETROIT (AP) ― Toyota is recalling nearly 423,000 Lexus luxury brand cars in the U.S. to fix fuel leaks that can cause fires.The recalls affect the 2006 to 2011 GS, 2007 to 2010 LS and the 2006 to 2011 IS models.Toyota says that the cars’ fuel lines have nickel phosphate plating to prote...

Updated : 2014.11.23 21:06

China building possible airfield in South China Sea, U.S. says

WASHINGTON (AFP) ― China is building a massive island in the South China Sea that could host an airfield in an area where Beijing is locked in bitter territorial disputes with neighboring states, a U.S. military spokesman said Friday.The vast land reclamation project on the Fiery Cross Re...

Updated : 2014.11.23 21:06

ECB head willing to step up stimulus to help economy

FRANKFURT, Germany (AP) ― European Central Bank head Mario Draghi says the eurozone’s chief monetary authority is willing to “step up the pressure” and increase its efforts to stimulate the strugg...

Updated : 2014.11.23 21:05