U.S. not worried about speed, scope of inter-Korean dialogue: envoy

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S&P cuts Russia rating to ‘junk’

MOSCOW (AFP) ― Standard and Poor’s stripped Russia of its investment-grade rating on Monday, cutting it to “junk” status with a warning of weak growth.“The downgrade reflects our view that Russia’s monetary policy flexibility has become more limited and its economic growth prospects ...

Updated : 2015.01.27 21:39

OPEC chief: Oil at $200 possible

OPEC’s secretary-general said oil prices as high as $200 a barrel are possible if producers fail to invest in new supply. Crude futures erased losses in New York. “If you don’t invest in oil and ga...

Updated : 2015.01.27 20:56

Microsoft profit dips as revenue rises

SAN FRANCISCO (AFP) ― Microsoft on Monday reported that its quarterly profit dipped as revenue increased with help from sales of Surface tablets, Xbox One consoles and cloud services.Profit fell 10 percent from a year ago to $5.9 billion while revenue hit $26.5 billion in the quarter ende...

Updated : 2015.01.27 20:56

Low inflation likely to keep Fed ‘patient’ about a rate hike

WASHINGTON (AP) ― The Federal Reserve ended 2014 with a pledge to be “patient” in raising interest rates from record lows. The way things are going, its patience may endure for a long while.Though ...

Updated : 2015.01.27 20:55

U.S. deficit to shrink to lowest level of Obama presidency

WASHINGTON (AP) ― Solid economic growth will help the U.S. budget deficit shrink this year to its lowest level since President Barack Obama took office, according to congressional estimates released Monday.The Congressional Budget Office says the deficit will be $468 billion for the budge...

Updated : 2015.01.27 20:54

Wary Brussels to seek middle ground with Greece’s Tsipras

BRUSSELS (AFP) ― Greek anti-austerity party Syriza’s resounding election win on Sunday leaves the European Union caught between finding a compromise with its leader Alexis Tsipras and making concess...

Updated : 2015.01.26 21:18

Death of Saudi king unsettles oil market

NEW YORK (AP) ― Oil prices rose initially on news of the death of Saudi Arabia’s powerful King Abdullah, but the increase was moderate and short-lived. The king’s death is unlikely to lead to a cha...

Updated : 2015.01.25 20:58

Google boss Schmidt: Internet will ‘disappear’

DAVOS (AFP) ― Google boss Eric Schmidt predicted that the Internet will soon be so pervasive in every facet of our lives that it will effectively “disappear” into the background.Speaking to the business and political elite at the World Economic Forum at Davos, Schmidt said: “There will...

Updated : 2015.01.25 20:58

Thousands march in Venezuela over economic crisis, shortages

CARACAS (AFP) ― Demonstrators against Venezuela’s economic crisis ― facing sky-high inflation and shortages of food and consumer goods ― took to the streets in their thousands Saturday, banging pots and demanding an end to President Nicolas Maduro’s term.Opposition leaders, fed up wit...

Updated : 2015.01.25 20:56

German central bank chief ‘skeptical’ of stimulus move

BERLIN (AFP) ― The head of Germany’s central bank on Saturday voiced his “skepticism” about the ECB’s decision to launch a trillion-euro bond-buying program in a bid to ward off deflation and boo...

Updated : 2015.01.25 20:56

Oil market upheaval looms over Saudi succession

 RIYADH (AFP) -- King Abdullah's death could not have come at a worse time for Saudi Arabia's vital oil sector as the absolute monarchy seeks to reassert its leadership in a fast-changing industry.After an exceptional decade that saw it build up production capacity and huge financial rese...

Updated : 2015.01.23 21:29

ECB rings in new year with QE fireworks

The European Central Bank began 2015 with a bang Thursday, launching a massive trillion-euro bond purchase programme to ward off deflation and end stagnation in the eurozone economy.After holding interest rates at their all-time low once again at its first policy meeting of the year, the b...

Updated : 2015.01.23 10:49

Reforms 'essential' after ECB stimulus: IMF's Lagarde

International Monetary Fund chief Christine Lagarde on Thursday hailed the European Central Bank's decision to launch a massive stimulus program, but urged eurozone authorities to undertake needed economic reforms."The planned expansion of the ECB's balance sheet will help lower borrowing ...

Updated : 2015.01.23 10:33

eBay to cut thousands of jobs

The Ebay logo and website in Tiskilwa, Illinois. (Bloomberg)NEW YORK (AFP) ― Online retail giant eBay will slash 2,400 jobs ― seven percent of its workforce ― in the current quarter as it restructu...

Updated : 2015.01.22 21:26

Obama launches Democrats’ middle class push in 2016

WASHINGTON (AFP) ― The economic successes U.S. President Barack Obama touted in his speech to Congress Tuesday were not just taunts to Republicans; he was helping Democrats build an early strategy fo...

Updated : 2015.01.22 21:26