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S. Korea keeps interest rate at 2.75%

Seoul: South Korea’s central bank kept its key interest rate unchanged at 2.75 per cent on Thursday for a second straight month as the economy shows signs of recovering from a year-long slump.

Bank of Korea (BOK), which cut the rate in July and October, left the benchmark seven-day repo rate unchanged at 2.75 per cent for December.

South Korea’s e


US agency giving RIM another shot

Toronto: A US federal agency is set to trial Research In Motion’s new BlackBerry 10 smartphone after recently ditching the brand in favour of Apple Inc’s iPhone, in a boost for the embattled Canadian company.

The US Immigration and Customs Enforcement agency (ICE), will begin early next year a pilot program on RIM’s new line of B


Ecuador economy to growth about 5%

Quito, Ecuador: Ecuador’s economy is likely to grow around 5 per cent in 2012, while the inflation rate for the full year will be less than 5 per cent, President Rafael Correa said on Wednesday.

High oil revenues have allowed Correa to boost state spending on infrastructure and welfare, which has fuelled economic growth in the past few years. The


Japan bank to pay $8.6m to settle US probe

Tokyo: Japan’s Bank of Tokyo-Mitsubishi UFJ has reached an $8.6 million (Dh31.6 million) settlement with the US Department of the Treasury over a violation of US rules forbidding the transfer of money to nations such as Cuba and Iran.

Bank spokesman Shinya Matsumoto said on Thursday that most of the money went from Japan to Sudan and Myanmar in


Facebook poised to roll out more privacy controls

San Francisco: Facebook is trying to make its privacy controls easier to find and understand in an effort to turn the world’s largest social network in to a more discreet place.

The fine-tuning announced on Wednesday will include several revisions that will start rolling out to Facebook’s more than 1 billion users during the next few weeks and c


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