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US: N. Korea zone can‘t be in trade deal

SEOUL, South Korea - Including North Korean-made goods in a proposed South Korea -U.S. free trade agreement is impossible as Washington lacks authority to do so, a top U.S. Commerce Department official said Monday.

Seoul is pushing hard for goods made at Kaesong Industrial Complex, a zone just across the border in communist North Korea where about a dozen South Korean companies have factories employing cheap local labor, to be covered by the free trade agreement.

Lavin later told reporters that the U.S. opposition to including the goods produced at the Kaesong complex was unrelated to broader U.S. concerns about North Korea, such as its missile tests, nuclear program and allegations its counterfeits U.S. currency and engages in other illicit activities.

If successful, a deal between Seoul and Washington deal would be the biggest for the United States since the North American Free Trade Agreement, or NAFTA, in 1993.

Cash accounts not idling any more

Call it the silver-lining effect. While the talking heads wring their hands over rising interest rates and the danger they present to life in the known universe, I have to confess a tingling sense of comfort.

I like the idea of earning something on my money.

The world, and perhaps the universe, seems a happier place.

Only two years ago money-market mutual funds weren't worth shooting. Bank money-market accounts were worse. Yields were well under 1 percent, and some accounts had no yield at all.

Today, the average money- market account earns well over 4 percent. And yields still are rising. Indeed, with the six-month Treasury bill now earning 5 percent, "idle cash" is coming up in the world.

This is particularly good news for retirees.

Thursday Newspaper Review - Irish Business News and International ...

The Irish Independent reports that thousands of homeowners will be left struggling to cope with crippling mortgage repayments as interest rates climb even further today.

The European Central Bank will today announce a further rise in interest rates - the fourth 0.25pc increase in just eight months.

The combined increases means mortgage holders will have to repay an average of 2,000 extra per annum - or 60,000 over the lifetime of a 30-year loan. This latest increase will result in a total 12pc jump in the cost of monthly repayments in just eight months.

Bank of Ireland Chief Economist Dan McLaughlin has also warned of two further rises in October and December, pushing the base rate to 3.5pc.

Debt

The Money Advice and Budgeting Service (MABS) last night warned many young buyers, who are already stretched to their limits, will be forced to remortgage to longer terms or turn to debt consolidation.

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