World Business

Washington—United States President Barack Obama’s trade agenda appears to be back on track after an extraordinary bipartisan rescue operation mounted in the week since it was derailed in the House of Representatives by rebellious Democrats backed by organized labor.

Seoul, South Korea—South Korea’s central bank lowered its key interest rate to a historic low on Thursday, responding to a slump in exports and the prospect that the outbreak of the deadly MERS virus could slow the economy.

Washington—The US House of Representatives sidetracked a high-profile White House-backed trade bill, a blow to a pending Asian trade deal and a humiliating defeat for President Barack Obama inflicted by members of his own party.

Beijing—Li Haitao, a 24-year-old employee at a steel trading company, did no research last June before he joined a stampede of novice investors into China’s surging stock market. He paid for his risk-taking.

New York—Standard & Poor’s on Wednesday downgraded Greece’s credit rating one notch further into junk territory, saying it’s likely the country will default on its commercial debt within a year if it can’t strike a deal with its creditors.

Washington—United State President Barack Obama said China has made inquiries about potentially joining a Trans-Pacific trade agreement in the future, introducing a new variable to an unfolding debate in Congress over granting him the power to negotiate such international deals.

Vienna—The price of crude remains too low for most Organization of the Petroleum Exporting Countries (Opec) member-nations. But with the 12-nation cartel’s control of supply and demand slipping, its oil ministers may have little choice this week but to sit back and do nothing.

More Americans bought new homes in April—evidence that the stronger job market is powering the housing sector. The United States Commerce Department said last Tuesday new-home sales climbed 6.8 percent last month to a seasonally adjusted annual rate of 517,000. Sales recovered from a 10 percent dip in March to an annual pace of 484,000.

Greece is proposing to legalize tax-dodgers’ undeclared money for a fee, a way to raise money as the country tries to reach a deal with creditors to get more bailout money and avoid default.

Seoul—South Korea’s industrial activity weakened in March after growing the previous month on the back of reductions in production, investment and consumption, boosting concerns about economic slump, a government report showed.