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Wed, October 4, 2023 | 18:37
Hanjin turmoil
Hanjin Shipping's filing for court receivership last week is causing bigger-than-expected turmoil in global sea freight. As of Sunday, nearly half of the shipping line’s 141 vessels were reportedly stranded in 23 countries. Since Hanjin filed for court receivership on Aug. 31 after failing to receive further financial help from its creditors, 61 container ships and seven bulk carriers have been seized, denied entry to ports or left unable to dock around the world.
Hanjin on the brink
Hanjin Shipping Co. filed for court receivership, Wednesday, after creditor banks turned down further financial aid. The world's seventh-largest shipping line, which has been struggling with liquidity woes, appears to be headed for bankruptcy.
[Ed] Dubious 2017 budget
Next year’s budget has been set at 400.7 trillion won ($360 billion), up 3.7 percent from this year’s. Given that the budget has exceeded 400 trillion won for the first time, next year's budget appears to be expansionary. A closer look, however, suggests that the 2017 budget, proposed by the Ministry of Strategy and Finance Tuesday, is neither expansionary nor contracting.
Split of teachers' union
The Korean Teachers and Education Workers’ Union (KTU) is at risk of breaking up as a group of former union leaders are moving to begin a separate labor union. This is the first time that the progressive teachers’ union might split having weathered numerous ups and downs over the last 27 years.
Currency swap with Japan
Korea and Japan have agreed to begin talks on resuming their currency swap deal. During his talks with Japanese Finance Minister Taro Aso in Seoul on Saturday, Strategy and Finance Minister Yoo Il-ho proposed signing a new swap arrangement as a token of cooperation, and Japan agreed.
[Ed] Extra budget in limbo
The 11 trillion won ($8.9 billion) supplement budget might face extinction for the first time in constitutional history as the ruling and opposition parties bicker over its parliamentary passage. They were to approve the bill at Monday’s regular session of the National Assembly, but to no avail, owing to their conflicts over whether high-profile government officials should testify at public hearings.
[Ed] Conclusion on THAAD site
Disputes over the location to host a U.S. anti-missile system are taking a new turn as Seongju County asked the government to consider other sites.
[Ed] Boosting consumption
Indicators for household economic activity remain in the doldrums, casting a dark cloud over the prospect of an earlier economic recovery.
THAAD location chaos
Arguments for finding a new site for the U.S. military's Terminal High Altitude Area Defense (THAAD) system are gaining traction. On Wednesday, Defense Minister Han Min-koo visited Seongju County, North Gyeongsang Province, and said his ministry would consider an alternative location for the anti-missile battery if the county recommends a better site. A defense ministry spokesman also showed flexibility in changing the site Thursday, saying an alternative location will make no strategic difference as long as it is within Seongju.
Revitalizing businesses
Four companies, including Hanwha Chemical, have applied for approval to become the beneficiaries of a new law aimed at expediting voluntary corporate restructuring. Hanwha is reportedly seeking to sell its chlorine and caustic soda plant to Unid Co., a local chemicals manufacturer, as part of its business reorganization efforts.
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