Industry
Loss-making shipyards moving to cut workforces, sell assets
May 2, 2016
Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday.Last month, the government picked five sectors to put under intensive restructuring as their bad performance has been a drag on Asia's fourth-largest economy.The Financial Services Commission, the country's financial watchdog, has demanded local shipyards ramp up sel