Mass lay-offs loom in South Korea as corporate revamp starts

It’s been like a game of massive macroeconomic chicken: who will blink first, the Chinese government or the state-owned South Korean banks? The story in shipping for the past decade is that there have been too many ships; and that’s because ship prices were exceptionally low, and that’s because there were too many shipyards; and there were too many shipyards because the Chinese have been producing far too much steel, so that has been ultra-cheap as well. The national and provincial Chinese authorities ...