Similar Stories to South Korea To Inject $2.6 Bln Into Ailing Shipyard Daewoo on Bing News

By YOUKYUNG LEE, AP Business Writer, Seattle Post-Intelligencer: Business
Wed, 03/22/2017 - 8:56pm

South Korea is holding a snap election in May to select a president after the Constitutional Court upheld the impeachment of Park Geun-hye earlier this month, citing the influence-peddling scandal involving her secretive adviser. The country's unemployment rate has reached its highest level in more than a decade as Hyundai Heavy Industries, Daewoo Shipbuilding and Samsung Heavy Industries shed tens of thousands of jobs. Despite heavy job cuts, selling non-essential assets such as real estate and other restructuring efforts, Daewoo Shipbuilding reported an annual net loss of 2.7 trillion won in 2016, its fourth straight annual loss. The company has been cited as an example of moral hazard at a state-owned company after its former CEO and former chief financial officer were convicted of embezzlement and breach of trust.

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