A shrinking global economy means less trade and that means fewer ships are needed. This fall in demand has thrown South Korean shipyards into crisis. Now the government is stepping in.
Paris says it'll find other buyers if Italy doesn't agree to split ownership of France's biggest shipyard. It comes after the French government canceled a deal that gave a controlling stake to an Italian shipbuilder.
France and Italy have struck a deal that will allow Italian firm Fincantieri to effectively take control of STX France, a strategic French shipyard, ending a dispute that had soured relations between Paris and Rome.
Washington has slapped sanctions on another 81 Russian companies as a result of Moscow's role in the Ukraine conflict . Among those facing bans are chipmakers, shipyards, gas firms, and a bridge builder.
South Korea cut its key interest rate to a record low of 1.25 percent, amid stagnating exports and sluggish consumption, in a step that surprised analysts, who expected the central bank to maintain a wait-and-see stance.
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