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.
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.
Rostock has a tradition of shipbuilding. Business boomed in the post war period, but German Unificaton changed that. Today, Rostock is home only to a few shipyards that survive in niche markets.
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