S.Korea Sets Out Economic Support Plan After Ferry Disaster

Posted by Joseph R. Fonseca
Thursday, May 08, 2014
South Korean Ferry

 

South Korea said on Friday it would spend more of this year's fiscal budget during the first half and use the central bank's lending facility for smaller firms to support businesses affected by the ferry disaster.

The Ministry of Finance and Strategy said in a statement it would allocate 57 percent of this year's planned budget spending to the first half of the year, up from 55 percent originally planned.

The ministry said domestic tourism, some retail and lodging businesses have been hit especially hard by reduced spending after the April 16 capsizing of the Sewol ferry, in which nearly 300 passengers were killed.

The ministry said funds in the Bank of Korea's 2.9 trillion won ($2.84 billion) special lending facility for smaller firms would be used to support businesses affected by the ferry accident. ($1 = 1022.8500 Korean Won) (Reporting by Christine Kim; Editing by Choonsik Yoo)

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Maritime Security

Maritime Disputes Test China's Peaceful Rise

The South China Sea has become the most important testing ground for the changing economic, political and military relationship between China and the United States.

GE Gas Turbine to Power USCG Cutter

GE LM2500 gas turbine to power United States Coast Guard‘s eighth National Security Cutter   GE Marine reports that its LM2500 gas turbine will power the United

U.S.: Stronger Response in South China Sea Needed

By releasing video of Beijing's island reclamation work and considering more assertive maritime actions, the United States is signaling a tougher stance over the

Casualties

6,000 Gallons of Diesel Spilt in Alaskan Gulf

Unified Command responding to cleanup aboard vessel in Seldovia, Alaska   A Unified Command consisting of representatives from the U.S. Coast Guard, U.S. Department of the Interior,

Five Years on from Macondo

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next.

Sulfur-Laden Bulk Carrier Grounds off Port Arthur, TX

The U.S. Coast Guard is working with state and local partners in response to a bulk carrier loaded with sulfur that ran aground in the Gulf of Mexico Tuesday, while

News

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

Duke Energy to Help Develop Jeffersonville Port Site

Duke Energy Indiana has selected a 140-acre parcel of land inside the Port of Indiana-Jeffersonville in Clark County for the utility's 2015 Site Readiness Program.

UNOLS Seeks Nominations for Council Positions

The University-National Oceanographic Laboratory System (UNOLS) is an organization of academic oceanographic institutions working in cooperation with agencies of the U.

Maritime Safety

6,000 Gallons of Diesel Spilt in Alaskan Gulf

Unified Command responding to cleanup aboard vessel in Seldovia, Alaska   A Unified Command consisting of representatives from the U.S. Coast Guard, U.S. Department of the Interior,

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Five Years on from Macondo

An interview with NOIA’s Randall Luthi provides unique perspective on where the offshore energy business has been, where it is now, and where it could be headed next.

Vessels

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Bids Placed for Novy Port Icebreaker Contract

Seven companies submit bids for contract for Yamal Novy Port terminal icebreaker   The tendering process for the Yamal Novy Port terminal icebreaker design and build contract has kicked off,

Dredge Yard, Neptune Shipyards Introduce New Dredger

Dredge Yard announced it has partnered with Netherlands-based Neptune Shipyards to develop the new cutter suction dredger, EURO DREDGER 450. Iulia Berchiu, Dredge Yard’s Marketing Manager,

Government Update

Lifting of US Crude Oil Export Ban Possible within Year

The U.S. Congress could lift the 40-year old ban on domestic crude oil exports within a year as a drop in gasoline prices and the potential return of Iranian

US Orders Owner to Clean Up Ruptured Pipeline

Federal order ensures continued action on Santa Barbara County oil spill   The U.S. Environmental Protection Agency and the U.S. Coast Guard issued a joint federal

Suppression of Random Drug Test Results: A Bad and Unnecessary Decision

Last September, an Administrative Law Judge (ALJ) unsettled much of the U.S. maritime industry when he dismissed with prejudice a U.S. Coast Guard (USCG) action

Ferries

Offshore O&G: Weathering the Storm

Vessels are stacked as Gulf oil operators retrench and day rates fall. In the Gulf of Mexico, vessels serving offshore oil-and-gas exploration and production are

New Ferry Safety Initiative from RINA

Italy-based classification society RINA informs it has launched a ferry safety initiative.    The Asset Integrity Management scheme for ro-pax ferries covers fire risk mitigation,

Alewijnse Success at Damen Shiprepair Dunkerque

Electrical system integrator Alewijnse Marine Systems is celebrating the first anniversary of delivering electrical services and maintenance to vessels at Damen Shiprepair Dunkerque.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1531 sec (7 req/sec)