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

Maritime Security

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

Bollinger Delivers 14th FRC to USCG

Bollinger Shipyards has delivered the 14th Fast Response Cutter (FRC), Heriberto Hernandez, to the United States Coast Guard (USCG). The 154-foot patrol craft

China, Russia in Sea of Japan Joint Military Drills

China and Russia will hold joint naval and air defence drills in the Sea of Japan, China said on Thursday, the latest exercises between the two countries which could concern Japan,

News

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

Maritime Safety

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

China, Russia in Sea of Japan Joint Military Drills

China and Russia will hold joint naval and air defence drills in the Sea of Japan, China said on Thursday, the latest exercises between the two countries which could concern Japan,

Vessels

UK Navy Chooses Effer Crane Again

Cranes manufacturer Effer informs its marine crane has recently been installed aboard the U.K. Royal Navy’s patrol vessel HMS Mersey.   The new 5s 275M crane,

RoRo Launched for Royal Bahamas Defense Force

A Damen RoRo 5612 was launched this month at Halong Shipyard in Vietnam, the shipbuilder announced. The RoRo is one of nine Damen vessels ordered by the Royal

Fire-stricken Icebreaker Overhauled

SENER concludes the Almirante Irizar icebreaker engineering works for re-outfit and overhaul   SENER reports it has completed the engineering works relating to

Government Update

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

Legislation Introduced to Lift Cuba Embargo

A new piece of legislation, the Cuba Trade Act of 2015, was introduced in Congress Tuesday that aims to lift the Cuba embargo and allow for U.S. businesses in the

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Ferries

Redesigned LaGuardia Airport to Include Ferry Terminal

The Port Authority of New York and New Jersey and Delta Air Lines are set to overhaul New York’s notoriously outdated and publically criticized LaGuardia Airport,

MARAD Support for Hydrogen Fuel Cell R&D

The U.S. Department of Transportation’s Maritime Administration (MARAD) today announced that it is providing $500,000 to support a feasibility study for the design,

Calais DFDS Ferries to Restart Tuesday; Talks to Reconvene

DFDS Seaways Calais-Dover ferry service, suspended by a workers' blockade of Calais port during the weekend, will resume on Tuesday morning, Transport Minister

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1732 sec (6 req/sec)