Money Briefs: Court seeks bids for Hanjin network

Court seeks bids for Hanjin network

SEOUL • A South Korean court will receive bids by November on the sale of the marketing network of Hanjin Shipping's Asia-US operations as part of efforts to raise funds for the indebted company.

The Seoul Central District Court expects to sign an agreement on the sale by mid-November, a court spokesman said.

Less than two months after South Korea's biggest container line sought bankruptcy protection, the court hearing the petition has set the ball rolling on the asset sales after indicating last month that it would consider selling the entire company.

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ING 'plans to move staff to London'

AMSTERDAM • ING Groep is to move as many as 60 trading jobs from Amsterdam and Brussels to London as the biggest Dutch lender seeks to consolidate operations and cut costs, a person with knowledge of the plans said.

The company also plans to shut its equity derivatives business for financial institutions in New York, Singapore and Brussels, said the person, who asked not to be identified as the plans are confidential.

ING will be the first large lender to move staff to London after the United Kingdom's decision to leave the European Union sparked concerns about the city's future as a financial hub.

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A version of this article appeared in the print edition of The Straits Times on October 14, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe