Money Briefs: Unload faster if revival is to work, Hanjin told

Unload faster if revival is to work, Hanjin told

SEOUL • The South Korean court overseeing the receivership application of Hanjin Shipping said the stranded vessels of the troubled container line are taking too long to unload cargo, and a delay will make it impossible to revive the company.

Hanjin needs to quickly end the supply chain disruptions. A longer time taken to return chartered ships means more claims and debt will pile up, a court spokesman said, declining to be identified, citing policy.

Shares of Hanjin Shipping tumbled by as much as 23 per cent to a record low yesterday amid fading chances of survival and after Yonhap News Agency, citing the court, reported a rehabilitation plan was "realistically impossible".

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BOC's 1st yuan-clearing US branch in New York

BEIJING • Bank of China's (BOC's) New York branch will be the first yuan-clearing bank in the United States, the People's Bank of China (PBOC) announced in a statement on its website yesterday.

The appointment was made in conjunction with the US Federal Reserve, according to the PBOC statement.

The Chinese government has named yuan-clearing banks in 21 overseas cities and countries as part of a drive to promote the use of the currency for transactions worldwide.

BOC has received the most yuan-clearing mandates of China's banks with 11, including Hong Kong, Macau, Sydney, Paris and Taipei.

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A version of this article appeared in the print edition of The Straits Times on September 22, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe