Money Briefs: Hanjin Shipping to lay off 400 workers

Hanjin Shipping to lay off 400 workers

SEOUL • Hanjin Shipping said yesterday that it plans to lay off about 400 land-based employees in South Korea to cut costs.

The shipper, which applied for court receivership in late August after creditor banks withdrew their support, had about 700 land-based employees in South Korea as of the second quarter of the year. The news comes a day after South Korean shipper Hyundai Merchant Marine said it is considering making a preliminary bid for Hanjin's Asia-to-US operations.


Starbucks plans rapid expansion in China

BEIJING • Starbucks will more than double its number of stores in China by 2021, increasing the company's bet on a country that chief executive officer Howard Schultz says could eventually be a bigger market than the United States.

The chain will have 5,000 stores in mainland China within five years, up from about 2,300 now, the firm said in a statement.

Starbucks, which gets about 13 per cent of revenue from the Asia-Pacific region, is also promoting Ms Belinda Wong to CEO of Starbucks China.


A version of this article appeared in the print edition of The Straits Times on October 20, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe