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.