CNA938 Rewind - New look but can refurbished malls increase footfall?
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CNA
19 minutes ago
- CNA
South Korea to announce plan to restructure petrochemical sector facing 'grave' situation
SEOUL: South Korea's government will announce a plan this month to restructure the country's petrochemical sector, which is in a "grave" situation, Industry Minister Kim Jung-kwan said on Thursday (Aug 14). South Korean petrochemical companies must take lessons from the restructuring of the country's shipbuilding industry in the late 2010s, when shipmakers had to liquidate assets and streamline business areas during a period when they faced a sharp drop in orders, Kim said. Kim, who was speaking at a shipyard, said the petrochemical industry needed to take voluntary measures, including the "adjustment" of facilities, his ministry quoted him as saying. There have been concerns over the financial health of South Korea's loss-making Yeochun NCC Co (YNCC), a Yeosu-based petrochemical maker, which media reports said faced about 180 billion won (US$130 million) in loans coming due at the end of August. Margins have plunged for petrochemical companies in South Korea and across the globe due to an oversupply of oil products caused by relentless capacity additions in the last decade, particularly in the biggest petrochemical market China. Demand has also been sluggish in the last three to four years. Analysts say the industry does not expect global petrochemical margins to recover before 2027. South Korea's government can use YNCC's travails as an opportunity for a large-scale restructuring in the industry, said Hwang Kyu-won, an analyst at Yuanta Securities Korea. "A restructuring in the petrochem industry has been highly expected, given the industry is running merely 80% of total capacity in Korea now - meaning we have about a 20 per cent glut here," Hwang said. President Lee Jae Myung, who took office after a snap election in June, pledged during the campaign to pursue legislation with tax support for mergers and acquisitions in the petrochemical industry, and to exempt companies from some antitrust regulations to allow more coordination of production and operations.
CNA
an hour ago
- CNA
Haidilao Singapore will close its Clarke Quay outlet on Aug 31, eligible members to receive S$20 e-voucher
Hot pot chain Haidilao will shut its Clarke Quay outlet, its first-ever restaurant in Singapore, on Aug 31, following the end of its lease. This follows a series of closures in recent months, including Haidilao outlets at Downtown East and Bedok Mall. In a statement, Haidilao Singapore extended "heartfelt thanks to every customer who has supported [them] along the way". 'This was our very first outlet in Singapore and served as an introduction to Chinese hotpot for many local diners," said a spokesperson for Haidilao Singapore. 'It also holds countless fond memories for our team and guests alike. Looking ahead, we will continue to serve the local market through diverse concepts and elevated dining experiences.' To thank customers who have supported the Clarke Quay outlet, Haidilao Singapore will be giving out over S$800,000 worth of dining vouchers. Eligible members will get an e-voucher worth S$20, redeemable with no minimum spend at any Haidilao outlet in the country. From Aug 18 to 29, those who dine at Haidilao Clarke Quay during selected hours can also take part in a lucky draw to win dining vouchers for Haidilao's sister brands: Hi Hotpot and Hi Noodle.
CNA
2 hours ago
- CNA
Singapore Tonight - Wed 13 Aug 2025
From business to politics, health to technology, we bring you up-to-date with the latest news on Singapore and analyze how these events may affect you tomorrow.
