Seoul / Bloomberg South Korea will bolster capital at policy banks through a fund to support restructuring of the nation’s shipping and shipbuilding industries, the government said on Wednesday. The plan is for the government and the Bank of Korea to create an 11 trillion won fund ($9.5 billion) to make sure state lenders can withstand losses as they ...

  Seoul / AFP Prosecutors on Wednesday raided Daewoo Shipbuilding and Marine Engineering Co., one of South Korea’s three giant shipbuilders, as part of a probe into a $2 billion accounting fraud. Some 150 staff from the Supreme Prosecutors’ Office stormed DSME headquarters in Seoul and its Okpo shipyard on the southern island of Geoje, the company said. “This morning, ...

  Tokyo / Bloomberg Suzuki Motor Corp. Chairman Osamu Suzuki ceded the role of chief executive officer and one of his top deputies will resign after the automaker admitted to using unapproved fuel-economy testing methods in Japan. The 86-year-old Suzuki will decline the position of CEO and Executive Vice President Osamu Honda, 66, will step down as of the company’s ...