KOREA (SOUTH): Chemicals producers pressed to scale down excessive capacity

The Financial Services Commission, South Korea's financial regulator, said that local chemicals producers will be under pressure to reduce their excessive output capacity amid a protracted economic slump.

Under the measures, local banks will prod chemicals manufacturers to slim down their production capacity as part of efforts to reduce financial risks.

The set of measures came as the country's corporate sector faces a double whammy of low profitability and a slump in revenues amid an economic slowdown.

Source: Yonhap News Agency, Seoul; 15 Nov 2015
(Syed Rashid Ali, Karachi, Pakistan)