1. Tensions are mounting between the world's second- and third-largest shipbuilding nations. Japan's government is crying foul after South Korea moved to let policy lenders finance unprofitable ship orders to ensure the survival of struggling shipbuilders. In January, South Korea's policy banks revealed that they would temporarily relax their stringent criteria for issuing refund guarantees to give the local shipbuilding industry a much-needed boost. Busan-based Marine Finance Center - which houses the ship finance departments of Korea Development Bank, Export-Import Bank of Korea, Korea Trade Insurance Corporation, and Korea Asset Management Corporation - will draw up guidelines to allow refund guarantees to be issued for low-priced orders in 2018.
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