The Ministry of Oceans and Fisheries announced on April 23 that it will provide additional liquidity support of 1.25 trillion won to Korean shipping companies that are struggling due to the worldwide spread of the novel coronavirus.The Korean shipping industry is suffering from a decline in cargo vo
CNN reported on April 21 that the United States is monitoring intelligence that North Korean leader Kim Jong-un is "in grave danger after a surgery.”CNN cited an unidentified "U.S. official with direct knowledge," but offered no further details.The report came after Daily NK, a South Korean internet
SsangYong Motor's labor and management are calling for government support to stay afloat.The automaker announced on April 20 that it held a signing ceremony for wage and collective bargaining agreements for 2020 at its Pyeongtaek plant on April 17. The labor and management reached a dispute-free
HDC Hyundai Development Co. recently requested the Export-Import Bank of Korea and Korea Development Bank (KDB) to provide financial support in relation to its acquisition of Asiana Airlines.HDC wants KDB to convert the 500 billion won worth of Asiana's perpetual bonds the bank has acquired into
The Financial Services Commission (FSC) announced on March 13 that short selling in the South Korean stock market would be banned until Sept. 15 this year. Nonetheless, short selling by institutional investors is continuing with Korea Exchange making an exception of liquidity suppliers and market ma
The Bank of Korea’s role expansion is drawing more and more attention as the COVID-19 pandemic is seriously affecting the South Korean economy. Experts are calling for the central bank to supply funds directly to enterprises as the Fed of the United States and the Bank of Japan do.The Bank of Korea
KCGI is stepping up its pressure on Hanjin Group chairman Cho Won-tae by purchasing Hanjin KAL stocks and leveling criticism at him. However, KCGI’s offensives only tend to enhance unity among members of the Hanjin Group in favor of chairman Cho.KCGI said on Feb. 25 that its doubts about the introdu
Hyundai Merchant Marine (HMM) announced on Jan. 16 that it has jointly announced a service cooperation plan with other members of “THE Alliance,” a global shipping alliance that it will join as a regular member in coming April.The Federal Maritime Commission (FMC) of the United States has recently a
The dispute settlement committee of the Financial Supervisory Service (FSS) has told banks to compensate investors in their derivatives-linked fund (DLF) products for up to 80 percent of the losses. The reimbursement rate is the highest since the Dong Yang fiasco in 2014.The FSS said on Dec. 5 that
Shinhan Bank is entering the Cambodian simple payment market. The bank announced on Dec. 4 that it will launch e-wallet service jointly with Cambodia's mobility company MVL.Shinhan Bank has provided an electronic wallet solution to MVL, which will be used as the preferred payment method for TADA
The Hyundai Motor labor union is about to elect the heads of four branches and the four heads are likely to consist of three hawkish and one moderate. The elections are predicted to be critical with regard to the company’s green car production in the future. Earlier, external advisors said that the
The South Korean government is planning to seek measures so that it can make a declaration on waiving its developing country status in the Doha Development Agenda (DDA) negotiations.The United States is currently calling for South Korea to waive its developing country status in the ongoing multilate
The Liberty Korea Party, the Our Republican Party and conservative groups staged a rally in Seoul on Oct. 3, calling for President Moon Jae-in and Justice Minister Cho Kuk to step down. They asserted that more than three million people gathered. The police did not estimate the number.The rally took
The steel and semiconductor industries of South Korea will take a direct hit if the trade war between the United States and China turns into a global tariff war, panelists said at a seminar organized by the Federation of Korean Industries on Sept. 9.The experts said the ongoing trade war between the
The management and employees of Hyundai Motor Co. finished this year’s wage negotiations without a strike for the first time in eight years.“The ongoing trade disputes between South Korea and Japan arose during the negotiations, hanging heavy on us,” said the union, adding, “If we had staged an all-
SK Innovation is planning to file countersuits against LG Chem and LG Chem Michigan with the United States International Trade Commission (USITC) and the United States District Court for the District of Delaware and file a countersuit against LG Electronics with the United States District Court for
Korea Electric Power Corp. (KEPCO) is stepping up its efforts to get Australian government’s approval for development of a coal mine in Bylong Valley in New South Wales, Australia.Standing KEPCO auditor Lee Jung-hee visited Australia from Aug. 4-10 to meet with Australian officials and ask for assis
Facebook Korea vice president Park Dae-sung said on Aug. 27 that the South Korean government’s interconnection standards on telecommunications equipment and facilities have created an environment in which data transmitters’ costs cannot but increase and content providers’ burden will be shifted to u
The Ministry of Science and ICT of South Korea sent letters to local mobile carriers, Samsung Electronics and LG Electronics on Aug. 25, asking them to ensure consumers’ rights to choose and submit plans and proposals concerning the matter.The request has to do with the Samsung Galaxy Note 10. Samsu
With the General Security of Military Information Agreement (GSOMIA) terminated, the Japanese government is expected to put pressure on South Korean industries by slightly increasing the number of items subject to export restrictions or delaying export inspection procedures rather than coming up wit