The conflict between workers and management of GM Korea is showing no signs of easing even after the company went back to normal. Non-regular workers’ discontent is simmering in particular.According to industry sources on September 16, GM Korea President and CEO Kaher Kazem recently hired bodyguards
STX Offshore & Shipbuilding Co., which has had difficulties in receiving new orders due to stricter regulations on financial support, heaved a sigh of relief after a long time. The company received a refund guarantee that had been delayed for four months.STX Offshore & Shipbuilding announced on Sept
On August 29, the Korea Development Bank (KDB) concluded an agreement in Dajeon with the Korea Institute for Advancement of Technology (KIAT) and Hanwha Investment & Securities to form “New Industry Investment Promotion Funds for Foreigners.” The funding is a follow-up of the memorandum of understan
The Korea Development Bank (KDB) and the Export-Import Bank of Korea (Korea Eximbank) provided financial support totaling about 8.7 trillion won (US$7.71 billion) to South Korean companies last year to help them push into the global market.According to financial authorities and banking industry sour
South Korean construction firm SK Engineering & Construction Co. announced on June 17 that it has signed a letter of intent (LOI) with the Philippine government to build environmentally friendly coal-fired power plants worth about 2.2 trillion won (US$2 billion).SK E&C proposed an independent power
As a U.S.-North Korea summit approaches, much attention is being paid to how to finance the reconstruction of the North Korean economy.The total cost for the unification of two Koreas that includes the bill for North Korean economic development varies from expert to expert, ranging from 150 trillion
GM Korea, which was bailed out by its parent company and the Korea Development Bank (KDB), has hit a snag in the early stage of its normalization. GM Korea planned to hold a press conference on May 14 to explain the normalization plan to reporters at its Bupyeong plant, with Barry Angle, president o
The Korean government and GM decided to invest US$ 7.15 billion to normalize GM Korea.The government finalized its plan to support GM Korea in a meeting of ministers presided over by Kim Dong-yeon, deputy prime minister and minister of strategy and finance, on May 10.Following the meeting, the Minis
General Motors (GM) and the Korean government have virtually finalized the methods to inject US$4.35 billion in fresh funds into GM Korea. The funds are part of the US$7.05 billion that the two sides will provide to revitalize the ailing auto company.According to GM Korea and the Korea Development B
The Korea Development Bank (KDB) and General Motors (GM) agreed to jointly invest US$7.15 billion in GM Korea. Each is going to increase its investment from the previously planned level, with the KDB investing 810 billion won to maintain its 17.02% shareholding in the company.On April 26, GM Preside
GM has proposed to increase its investment in GM Korea by up to US$1.5 billion for 10 years to come as part of its effort to normalize its troubled Korean subsidiary.When it comes to GM Korea’s US$2.7 billion debt from the GM headquarters, which was planned to be completely written off through a deb
GM Korea’s labor and management have tentatively agreed on a restructuring plan on April 23, clearing a key hurdle on the path to the troubled company’s normalization.The two sides managed to narrow their differences on how to treat the 680 employees left after the recent voluntary retirement at the
This remark can be regarded as a warning against the HQ, which is planning to file for receivership on April 20 unless unionized GM Korea workers agree to its cost reduction plan.The chairman also said that he will sign a memorandum of understanding for financial support for GM Korea on or before Ap
As the South Korean unit of U.S. automaker General Motors (GM) said it can cancel the plan to convert its debt into equity while making preparations to file for court receivership, it put more pressure on the South Korean government and the labor union of GM Korea. This seems like the strategy to ge
GM Korea’s liquidity crisis is showing no signs of resolution. On April 12, the eighth round of wage negotiations between the company’s management and employees was canceled. Besides, designation of the company’s Bupyeong and Changwon Plants as foreign investment zones is becoming less and less like
GM International President Barry Engle is visiting South Korea, for the sixth time this year alone, to have talks with unionized GM Korea workers. Much attention is being paid to whether the talks will lead to a labor-management agreement, which is essential for the company to survive.The GM Interna
Chinese private equity (PEF) AFC Korea will finally acquire STX Corp. for about 68.5 billion won (US$61.6 million). The acquisition will be made in only three months after AFC Korea was selected as the preferred bidder at the end of 2017. AFC Korea's acquisition of STX Corp. will go down in history
On April 1, unionized Kumho Tire workers took a vote on the sale of their company to Qingdao Doublestar. 91.8% of the registered union members took part in the voting and 60.6% of the participants voted in favor of the sale.On March 31, in the meantime, Kumho Tire employers and employees signed a sp
General Motors (GM) Korea, which pledged to invest US$2.8 billion (2.99 trillion won) over the next ten years, has unveiled a direct investment plan worth US$1.6 billion (1.71 trillion won). Accordingly, critics say the company inflated the amount of new investments to receive financial support from
As Tire Bank officially announced its will to take over Kumho Tire, things have become complicated for the Korea Development Bank (KDB), the main creditor bank considering selling the tire company off to a foreign company or putting the tire company in court receivership."Since the problem of the se