The Korea Development Bank (KDB) officially recognized a possibility of GM’s withdrawal from Korea. In fact, there will be no way to stop GM if the automaker withdraws from Korea. The state-owned bank is the second largest shareholder with a 17% stake in GM Korea.According to a report by the KDB on
Hyundai Heavy Industries Co.’s move to secure 1 trillion won (US$892.86 million) of liquidity is part of its self-rescue plans to survive. In addition to Hyundai Heavy, the nation’s big three shipbuilders have implemented up to 90 percent of their self-rescue plans, accelerating restructuring and st
GM Korea has faced the biggest crisis in history due to a rapid drop in domestic sales in June, resignation of president and a slow rate of negotiation with the labor union.According to industry sources on July 6, GM Korea is in the state of uneasiness after president and CEO James Kim announced to
GM Korea announced on July 3 that its president James Kim will resign from his position next month to lead the American Chamber of Commerce in Korea. “During the past two years, he has made a great contribution to an increase in sales in the South Korean market, brand awareness enhancement, and cust
Major foreign information technology (IT) companies in Korea showed a significant reduction in their work forces last year.Hewlett-Packard (HP Korea’s work force stood at 654 as of April this year, according to corporate information provider Credit Job. This is a decrease of 105 people compared to t
A controversy is brewing over recent remarks from Moon Chung-in, special presidential adviser for unification, foreign and security affairs. On June 16 (local time), he said at a Woodrow Wilson Center seminar in Washington D.C. that the South Korean government may discuss reducing the scale of the j
The Paradise Group (Chairman, Jeon Phillip) is suffering from consecutive negative factors. Sales of its casinos, a major cash cow for the group, have been on decline for three months running.As if to add oil to the fire, Paradise Sega sammy, a subsidiary of the Paradise Group that has been involved
During a press conference to celebrate an official opening of the Paradise City casino resort on Yeongjong Island, Incheon, on April 20, Paradise Group Chairman Jeon Phillip said, “As the first multi-complex resort in Northeast Asia, we will make the Paradise City as one of the best hallyu tourist d
KT's new union recently issued a statement urging chairman Hwang Chang-kyu to resign immediately before the company makes a decision on extending his tenure on March 24. .This is because former Chong Wa Dae chief policy coordinator Anh Jong-bum, who was involved in the Choi Soon-sil Gate, asked chai
It has been confirmed that Hong Ki-taek, a former governor of the Korea Development Bank, was officially dismissed as vice governor of the Asian Infrastructure Investment Bank (AIIB).According to the Ministry of Strategy and Finance on February 6, the AIIB informed Hong of the contract termination b
Hanjin Shipping, which is under court receivership, has decided to lay off all land-based workers except a small number of employees who will look after the U.S. and Asian shipping routes.According to shipping industry sources on October 19, Hanjin Shipping’s management recently informed its ground
According to Korean Airlines on September 6, this year, a total of 30 pilots left the airliner until June. For one year since the beginning of the second half of last year, ten pilots tendered their resignations a month on average. Airline industry experts say that they believe that more pilots than
Samsung SDS, the information technology solutions arm of Samsung Group, has joined hands with global leading information technology (IT) giant Oracle Corp. to target the global biometric, retail and logistics solution markets.Samsung SDS announced on September 20 that it has signed an agreement with
Ha Sung-yong, president and CEO of Korea Aerospace Industries Ltd (KAI), has suggested that he would step down if KAI failed to win the T-X project of the United States Air Force to buy advanced jet trainers.According to industry sources, he said, “I submit my resignation first in order to confirm m
Conflicts between the managements and labor unions of the ‘Big Three’ shipbuilders are on the rise. The local shipbuilders so called “Big Three” -- Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries -- are now all in the preliminary procedures for strike
More and more Korean CEOs at multinational pharmaceutical firms in Korea are being forced to leave the company or receiving disciplinary measures from the headquarters for various reasons.CEO Hak-sun Moon at Novartis Korea which received search and seizure from the prosecution for suspicion of rebat
On Sept. 13, a tripartite commission consisting of Minister of Employment and Labor Lee Ki-kweon representing the government, Chairman of the Korea Employers Federation Bahk Byong-won representing business, and President of the FKTU Kim Dong-man representing labor reached an agreement on labor refor
At the present moment, when President Park Geun-hye has singled out labor reform as the nation's top priority in the second half of this year, it is said that Kim Dae-hwan, former chairman of the Korea Tripartite Commission who resigned in April, will return as early as this week.A high-ranking
Handing in their resignations, heads of all of the subsidiaries of POSCO, including all internal directors and Daewoo International, resolved to desperately reform its business structure. The group launched an emergency management reform committee headed by POSCO CEO Kwon Oh-joon. POSCO seems to mak
It has been found that 86.3 percent of Korean employees are thinking that they might become layoff targets, and no less than 76.9 percent of workers answered that they directly or indirectly experienced manpower reduction at work in a recent survey of 640 employees.Of those that experienced manpower