About 10 Hyundai Steel union members have occupied the president’s office at Dangjin Steel Works since May 2 and have been protesting, calling for payment of special incentives. As a result, Hyundai Steel president Ahn Dong-il has been unable to work at the company’s main production facility for mor
The Ministry of Economy and Finance has decided to object to the ruling People Power Party’s bill for large-scale tax incentives for investment in semiconductor production facilities. This is unusual in that the ministry is in favor of corporate tax reduction for investment expansion.According to ex
Unionized Daewoo Shipbuilding & Marine Engineering (DSME) workers released a statement on Aug. 1 to express concerns on the possibility of the company being divided into several units to facilitate its sale.After the recent strike by subcontract workers that continued for 51 days, divide and sell is
Starbucks Korea has drawn ire of consumers as carcinogens were found in summer carry bags it distributed to customers as gifts. The company is exchanging the product for a drink voucher, but some indignant consumers are leaving messages suggesting a boycott of Starbucks on SNS channels and internet
The three major Korean battery cell companies have formed a common front to respond to the EU’s recycling regulations.Representatives of the three companies -- LG Energy Solution, SK On, and Samsung SDI -- and the Korea Battery Industry Association visited the EU Joint Research Center (JRC) in Bruss
The Korean Metal Workers’ Union (KMWU) under the Korean Confederation of Trade Unions initiated a general strike on July 20 in Seoul and Daewoo Shipbuilding & Marine Engineering in Geoje. The strike is to support subcontract workers working for DSME.“The South Korean government closed its ears to th
At the Win-Win·Huawei Innovation Week, David Wang, executive director of the board and chairman of the ICT Infrastructure Managing Board of Huawei, delivered a keynote speech titled "Innovation, Lighting up the 5.5G Era". In his speech, Wang spoke about the next evolution of 5G technology, which the
More and more experts are calling for the government to conclude currency swap agreements with the United States and Japan, as the won-dollar exchange rate is soaring and South Korea’s foreign exchange reserves are decreasing fast. At present, South Korea is in currency swap agreement with Canada, C
Hyundai Motor CEO Lee Dong-seok met with unionized workers on July 4 to demand wage negotiation resumption.“Stagflation is spreading, another global economic recession is imminent, and the recession is likely to dwarf the global financial crisis of 2008,” he said, adding, “Besides, the ongoing autom
Samsung Electronics Vice Chairman Lee Jae-yong returned from a business trip to Europe in the middle of June after wrapping up talks with ASML about the introduction of next-generation extreme ultraviolet (EUV) lithography equipment from the Dutch semiconductor equipment maker.Lee met with ASML CEO
The author is an analyst of Shinhan Investment Corp. She can be reached at sunmi.kim@shinhan.com. -- Ed. Silently in motionNew apartment presales doing well so farThere have been no notable issues for major domestic construction companies in 2Q22. As of June, new apartment presales of top-tier build
Truckers ended their strike in eight days, but concerns still remain. The government’s stern stance did not last and the strikers succeeded in expanding the freight charge guarantee that initially caused the strike, which means the financial burden of enterprises will increase.The freight charge gua
The Office of the United States Trade Representative emailed the Ministry of Trade, Industry and Energy on April 22, immediately after a network usage fee-related bill was discussed at the National Assembly, to claim that the bill may lead to a trade conflict.“The office enumerated the potential ris
Samsung Electronics' labor union has filed a complaint with the Ministry of Employment and Labor against the company for determining wage increases for 2022 through the Labor-Management Council.The joint bargaining group formed by four labor unions within Samsung Electronics held a press confere
Wage negotiations at Samsung Electronics have reached an impasse. Conflicts between the labor and management appear to be growing, as the labor union rejected a three-day paid leave proposal from the management and requested the nation's two umbrella union federations and civic groups to join it
The author is a fixed income strategist of Shinhan Investment Corp. He can be reached at jk.ahn@shinhan.com. -- Ed. Growing need for rate hikes from April with inflation risks materializedThe surge in KTB yields is intense. Before the March FOMC meeting, the 3Y KTB yield stood in the 2.2% range and
Hyundai Motor Co. employers and union members released a joint statement on quality innovation in June 2020 in order to overcome COVID-19 by enhancing their product quality and maximizing their output. In September 2020, they formed a joint council for the same purpose. Recently, the new leaders of
With the U.S. government having completed its steel tariff negotiations with the European Union, the United Kingdom and Japan, the South Korean government is continuing to call for quota adjustment and tariff improvement in the U.S. political community.For example, South Korean Trade Minister Yeo Ha
The Korea Federation of Banks and its member banks are considering asking the government to allow them to do virtual asset business.According to the member banks, virtual asset business should be included in the scope of their business stipulated in the Banking Act so that they can enter the industr
The Korean Confederation of Trade Unions has asked president-elect Yoon Suk-yeol to pursue national integration throughout his presidency.“The president-elect did not have any talks with the labor and civic communities and his labor policies are still unclear,” it said, adding, “Recently, he showed