Tag: business

I don’t see what is so surprising about President Trump’s comment, it is no secret that he has been pushing to bring manufacturing jobs back to the United States:

While circling the sky near the inter-Korean border last week, U.S. President Donald Trump posed a question that later took the leader of South Korea’s ruling party by surprise.

According to Choo Mi-ae of the Democratic Party, Trump was on his Marine One helicopter to the heavily fortified demilitarized zone when he turned to White House chief economic director Gary Cohn and said: “I just saw something amazing. There are so many factories. Can’t they be built in the U.S.?”

The trip to the DMZ was later canceled due to fog and Trump had to turn back to Seoul to continue his two-day state visit. The trip was watched closely because Trump had threatened to use military options against North Korea and engaged in a war of words with the regime over its nuclear and missile programs.

“I think President Trump understood, while he was in the air for 30 minutes, that 25 million people were living in the area below him and that they would be wiped out in the event of war,” Choo said in a meeting with reporters in New York. “But I was so surprised when Director Cohn told me this story. Wasn’t (Trump) essentially saying we should build our auto parts factories in the U.S., too?”  [Yonhap]

You can read more at the link.

Considering that President Moon has plans to increase taxes on the wealthy and businesses to create a welfare state, President Moon better serve some pretty good beer to get these ROK business leaders on board:

President Moon Jae-in is set to hold his first dialogue with top business leaders here this week over beer to help break the ice and possibly allow more frank discussions, an official from the presidential office, Cheong Wa Dae, said Tuesday.

The talks will be held Thursday and Friday, each day involving part of the top executives from the 14 largest business conglomerates, according to Cheong Wa Dae spokesman Park Soo-hyun.  [Yonhap]

You can read more at the link.

I'm gonna start a startup that advises #Korean startups on what to NOT name their startups. #Paycock https://t.co/cZFWgkrIdB

— KingSejong (@KingSejong) July 13, 2017

In survey, majority of Korean content companies report losses from #China's THAAD backlash: https://t.co/CzmWnRLBCN #kpop #hallyu #한류 pic.twitter.com/qtkXDlXOAN

— KEI (@KoreaEconInst) April 13, 2017

I am sure President Trump will be pleased with this news:

LG Electronics’ plans to build a washing machine factory in Tennessee are taking shape as it seeks to sustain growth in the key American market while avoiding punitive protectionist measures from Donald Trump’s administration.

The company signed a memorandum of understanding with the state government on Tuesday in Tennessee, with the goal of clinching a contract by June and beginning construction by the year’s end. LG will spend $250 million on the project.

The facility, to be built on a 300-acre plot of land in Clarksville, will begin making washing machines for sale in the United States by the first half of 2019 at the earliest, LG said. The plant will be able to produce at least a million units of both front- and top-loading machines a year. The site may later expand to production of other home appliances, the company said.  [Joong Ang Ilbo]

You can read more at the link.

This will be a big change for the job hiring process in South Korea if this bill gets implemented, but it seems that face to face interviews will be the way for employers to get around the intent of this bill:

The South Korean parliament’s labor committee on Monday approved a bill which bans employers from requiring job seekers to provide a headshot and information such as their weight and height.

It also seeks to prohibit the “discriminatory” practice of requiring information about an applicant’s birthplace, religion, marital status, assets and family details on application forms.

Violators will be slapped with fines of up to 5 million won (US$4,275) under the bill proposed by Rep. Han Jeoung-ae of the main opposition Democratic Party.

The proposal calls for punishing acts of requesting and offering illegal favors, exerting undue influence and giving and taking gifts or cash in the recruitment process with fines of up to 30 million won.  [Yonhap]

You can read more at the link.

It sounds like the critics of the Hanjin bankruptcy think the Korean government should have bailed them out like the US did the too big to fail banks in 2008:

Hanjin Shipping’s filing for court receivership is inflicting far larger-than-expected negative impacts both at home and abroad as major routes for trade are being suspended.

The government and creditors are facing growing criticism that they are responsible for having thrown global ports and traders into confusion.

About half of Hanjin’s fleet is stuck in ports around the world as the authorities there fear the shipper whose assets have been frozen is unable to pay fees.

The government will not be able to avoid criticism for underestimating the fallout of the bankruptcy of the world’s seventh largest shipper.

It is still pondering over contingency plans to contain the backlash, creating a task force to ensure there are no delays in the flow of cargo.

The Ministry of Oceans and Fisheries will lead the task force along made up of ranking officials from nine related ministries and agencies.

“The government will make sure that the fallout from Hanjin Shipping doesn’t lead to chaos in logistics or a transmission to the real economy including exports,” said Oceans and Fisheries Minister Kim Young-suk, after an emergency meeting held Sunday.

“We will closely cooperate to support damaged industries, taking all possible policy measures,” he said.

However, officials from the shipping industry criticize the government for allowing the shipper to go bankrupt without having drawn up proper countermeasures.

The most urgent problem is that exports may fail to arrive at their final destination on time as 68 of Hanjin Shipping’s vessels are stranded at sea worldwide as of Sunday. [Korea Times]

You can read more at the link, but it is pretty amazing that a huge company like Hanjin has gone into bankruptcy.  It seems like the simple answer is that another company buys Hanjin and then restarts operations with a fresh cash flow to pay the various port fees that are currently delaying shipping.

This undated Yonhap file photo shows Lee Boo-jin (L), president of Hotel Shilla, and Sky Park, vice chairwoman of E-Land Group, whom Forbes magazine has put on its annual list of Asia’s 50 Powerful Businesswomen in 2016 on April 7. (Yonhap)

Good news for Mexico because obviously the ROK leadership views their country as one worthy of seeking investment in:

More than 100 business executives plan to travel to Mexico this week along with President Park Geun-hye, officials said Monday, in an apparent effort to try to forge new business opportunities with the large North American country.

Park is set to meet with her Mexican counterpart Enrique Pena Nieto next Monday to discuss how to boost cooperation in a wide range of issues between the two countries.

The trip follows Park’s visit to Washington for the Nuclear Security Summit with U.S. President Barack Obama and other world leaders set to be held on Thursday and Friday.

A total of 108 companies, including Samsung Electronics and Hyundai Motor, plan to send their senior executives to Mexico on the occasion of Park’s visit to try to explore new business opportunities.

It marks South Korea’s largest business delegation ever to Mexico. In 2010, only a dozen business executives traveled to Mexico with then-President Lee Myung-bak.  [Korea Times]

You can read more at the link.

Unless they ban job interviews this bill probably will not have the desired effect:

An opposition legislator has proposed a bill to eliminate discrimination during the recruitment process of companies based on appearance.

Rep. Han Jeoung-ae of the New Politics Alliance for Democracy (NPAD) proposed on Wednesday a revised bill aimed at prohibiting companies from asking job applicants to specify information unrelated to their capabilities and skills in their resumes.

The proposed bill stipulates that requiring information such as a job applicant’s photo, properties owned or parents’ profession will result in a fine of up to five million won, or roughly 44-hundred U.S. dollars.  [KBS World Radio]