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Reporter : Park Jae-hyuk
Sun, November 27, 2022 | 13:43
Steel shortage looms as Hyundai unions threaten to strike amid POSCO plant cleanup
Carmakers, shipbuilders and construction firms are feared to face setbacks in securing steel products, as unionized workers at Hyundai Steel are poised to strike in the midst of POSCO's ongoing efforts to restore its Pohang steel mill in North Gyeongsang Province following flood damage, according to industry officials, Wednesday. Earlier this week, Hyundai Steel's four unions...
Ex-trade minister stresses Korea-EU partnership amid US-China tension
A former top trade negotiator for Korea emphasized the importance of the country's strategic partnership with the European Union (EU), amid the paradigm shift in the global trade environment, which has mainly stemmed from the fierce rivalry between the U.S. and China. Yeo Han-koo, a visiting professor at Seoul National University Business School, who served as the minister fo...
Ford management visits Korea to strengthen ties with battery firms
Ford Motor's management, including CEO Jim Farley, came to Korea this week to meet with top executives from SK On and LG Energy Solution (LGES), according to industry officials, Tuesday. The Ford CEO will reportedly tour factories of the two Korean electric vehicle (EV) battery makers. He is also said to be meeting with LGES CEO Kwon Young-soo and SK On Executive Vice Chairma...
'Yellow envelope law' likely to deepen labor-management conflict
An agreement between HiteJinro and unionized cargo truck drivers during the Chuseok holiday eventually ended their half-year conflict, but at the same time, it was regarded widely as the company's complete surrender to the workers. The liquor maker agreed on a 5 percent increase in delivery fees, as well as creating a welfare fund for the truckers and giving them 150 percent ...
SK, Hyundai Motor to supply 1,000 hydrogen buses to Busan for World Expo 2030
SK E&S will push ahead with a project in collaboration with the government to supply 1,000 hydrogen buses to Busan, as part of efforts to support the bid by the nation's second-largest city to host World Expo 2030. The energy company said Monday that it has signed a memorandum of understanding (MOU) with the Busan Metropolitan Government, the Ministry of Economy, Hyundai Moto...
Political dispute intensifies over typhoon-hit POSCO
POSCO has been involved recently in a political dispute between the ruling People Power Party (PPP) and the main opposition Democratic Party of Korea (DPK), since Typhoon Hinnamnor dealt a severe blow earlier this month to the company's main steel mill in Pohang, North Gyeongsang Province. While both the government and the ruling party have questioned POSCO management's respo...
SK chairman discusses economic ties with Japanese prime minister
SK Group and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won became the only Korean business leader to have met with incumbent Japanese Prime Minister Fumio Kishida, according to industry officials, Friday. Chey and Kishida reportedly discussed ways to boost bilateral economic cooperation, during their meeting on Thursday evening on the sidelines of Asia B...
Minority shareholders protest Poongsan's plan to split off munitions business
Poongsan is facing a growing backlash from minority shareholders over its plan to split off its flagship munitions business so the parent firm can focus on copper product manufacturing, according to industry officials, Friday. Earlier this month, Poongsan abruptly announced the split-off plan for Poongsan Defense, arguing that the structural reform will ultimately enhance bot...
For foreign business-friendly tax policies
American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim, front row fourth from left, and National Tax Service (NTS) Commissioner Kim Chang-gi, front row third from left, pose with participants in a meeting at the Plaza Hotel Seoul, Friday. AMCHAM said its members requested more favorable tax treatment for foreign businesses here, so as to transform Korea into a regi...
US-China rivalry heats up over LG batteries
LG Science Park has become the latest battlefield for the intensifying tech war between the U.S. and China, as the conglomerate's R&D cluster in Seoul has emerged as a key destination for both countries' political leaders visiting Korea. Amid the fierce rivalry between the world's two largest economies over supremacy in the global supply chain, the political leaders appear to...
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