WASHINGTON, Aug. 24 (Korea Bizwire) – President Lee Jae Myung said Sunday that it is difficult to agree on a demand by Washington on the strategic flexibility of the U.S. forces stationed in South Korea, as the decades-old alliance between Seoul and Washington is expected to face a monumental change, possibly to better deter China. [...]
SEOUL, Aug. 24 (Korea Bizwire) — As South Korea’s ruling party presses ahead with the passage of the so-called Yellow Envelope Law, one of the country’s most prominent foreign manufacturers, GM Korea, has urged the government to reconsider, warning that its Korean operations could face a reassessment by Detroit headquarters. At a closed-door meeting convened [...]
SEOUL, Aug. 24 (Korea Bizwire) — South Korea’s National Assembly has approved amendments to the Trade Union and Labor Relations Adjustment Act, known as the Yellow Envelope Law, granting subcontracted and platform workers broader bargaining rights and restricting corporate claims for damages against unions. The law, passed on August 24, will take effect after a [...]
SEOUL, Aug. 24 (Korea Bizwire) — Nearly a decade after it was first proposed, South Korea’s National Assembly on Sunday passed the so-called Yellow Envelope Law, a landmark revision to the Trade Union and Labor Relations Adjustment Act that limits companies’ ability to claim damages against striking workers and strengthens protections for subcontracted labor. The legislation, [...]
SEOUL, Aug. 20 (Korea Bizwire) — South Korea’s semiconductor industry was rattled Wednesday by reports that Washington is considering acquiring equity stakes in foreign chipmakers building plants in the United States, including Samsung Electronics and Taiwan’s TSMC. The idea surfaced as the U.S. government explores converting subsidies provided under the CHIPS and Science Act into [...]
SEOUL, Aug. 20 (Korea Bizwire) — Shares of South Korea’s nuclear power companies tumbled Wednesday after revelations that a settlement with U.S. nuclear giant Westinghouse has sharply curtailed their access to major global markets. By mid-morning trading, Korea Electric Power Corp. (KEPCO) was down more than 5 percent, while Doosan Enerbility dropped nearly 9 percent. [...]
SEJONG, Aug. 20 (Korea Bizwire) — South Korea’s greenhouse gas emissions dropped below 700 million tons last year for the first time in nearly 15 years, driven by a shift from coal to nuclear and renewable energy. The Ministry of Environment’s Greenhouse Gas Inventory and Research Center reported Wednesday that national emissions reached 691.6 million [...]
SEOUL, Aug. 20 (Korea Bizwire) — South Korea’s embattled petrochemical industry has agreed to slash its core production capacity by as much as a quarter, in a government-backed effort to stave off collapse and reposition for higher-value growth. The Ministry of Trade, Industry and Energy said Wednesday that 10 companies operating naphtha cracking centers (NCCs) [...]
SEOUL, Aug. 20 (Korea Bizwire) — The South Korean government is considering a major overhaul of how it grants pension credits for childbirth and military service, moving from a system of post-retirement adjustments to upfront support — a change that could save nearly 88 trillion won ($65 billion) in state finances over the long term, [...]
SEOUL, Aug. 19 (Korea Bizwire) — South Korea’s biggest conglomerates could see their founding families lose significant sway over board oversight if a second round of corporate law revisions clears the National Assembly, according to a new analysis. Leaders Index, a corporate research firm, said Tuesday that under the proposed reforms, roughly 38 percent of [...]