[THE INVESTOR] Major American companies such as Facebook, Microsoft and IBM as well as the South Korean government have joined in efforts to help local start-ups gain a foothold in the U.S.  　Members of the American Chamber of Commerce in Korea held a ceremony on June 14 to mark the launch of the “Global Leading Companies Mentoring Startups” campaign, in partnership with the Ministry of Science, ICT and Future Planning. 　A total of 33 companies participated in the event, including 19 AMCHAM memb

 [THE INVESTOR] Hanjin Group chairman Cho Yang-ho sat down with Gerry Wang, the owner of the world’s largest container firm Seaspan Corp., to persuade him to cut chartering prices. Wang reportedly responded “positively” to Cho’s overtures, according to Hanjin Shipping executives. This is the first time that Cho stepped up to directly intervene in ship charter cost issues. Cho met with Wang on June 14 at the Korean Air headquarters in downtown Seoul.  Cho Yang-ho(left) and Gerry Wang.In May, Wang

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering’s current difficulties were fueled by neglect by its biggest shareholder Korea Development Bank, the Board of Audit and Inspection announced on June 15. According to the BAI, the state-run bank neglected its duty in monitoring the shipbuilder’s accounts and financial stability. The KDB holds 49.7 percent of DSME, making it the biggest shareholder as well as the shipbuilder’s main creditor. According to BAI, KDB did not analyze the shipbui

[THE INVESTOR] Hanwha Total Petrochemical Co. announced on June 15 the completion of a large propane storage tank at its plant in Daesan, South Chungcheong Province. The tank has a storage capacity of 40,000 metric tons and will be used to store propane gas. Hanwha Total said that the large storage tank will enable it to respond effectively to changes in raw material prices. Liquefied petroleum gas consists mainly of propane and butane. In Korea, the gas is used for a wide range of purposes incl

[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering Co. confirmed that a former employee had embezzled 18 billion won ($15.3 million), in a disclosure notice on June 15. The notice confirmed news reports that a former employee had embezzled a total of 18 billion won and that the suspect is currently in custody of the authorities. The company said that it filed a criminal complaint against the suspect in January over the alleged embezzlement of 6 billion won, and that evidence implicating t

[THE INVESTOR] Samsung C&T Corp. is in hot water over alleged discrimination of employees who take child care leave. According to a report by a local broadcaster, the company has been forcing workers who take child care leave to sign a document that frees the company from responsibility should the employee be penalized for taking such leave. The document, which was allegedly signed by an in-house lawyer at Samsung C&T, apparently states that an employee taking child care leave will not take issu

Talks with global advertising agencies end without any agreementDiscussions on cooperation between Cheil Worldwide’s major shareholders and global ad agencies ended without any agreement, according to the Data Analysis, Retrieval and Transfer (DART) System of the Financial Supervisory Service. Publicis and Samsung ended talks for the acquisition of Cheil Worldwide. The company also said that no talks are underway with a third party on the majority stake sale, dismissing rumors about disposal to

[THE INVESTOR] Hyundai Steel Co. is not reviewing plans to build another furnace at its Dangjin Steel Mill, the company said June 15. A local daily had reported that the company was reviewing plans to build another furnace, and that the plans could be put into action within two or three years. Citing unnamed Hyundai Steel officials, the report claimed that the related plans were under review due to the maintenance needs of the existing three furnaces.Hyundai Steel Co.An official with the company

[THE INVESTOR] Samsung Heavy Industries Co. will cut its workforce by up to 40 percent by 2018 as part of restructuring plans, its CEO Park Dae-young revealed on June 15. At present, the company’s regular workforce stands at about 13,000 workers. Speaking on the company’s internal broadcasting network, Park said that between 30 to 40 percent of the workforce will be cut by the end of 2018. He also said that the company will begin a voluntary redundancy campaign this year aiming to cut the workfo

[THE INVESTOR] Unionized workers at Daewoo Shipbuilding & Marine Engineering, one of the country‘s top shipyards, voted Tuesday in favor of a strike at the debt-ridden company’s restructuring plan. YonhapIn a vote asking 6,980 unionists whether to go on strike, 85 percent, 6,127 out of 5,207 who cast ballots, voted yes, according to the labor union. Unionists also demanded DSME to include them when the company holds talks with creditors over rehabilitation schemes. “The result shows that the wor

[THE INVESTOR] Hanjin Group chairman Cho Yang-ho sold shares in an unlisted company on June 14 to purchase new stocks that will be issued by Hanjin KAL.Hanjin KAL is a holdings firm affiliated to Hanjin Group.  The Investor.Cho sold 84,530 shares of Jungseok Enterprise Co. for 25.1 billion won ($21 million). Jungseok Enterprise is a property management company also affiliated to the group. Following the sale, Cho’s stake in the company fell from 27.21 percent to 20.34 percent. As for Hanjin KAL,

[THE INVESTOR] Korea’s top financial regulator will closely oversee the ongoing industry-wide restructuring process of the country’s debt-laden shipbuilders to ensure that the companies fully implement their overhaul plan worth over 10 trillion won. Financial Services Commission Chairman Yim Jong-yong said Tuesday he will hold a biweekly meeting to check whether top local shipyards are making sufficient efforts to normalize their businesses.  Daewoo Shipbuilding & Marine Engineering.“In the firs

[THE INVESTOR ] A large proportion of outside directors at large enterprises are former civil servants, a recent report showed, raising concerns that the system may be being abused to gain advantage in dealings with government bodies. According to a report by the Economic Reform Research Institute, about a third of outside directors employed between 2006 and 2015 were former civil servants.  Civil servants enter the government complex in Seoul. The InvestorThe report analyzed the backgrounds of