[Law Talk] Unexposed risks of the Serious Accidents Punishment Act: Business owners facing liability beyond the workplace

Amid recurring industrial accidents such as the 2018 Taean Power Plant tragedy, the 2020 Icheon fire incident, and the death of a worker at Pyeongtaek Port in April, social interest regarding the need for health and safety in outsourcing arrangements has been steadily growing. Meanwhile, with the increase in outsourcing of work across all industries, the vague division of roles and responsibilities between companies and contractors, and the lack of authority of contractors/subcontractors that

Aug. 29, 2021

Industrial accidents cause economic losses of W30tr in 2020: data

Industrial accidents at workplaces caused an estimated loss of nearly 30 trillion won ($25.6 billion) last year, data showed Sunday, with the country seeking to impose heavy punishment on employers in the event of workplace disasters starting next year. The losses caused by industrial accidents were estimated at 29 trillion won in 2020, up 8.5 percent from a year earlier, according to the data compiled by the Ministry of Employment and Labor. The total number of deaths from industrial accident

Aug. 29, 2021

Seoul stocks to move in tight range this week after Fed chief's dovish comment

South Korean stocks are likely to move in a tight range next week as investors' profit-taking mode may be balanced against the US Federal Reserve chairman's dovish comments. The benchmark Korea Composite Stock Price Index (Kospi) closed at 3,133.9 points Friday, up 2.4 percent from a week ago. The weekly gain came as investors bet that the US Federal Reserve would not hurry its timeline for tapering its stimulus and policy interest rates in the Jackson Hole meeting that took place Friday (US t

Aug. 29, 2021

SsangYong to open bid for new buyer

Cash-strapped carmaker SsangYong Motor Co. plans to receive acquisition proposals through mid-September, as a two-way race between two local investors is expected, industry sources said Sunday. The firm plans to receive bids from potential buyers through Sept. 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motor

Aug. 29, 2021

Kia workers OK wage deal without strike for 1st time in 10 years

Unionized workers at Kia, South Korea's second-biggest carmaker, voted Friday to accept the company's wage proposals without a strike for the first time in a decade. Kia said 68 percent of 26,945 workers voted in favor of wage offers that include an increase of 75,000 won ($64.30) in monthly basic pay, two months of wages in performance-based pay and cash bonuses worth 5.8 million won. More than 1,600 out of the 28,604-member union abstained. But Kia rejected the union's demand to extend the

Aug. 27, 2021

SK chief faces punishment over 2017 LG Siltron acquisition

South Korea’s antitrust watchdog will embark on a process of punitive action against SK Group and its chairman Chey Tae-won over an accusation that he plundered corporate profits during the group’s 2017 buyout of silicon wafer manufacturing firm LG Siltron, now SK Siltron. According to industry sources on Friday, the Fair Trade Commission here is expected to inform SK Group of findings on its investigation into the SK Group’s possible irregularities during the purchase of th

Aug. 27, 2021

Korea hails first REIT to hit stock market this year

South Korea on Friday saw its first public real estate investment trust debut on the domestic stock market this year, with more debutants headed for the listing soon. D&D Platform REIT, which holds office and industrial portfolios at home and abroad, started trading on the Korea Exchange‘s main board Kospi Friday. A REIT refers to a vehicle designed to offer dividend returns to its investors through investments in securitized real estate assets. The nation’s first multisector

Aug. 27, 2021

Posco to develop LCO2 carrier with Hyundai Mipo Dockyard

Posco is partnering with Hyundai Mipo Dockyard to develop liquefied carbon dioxide carrier to gain an upper hand in the carbon capture, utilization and storage market, the steelmaker said Friday. Posco, the country’s leading steelmaker, said it has agreed to build the liquefied CO2 carrier, as the demand for such ships is expected to grow amid the global movement for carbon neutrality and the transition to hydrogen energy. Korea Shipbuilding & Offshore Engineering, Lloyd’s Re

Aug. 27, 2021

SK chief encourages workers to share opinions regularly for ‘deep change’

SK Group Chairman Chey Tae-won encouraged company workers to share opinions regularly and pursue changes, at an in-house forum, SK said Friday. “This year’s Icheon Forum has provided as a place to explore practical ways to understand the changes in the world and to pursue deep change,” Chey said during the closing ceremony of the Icheon Forum Thursday. “Let’s hold discussions on a regular basis and pursue changes for SK.” SK Group held the annual in-hou

Aug. 27, 2021

Kolon Glotech invests W6b in satellite projectiles, eyes on space business

Kolon Glotech, the car seat fabric maker under Kolon Group, plans to enter the aerospace business by forging strategic partnerships with local startups. The company said Thursday it has invested 6 billion won ($5.1 million) in Innospace, a South Korean aerospace manufacturing tech startup, to develop light-weight composite materials used in the launch vehicles of small satellites. Some products from Kolon Dacc Composite, a subsidiary of Kolon Glotech, are already used in products under deve

Aug. 27, 2021

GM Korea, union sign 2021 wage agreement

GM Korea Co. and its labor union have signed a wage agreement for the year amid the extended COVID-19 pandemic and sluggish sales, the company said Friday. In their second vote held early this week, some 65 percent of GM Korea's unionized workers agreed to accept the company's revised proposals that newly include 300,000 won ($260) worth of repair coupons for Chevrolet brand vehicles and 200,000 won worth of gift certificates GM Korea, the South Korean unit of General Motors Co., and its union

Aug. 27, 2021

Seoul stocks slightly up ahead of Fed chair's speech

South Korean stocks finished higher Friday after a choppy session as investors await the comments from the chief of the US Federal Reserve about its tapering timeline. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 5.37 points, or 0.17 percent, to close at 3,133.9 points. Trading volume was low at about 512 million shares worth some 10.9 trillion won ($9.3 billion), with gainers outnumbering losers 586 to 259. Foreigners sold a ne

Aug. 27, 2021

Prosecutors raid Daewoong Pharmaceutical, charges not verified yet

Daewoong Pharmaceutical is under a prosecutors’ investigation, with industry sources suggesting Friday that the subject of the probe is trade secret misappropriation. The Seoul Central District Prosecutor’s Office said it conducted a search and seizure operation at Daewoong’s headquarters in Samsung-dong, Gangnam-gu, Seoul, Thursday. Officials from the prosecutor’s office did not disclose charges against the South Korean pharmaceutical firm. Some industry sources ra

Aug. 27, 2021

FSC chief nominee hints at tougher measures to curb household debt

Financial Services Commission Chairman nominee Koh Seung-beom said Friday that the financial regulator plans to take additional policy actions to curb a sustained increase in household debt, citing high indebtedness as the main drag on Asia‘s fourth-largest economy. “The government unveiled a set of steps to rein in household debt in April, but the economic fallout from the prolonged COVID-19 pandemic has continued to drive up the debt growth,” Koh said in a parliamentary hear

Aug. 27, 2021

KB Securities seeks approval to acquire Indonesian brokerage firm

South Korean banking giant KB Financial Group is ramping up its push to venture into the Indonesian financial industry, as its securities brokerage arm awaits a regulatory approval to set foot in the largest economy in Southeast Asia. KB Securities, a Seoul-based investment bank and brokerage house, said Friday it is poised to inject some 50 billion won ($42.8 million) in capital to become a new shareholder of an undisclosed midsized Indonesian firm dedicated to securities underwriting and bro

Aug. 27, 2021

Samsung's new Galaxy Z series lands in 40 countries worldwide

Samsung’s Galaxy Z Fold 3 and Galaxy Z Flip 3 officially landed in stores worldwide Friday. The company announced Friday, that it was rolling out its latest foldable smartphones series in 40 countries including South Korea, the United States, Canada, the United Kingdom and France. The products will be available in 130 countries by October, Samsung said. Presales were strong around the globe, the company said. Total preorders logged in 70 countries greatly surpassed that of its previou

Aug. 27, 2021

LG Magna kick-starts plant operation in Korea

LG Magna e-Powertrain, a joint venture between South Korea’s LG Electronics and Canada’s Magna International, has kick-started its operation in Korea. The company revealed the inside of its plant located in Incheon on Friday, showing that its operation is going as planned. At its Incheon plant, the new firm will be dedicated to producing electric motors, inverters, onboard chargers and electric drive systems. The joint venture officially kicked off on July 1 under leadership of

Aug. 27, 2021

Samsung loses top spot in Indian earwear market in Q2: report

Samsung Electronics Co. lost its top spot in India's ear-worn device market in the second quarter of the year, a report showed Friday, as its rival brands expanded their presence.  The South Korean tech giant registered a market share of 7.9 percent in the April-June period, sharply down from their 30.4 percent share a year earlier, settling for the third position in the Indian earwear market, according to industry researcher International Data Corp. (IDC). Samsung's shipment of smart ea

Aug. 27, 2021

S. Korea, IDB ink loan program for Latin America

South Korea on Friday inked an agreement to expand a joint loan facility program with the Inter-American Development Bank (IDB) in a bid to support infrastructure development in Latin America. Finance Minister Hong Nam-ki and IDB President Mauricio Claver-Carone signed the agreement between the Economic Development Cooperation Fund (EDCF), South Korea's lower-interest loan scheme with emerging countries, and the regional development bank, according to the Ministry of Economy and Finance. The a

Aug. 27, 2021

Samsung ups tablet market share in Europe, Middle East, Africa in Q2: report

Samsung Electronics Co. expanded its presence in the Europe, Middle East and Africa (EMEA) tablet market in the second quarter of the year, a report showed Friday, despite an overall market decline. The South Korean tech giant shipped 3.55 million tablets in the EMEA market in the April-June period for a 30.1 percent market share, according to the latest report from industry researcher International Data Corp. (IDC). The figures were up from a year earlier when the company shipped 3.42 milli

Aug. 27, 2021