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'Pension Fund Socialism' Stewardship Code

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'Pension Fund Socialism' Stewardship Code FOCUS MONEY INDUSTRY POST SEMICONDUCTOR TaX PROBES INTO MULTINATIONAL FIRMS A LOCAL ECONOMIC DaILY REPORTS SK Group Accelerating EV Battery S. Korea’s Tax Agency to Strengthen Taxation GM and KDB Made Secret Deal to Business on Multinational Firms Facilitate Former’s Withdrawal from Korea MARCH 2019 / VOL. 32 NO. 390 www.businesskorea.co.kr Concerns on ‘Pension Fund Socialism’ under the Name of Stewardship Code 12,000 won 03 ISSN 1016-5304 Contents 2019 / Vol.32 No.390 FOCUS 08 SK Group Accelerating EV Battery Business NATIONAL 10 North Gyeongsang Province: Changing Manufacturing Paradigmto Meet Challenges of 4th Industrial Revolution 12 Songdo American Town Helps Korean-Americans Move back and Settle in Korea 14 S. Korea’s Income Polarization Deepens, Solidifying Winner-take-all Economy 15 S. Korea’s Budget Likely to Surpass 500 Tril. Won in 2020 16 Korea's Short-Term Foreign Debt Reaches 6-Year High 17 South Korea’s Exports Fall for Third Consecutive Month 18 77 Export Items of South Korea Enjoy World’s Highest Market Shares Korea's Terms of Trade Worsens for 15 Consecutive Months 20 Korea's Rush for LNG Power Generation Only Benefits Foreign Companies 21 Import Fees on LNG for Power Generation to Be Cut 84% Starting on April 1 22 S. Korea Hastily Lifts LPG Car Restrictions Without Considering the Downsides 23 Manufacturers Have Trouble Securing Carbon Credits Due to Sharp Decline in Trading 24 KEF Warns Expansion of Scope of Ordinary Wage Will Lead to Adverse Effects Korea’s Unionization Ratio, Collective Bargaining Coverage Problematically Low 25 SMEs Hiring Foreign Workers Bear Extra Burden Under Revised Minimum Wage Law COVER STORY 26 Concern over ‘Pension Fund Socialism’ Growing in Korean Business Community 28 Spread of Shareholder Activism Puts Listed Korean Companies on Edge MONEY 30 S&P Warns Major S. Korean Companies Could Suffer Credit Rating Downgrades 31 BOK Says Foreigners' Portfolio Investments in Korea Excessively Large Foreign Investment in S. Korean Bonds Hits Record High in 2018 12 32 BOK Governor: 'Monetary Easing Will Be Maintained for Stable Growth' 33 South Korean Banks Earn Almost US$1 Bil. in Net Income Abroad Last Year South Korean Banks Grow Little in China in 2018 34 S. Korea’s Money Market Funds Gain Net Inflows of 24 Tril. Won S. Korean Asset Management Firms Struggle with Deficit in 2018 35 S. Korea to Lower Stock Trade Tax by 0.05 Percentage Point Starting This Year 36 Global IB Firms Eying on Sale of NXC Corp. Valued at 15 Tril. Won 37 Companies Actively Issue Bonds to Prepare for Economic Slowdown 38 Dividend Payouts by S. Korea’s Top 5 Business Groups Grow 10 Tril. Won over Last 5 Years 39 S. Korean Insurance Firms Frustrated by Financial Regulations on Insurtech 32 40 Over-saturation of Life Insurance Market Leads to Drop in New Contract Ratio 41 S. Korea’s Insurance Market for Migrant Workers Doubles Within 10 Years ICT 42 S. Korea’s IT Exports Decrease for 5 Consecutive Years When Semiconductors Are Excluded Samsung Electronics Warns Investors of an Earnings Shock 43 SK Telecom Ready to Provide Advanced 5G Services 44 Samsung Electronics May Benefit from GlobalFoundries' Fab Sales 45 Samsung Electronics Pushing to Acquire High-tech Companies Samsung Electronics' Self-Driving Car Video on YouTube Spawns Speculations 49 04 46 Samsung Electronics' Galaxy Smartphones Expected to Accelerate Blockchain Popularization 47 Blockchain Giants are Increasing Investment in Game Industry 48 Smartphone Makers Working on Diverse Types of Foldable Phone 49 Korea Set to Launch World’s First 5G Services on April 5 with 5G Phone Ready 50 YouTube Threatens Naver in Korean Internet Search Market 51 Samsung SDS Connects Different Blockchain Platforms with 'Deliver' Platform 52 Display Makers to Ramp Up Investment in Large OLED Panels 53 LG Display Emphasizes OLED Panels Optimized for 8K Displays 62 LG Electronics' OLED TV Sales Breaks Through 4 Million Units INDUSTRY 54 Rising Electricity Bills Compel Korean Solar Panel Producers to Leave Korea 68 Asiana Airlines Arouses Fear of 55 Korea’s Oil Refining, Shipbuilding, Steel Industries Welcome IMO’s Sulfur Regulation Defaulting on 3 Tril. Won Debt 56 Hyundai Motor to Temporarily Shut Down Plant in Beijing 69 Hyundai Motor Expected to Unveil a Kia Motors to Shut Down Yancheng Factory 1 in China This May New Governance Reform Plan 57 Hyundai Mobis to Shut Down Plants in China 70 LG Electronics Makes Bold Investments 58 Hyundai Motor Aiming to Take 3rd Place in Global Electric Vehicle Market in Future Businesses 59 GM and KDB Made Secret Deal to Facilitate Former’s Withdrawal from Korean Market 60 Renault Samsung Motors Standing at a Crossroads SME & STARTUP 61 Mercedes-Benz Korea Slow to Recall Cars Equipped with Faulty Airbags 62 Korean Battery Engineers Coveted by Companies in Sweden, Germany and India 72 Medium-sized Enterprises Account for 63 Korean Shipbuilders Sweep 90% of Worldwide Shipbuilding Orders in February Over 15% of Korea’s Total Industry Sales 64 Hyundai Heavy to Sign Official Deal to Take Over Daewoo Shipbuilding on March 8 Energy AI Startup ENERZAi Attracts 65 Korean Gov’t to Overhaul Bioequivalence Test to Put Generic Drug Market in Order Investment from Springcamp 73 SOMESING, ChaintoB Sign Strategic IR & MANAGEMENT Partnership 66 Concern over ‘Pension Fund Socialism’ Growing in Korean Business Community SCIENCE & TECHNOLOGY 67 Hanjin Group Chairman Deprived of Control on Korean Air SK Innovation to Spin Off Materials Business Unit 74 KIST Researchers Develop New Material for Treatment of Dementia Korean Research Team Develops No-glass 3D Holographic Display Looking for a house, apartment or office? Technology 75 Korean Researchers Develop Real Estate & Relocation Co, LTD. Fast- Transforming 'Korean Transformer' Robot We look forward to helping you to find your next dream property anywhere in Seoul. 1. Residential or Commercial Property Searching 3. After Service LIFESTYLE - Ability to explore and reserve a variety of properties - Moving arrangements and furniture set-up - Recommendations of suitable properties - Interior decoration and design 76 ‘Graduate Worldwise’: Dulwich - Enrollment in fire, theft and other types of insurance College’s Way to Prepare Students for 2. Contract 4. Support - Careful review of all related documents - Registration of residence at the local district office, etc Undefinable Future - Negotiation of drafting terms and other conditions - School enrollment for children, etc 78 Making Local Host Rentals Work for All - Closing lease agreement in contract - Assistance for opening a bank account, etc 80 KGC’s Donginbi Wins iF Design Award Donginbi Launches Premium Mask Sheet Line ‘Mi Mask Stick’ EVENT Head Office 02) 730-0001 www.rentcorea.com email. [email protected] 82 BIO Korea 2019 will Open from April 17 Corporate Headquarters : RentCorea B/D 1F~2F, #36-1, Seongbuk-dong, Seongbuk-ku, Seoul, Korea. Registration No.209-06-83139. Permit No.9230000-1709. The President/Realtor. Kiwan, Sung. to 19 in COEX 05 Korea’s Most Influential Business Monthly Since 1983 TO OUR READERS Concern Growing over Publisher: Park Jung-hwan Chief-in-Editor: Yu Kun-ha Seoul-Washington Managing Editor: Youn Won-chang General Editor: Lee Kwang-soo Culture/Tourism Editor: Choi Mun-hee Alliance against Supplementary Editor: Lee Song-hoon Reporter: Cho Jin-young, Marie Kim, Jung Suk-yee, Jung Min-hee, Michael Hurh, Sara Rai Contributing Writers: Seok Joon, Suh Bo-yun, Gho Chang-soo N. Korean Nukes Designer: Jang Seung-eun International Liaison: Sara Rai Since the collapse of the second US-North Advertising Manager: Jung eui-jung Administration Manager: Jung Min-hee Korean summit talks in Hanoi, Vietnam, uncertain- Circulation Manager: Lim Moon-joo ties have been growing on the Korean peninsula. PUBLISHED BY : BusinessKorea Co., Ltd. : 301 Samdo Building, 12-1 Yeoido-dong, Yeongdeungpo-gu, Seoul, Korea 150-010 Both South and North Korea are embarrassed by the collapse of the Hanoi Mailing Add.: 301 Samdo Building, 12-1 Yeoido-dong, Yeongdeungpo-gu, Seoul, Korea 150-010 Summit where the United States wanted to make a package deal and North Tel: (02)578-3220 Fax: (02)578-3224 Government Registration Number: RA-2743 Dated March 18, 1983. Korea stuck to a staged approach. Because South and North Korea were Printed by Hwashin Printing Tel: (02)2277-0624 expecting an agreement at the minimum level, neither expected the breakdown of the negotiations. Overseas Representatives Australia As U.S. President Donald Trump ordered the withdrawal of additional McLean Media Representations Pty., Ltd. P.O.Box 544, Newtown NSW 2042, Australia sanctions against North Korea, which were proposed by the US Treasury Tel: (612) 519-6455, Fax: (612) 577-1614 Belgium Department after the summit collapse, the United States and North Korea Staf Wuyts, AD International Bld. Lambermont 140 B-1030 Brussels, Belgium avoided a head-on collision. However, there has been still no change in the Tel: (02) 216-0730, Fax: (02) 216-4632 Canada difference among positions of Washington and Pyongyang, putting Seoul, Globe Media International 444 Front Street West, Toronto, Ontario, Canada M5V 2S9 which has set up as an arbitrator between them, at a loss. Tel: (416) 585-5415, Tlx: 06-219629, Fax: (416) 585-5275 Finland While Washington is urging Seoul to persuade Pyongyang to denuclearize, the Seppo Lehtinen, Seppo Lehtinen Oy Fredrikinkatu 33 B, 00120 Helsinki, Finland communist regime is pressing Seoul to persuade Washington to ease its hard-line Tel: (90) 611471, 647412, Tlx: 12-2814 sigco sf, Fax: (90)609114 Germany stance towards itself. If South Korean President Moon Jae-in takes a hard-line Franz Brunsing, Industrial Export Services Buttgenweg 18, D 4000 Dusseldorf 11, Federal Republic of Germany stance toward North Korea as urged by the United States, North Korea may leave Tel: (0211) 59 26 22, Tlx: 8587465 SERV D, Fax: 49-211-59-611-43 Hong Kong the table for denuclearization negotiations as shown in North Korea’s recent with- Serina Cheung, Managing Director, Media Services Network 10/F Flat A, Sun Hey Mansion, 72 Hennessy Road, Wanchai, Hong Kong drawal from South-North Korea Liaison Office in Gaeseong in North Korea.
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