August 23, 2001 |
An American International Group Inc.-led consortium agreed to buy three affiliates of Hyundai Group for $856 million, the biggest foreign investment in South Korea's financial industry, said U.S. investor Wilbur Ross, one of the buyers. The purchasers--including AIG, the biggest insurer; California Public Employees Retirement System, the largest U.S. public pension fund; and GE Capital Corp., the top non-bank finance company--will gain access to 250 outlets in Asia's third-biggest economy.
May 29, 1993 |
Ever since North Korea announced in March that it would withdraw from the Nuclear Non-Proliferation Treaty, raising the specter of a nuclear arms race in Asia, the West has been tightening a noose around the Stalinist state. Now, threatened by economic sanctions and lured by a more friendly attitude in South Korea, North Korea appears ready to talk.
August 17, 1992 |
As a young engineer working in International Business Machines Corp.'s semiconductor research laboratory, Chin Dae-Je had access to the company's advanced technology. Thus, he believed that IBM would be less than pleased when he decided to leave after seven years to help launch South Korea's semiconductor industry. Instead, IBM sent Chin on his way with words of encouragement and a two-month bonus.
August 7, 1987 |
Thousands of workers staging sometimes violent strikes forced shutdowns at dozens of major industrial plants Thursday. The government said new labor disputes started at 18 plants. The most recent shutdowns were at the country's largest shipyard, machinery and auto assembly plants, the South Korean news agency Yonhap reported. The strikers demanded more money, better working conditions and the formation of "democratic" unions to replace existing pro-management unions.
January 23, 1985 |
Hyundai Motor Corp., aiming to become the first Korean auto maker to enter the U.S. market, is reportedly planning to open a U.S. sales and marketing headquarters in Garden Grove in time to introduce its first models here next fall. Hyundai, which began selling its small cars in Canada last year, has already hired away several top American officials from Toyota Motor Co.'s U.S. sales arm in order to staff its own new U.S. operations, a Toyota spokesman confirmed Tuesday.
February 27, 1989 |
Following years of pressure by U.S. government trade negotiators, five U.S. life insurance companies recently received permission to enter South Korea's insurance market, which is worth $6 billion a year. In 1985, U.S. trade officials filed a formal complaint against the South Korean government and both sides have been negotiating ever since, according to Gordon Cloney, president of the International Insurance Council in Washington.
March 2, 1995 |
It will introduce kids to basketball star Shaquille O'Neal and could cause addictions to steamy American soap operas. South Korea's 20 cable TV channels began broadcasting Wednesday, promising to revolutionize the viewing habits of an audience whose tastes have long been smothered by government-censored programming. The arrival of cable opens a market for American programs in a country where parents already lament that their children are all too eager to embrace things Western.
January 12, 1997 |
In Korea, sometimes even the good news can be scary. The latest example came two weeks ago, when a reluctant North Korea defused a simmering crisis and put international negotiations back on track by apologizing for an incident last fall, when a heavily armed North Korean submarine ran aground in the South. That apology was, make no mistake about it, good news--and one of the most important foreign-policy victories of the Clinton administration to date.
November 29, 1994 |
Lee Jong Gil was well established as a Silicon Valley electronics engineer when Samsung Electronics Co. enticed him back to his native South Korea. With a Ph.D. from the University of Notre Dame plus six years of experience in U.S. electronics firms, Lee joined a team of mostly U.S.-trained South Korean researchers who set out to bring Samsung into the front ranks of the world's semiconductor manufacturers.
January 28, 1997 |
South Korean President Kim Young Sam, already shaken by a protracted labor crisis, Monday ordered an all-out investigation into the collapse of this nation's second-largest steelmaker as he sought to contain a situation that is spiraling into his administration's most spectacular financial scandal. In one of the largest bankruptcies in South Korean history, Hanbo Iron & Steel Co. declared bankruptcy last week amid revelations that it inexplicably had been granted about $5.