Word: hyundais
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...announcement does put South Korean President Roh Moo Hyun's government in a bind. Seoul is deeply committed to its policy of economic engagement with Pyongyang. Since October 2002, it has transferred at least $900 million in cash, products and services to the North, according to government figures and Hyundai Asan, a company involved in joint North-South industrial projects. This year's transfers?if a planned donation of 500,000 tons of fertilizer goes ahead?will likely be at least $350 million. The new Kaesong industrial park, just north of the Demilitarized Zone, is the most visible symbol...
...also worth noting that few of the Asian firms that have succeeded overseas bought their way there. Japanese automakers Toyota and Honda enjoyed years of protected markets at home, then set up operations abroad that introduced new production techniques or superior engineering. In Korea, Samsung and Hyundai took decades to build respected brands. By contrast, electronics maker LG failed to establish a thriving business from its shortcut purchase of the TV brand Zenith?though it has recently been much more successful in penetrating global markets by pushing its own brand. Chinese acquirers will face similar challenges...
...INDICATORS Asian Strategy Stalls Germany 's DaimlerChrysler announced it would sell its 10.5% stake in South Korea 's Hyundai Motor Co., just a month after DaimlerChrysler refused to bailout Japan 's Mitsubishi Motors, in which it holds a 37% stake...
...proof, look to South Korea, where conglomerates have long been "run like ancient tribes to maximize political power for the leading families," says Morgan Stanley economist Andy Xie. That changed with the '97 crisis, which caused the breakup of Hyundai Group and others and fostered an anti-chaebol backlash. Business life today in South Korea is marked by a steady stream of special investigations into chaebol-related bribery, stock manipulation, illegal campaign contributions, tax evasion and fraud. Chey Tae Won, nephew of the founder of SK Group, was jailed last year for accounting and stock fraud. Chung Mong...
...from the Middle East and is counting on preferential oil contracts as Iraq's petroleum industry gets back on its feet. Last year Mitsubishi signed a deal to procure 40,000 barrels of crude per day from the southern city of Basra. In South Korea, top firms like Hyundai Construction and LG Electronics are hoping to reap rewards in Iraq. Hyundai has already won two contracts worth $240 million to build a hospital and repair dams. And the need to bolster economic relations with the U.S. was a major factor for Thailand to send troops to Iraq. Since dispatching soldiers...