Korean american held in north korea

Treasury Secretary Janet Yellen testifies before the House Ways and Means Committee during a hearing on the 2023 on Capitol Hill in Washington, Wednesday, June 8, 2022. [AP] U.S. Treasury Secretary Janet Yellen will be visiting Korea on July 19 and 20. According to the U.S. Treasury Department and the Korean Finance Ministry, Yellen will be stopping in Japan on July 12 and 13 and attending the G20 finance minister and central bank governor meeting in Bali July 15 and 16 before arriving in Korea. On Tuesday, the ministry said Yellen will be meeting with Korean Finance Minister Choo Kyung-ho, the first between the two. They are to discuss economic and financial cooperation and the strengthening of multilateral arrangements. Yellen's visit comes at a time of global economy uncertainties, which have been affecting local financial markets and the value of the won. Korea stocks are down almost 20 percent this year, and the currency is off almost 15 percent. A currency swap with … [Read more...] about U.S. Treasury Secretary Janet Yellen to visit Korea in July

The price of Haepyo canola oil and pressed olive oil will increase by up to 20.8 percent from next month. Ottogi also recently raised the price of commercial cooking oil by 20 percent. Cooking oil, such as canola oil and olive oilm are on display at a large mart in Seoul on Tuesday. [YONHAP] A lighting manufacturing company is losing money on each sale after raw material prices jumped 60 percent. "As we can't raise the price on our products at the rate raw material prices have increased, we face huge losses with the more orders we get," the owner of the manufacturing company said. "I'm considering downsizing our factory as raw material prices will likely rise for a long time." A new survey by the Bank of Korea found that four out of every 10 companies said this year raw material prices have risen by more than 20 percent compared to last year. Two out of every 10 companies said they are considering changes to employment or reducing new business investments in response to … [Read more...] about Losing money on each sale, Korean companies cut back

The Fair Trade Commission (FTC) said a total of 168 holding companies were registered with the regulator as of end-December last year, up from 164 the previous year. Sixteen holding firms were newly created last year, but 12 companies were removed from the corporate watch list due largely to devaluations in assets, according to the FTC. In Korea, holding companies with assets of more than 500 billion won ($389 million) are placed under the corporate watchdog's supervision. The number of holding companies created by larger business groups reached 48 at the end of last year, up from 46 a year earlier. The average assets of the total holding companies came to 2.38 trillion won as of end-December, up 10.1 percent from the previous year. The number of holding firms with assets of 1 trillion won or more reached 59, accounting for 35.4 percent of the total. The average debt-to-equity ratio reached 32.7 percent, down from 35.3 percent a year ago. A total of 158 general holding … [Read more...] about Korean holding companies see net increase from last year

Asian league executives including PBA’s Willie Marcial during the EASL Draw on Tuesday at Shangri-La The Fort. –PBA IMAGES MANILA, Philippines—Commissioner Willie Marcial said the PBA is open to welcoming players from other Asian leagues like the Japan B.League and Korean Basketball League as imports amid the influx of Filipino talents overseas. Marcial is meeting with KBL commissioner Kim Hee Ok Tuesday night with one of the points of discussion a potential “exchange of players” as brought up by the Korean league. “Asian imports are welcome here with us any time,” Marcial said in Filipino Tuesday during the East Asia Super League grouping ceremony at Shangri-La Fort where top officials from other top-tier Asian leagues were present. “The KBL has also told us about exchange of players. I told them, we’ll see how it will work with the league and the (PBA) teams.” The B.League has become a hot destination for Filipino players with the likes of the Ravena brothers Kiefer and … [Read more...] about PBA open to ‘exchange of players’ with other Asian leagues

A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here . You can listen to an audio version of the newsletter by clicking the same link. London (CNN Business) This week, Russia defaulted on its foreign debt for the first time since the Bolshevik revolution after it failed to pay interest on two bonds during a 30-day grace period that expired Sunday. But to put the event in context, we don't need to go as far back as 1918. Instead, we can look to 1998 . That's the year Russia defaulted on ruble-denominated bonds, triggering a "Moscow meltdown" that infected markets around the globe. Quick rewind: In August 1998 , following years of upheaval after the fall of the Soviet Union, the Russian government defaulted on its local debt and devalued the ruble. The move sparked chaos in Russia, driving up inflation, causing an economic contraction and triggering bank … [Read more...] about Russia’s last default sparked a crisis. This time is different

At the CES show held in Las Vegas, the Korean shipbuilder signed a memorandum of understanding (MOU) with Palantir Technologies to establish a big data platform and a joint venture, the company said in a statement. "The partnership will substantially improve the competitiveness of the group's core businesses, and it will be an important turning point in innovation of organizational culture," Chung Ki-sun, chief executive officer of Hyundai Heavy Industries Holdings, said in the statement. Under the MOU, the two companies will jointly build a big data platform for the group's key affiliates related to shipbuilding and offshore engineering, energy, and industrial machinery. The group will provide the affiliates' process expertise and sales know-how, whereas Palantir will offer software and development personnel, it said. Once the platform is built, they will create a joint company that specializes in developing and selling big data platform services and commercialize big data … [Read more...] about Hyundai Heavy signs MOU with U.S. data analytics firm