Now THIS Is Getting Serious
Yonhap News has run this story, much to the consternation of Korea’s chaebol. When this story first appeared, the Seoul Gyopo Guide pointed out that inefficiencies at the chaebol are a drain on corporate performance. Given that many native Koreans are fully aware of some of these practices, it is no wonder that many native Koreans have not participated in the KOSPI’s rise (despite its relatively large drop today). The head of the National Pension Fund has stated that shareholder rights will be exercised: the chaebol cannot be happy about this.
Is It a Coincidence? Maybe…or Maybe Not
The timing of Yonhap’s news story could not have been better. Why? Just yesterday, this article in the Chosun Ilbo appeared, in which Korean prostitutes and pimps demonstrated against the demolition of some of the buildings that are the home to brothels in Seoul. As the article states, many of these underground economy businesses have vacated their premises. These prostitutes and their employers protested in front of the Times Square shopping mall in Seoul’s Yeongdeungpo. Perhaps, the demonstrations took place at the wrong location, and perhaps, the demonstrations should have taken place in front of the NPF headquarters. Dear readers, you can connect the dots from there to figure out why the Seoul Gyopo Guide might be suggest the alternative location. Ahem.