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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Stitch who wrote (3836)	5/24/1998 10:03:00 PM
From: MikeM54321	Respond to of 9980

Stitch, How about South Korea? Lately, for some reason Korea has been out of the news. They still seem to be in a downward economic spiral. I think Indonesia took the spotlight off of them. And I think everyone is forgetting there is/was a big strike planned this week. This seems like an accident waiting to happen. I think it's on, then off, then on. I believe it's "on" now. No one strikes like the Korean unions. And I believe this upcoming protest strike is by one of the more militant unions. It is almost as if the unions and Kim Dae Jung (sp?) are sparring with each other now. Hard to tell who is going to win. I believe Kim Dae Jung is doing the best he can to explain the troubles to the people, but I don't think some of the unions are listening. Korea is a big importer of American high tech equipment. In both telecommunications and semiconductors equipment areas. MikeM(From Florida) PS Here's why the Union is striking. From the Choson Ilbo (daily newspaper): >>Unemployment Hits 1.4 Million The National Statistics Office (NSO) announced Friday that the number of unemployed reached 1.4 million at the end of April, up 506,000 from March and 2.5 times the average for last year. This figure puts the jobless rate at 6.7%, the highest in over twelve years. During the first four months of the year unemployment has jumped 776,000.<<

To: Stitch who wrote (3836)	5/24/1998 10:19:00 PM
From: MikeM54321	Read Replies (1) \| Respond to of 9980

Well it looks like strike is "on." Got this out of today's (Monday's really, International Date Line) Joongang-Ilbo newspaper. MikeM(From Florida) >>Time for Labor, Management and Government to Cooperate This week will be the most critical time for the labor, management and the government. With or without the consent of the Korean Confederation of Trade Unions(KCTU), the government will hold the second round of labor, management and government committee June 1. And accordingly, the KCTU is planning to set off two large-scale demonstration against the government. This leaves Korea faced with an impasse regarding the layoff problem, inevitable in the course of eoconomic restructuring. Korea needs to turn the tide wisely at this critical time lest it should come to an irrevocable disaster. Especially, the labor and the management should, by all means, avoid the anticipated clash in the face of Hyundai Motors layoffs on May 27. Although the labor unionists are right in that laborers are stripped of means to survive by the mass layoffs, violence will only drive Korea into a corner as the plunged international credibility has shown.<<