Lax management leaves public firms in deficit
Posted : 2021-05-04 15:24
Updated : 2021-05-04 16:03
State-run rail operator KORAIL was one of the public companies that suffered a net loss in 2020. Korea Times file
By Yi Whan-woo
The country s public enterprises collectively reported a net loss last year, the first since the government began to announce their management data in 2016.
The deficit is attributed to elephantine operations, such as salary increases, among 36 state-run companies in general despite the economic fallout of the COVID-19 crisis.
According to All Public Information in One (ALIO), a government-affiliated website offering data on the government and public organizations, the 36 firms suffered a combined net loss of 600 billion won ($535.4 million) in 2020.
State-run companies suffered W600 billion in net losses in 2020 (US$1=W1,113).
According to government data announced on Sunday, the combined net profits of state-run companies has fallen steadily since 2016 and shifted into the red last year. Of the country s 36 state enterprises, 18 or half lost money.
In addition to KORAIL and Korea Coal Corporation, which have suffered losses for the last five years, 11 others posted losses, including the Korea Racing Authority, Incheon International Airport Corporation and Korea Airports Corporation due to the coronavirus pandemic. Korea Gas, Korea Western Power and other energy companies also lost money due to a decline in global oil prices, the government said.
Both employers, employees unsatisfied with new industrial accident law
Posted : 2021-01-08 15:56
Updated : 2021-01-10 18:27
Lawmakers attend a plenary session at the National Assembly on Yeouido, Seoul, Friday. They later voted to pass a bill aimed at preventing deadly industrial accidents. Yonhap
By Yi Whan-woo
Both business owners and their employees have expressed dissatisfaction with a new law aimed at preventing serious accidents at workplaces that imposes tougher punishments on company managers found to be responsible for dangerous breaches of safety requirements.
Initiated by the minor opposition Justice Party, a severe industrial accident law was passed at the National Assembly in a plenary session, Friday.
Mekong River to be harnessed for 728MW Phou Ngoy facility in southern province of Champasak
9 Dec 2020 |
Michael Marray
Doosan Heavy Industries & Construction has signed a memorandum of understanding with Korea Western Power to partner in developing the 728MW Phou Ngoy hydropower plant on the Mekong River in Laos.
Thai developer Charoen Energy and Water Asia signed the original agreement with the Lao People s Democratic Republic to develop Phou Ngoy, and brought in Korea Western Power as a partner. Korea Western Power is a subsidiary of Korea Electric Power.
In August a tri-party investment agreement was entered into with Korea Overseas Infrastructure & Urban Development Corporation.
English By Radio Free Asia Share on Facebook Print this page
Laos is preparing to build what will be its seventh of nine planned large-scale Mekong river mainstream dams, the latest project in its controversial economic strategy to become the “battery of Southeast Asia,” sources in the country told RFA.
The 728-megawatt Phou Ngoy Dam, with a projected completion date of 2029, would join the currently operational Xayaburi and Don Sahong dams as well as the Pak Beng, Pak Lay, Luang Prabang and Sanakham dams, in various stages of planning. Two others, Pak Chom and Ban Koum, are on the horizon after that.