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Business groups protest against industrial accident bill

Business groups protest against industrial accident bill Envisioned legislation could place top company executive behind bars for major failure in safety management | South Korea s protestors (Yonhap) South Korea’s business circles protested Tuesday against the ongoing legislative move to enhance their safety management responsibilities and to hand down sanctions, including the possible imprisonment of a top official. “We fully agree to the legislative intent to better protect workers’ safety and to prevent industrial accidents,” said the country’s key business groups in a joint rally held at the Korea Federation of SMEs headquarters in Yeouido, western Seoul. “But it is excessive to lay all the blame upon the management and to hand down quadruple sanctions including criminal punishment, corporate fines, administrative sanctions and punitive damages.”

South Korea s Zombie Companies Are Scarier Than the Movies

Markets South Korea’s Zombie Companies Are Scarier Than the Movies The pandemic has exacerbated South Korea’s burgeoning corporate debt, too much of which is going to ossifying firms and dragging on the country’s economic potential By Dec. 17, 2020 7:37 am ET In 2016, the South Korean zombie film “Train to Busan” took the world by storm. In 2019, Netflix’s “Kingdom” followed. Next year, the focus may be on the country’s zombie companies. The country’s existing problem with corporate debt has been magnified by the pandemic: Nonfinancial corporate leverage is once again within striking distance of the record highs it reached before the Asian Financial Crisis of the late 1990s. Household debt is at nearly 100% of gross domestic product, and has reached a record high in every quarter.

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