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LG, Hyundai get pushed by government to move

LG, Hyundai get pushed by government to move

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The South Korean government is intensifying its efforts to push Hyundai and LG to a quick solution of their semiconductor stalemate. A bevy of senior officials met with the top five chaebols (conglomerates) yesterday in a bid to push through the reforms that the South Korean government had promised the International Monetary Fund (IMF). But the focus of the meeting between finance minister Lee Kyu-sung and the commissioner of South Korea's fair trade arbitrator, was Hyundai and LG. Reports in The Korea Times said that both the government and the banks were pushing Hyundai and LG to settle on a third party sooner rather than later. The failure of both of the concerns to come to an agreement, even over an arbitrator, is deeply embarrassing for the South Korean government. Perhaps more importantly, earlier this year the IMF said that it wanted a swift resolution of the debt problems. ® Click here for more stories

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