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Officials say Hyundai has also agreed with the North to run tours in the coastal city of Wonsan, which North Korean leader Kim Jong Un is trying to build into a hotspot for tourism and foreign investment, as well as Mt. Paektu, the mythical homeland of both Koreas. Hyundai’s Baek said the company is also in talks with Seoul and state-run corporations about projects to reconnect railroads between the North and South. “The government respects Hyundai’s business rights it signed with the North,” said a spokeswoman at South Korea’s Unification Ministry, who did not respond to a question about its discussions with Hyundai.
South Korean government officials and business executives say the biggest hurdle is opposition from Washington, which wants to maintain sanctions until Pyongyang completely denuclearizes, In July, Mark Lambert, director for Korean affairs at the U.S, State Department, called about 10 South Korean businessmen for a meeting stock ticker cufflinks at the U.S, embassy in Seoul to deliver a stern message: No resumption of any businesses until denuclearization, “The mood in the room was bleak,” said SJ Tech Chairman Yoo Chang-geun, who used to operate a factory at Kaesong and attended the meeting..
Baek, who was also present, unsuccessfully argued Kaesong and Mt. Kumgang should be waived from sanctions “to show our goodwill to North Korea”. A spokeswoman for the U.S. State Department declined to comment on details of “private diplomatic conversations”. Hyundai’s relationship with North Korea goes back a long way. Hyundai founder Chung drove 500 head of cattle across the border to the North in 1998 to aid reconciliation on the divided peninsula. Kim Jong Il, the late father of Kim Jong Un, was quoted as saying: “Our first love is Hyundai when it comes to North-South relations, a way earlier than with (South Korean) authorities,” according to a North Korean book titled “Patriots Who Left Their Names On Path To Unification”.
But the suspension of its North Korea projects left Hyundai Asan with combined losses of $367 million in the past decade, Hyundai admitted it paid North Korean authorities $500 million in 2000 to secure business rights there, Two days after being questioned by prosecutors over the scandal, Chung Ju-yung’s son and successor, Chung Mong-hun fell to his death from Hyundai headquarters, Indictments against him were dropped after his death, The Supreme Court gave Hyundai Asan’s then chief executive a suspended jail term for stock ticker cufflinks violating foreign money transfer rules, but he was later pardoned..
(Reuters) - AbbVie Inc (ABBV.N) said on Friday rival biosimilar versions of its best-selling drug Humira were available in Europe at discounts ranging from 10 percent to 80 percent. The company expects 2019 price of Humira in the United States to be very similar to 2018 rates, AbbVie executives said on a conference call. Rivals began launching biosimilar versions of Humira in Europe last month, fuelling investor concerns about the impact of rising competition in the region. Biosimilar versions of the rheumatoid arthritis medicine are not yet available in the United States.
(Reuters) - China’s Alibaba Group Holding Ltd (BABA.N) lowered its full-year sales forecast on Friday stock ticker cufflinks due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season, Asia’s most valuable public company said it will cut its full-year revenue forecast to between 375 billion and 383 billion yuan ($54.4 bln-$55.6 bln), a 4-6 percent drop, while sales growth in its core commerce business for the September quarter slowed to its lowest rate since 2016..
In a call with analysts on Friday, executives said big ticket purchases could be affected by economic uncertainty and that they will delay efforts to make more money on some aspects of its marketplaces in an effort to retain businesses on its platform. “In light of current fluid macro-economic conditions, we have recently decided not to monetize, in the near term, incremental inventory generated from growing users and engagement on our China retail marketplaces,” said Alibaba in a statement.
The company’s U.S.-listed stock edged up 0.4 percent to $151.81 by 1346 GMT, but is down more than 12 percent this year amid a wider sell-off of China tech stocks that has also affected Baidu Inc (BIDU.O) and Tencent Holdings Ltd (0700.HK), The decision to take in less income from its platforms comes ahead of Singles’ Day, Alibaba’s annual stock ticker cufflinks mega-sale event, which peaks on Nov, 11 and last year netted the company over $25 billion in sales, Alibaba competes fiercely for customers and merchants during the event, and has historically recorded much higher marketing costs around the event, which also eats into sales from the first and third quarter..