abcnovels
Chapter 45
Chapter 45
Chapter 45
August 12th, 2018 10:00
Seoul Kangnam-ku some cafe.
“A few days ago, I spoke and hinted to the topics you wanted me to say Manager Kang, and Executive Director Yoo’s reaction was no joke.”
Director Oh Jin-ho checked his surroundings as if he had become a spy and covered his mouth with his hand before whispering to Manager Kang.
“I found out about this from Director Ahn Kang-ho. At the time the orders came from up top, the executives inside the corporation were strongly against it, but despite the resistance, Executive Director Yoo took the lead and forcefully proceeded with selling the shares. Also, there are rumors Executive Director Yoo is personally and closely related to that Rhodeycall company. Here take this. Hahaha, these are official documents and information that came down from that time.”
Director Oh Jin-ho brought out a few folded documents from his breast pocket, and Manager Kang immediately put them in a briefcase and spoke.
“Learn more about Executive Director Yoo and Rhodeycall’s relationship.”
Director Oh Jin-ho took another look at his surroundings and whispered even more quietly.
“You will overlook the things we spoke about last time right?”
“That will all depend on how valuable the information you bring Director Oh.”
“I understand. I will do my best so please have that...”
Manager Kang Chul-joong stood up from his seat, nodded, and left the cafe. Director Oh Jin-ho chugged his iced coffee and mumbled to himself.
“Damn, I am trapped like a rat.”
Two months ago, Director Oh Jin-ho was interrogated by Manager Kang Chul-jong from the Secret Bureau of Corruption Investigation team 2 for accepting bribes related to hiring employees, and ever since then, he had been working as Manager Kang Chul-joong’s informant.
* * *
August 12th, 2018 15:00
Tokyo, Japan Prime Minister’s Office
Economy Secretary Okazaki Shinji could only sit in silence as he looked at Prime Minister Shinzo Abe pacing around the room with his face red from anger and his sagging cheeks shaking left and right.
“What happened to those Josenjins (a derogatory term for Korean people by using the nation’s previous name Joseon and Jin, a word in Japanese for people) that they could come out with products like that and ruin the Japanese economy that was just beginning to recover? What’s the status of our corporations?”
The fact Shinzo Abe, a man who was in the top position of the Japanese cabinet as Prime Minister, used the term ‘Josenjin’ to describe Koreans in a conversation, not in a private setting but one where he spoke with other cabinet members proved how deeply engrained Prime Minister Abe was in the Japanese Imperial mindest.
“The, The thing is...”
Japan tried to use Korea’s economic crisis under the threat of war as an opportunity to recover its economy with governmental support. However, at the end of 2017, Korean Pharmaceuticals, a public corporation made new medicines and caused a storm in the world pharmaceutical market and encroached on it, and now their own Dakeda Pharmaceuticals was under threat. From 2018, the various Korean corporation facing the threat of bankruptcy began producing products that were unheard of and now caused many Japanese corporations to stagger and return to their previous state.
“What about it? Are you going to speak up?”
Okazaki Shinji opened his briefcase and pulled out a few documents while glancing at them.
“I will report about the semiconductor field first.”
Since it was better to say the bad news first, Secretary Okazaki Shinji decided to report about the industries that took the largest amount of damage.
“The corporation with the largest losses is Renesas. They spent 30 million yen to buy out Inturn seal, an American company, to expand their business from vehicle semiconductors to PC and mobile...”
“Secretary Okazaki! Keep it simple!”
As Prime Minister Abe shouted in anger, Secretary Okazaki Shinji winced and glanced at Vice Secretary Yokimada. Vice Secretary Yokimada swiftly took the documents and continued the report.
“Prime Minister, sir, I will report instead.”
“It doesn’t matter who it is. It’s just frustrating...”
“Yes, Prime Minister. The current tentative losses Renesas is facing is at around 1.5 trillion yen, and it seems to be rising. Also, Sony and Toshiba each are facing 1.1 trillion yen and 6 billion yen in losses. And other electronics-related fields for Panasonic, Sharp, Nintendo, and other domestic appliances are facing lowered sales and losses in 1.3 trillion yen.”
Renesas was at the head of vehicle semiconductors market and was growing in size, conducting merger after merger and was about to expand their influence to PC and mobile semiconductor markets by manufacturing 10 nano-level semiconductors when Samho electronics and TK Hynix released their pico-level semiconductors and expanded to the vehicle semiconductor market. Now Renesas was on the verge of bankruptcy. Toshiba and Sony also had invested trillions of yen to operate their 10 nano-level semiconductor manufacturing facilities when they were hit by Korean corporations.
“The second is Shin-il Steel manufacturer that lost 1.03 trillion yen.”
Shin-il Stell manufacturer had made Il-shin steel their own company, and through their active investment, they put advanced technology in the forefront and considered their high-quality steel products as their weapon in the steel market and had reached second place in the world market since 2016. However, their ranking plummeted to 9th place in 2018.
“Third is Dakeda Pharmaceuticals that reported eight billion yen in losses.”
Dakeda Pharmaceuticals was a multi-national company that reported 2.5 billion yen in yearly sales in 2017 and ranked 12th place in the global market but had dropped to 20th place after a drop in sales in 2017.
“The vehicle industry....”
“Enough! Leave the reports on my desk and leave.”
The losses seemed larger than expected, and Prime Minister Abe stopped the report from not wanting to hear more of it and kicked out the officials. Abe Shinzo, who dreamt of a second economic boom using Korea’s economic crisis as a chance, could not handle his rage. His plan of constitutional reform to change the nation to a normal one that could have an official military and use the economic power to strengthen the self-defense force was going awry.
* * *
August 15th, 2018 14:00
Seoul Jonro-ku Blue House President’s office.
Korea had greeted the 73rd August 15th independence day, and it was very significant, but it also marked the sad day of the Pyeongyang terrorist bombing where 20 government officials, including ex-president Ahn Hyung-joon, passed away or were severely injured three years before. For this reason, from the 71st Independence day ceremony, a memorial for the victims of the August 15th terrorist attack was also held.
“Let’s begin.”
The President, despite having attended the August 15th independence day ceremony and memorial for the victims of the terrorist attack, was getting reports from ministers on a national holiday.
“The economy recovery project is in the third stage, and we are preparing for the fourth stage. We have chosen 100 corporations from the country and are working with the underground research facility to hand off technological information related to the item they manufacture. The list of mid-sized companies is in this document.”
The Minister of Next-generation Technology Lim Tae-yeon handed the documents to the President. The President spoke after reading the documents thoroughly.
“Minister Lim?”
“Yes, sir.”
“I believe stage 4 is the most important one of our economic recovery policy. Our economy currently is rampant in an oligopoly with a couple large corporations that sway influence over various fields. This type of structural issue will only hinder our economic growth. Use this chance to aid the mid-sized companies to grow and work with the Ministry of Trade and Industry to have the large corporations separate their branch companies to independent companies.”
The President set down the documents and looked at Minister Lim with a serious look and spoke energetically.
“If any large corporation executives show a negative reaction, then threaten them with our capability to provide new technology. We need to remind them at times what it is like to be in a subordinate position after always being in a superior one. Also, increase the number of mid-sized companies from 100 to 200.”
“Understood, Mr.President, we will revise the policies for stage 4 of the economic recovery plan and report back. We will keep you updated.”
“We will now report on the progress of the third stage of the economic recovery plan. Following the semiconductor and electronics industries from stage 2, the third stage will focus on aiding the vehicles, shipbuilding, and next-generation energy industries.”
Minister Lim Tae-yeon, who was the youngest of all the Ministers and following the trend, continued his report with his 4mm Tablet PC.
“The first category is the shipbuilding industry.”
For a time, the industry included Hyunwoong heavy industries, which was the first place in the world market and one of six other Korean corporations that would not others to follow in sales. However, after Japan’s yen lowering policies and China’s rapid progress since 2016, the impregnable six corporations turned into a sandcastle being swept away by the ocean and suffered from lowered performance and financial woes, which resulted in a large-scale restructuring and caused many to retire or be unemployed, making the Korean market economy unstable.
“To satisfy the shortage of contracts from overseas with domestic contracts, we have discussed with the Ministry of National Defense and the Navy and decided to build six additional Aegis ships from the previous three we have ordered and gave a contract to each of the six companies. Additionally, the six ships will be equipped with the Korean format of the Aegis system. And within the year, we are planning to give two contracts to each of the companies to build a 230-level submarine (displacement level of 6000t) when we decide on building the additional 12 submarines. Also, through an MOU with Postech steel manufacturer, and to provide materials at a price lower by 30% from the export prices to show dominance in pricing from other foreign companies and is expected to increase in obtaining contracts.”
“Would that be enough for those retired or unemployed to return to their old companies?”
Minister Lim Tae-hyun referred to is tablet a few times and answered the President’s question.
“It will not be enough with just the domestic contracts for the companies to rehire all the unemployed by the end of this year. Approximately 30% of those unemployed will be able to be hired again.”
“That is very lacking. Then let’s do this. What stage is the logistical industry set in the economic recovery plan?”
“Logistics is included in stage 6.”
“Then at least bring marine logistics up to stage 3. If exports increase, then logistics will also be on the rise. That means we will also need that many container freight ships. Consult with the Ministry of Economy and Finance to aid all corporations in the marine logistics field and set a plan to build the required container freight ships with domestic shipbuilding companies. Also, confirm all the shipbuilding plans that the Ministry of National Defense and the Navy will proceed in the future and report it back to me by tomorrow. Is that possible?”
“I will have a meeting with the Ministry of National Defense and send in a report, sir.”