Greed’s Graveyard
The Washington Post has finally taken note of Hyundai’s troubles in North Korea, which continues to be a black hole for South Korean won: [S]ince South Korea opened up friendly relations with the North in the late 1990s, more than 1,000 South Korean firms have gone bankrupt or lost significant investments in North Korea, according to South Korea’s Unification Ministry. Most were small, low-tech enterprises involved in textile-making and rudimentary housewares. But the problems at Hyundai have shown that the...