Hey don't worry about it Nam it's only tax dollars lots more where that came from! Man you should have seen Sydney Steel, I've got a loooong way to go to match that!
NDP Premier Darrell Dexter and Nam Sang
Tae, CEO and President of Daewoo share a
Laugh!
Is this the start of another Sydney Steel? Mercator (Gerry's boat)? Clairtone TV? Gulf refinery? Heavy water plant? To quote Sonny and share....and the beat goes on, and the beat goes on. One question we have to ask ourselves (and it would be nice if Darrell would answer it) is why?
Why are we giving a company this rich tax dollars? If this was a truly feasible venture it appears they could do it from petty cash.
Profits last year were over 150 million. Again, why? (From Deawoo’s financial statement) South Korea’s Daewoo International Corporation on Thursday reported its all-time high revenue and operating profit gained last year. Daewoo International announced 2009 cumulative revenue of 11.148 trillion won (or $10.08 billion CDN), larger than that of 11.046 trillion won in 2008, via its release of tentative annual earnings for 2009. The corporation’s operating profit for last year upped 9.6 percent from 156.3 billion won ($141,334,172 CDN) in 2008 to 171.3 billion won ($154,898,250 CDN). The company said it has reaped record revenue and operating profit, adding that it has also sustained a growth streak for five straight years from 2005 to 2009.
Daewoo International’s earnings are analyzed to have reached all-time high led by strong performances in the primary material industry such as steel and metal. The info is from their web site http://www.daewoo.com/english/index.jsp
WHY???
Bruce DeVenne
pretty simple a company like this fields dozens of offers from other places . It is called global economics.
ReplyDeletePossibly this remark shows why the "Global Ecomomy" is in the mess it's in. No compamy is in businessto invest their money for profit. They feel that risk money should come from the public while profit goes to them. When the company fails they walk away unschathed. We've seen it time and time again especially here in Nova Scotia. When are governments going to learn?
ReplyDeleteIn future years, we may look back to 2010 and discover that Daewoo revived a mothballed plant, developed a strong global market for renewable energy products and employed thousands of Nova Scotians for generations to come. All of this because the Governments recognized that it could entice a world-class company to take a chance on us. Grants and loans may turn out to be a drop in the bucket which has quenched the thirst for generations of workers.
ReplyDeleteThe above comment is great only problem is History doesn't support it. Daewoo has no money invested therefore no great interest in staying here. While the government has the interest of getting (buying) votes. That as history has shown us is a recipe for disaster. Daewoo can pack up the machinery and go to China the government must keep it here not a fiscally smart situation in my opinion.
ReplyDelete