S. Korean Conglomerates Assess Impact of Martial Law on Business Operations.

Seoul: Major South Korean conglomerates were actively engaged on Wednesday in evaluating their business conditions amidst uncertainties following a brief declaration of emergency martial law that disrupted the financial market. Key players in the business sector, such as Samsung Group, SK Group, and LG Group, convened emergency meetings to analyze the political upheaval's potential effects on their operations.According to Yonhap News Agency, SK's Supex Council, the highest decision-making body within the group, conducted a meeting with chief executives from significant subsidiaries. Similarly, LG Group organized an emergency strategy meeting to closely monitor developments in the financial market. Employees at LG's headquarters, located near the National Assembly in Seoul, were advised to work remotely due to possible political unrest in the vicinity.Industries such as automotive, steelmaking, and shipbuilding also held emergency meetings to evaluate potential repercussions from the martial law attempt. H yundai Motor Group, POSCO Holdings, and HD Hyundai Heavy Industries assessed possible risks to their businesses due to the depreciation of the South Korean currency and increased stock market volatility.The Korean won experienced a significant drop to its lowest point in over two years on Wednesday, with a rate of 1,410.1 won per dollar as of 3:30 p.m. The benchmark Korea Composite Stock Price Index also saw nearly a 1.5 percent decrease, closing at 2,464.An official from a key conglomerate noted that South Korea's export-dependent economy faces negative impacts on financial market credibility due to the political turmoil. "Political instability should not disrupt economic stability," the official stated. Additionally, a representative from a retail company expressed concerns that the martial law incident might affect the growing international popularity of Korean food and cosmetics.Major lobby groups, including the Korea Chamber of Commerce and Industry, were also actively assessing the martial law's i mpact on South Korean businesses. An official from the chamber mentioned, "We aim to work closely with economy-related government ministries to ensure a stable environment for businesses."