South Korean workers manufacturing chips for Samsung Electronics are set to vote on a pay deal that could see some of them receive $416,000 in bonuses.
A government-mediated agreement has suspended an 18-day walkout by about 48,000 Samsung union members, easing fears of damage to South Korea's economy and global chip supply.
Asian stocks surged on Thursday as some vessels resumed passage through the Strait of Hormuz, while forecast-beating results at Nvidia and a suspended workers' strike at Samsung Electronics lifted shares of chipmakers.
South Korea’s Samsung Electronics is facing its largest potential labour action in years, with tens of thousands of workers preparing for a prolonged strike over bonuses and profit-sharing at a time when the company is benefiting from a global artificial intelligence (AI) driven chip boom.
Samsung Electronics' union plans for 48,000 workers to walk off the job on Thursday (21 May) after efforts to clinch a deal on bonus payments fell through, threatening the health of South Korea's economy and the global supply of semiconductors.
Samsung Electronics and its South Korean union have narrowed some differences, a mediator in their talks said on Tuesday, as pressure mounts from the government and business groups to avert an imminent and damaging lengthy strike.
Samsung Electronics and its labour union commenced high-stakes talks on Monday (18 May) in a last-ditch bid to avert what would be the biggest strike in the tech giant's history.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
British pop star Dua Lipa has filed a lawsuit against South Korean tech giant Samsung Electronics, seeking at least $15 million in damages over allegations that her image was used without permission to promote television sets.
Billionaire Elon Musk has confirmed that Tesla will source $16.5 billion (about £12.8 billion) worth of chips from Samsung Electronics until 2033, marking a major win for the South Korean firm’s struggling chip foundry business.
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