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16.05.26 - 16:30
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Samsung, South Korean Union Resume Talks As Strike Threat Risks Disrupting Memory Chip Fabs (ZeroHedge)
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Samsung, South Korean Union Resume Talks As Strike Threat Risks Disrupting Memory Chip Fabs
Heavy selling swept across Asian markets on Friday, with South Korea's benchmark KOSPI plunging 6% as traders aggressively reduced exposure to the country's semiconductor sector. Samsung Electronics and SK Hynix led the decline. The catalyst for the sell-off was labor action risk headlines at Samsung, where the company's union threatened a strike that could disrupt production lines at the world's largest memory chip manufacturer.
By Saturday morning, there was a major sigh of relief: Samsung and its labor union would resume government-mediated pay talks on Monday, according to a Reuters report.
The union released a statement earlier explaining that Samsung had replaced its negotiation team, and both sides would meet later Saturday for separate meetings ahead of Monday.
Chairman Jay Y. Lee issued a public apology over the labor dispute, alongside Samsung's decision to replace its lead negotiator:
&q...
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