Samsung Strike Fears Shake Korean Stocks on ‘Black Friday’

Amid concerns that a Samsung Electronics strike could weigh on Korean equities, the Samsung Electronics branch of the cross-company union responded on the morning of the 15th to management’s call for talks with a conditional position. The union said, “If there is no agenda item on institutionalizing performance bonuses, we are willing to consult with management after June 7.” The remark shows that the union leading Samsung Electronics’ so-called “strike train” is not immediately accepting the company’s proposal for dialogue, instead making the performance bonus system a key condition. Strike concerns emerged as a factor pressuring investor sentiment alongside the “Black Friday” mood in the Korean stock market. Future labor-management talks are expected to depend on whether the bonus-system agenda is included and whether consultations resume after June 7. Source: mk.co.kr