Samsung Electronics
Samsung electronics union to hold wage talks next week
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Samsung Electronics' labor union announced on Friday that it will resume wage negotiations with management next week. The decision follows the breakdown of initial talks over bonuses and acceptance of government mediation requests. Unionized workers had threatened an 18-day general strike starting May 21.
President Lee Jae Myung warned on April 30 that excessive labor union demands could harm unions and other workers, urging responsibility. The remarks came amid threats of an 18-day strike by a major Samsung Electronics union starting May 21. He stressed coexistence amid AI-driven changes.
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Samsung Electronics confirmed record Q1 sales of 133.87 trillion won and operating profit of 57.23 trillion won on April 30, slightly beating its earlier guidance of 133 trillion won in sales and 57.2 trillion won in OP. The results, up 69% and 756% year-on-year, were fueled by AI-driven memory chip demand, with net profit jumping over fivefold to 47.22 trillion won.
Samsung Electronics' union has approved a general strike with 93.1 percent support, demanding bonus reforms and a 7 percent pay raise. This would be the company's second strike since 1969, coinciding with a prosecution probe into insider trading that could pressure shares.
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Samsung Electronics will shut down its TV production plant in Galanta, Slovakia, in May, industry sources said. The closure ends 24 years of operations to improve efficiency. The facility currently employs about 700 workers.
Korean chipmakers Samsung Electronics and SK hynix are ramping up memory production to meet surging demand from artificial intelligence (AI) servers. Industry analysts said on Sunday that production capacity is increasingly seen as a key determinant of competitiveness in the global semiconductor industry.