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Market Chatter: Samsung, Union Labor Talks Collapse; Strike to Proceed Thursday

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Negotiations between Samsung Electronics (KRX:005930) and its largest labor union fell apart on Wednesday, raising the possibility of a strike that could disrupt global chip supplies and impact the national economy, Bloomberg News reported the same day.

Union leader Choi Seung-ho said a general strike will proceed on Thursday, May 21, after Samsung's management rejected a government mediation proposal that had been accepted by the union, according to the report.

Samsung argued the demands were "excessive," including raising compensation even for employees in loss-making divisions, the report said.

South Korean labor minister Kim Young-hoon has since urged the two parties to negotiate directly hours following news of the talks collapsing, Bloomberg reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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