Samsung Electronics and its union reached a tentative agreement to settle a months-long pay dispute, avoiding a planned 18-day walkout by about 48,000 employees. South Korea’s benchmark KOSPI rose more than 8% on Thursday, extending a year-to-date gain of more than 80%. Samsung shares jumped more than 7.5%, while SK Hynix surged more than 11%. Non-tech stocks also climbed, including Hyundai Motor and Kia, each up about 13%. Market sentiment improved further after Nvidia reported record $58.3bn profit. Samsung is the leading memory chip maker, holding large shares of global DRAM and NAND flash markets, and its chip division saw operating profit surge nearly 50-fold in the first quarter. The proposed deal would grant union members 10.5% of operating profits, pending approval.
"Under the proposed pay deal struck on Wednesday, which requires union members' approval, workers would be entitled to 10.5 percent of the firm's operating profits. Samsung's unionised workers have for months demanded a set share of the company's booming revenues. Like other tech giants, Samsung Electronics has racked up record profits on the back of furious demand for chips used to power AI."
Read at www.aljazeera.com
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