Seoul, May 11 (IANS) The largest labour union at Samsung Electronics on Monday reiterated its demand that the company allocate 15 per cent of operating profit to employee performance-based bonuses and remove the payout cap, warning that mediation efforts could collapse if no progress is made.Choi Seung-ho, head of the union, reaffirmed the labor group’s position ahead of follow-up mediation talks aimed at averting the union’s planned 18-day strike beginning May 21, reports Yonhap news agency.”We…
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Seoul, May 11 (IANS) South Korean stocks were trading at a fresh record high of above 7,800 points on late Monday morning, boosted by an extended rally of blue chip semiconductor shares, despite woes over the U.S.-Iran peace deal falling apart.The benchmark Korea Composite Stock Price Index (KOSPI) had surged 324.22 points, or 4.32 percent, to 7,822.22 as of 11:20 a.m. after rising as high as 7876.60, reports Yonhap news agency.The index has been on a record-breaking run for the fifth consecutiv…
New Delhi, May 9 (IANS) Hampton Sky Realty Limited (formerly Ritesh Properties and Industries) on Saturday denied all allegations and asserted full compliance with applicable laws in its mobile-phone export operations.In a detailed statement, the company said it entered the mobile-phone export business in May 2023, describing it as a government thrust area under the ‘Make in India’ and Production-Linked Incentive schemes, noting strong growth in India’s mobile-phone exports in recent years…
Seoul, May 8 (IANS) South Korean stocks started lower on Friday on profit hunting following a recent rally and renewed military tensions in the Middle East after the United States and Iran exchanged fire.Opening 1.82 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) lost 163.99 points, or 2.19 per cent, to 7,326.06 as of 9:15 a.m, reports Yonhap news agency.The index had been on a bullish run to hit record highs for three consecutive sessions starting Monday, gaining nearly …
Seoul, May 7 (IANS) Samsung Electronics has decided to withdraw its home appliance and TV sales business in China amid its struggle to shore up its presence in one of the world’s most important markets, industry sources said.But its mobile, semiconductor and medical equipment businesses will remain in place in the neighbouring country, the sources said, reports Yonhap news agency.Samsung has recently notified its vendors in China of its decision to end its home appliance and TV sales business th…
Seoul, May 6 (IANS) South Korean stocks traded 6 per cent higher to stay above the unprecedented 7,300-point mark on Wednesday led by strong gains in semiconductor shares and rising optimism for a peace deal between the United States and Iran.Opening 2.25 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended gains, adding 418.82 points, or 6.04 percent, to an all-time intraday high of 7,355.81 as of 11:20 a.m, reports Yonhap news agency.With the surge, the bourse opera…
Seoul, May 5 (IANS) Samsung Electronics’ board chairman on Tuesday expressed concerns over the potential economic impact of a planned general strike by unionized workers and called for the dispute to be resolved through dialogue, the company said.”As chairman of the board, I feel a deep sense of responsibility for the current situation and apologize for causing concern,” Chairman Shin Je-yoon said in a message posted on the company’s intranet.He warned that both management and labor could lose…
Seoul, May 4 (IANS) South Korean stocks shot up by more than 5 per cent to close at a fresh high on Monday, approaching the 7,000-point mark, as investors scooped up semiconductor shares while awaiting developments in US-Iran peace talks. The Korean won rose sharply against the US dollar.The benchmark Korea Composite Stock Price Index (KOSPI) added 338.12 points, or 5.12 percent, to a fresh record high of 6,936.99.Trade volume was heavy at 864.3 million shares worth 41.3 trillion won (US$28.2 bi…
Seoul, May 4 (IANS) South Korean stocks opened at a fresh high of over 6,700 on Monday as US President Donald Trump announced plans to free ships stranded in the Strait of Hormuz, while Washington and Tehran exchanged their proposals for peace talks.After opening at a fresh record high of 6,782.93, or 2.79 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) added 157.3 points, or 2.38 percent, to 6,756.17 as of 9:15 a.m.The index had risen three straight sessions to close at …
Seoul, April 30 (IANS) Samsung Electronics said on Thursday that its first-quarter net profit surged more than fivefold from a year earlier, driven by robust demand for high-end memory chips used in artificial intelligence (AI) applications.Net profit for the three months ended March jumped to 47.22 trillion won (US$31.8 billion) from 8.22 trillion won a year earlier, the company said in a press release.Operating profit jumped more than eightfold to 57.23 trillion won from 6.68 trillion won over…