Seoul: Last-minute wage talks between Samsung Electronics Co. and its largest labor union were held Wednesday, with South Korea's labor minister personally mediating negotiations as unionized workers prepared to stage a major strike at the world's largest memory chipmaker. About 48,000 workers are set to walk off the job for 18 days starting Thursday after management rejected a mediation proposal that the union had accepted following the latest round of government-mediated negotiations earlier in the day.
According to Yonhap News Agency, Foreign Minister Cho Hyun announced that a vessel operated by a South Korean shipping company was currently passing through the Strait of Hormuz, marking the first such case involving a Korea-managed ship since the outbreak of the U.S.-Iran war. Cho stated during a parliamentary committee session in Seoul that a South Korean oil tanker was exiting the Strait of Hormuz in coordination with the Iranian side.
Additionally, a civic group filed a complaint against Shinsegae Group Chairman Chung Yong-jin and Son Jung-hyun, former head of Starbucks Korea, over alleged insult and defamation linked to the coffee chain's controversial marketing campaign. The People's Welfare Countermeasure Committee demanded punishment for Chung and Son, claiming that Starbucks Korea's "Tank Day" coffee tumbler promotion, launched on the anniversary of the May 18 Gwangju uprising, constitutes insult and defamation against the bereaved families of uprising victims and Gwangju citizens.
South Korean stocks experienced a downturn on Wednesday, extending their losses for a second consecutive session as foreign investors continued heavy selling. The Korea Composite Stock Price Index (KOSPI) lost 62.71 points, or 0.86 percent, closing at 7,208.95. Meanwhile, the local currency gained ground against the U.S. dollar.
Political activities intensified as the ruling and opposition parties geared up for the June 3 local elections and parliamentary by-elections. The official campaign period for these closely watched nationwide votes is set to begin Thursday and will last for 13 days, with both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP) expected to launch full-scale campaigns to attract voters across the nation.