Seoul: Seoul's unionized city bus workers announced on Tuesday that they will continue negotiations with bus companies only until 9 p.m. If no agreement is reached, they intend to commence a general strike the following morning.
According to Yonhap News Agency, the ongoing dispute centers around the calculation of hourly wage rates, specifically the inclusion of regular bonuses in ordinary wages. This disagreement has led to heightened tensions between the bus union and the companies, with the potential strike threatening to disrupt public transportation in the city.
In other developments, the National Assembly has begun confirmation hearings for three Cabinet posts. The hearings have sparked a clash between rival parties, particularly over allegations against Justice Minister nominee Kim Seung-won. Kim is accused of illegally lobbying the food and drug safety ministry in 2021 to secure approval for a COVID-19 treatment.
Additionally, President Lee Jae Myung is scheduled to address key issues at a press conference on Friday. The event will focus on politics, foreign affairs, policy, and the economy, with around 150 journalists expected to attend.
Meanwhile, Foreign Minister Cho Hyun has emphasized the importance of strengthening ties with Central Asia. This call for cooperation comes ahead of the Korea-Central Asia summit, where leaders will discuss partnerships in strategic resources, supply chains, and artificial intelligence.
Elsewhere, accommodation shortages are raising concerns ahead of the Aichi-Nagoya Asian Games in Japan. Organizers have opted for cost-effective and eco-friendly solutions, including cruise ships and temporary units, instead of building a dedicated athletes' village.
Finally, Seoul stocks have continued their downward trend, closing lower for the fourth consecutive session. This decline is attributed to macroeconomic uncertainties and recent comments from AI industry leaders suggesting a slowdown in development. The Korean won has also weakened against the U.S. dollar.