Samsung Electronics confirmed Wednesday that more than 47,000 workers will strike from Thursday after wage talks collapsed — threatening the maker of two-thirds of the world’s memory chips amid the AI boom. The PBOC held loan prime rates at record lows for a 12th straight month as Iran-war inflation complicated easing. The Philippines’ $2bn flood-fund corruption scandal deepened, denting Marcos’s ASEAN-chair credibility. India’s rupee hit a fresh low on rising crude and US Treasury yields. Japan’s 10-year JGB yield jumped amid a global bond selloff. Asia-Pacific markets fell broadly as Iran-war inflation fuelled Fed rate-hike speculation. Today’s Asia intelligence brief tracks six decisions converging on the Wednesday tape.
01 · South Korea — Samsung 47,000-Worker Strike Begins Thursday as Wage Talks Collapse
Samsung Electronics confirmed Wednesday May 20 that more than 47,000 workers will begin an 18-day strike Thursday after wage negotiations broke down. The talks, mediated by Korea’s National Labor Relations Commission, collapsed after Samsung rejected a key union demand on bonus payments. Shares of the world’s largest memory-chip maker fell about 3%.
The union, representing roughly 74,000 workers, demands Samsung commit 15% of annual operating profit to bonuses and scrap the current 50%-of-salary cap. Samsung — which with SK Hynix produces about two-thirds of the world’s memory chips amid surging AI demand — called the demands excessive. Q1 operating profit jumped eightfold to a record 57.2 trillion won ($38bn). The union estimates the strike could cost roughly $20bn; an April 23 walkout cut foundry output 58% and memory production 18%. The government may invoke rarely-used emergency powers.
