Samsung workers’ union in South Korea is set to go on a three-day strike.
Transcript:
CONWAY GITTENS: Here’s what we’re watching on TheStreet today.
Investors are looking ahead to two key inflation reports – the consumer price index out Thursday, and the producer price index out Friday. Both reports will be closely watched when the Federal Reserve makes its next decision on interest rates at the end of July. Investors are also awaiting the kickoff of second quarter earnings season with JPMorganChase, Delta, and Pepsico all slated to release results this week.
In other news – Employees of Samsung Electronics, South Korea’s biggest conglomerate, are on strike. According to the National Samsung Electronics Union, the three-day work stoppage is due to unmet employee demands. The union, which represents roughly 25% of Samsung’s workforce, says it wants better pay and an extra day of annual leave for union employees.
The President of the NSEU told Reuters “What we think is the most important for this strike is to disrupt production, so we’ve been mainly encouraging those working on the production line to join the strike so they can directly impact it.”
Those hitting the picket lines include workers who oversee automated production lines and equipment. However, with just over 6,500 workers striking this week – about 5% of the entire workforce – Samsung says it does not expect to see a drop in production at a time when demand is booming for AI chips.
Samsung recently said it expects to see a 15-fold increase in operating profit in the current quarter.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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