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Tech giant Samsung workers to strike indefinitely

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A union representing workers at South Korean technology giant Samsung Electronics has called on its roughly 30,000 members to go on strike indefinitely, as part of its campaign for better pay and benefits.

The announcement came on the last day of a three-day general strike being held by the National Samsung Electronics Union (NSEU).

The union said it had made the decision after management showed no intention of holding talks over its demands.

The NSEU, which represents nearly a quarter of Samsung Electronics’ workers in South Korea, said its actions had disrupted production. Samsung has disputed these claims.

“Samsung Electronics will ensure no disruptions occur in the production lines. The company remains committed to engaging in good faith negotiations with the union,” the firm told BBC News.

However, the union said: “The company has no intention to engage in a dialogue even after the first general strike, thus we declare a second general strike starting from July 10th, lasting indefinitely.”

The NSEU said about 6,500 workers have been taking part in the strike so far and called on more of its members to join the industrial action.

A spokesperson for Samsung Electronics declined to comment on how many workers had joined the walkout.

A protest on Monday was attended by around 3,000 people.

“In our view, there will be no production disruption,” Jung In Yun, from Fibonacci Asset Management Global told BBC News.

Last month, the union staged the first walkout at the company since it was founded five and a half decades ago.

Samsung Electronics is the world’s largest maker of memory chips, smartphones and televisions.

It is the flagship unit of South Korean conglomerate Samsung Group.

The firm is also the biggest of the family-controlled businesses that dominate Asia’s fourth-largest economy.

Samsung Group was known for not allowing unions to represent its workers until 2020, when the company came under intense public scrutiny after its chairman was prosecuted for market manipulation and bribery.

After the NSEU announcement, the company’s shares were trading flat to slightly lower on the Korea Stock Exchange.

Last week, Samsung Electronics said it expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year.

A boom in artificial intelligence (AI) technology has lifted the prices of advanced chips, driving up the firm’s forecast for the second quarter.

(BBC News)

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Oil prices plunge as Trump announces ceasefire

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Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East – a major oil-producing region.
Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.

U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.

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BOC to provide Rs. 10 Bn for grooming young entrepreneurs

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Deputy General Manager of Development Banking and Branch Credit Operations of Bank of Ceylon (BOC) R.M.N. Jeewantha said that the Bank Has introduced a special programme to create new entrepreneurs for the country from young people with a business idea.

He stated that the basic requirement for becoming an entrepreneur is to have an entrepreneurial idea, and that the bank provides all other advisory services including financial and non-financial facilities required to become a successful entrepreneur.

He stated this at the Bank of Ceylon headquarters while participating in a special discussion with the Daily News newspaper on Friday (20).

“We provide all the resources, facilities and advice required for the young people who come in this way to practically implement their business ideas. Last year, this programme created 15,000 new young entrepreneurs for the country. This year, our aim is to bequeath another group of young people to the country. The bank is ready to provide Rs 10 billion rupees as the initial capital required for this group,” he said.

The bank provides an initial capital of Rs. 500,000 for the new start-up at the initial stage without any securities as no collateral is needed. He said that even for a person already engaged in a business, the bank will provide the necessary support free of charge to develop that business, sell products, introduce new products, and enter the export market. Accordingly, any person under the age of thirty can come to the bank’s SME Circle and receive the necessary advice and financial facilities to develop as an entrepreneur.

“Anyone under the age of thirty who has a business idea should come to the bank. The bank is ready to provide Rs. 500,000 as initial capital for such start-ups at a low interest rate of seven percent. They also do not need collateral,” he added.

(dailynews.lk)
(This story, originally published by dailynews.lk has not been edited by SLM staff)

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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