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Samsung Electronics Falls 6.1% on Failed Wage Deal, May 13

GateNews
Stocks
According to CNBC, Samsung Electronics shares fell 6.1% on May 13 after the company failed to reach a wage deal with its union, briefly erasing about 99.1 trillion won (US$66.2 billion) in market value. The union said more than 41,000 workers could join an 18-day strike from May 21. The union is demanding bonuses set at 15% of operating profit with no payout caps, while Samsung's management offered 10% plus a one-time payment. South Korea's finance minister and prime minister urged both sides to continue negotiations and avert a strike.
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