SoftBank Shares Drop as OpenAI Losses and Rising Costs Spark Investor Concerns 
AI-Focused Asia Hedge Funds Deliver Triple-Digit Returns in 2026 Rally 
US Stock Futures Edge Higher Ahead of Key Federal Reserve Decision 
ByteDance Eyes Iluvatar, Baidu AI Chips Amid China’s AI Push 
China Industrial Output Beats Forecasts as Domestic Demand Weakens 
GM Explores Defense Manufacturing Partnership With Lockheed Martin 
Samsung Gains Interest from BYD, Google, AMD as AI Chip Demand Strains TSMC Capacity 
Lazard Challenges Centerview for Role in Venezuela’s Massive Debt Restructuring 
OpenAI's $34B Spending Pushes AI Market Leadership Ahead of IPO 
Roku Explores Sale Options as Interest Grows in Streaming and Ad Business 
ASX Proposes New Share Dilution Limits for Public Takeovers 
U.S. Gasoline Prices Fall Below $4 as U.S.-Iran Deal Eases Oil Market Concerns 
North Korea Reports Industrial Output at 105% of Target Following Party Congress 
Oil Prices Tumble as U.S.-Iran Peace Deal Eases Supply Concerns 
U.S.-Iran Peace Deal Extends Gulf Ceasefire, Reopens Strait of Hormuz 
GM and Lockheed Martin Partner to Strengthen U.S. Defense Manufacturing Capacity 
Qantas Nears Launch of World’s Longest Non-Stop Flights to London and New York 
Renault Samsung temporarily closed its production plant and warned workers of restructuring. The move comes after the union, and the company management failed to resolve their conflicts regarding wage hikes.
Renault Samsung is the South Korean unit of the French automaker, and rather than settling with the workers, it appears that their feud has further escalated. And because of this, the labor strikes are ongoing and likely to continue.
The root of the workers and company conflict
The dispute resulted from the low sales due to the pandemic as well as the global chip shortage. The explanation here is that as the company is not getting big profits lately, it could not grant the pay hike that its workers are asking for.
The company does not have control over the parts shortage, and it definitely can’t avoid the pandemic, so it was not able to do something to boost its sales in recent months. Apparently, with low sales, it does not have enough funds to answer the wage increase requests.
The Korea Herald reported that since the union workers chose to continue staging the strikes, Renault Samsung’s chief executive officer, Dominique Signora, was forced to issue a stern warning. He said that if the situation goes on, the company may implement a reorganization, and this will surely affect the employees.
“We are in urgent need to cut down costs during this crisis as the company’s overall vehicle sales hit the lowest level in 16 years,” the CEO said, suggesting about possible restructuring.
The temporary closure of the assembly facility
In any case, a company official confirmed the shut down of its plant and admitted workers who joined the strike were not allowed to the Renault Samsung production site. “Assembly line workers who are taking part in the strike were blocked from walking into the plant site, while those who stayed out of it were allowed in,” he said.
Maeil Business News Korea noted that there have been negotiations, but it fails every time. The workers reportedly decided to go on a full-scale strike in response to the plant shut down. However, fresh rounds of negotiations between the labor and management were still scheduled to go ahead on Thursday and Friday this week.
