Industry

Samsung Electronics union renews push for strike for first time in 2 years

Samsung Electronics\' labour union secured the legal right to strike after 93.1 percent of voting members backed industrial action, and it signalled a general strike in May. Three unions took part, with 66,019 of 89,874 eligible members voting. The union said pay talks failed to narrow differences and it will hold a rally on April 23. Key demands include greater transparency in bonus calculations, scrapping bonus caps and a 7 percent pay rise.

Finance

Banks raise deposit rates to counter stock market money move

Deposit products paying around 3 percent a year are reappearing in South Korea as lenders try to prevent funds from moving into a rising stock market. Major banks have made small increases in time-deposit rates, while NH NongHyup Bank has raised some one-year products to 3.05 percent. Time-deposit balances at the top five banks rose in February but remain below last November. Internet-only banks and savings banks have lifted rates more aggressively, while commercial banks remain cautious as market rates fall.