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Games & Commerce

Kakao steps up strike procedures at affiliates, eyes second mediation at head office

Strike authorisation votes at 5 Kakao group entities all passed, clearing the way for labour action. Four affiliates including Kakao Pay and Kakao Enterprise already have the legal right to strike after mediation was halted. Kakao\'s head office has not yet secured that right after failing to reach a final deal in first mediation and extending the schedule to May 27. A walkout at the head office would be the first in the company’s history.

Games & Commerce

Kakao management, labour agree to extend mediation, postponing risk of first head office strike

Kakao management and its labour union agreed to extend mediation at the Gyeonggi Provincial Labor Relations Commission after wage talks broke down, temporarily delaying the possibility of the company’s first head office strike. A second mediation session is set for May 27. The dispute centres on the wage increase rate and bonus compensation structure. Four affiliates have secured the right to take industrial action after mediation procedures were suspended.

Finance

Samsung Securities Q1 operating profit 609.5 billion won, up 82.1 percent

Samsung Securities posted solid first-quarter results, helped by growth in its wealth management business. The company said operating profit rose to 609.5 billion won, up 84.4 percent from the previous quarter and 82.1 percent from a year earlier. Pretax profit climbed to 615.5 billion won and net profit to 450.9 billion won. Retail client assets saw net inflows of 19.7 trillion won, lifting total client assets to 495.6 trillion won.