00:02You're listening to AI Prism, from Seoul Economic Daily.
00:06Korea's summer strike wave just reached the boardroom.
00:10Hyundai Motors Union wants 30% of last year's net profit,
00:14more than 3 trillion won,
00:16and subcontractor unions now hold bargaining rights under the Yellow Envelope Law.
00:22Shipbuilders and steelmakers face the same demand,
00:24and POSCO's 58-year no-strike record is at risk.
00:29Meanwhile, IBM's 25% crash showed how fast clients are reshuffling IT budgets.
00:36Three board-level signals in one day.
00:39It's Thursday, July 16th.
00:41Let's look at a business story shaping corporate Korea.
00:45Semiconductor firms set an N% of profit bonus model,
00:49and unions across autos, shipbuilding, and steel are now demanding the same.
00:54The Yellow Envelope Law, enforced since March,
00:57extended collective bargaining rights to subcontractor unions.
01:01At the same time, Seoul unveiled a 10 trillion won technology sovereignty fund
01:06aimed at supply chain choke points.
01:09Here's what the numbers show.
01:11Hyundai Motors Union demands 30% of last year's 10.36 trillion won net profit,
01:18over 3 trillion won, or about $2 billion,
01:22exceeding the company's 2.51 trillion won first-quarter operating profit.
01:27Hyundai's first-quarter operating profit fell 30.8% year-on-year,
01:32and the union threatens additional strikes from July 16th.
01:36H.D. Hyundai Heavy's union demands at least 30% of operating profit,
01:41about 1.17 trillion won against a 3.89 trillion won consensus.
01:48Kia's union declared talks broken and votes on strike action July 23rd,
01:53while POSCO risks its first walkout since 1968.
01:58IBM fell 25.21%, erasing $67 billion in value after clients shifted capital spending
02:07from software to servers, storage, and memory.
02:10The Financial Services Commission will expand the National Growth Fund
02:14from 150 to 200 trillion won, about $135 billion.
02:20Korea Strategic Technology Partners, a new state-backed vehicle,
02:25will deploy 10 trillion won, roughly $6.7 billion,
02:30to localized defense RF chips, offshore wind turbines, and rare earth processing.
02:36Merits Financial approved 200 billion won in emergency financing for HomePlus,
02:41backed by MBK Chairman Michael Byung-Joo Kim's personal guarantee.
02:46So, what does this mean for executives running Korean operations?
02:51Earlier, we said the strike wave reached the boardroom.
02:54Here's what that actually means for you.
02:57Profit-linked bonus demands, plus subcontractor bargaining rights,
03:01change Korea's labor cost model,
03:03and any exposure across autos, shipbuilding, or steel,
03:07now belongs in your risk register.
03:09Pair that with IBM's CapEx warning,
03:12budget for hardware-first client spending,
03:15and flag both to the board this quarter.
03:18That's today's AI Prism, CEOs.
03:21This episode was produced with AI Assistants,
03:24based on Seoul Economic Daily reporting,
03:27and reviewed by a human editor.
03:29AI Prism is a Juan Ifra Award-winning series.
03:33We'll be back tomorrow.
03:34You've been listening to AI Prism, from Seoul Economic Daily.
03:39over the last time,
03:40can say that you know you're getting a lot of secure porta,
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