South Korean economy – The Milli Chronicle https://www.millichronicle.com Factual Version of a Story Mon, 01 Jun 2026 13:36:04 +0000 en-US hourly 1 https://media.millichronicle.com/2018/11/12122950/logo-m-01-150x150.png South Korean economy – The Milli Chronicle https://www.millichronicle.com 32 32 Explosion at Hanwha Aerospace Plant Kills Five Workers https://www.millichronicle.com/2026/06/68040.html Mon, 01 Jun 2026 13:36:03 +0000 https://millichronicle.com/?p=68040 Seoul-Five people were killed and two others injured after an explosion struck a facility operated by Hanwha Aerospace in Daejeon, South Korea, on Monday, according to local fire authorities.

The blast occurred around 11:00 a.m. at the company’s research and development site, which works on advanced weapons technologies, rocket systems and aerospace projects.

Hanwha Aerospace CEO Son Jae-il said the accident may have occurred during the cleaning of equipment used in rocket propellant production, where explosive residue could have remained on tools.

The company pledged a comprehensive review of its safety procedures following the deadly incident. Political parties also announced they would scale back election campaign activities ahead of local elections as a mark of respect for the victims.

]]> Samsung, Union Resume Pay Talks as Strike Threat Rattles South Korea Economy https://www.millichronicle.com/2026/05/67207.html Sat, 16 May 2026 14:38:29 +0000 https://millichronicle.com/?p=67207 Seoul-Samsung Electronics and its largest South Korean labor union will resume wage negotiations on Monday under government mediation, the union said, in a move that could reduce fears of a disruptive strike at the world’s biggest memory chipmaker.

The union said on Saturday that Samsung had replaced its lead negotiator ahead of renewed talks and that both sides would also hold a separate meeting later in the day. The company declined to comment on the discussions.

The announcement followed a public apology from Samsung Chairman Jay Y. Lee over the escalating labor dispute, marking his first direct remarks on the issue.“I sincerely apologise to customers around the world for causing anxiety and concern due to issues within our company,” Lee said in Seoul, adding that he also “deeply bows in apology to the public.

”Union leaders said Samsung’s newly appointed negotiator acknowledged a breakdown in trust and pledged to engage more sincerely in discussions aimed at resolving the dispute.

The South Korean government has stepped up pressure on both sides after mediated negotiations collapsed earlier this week, raising the prospect of a strike that officials warned could disrupt exports, financial markets and broader economic growth.

South Korea’s labor minister met Samsung management on Saturday and urged the company to take a more active role in resolving the standoff through dialogue.The union said on Friday it still intended to proceed with a planned strike next week despite Samsung’s proposal to restart negotiations without preconditions.

Concerns over potential industrial action have intensified because Samsung plays a central role in the global semiconductor supply chain. The company supplies chips to major technology firms including Nvidia, Advanced Micro Devices and Alphabet.

Government officials, including South Korea’s prime minister and finance minister, have warned that prolonged disruption at Samsung could have significant implications for the country’s export-driven economy.

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