Hyundai's Gangnam Style Leads To Partial Strike
Due to a Gangnam-style real estate deal in the Gangnam district of Seoul, South Korea, workers at Hyundai and Kia have gone on partial strike for the next few days.
Bloomberg reports the unions leading the strike will do so through September 26, while wage talks with the parent company are indefinitely postponed. In turn, shares in Hyundai fell 2 percent to close at ₩191,500 ($184 USD) on the Korea Exchange, the lowest since May 2013.
The trigger for the strike was ₩10.6 trillion ($10 billion) real estate deal for property in the Gangnam district of the South Korean capital between Hyundai, Kia and affiliate Hyundai Mobis. The unions claim this move as not only proof Hyundai can pay its workers better, including bonuses — which have been mandated by the country’s supreme court to be a part of a worker’s base pay — but that company chair Chung Mong Moo’s management style leaves a lot to be desired.