Samsung Electronics’ stock dropped as much as 3% on Friday as a result of the sixth day of production disruption caused by the ongoing strike by workers at the company’s southern Indian plant.
TakeAway Points:
- Samsung Electronics’ stock dropped more than 3% on Friday as a result of the sixth day of production disruption caused by the ongoing strike by workers at the company’s southern Indian plant.
- Since Monday, hundreds of employees have gone on strike to demand that Samsung recognise their union, increase pay, and shorten workweeks.
- Taobao topped Singapore’s App Store charts after launching an AI-powered English version, enhancing accessibility for non-Chinese users.
Samsung Workers’ Strike
Due to a fifth day of production disruption caused by the ongoing strike by workers at Samsung Electronics’ southern Indian facility, the company’s shares saw a 3% decline on Friday.
Worker union’s representatives, Samsung’s management and the state’s labor officials failed to reach an agreement over pay and working conditions, among other things, on Thursday.
Hundreds of workers have been on strike since Monday, demanding the electronics conglomerate to recognize their union, raise wages, and reduce working hours. It is one of the biggest such strikes in recent years in India, according to the report.
The plant, located in the city of Chennai in southern India, makes electronic appliances including televisions, refrigerators, and washing machines.
It’s one of the two factories that Samsung runs in India and can account for up to 30% of the group’s $12 billion annual revenue in the country, Reuters reported.
Samsung’s market position in India
Samsung Electronics is one of the leading players in India’s smartphone and electronic appliances market. The major appliances sector-wide 2024 revenue in India is pegged at $38.2 billion, according to Statista.
The workers will continue to strike until their demands for better wages and working conditions are met, union leader E. Muthukumar said.
“Samsung management asked us to stop striking but wouldn’t recognize the union or talk to us, so the strike continues.”
Around 85% of the 1,700 workers at the plant were part of the strike, local newspaper Business Standards reported on Tuesday.
A Samsung spokesperson said in a statement earlier this week that the company “actively engages with our workers to address any grievances they may have and comply with all laws and regulations. We will also ensure that there is no disruption to our consumers.”
Alibaba’s Taobao shopping app releases an AI-powered English version in Singapore
Chinese e-commerce giant Alibaba’s Taobao shopping app topped the Apple App Store charts in Singapore after releasing an English version on Tuesday because of the translations powered by artificial intelligence.
That’s according to Sensor Tower, a market intelligence firm whose data shows Taobao shot to first place in Apple’s Singapore App Store across all categories, as of Sept. 11. On Tuesday, the day the English-language version was announced, the app rose from fifth to first place in the shopping category.
Prior to this, the Taobao app had still enjoyed relative popularity and was consistently ranked in the top ten shopping apps for iPhone users from mid-August onwards, according to Sensor Tower.
The new update “highlights Taorving its Singapore users, who have shown a strong desire for an English-language interface, reflecting their diverse language fluency,”bao’s dedication to se Alibaba said in a press release Tuesday. It did not elaborate on the AI translation features. The company has its own AI model.
The release said the new platform “enhances accessibility for non-Chinese users, eliminating their need for manual translations that previously made shopping less convenient for them.”
