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Samsung shares surge as strike averted

Samsung Electronics shares surged after averting a strike. Details on the deal including bonuses of up to $416,000 for some workers.

John Smith
ByJohn Smith- Senior Editor
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Samsung Electronics shares jumped on Thursday after a last-minute deal with a South Korean union prevented a strike.

The planned 18-day strike by 48,000 union members has been suspended. The agreement will be voted on from May 22 to 27.

Samsung accounts for a quarter of South Korea's exports. Analysts say the deal raises labor costs but paying bonuses in stock eases the burden.

Special bonuses for memory chip workers include up to $416,000, mostly in stock.

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