SEOUL, May 17 — South Korea will pursue ‌all options, including emergency arbitration, to avoid ​a labour strike at the country’s biggest employer Samsung Electronics and to minimise any damage if one ‌does occur, its prime minister said on Sunday.

The world’s largest ​memory chip maker and its South Korean labour union will resume pay talks on Monday with a government mediator, in a move that could ease ​concerns over a potentially disruptive strike at the tech giant that accounts for nearly a quarter of the country’s exports.

“Just one day of suspension at Samsung Electronics’ semiconductor factory is expected to incur direct losses of as much as ‌1 trillion won (US$667.68 million; RM2.64 billion),” Prime Minister Kim Min-seok said after ⁠an emergency meeting with ministers ⁠on Sunday.

“What is more concerning is that a ⁠temporary pause on semiconductor manufacturing ⁠lines leads to ⁠months of inactivity,” Kim said, adding there were worries about economic damage ballooning to as much as 100 trillion won if ⁠materials had to be disposed of due to a strike.

An emergency arbitration order, which can be invoked by the labour minister if the country deems a dispute is likely to harm the economy or daily life, immediately prohibits industrial action for 30 ⁠days while the National Labor Relations Commission conducts mediation and arbitration.

It has rarely been invoked and would represent an extraordinary ⁠step for a union-friendly administration.

The union said it would negotiate in ⁠good ⁠faith to reach an agreement with management.

Samsung accounts for 22.8 per cent of South ​Korea’s exports and 26 per cent of the ​domestic stock market, employing more than ‌120,000 people and working with 1,700 suppliers, ​Kim said. — Reuters

GEORGE TOWN, May 14 — Penang’s economy is poised to grow 4 per cent to 5 per cent in 2026, buoyed by the state’s robust high-tech manufacturing sector and continued strength in external trade, Chief Minister Chow Kon Yeow said today.

Speaking during his winding-up speech at the state legislative assembly, Chow, who is also the Padang Kota assemblyman, attributed the positive forecast to the performance of the electrical and electronics (E&E) industry, which remains a primary driver of the state’s economy.

“The inflation rate is expected to remain moderate at between 1.5 per cent and 2.5 per cent,” he said.

The CM also said that Penang continues to be a top investment destination, securing overall approved investments amounting to RM63.96 billion.

This figure was led by the services sector, which contributed RM41.22 billion, while the manufacturing sector recorded RM22.38 billion.

On the state’s own financial health, Chow reported that as of May 13, Penang had recorded a total revenue of RM403.39 million against an operating expenditure of RM310.22 million.

This resulted in a healthy current surplus of RM93.17 million, which has further contributed to the increase in the balance of the Consolidated Revenue Account, he said.

Chow concluded by affirming that the state’s financial position remains “strong and resilient,” attributing this performance to efficient revenue management and prudent expenditure control by the state government.