Trump Administration Declines USMCA Renewal, Opens Talks on New Trade Changes 
Morgan Stanley Names BAE Systems Top European Defence Stock Despite Lower Price Target 
OpenAI Proposes 5% U.S. Government Stake Amid AI Policy Talks 
ShareChat Eyes 2027 IPO After Reaching Operational Profitability, Report Says 
Apple Expands iPhone Lineup, Boosts Foldable iPhone Production Plans Through 2027 
Asian Stocks Mixed as South Korea Slides on Profit-Taking, Japan and China Gain on Strong Factory Data 
Asian Currencies Slip as Dollar Holds Firm, Yen Near Four-Decade Low Ahead of Fed, Jobs Data 
Wall Street Futures Rise Ahead of JOLTS Data, Nike Earnings, and U.S.-Iran Talks 
Northern Star Appoints New CEO as Activist Elliott Pushes for Leadership Overhaul 
Chip Stocks Rally as Samsung and SK Hynix’s $1.3 Trillion Investment Plan Boosts AI Optimism 
Trump Reports $1.4 Billion in Crypto Income as Digital Assets Become Top Wealth Source 
South32 Sells Major Aluminium Assets to Alcoa in Deal Worth Up to $5.6 Billion 
Gold Price Drops to Eight-Month Low as Fed Rate Hike Bets Weigh on Bullion. Source: Photo by Michael Steinberg via Pexels 
Oil Prices Rise as U.S.-Iran Talks Keep Geopolitical Risks in Focus 
Gold Price Holds Above $4,000 as Fed Rate Hike Expectations and U.S. Jobs Data Weigh on Market 
Hyundai Motor’s truck drivers are on strike, and it has been more than two days since it started. As the strike continues, it was reported that the production at the automaker’s plants in Ulsan has been affected.
The truckers’ strike disrupted Hyundai Motor’s production, and in turn, this has caused further delays in the shipment of orders. It was reported that the company’s biggest plant, which is located in Ulsan, only managed to produce half of its capacity this week due to a parts shortage that was caused by the truckers’ strike in South Korea.
According to Reuters, around 8,100 members of the country’s Cargo Truckers Solidarity union went on strike for the third day on Thursday, June 9. The number of the strikers is more than 36% of the total members of the union, and they have staged a protest due to the rising fuel costs, declining activity at ports, and incessant disruptions in production.
The strike was said to be a new risk to the already strained supply chain that has been affecting numerous companies around the world. Earlier today, about 1,000 truckers staged a protest in front of Hyundai Motor’s facility in Ulsan. The plant’s production is still operating at just 50-60% capacity since the strike is still ongoing.
Hyundai Motor declined to provide more details with regard to the extent of the strike’s impact on its business. However, one thing is sure, it has delayed the delivery of orders.
“About 30 percent of first-tier auto parts suppliers are making losses amid supply disruption and mobility shift Cargo truckers’ union strike is an illegal act that prohibits legitimate shipments,” Pulse News quoted the chairman of Korea Automobile Manufacturers Association (KAMA), Jung Man Ki, as saying in a statement related to the strike. “Production disruption is inevitable to the automotive industry, and consumers also will be victimized due to further delay in new car deliveries.”
Meanwhile, Yonhap News Agency reported that the striking truck drivers refused to deliver auto parts to Hyundai Motor’s five plants in Ulsan since Wednesday. Thus, the company was not able to have the needed components to build vehicles for shipment.
