Sam­sung to set up US$445m fund

New Straits Times - - Business World -

SEOUL: Sam­sung Elec­tron­ics Co Ltd said it would set up a US$445 mil­lion (RM1.89 bil­lion) fund to help small sup­pli­ers, the high­est-pro­file South Korean firm to un­veil steps in the wake of new Pres­i­dent Moon Jae-in’s call to pro­tect small busi­nesses. Moon came to power this month promis­ing to rein in the con­glom­er­ates that dom­i­nate Asia’s fourth-largest econ­omy. Call­ing him­self the “jobs pres­i­dent”, he has also said he wants to dis­cour­age con­tract jobs, raise the min­i­mum wage and re­duce the work hours.

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