GM Korea Dropping Bankruptcy Vote Plan, Saved By Last-minute Wage Deal

An GM Korea meeting line. GM may quickly file for chapter safety in South Korea

In a 12-hour negotiating session, GM Korea and its labor union today reached a tentative agreement that freezes hourly workers' wages and bonuses and reduces fringe-benefit liabilities for the current year.

Korea Development Bank is GM Korea's second-largest shareholder with a 17 percent stake.

Korea made a decision to accept voluntary resignations from workers and then relocate any Gunsan employees who decide to remain with the company, replacing its initial proposal that would have forced some workers to take extensive unpaid leave.

The company had originally set the deadline for an agreement from the union at midnight Friday, but it was delayed to 5 p.m. Monday after Finance Minister Kim Dong-yeon urged the two sides to find common ground through "swift but honest dialogue" and to avoid jeopardizing 150,000 local jobs at the carmaker and its subcontractors.

"Ratification of the tentative agreement is critical to our viability plan and securing support of the Korean government and our shareholders, KDB and GM", GM Korea CEO Kaher Kazem said in a statement.

Finance Minister Kim Dong-yeon returned to Korea on April 23 afternoon, and one of his first schedules was to head to the government complex in Seoul to discuss recovery efforts for GM Korea with vice-ministers.

However, AP reports that the union still needs to vote on the measures later this week.

Cleveland Browns: Mike Mayock Advise Their QB Choice
The Jets gave up their No. 6 overall pick, plus three second-round picks, two of them in 2018 and one in 2019, to find out. The Bills don't have a starting quarterback (sorry AJ McCarron) after trading Tyrod Taylor to the Browns.

Mike Mayock's 2018 NFL Draft prospect-team connections
Browns general manager John Dorsey is old-school cool, from his wardrobe to keeping his plans for the upcoming NFL Draft private. He's an interesting prospect because he's a big, long, fast and athletic pass rusher coming out of a small school.

Neymar must join Real Madrid to become the best - Rivaldo
I think that judging by what I hear, by the information I get from people, that he has the chance to play at Real Madrid ". With Neymar reportedly unhappy, Real Madrid have been strongly linked with a move for the 26-year-old in the summer.

General Motors has announced it will give negotiators until Monday to arrive at a financial solution for its ailing GM Korea division. Since GM's acquisition of Daewoo Motor Co.in 2002, South Korea has served as an Asian manufacturing hub for GM, mainly producing small and compact cars.

The government said Monday that it respects the agreement between GM and the union.

His view was echoed by Suh Sung-moon, who analyzed the auto sector for almost two decades at Korea Investment & Securities Co. Gm has got a huge relaxation on the liquidity due to the funding to pay the employees and its suppliers.

GM restructured its Thai operations, and ceased production in Indonesia and Australia. The union accepted management's earlier promise that it would disperse the workers through a combination of early optional retirement packages and job transfers to other plants.

Thereafter, it proposed converting $2.7 billion debt owed to it by GM Korea into equity and offered to share an investment of $2.8 billion between GM Korea and the KDB.

Hyundai Research Institute forecast that the closure of GM Korea would lead to W30.9 trillion in losses to the nation's automotive industry (US$1=W1,070). During part of the negotiations GM banned executives from traveling to GM Korea properties because of concerns about possible union volatility.

Related News:

  • Korean Air chair's daughters resign as smuggle probe widens

    Korean Air chair's daughters resign as smuggle probe widens

    "We are deeply sorry for upsetting the public and Korean Air employees with my family's problems", Cho said in a statement. Cho Hyun-min publicly apologized for the fracas on Facebook, saying her behavior was "foolish and reckless".
    Paris attacks suspect Salah Abdeslam guilty of attempted murder in Belgium

    Paris attacks suspect Salah Abdeslam guilty of attempted murder in Belgium

    Abdeslam is in a French prison awaiting trial over claims about his role in the Islamic State attack in Paris over two years ago. Despite the absence of both accused, security was tight around the Brussels court, with heavily armed police on guard.
    OnePlus is offering 6000 free tickets for Avengers: Infinity War in India

    OnePlus is offering 6000 free tickets for Avengers: Infinity War in India

    This means OnePlus 5T successor will be able to survive in the water for up to five feet (1.5 meters) for close to 30 minutes. The OnePlus 6 comes equipped with the Qualcomm Snapdragon 845 paired with up to 8GB of RAM and 256 GB of storage .
  • Australian dog receives police honours for keeping lost…

    Australian dog receives police honours for keeping lost…

    Young Aurora was reported missing on Friday at 3 pm as she went wandering around Queensland's Southern Downs. A blue heeler dog by the name of Max stayed with his owner Aurora when she went missing for 15 hours.
    BJP, RSS anti-Dalit & anti-Constitution: Rahul

    BJP, RSS anti-Dalit & anti-Constitution: Rahul

    Gandhi's comment on Modi came after he had accused the PM of believing there is spirituality in manual scavenging. The campaign will continue till next year's April 14, the birth anniversary of Dalit icon Bhim Rao Ambedkar.
    Chinese killed in major traffic accident in N. Korea

    Chinese killed in major traffic accident in N. Korea

    Footage on Chinese language state broadcaster CCTV confirmed the mangled wreckage of a bus at midnight with rain falling. The article and headline has been amended to reflect comments by Chinese Ministry of Foreign Affairs (MFA).
  • Simeone weighing up three-man defence for Arsenal tie

    Simeone weighing up three-man defence for Arsenal tie

    Atletico Madrid warmed up for Thursday's Europa League semi-final first leg with Arsenal with a La Liga draw with Real Betis . We made chances straight after half-time, in the first 10 or 15 minutes, but we couldn't take them.
    Where's the Coverage? Iranian Drone Shot Down by Israel Was Armed

    Where's the Coverage? Iranian Drone Shot Down by Israel Was Armed

    Iran's clout across four foreign capitals - Baghdad, Damascus, Beirut and Sanaa - has been no easy feat to establish and maintain. Soleimani has extended Tehran's hold on key parts of the Sunni Arab world, and is keen to reap the rewards of his investment.
    Southwest Airlines Confirms Deadly Accident in NY to Dallas Flight

    Southwest Airlines Confirms Deadly Accident in NY to Dallas Flight

    When news broke of Shults piloting the crippled Southwest airliner, the name immediately jarred the mind of one Beeville resident. Some passengers that were on Tuesday's Southwest Flight 1380 received a $5,000 check from the airline, among other items.
  • Watch the Teaser Trailer for HBO's SHARP OBJECTS

    Watch the Teaser Trailer for HBO's SHARP OBJECTS

    The moody teaser doesn't give away too much, but it does bear all the trademarks of Vallée's dreamlike, brooding aesthetic. Set to a haunting score, the teaser sees Adams' Preaker driving back to her hometown, where her dark past is kept.
    PSEB Class 12th Results 2018 to be declared; check pseb

    PSEB Class 12th Results 2018 to be declared; check pseb

    A total of 3,00,417 students appeared for the exam and 1,98,199 passed - an overall pass percentage of 65.97%. All candidates are advised to check the result of the 12th Class Punjab Board exam.
    Honda Indy Grand Prix of Alabama Postponed

    Honda Indy Grand Prix of Alabama Postponed

    Newgarden opened up a four-second lead while the rest of the field did their best to try and see the track around them. It was the first time racing in such rainy conditions with this year's new aero kit. "It was very bad (Sunday)".


Most liked

Amazon's Secretive "Vesta" Program is Reportedly Building Home Robots
The news service says Amazon may begin testing the robots in employees' homes this year, with a possible public release in 2019. Amazon would join a long line of tech companies introducing robots for the home, including Sony, LG and others.

Spurs on ouster brink after loss to Warriors
Messina will also be at the helm Sunday as San Antonio tries to stay alive and push the series to a fifth game Tuesday in Oakland. At the start of the playoffs, many people considered the Warriors to have a very challenging first-round matchup.

PM 'will not backtrack' on leaving customs union
At least 10 Conservative backbenchers have signed an amendment to the trade and customs bill supporting continued membership. Parliament is set to hold a non-binding vote on the customs union on Thursday.

Today Analysts Focus on BGC Partners, Inc. (BGCP), Wynn Resorts, Limited (WYNN)
After $1.40 actual EPS reported by Wynn Resorts, Limited for the previous quarter, Wall Street now forecasts 37.14% EPS growth. Norges Bank purchased a new stake in shares of Wynn Resorts, Limited during the fourth quarter worth approximately $65,886,000.

Volkswagen's new all-electric prototype racer is faster than an F1 vehicle
That vehicle had turbocharged 1.8-litre engines driving each axle, giving a peak output of 652hp. The Pikes Peak Hillclimb Event takes place in Colorado Springs on 24 June 2018.

Quarterback battle takes center stage on Alabama A-Day
Jones added a 46-yard touchdown strike to junior slot receiver Xavian Marks with 35 seconds remaining to put the game away. Najee Harris led both teams with 41 rushing yards. "That is just one thing that we have to continue to improve on".

Arvada woman trying to stomach $500 fine for free airline snack
A Delta passenger paid US$500 at US Customs for an apple the airline gave out as a free snack on a flight from France. Tadlock says a Delta flight attendant handed her an apple toward the end of her flight from Paris.

Alexandre Lacazette's late salvo sinks West Ham at Arsenal
The first goal came from Stoke City midfielder Badou Ndiaye in the 11th minute, while Burnley forward Ashley Barnes equalized in the 62nd.

Captain America Fights The Black Order In New 'Avengers: Infinity War' Footage
This secrecy is part of the reason the movie has such buzz right now, but fans aren't the only ones in the dark. Robert Downey Jr. redefines how to cast for a superhero movie.

Queen celebrates 92nd birthday
That usually falls on the second Saturday in June, when she joins the Trooping the Color military parade in central London. US-Jamaican reggae star Shaggy shared the stage with British star Sting , while Jones and Craig David also performed.

Ex-FBI deputy director 'disappointed' in Comey comments
How significant are the memos? Details from some memos were made public in media accounts in the days after he was sacked . The President of the United States can't wish them away; nor can the man once known as America's mayor.

Cubs' Bryant hit in the head
Chicago has been incredibly inconsistent this season, stringing together consecutive wins only once en route to its.500 record. Javier Baez's seventh homer made it 4-0 in the second and Jason Heyward had a two-run single in the third for a 6-0 lead.

No Williams sisters, no problem as U.S. target Fed Cup final return
The U.S. will play the Czech Republic in the final. "I was getting nervous before this game", said Kvitova. The Czech Republic will host the 10-11 November final having won five of the past seven Fed Cup titles.

Di Francesco likes Roma attitude before Liverpool clash
Champions Juventus and second-placed Napoli go head-to-head Sunday in a clash which could decide the Serie A title. The first leg is away from home and that can be an advantage, but also makes it very hard to prepare tactically.

ASUS ZenFone Max Pro M1 Official Render Leaks Ahead of Launch
The rear camera on the ZenFone Max Pro (M1) is a dual lens unit that is made up of a 13-Megapixel sensor and a 5-Megapixel sensor. Asus Zenfone Max Pro M1 could be the organization's first Smartphone to send with stock variant of Android Oreo out-of-the-case.