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GM Korea delays vote on bankruptcy protection to Monday as talks fail

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SEOUL/DETROIT General Motors' South Korean unit delayed a decision to file for bankruptcy protection until Monday afternoon, after the automaker failed to reach a wage deal with its labor union in time to meet a Friday deadline.

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GM Korea delays vote on bankruptcy protection to Monday as talks fail

SEOUL/DETROIT General Motors' South Korean unit delayed a decision to file for bankruptcy protection until Monday afternoon, after the automaker failed to reach a wage deal with its labor union in time to meet a Friday deadline.

World, Business 20 Apr 2018
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Nissan to cut hundreds of jobs at UK plant as diesel demand slides: source

LONDON Nissan will cut hundreds of jobs at its Sunderland plant, Britain's biggest automotive factory, as it tackles declining demand for diesel models across Europe, a source told Reuters on Friday.

20 Apr 2018
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Explainer: As GM mulls options for unit, how does bankruptcy work in S.Korea?

SEOUL General Motors has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labour costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan.

Tech, Business 20 Apr 2018
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As GM mulls options for unit, how does bankruptcy work in South Korea?

SEOUL General Motors has said its loss-making South Korean operation would file for bankruptcy if its union failed to agree to cut labour costs by Friday, heaping pressure on workers and the South Korean government to approve a rescue plan.

20 Apr 2018
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Analysis: Peugeot boss faces toughest adversary yet in IG Metall

PARIS/FRANKFURT PSA Group boss Carlos Tavares, whose career has seen him thrash out margin-boosting labour deals for two carmakers in several countries, is now taking on Germany's IG Metall union, which has been the undoing of many a cost cutter.

19 Apr 2018
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GM abruptly replaces head of Cadillac brand

General Motors Co said on Wednesday that it was replacing Johan de Nysschen as head of its Cadillac brand, ahead of the launch of a new sport utility vehicle central to GM's hopes for luxury market growth.

18 Apr 2018
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Exclusive: South Korea's KDB, GM Korea may sign preliminary funding deal by April 27

SEOUL Korea Development Bank (KDB) may sign a preliminary agreement by April 27 to financially support General Motors Co's troubled South Korean unit, provided interim due-diligence on the unit is satisfactory, the chairman of the lender said.

17 Apr 2018

Business News

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A U.S. recession ahead? Fed policymakers say not to worry

CHICAGO/SAN FRANCISCO As the gap between short- and long-term borrowing costs hovers near its lowest in more than 10 years, speculation has risen over whether the so-called yield curve is signalling that a recession could be around the corner.

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IMF must better police external imbalances - U.S. Treasury's Mnuchin

WASHINGTON U.S. Treasury Secretary Steven Mnuchin said on Friday that the International Monetary Fund needed to "step up to the plate" to police large external imbalances, demand the dismantling of trade barriers and protection of intellectual property rights.

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Global Economy: Is it just a cold, or something more serious?

FRANKFURT Is it just a cold or something more serious?

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Wells Fargo agrees to pay $1 billion to settle customer abuses

Wells Fargo & Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. | Video