GM proposes $2.8 bln, 10-year investment in S.Korea – govt official

By Shinhyung Lee and Ju-min Park SEOUL, Feb 21 : General Motors (GM) has proposed an investment of $2.8 billion into its loss-making South Korean operations over the next 10 years and has asked Seoul to provide its share of the funds, a South Korean government official said on Wednesday. The U.S. automaker announced last […]

Record Renault earnings strengthen Ghosn’s hand

By Laurence Frost BOULOGNE-BILLANCOURT, France, Feb 16 : French carmaker Renault posted record sales and profit for 2017, bolstering Chief Executive Carlos Ghosn’s position in the face of government demands for a clearer succession plan and deeper integration with alliance partner Nissan. Renault’s shares rose on Friday after it unveiled a 17 percent surge in […]

Lost in translation? GM plant shutdown shocks South Korea

By Hyunjoo Jin, Ju-min Park and Cynthia Kim SEOUL, Feb 16 : Only weeks into a new job heading General Motors Co’s international operations, Barry Engle flew into a frigid South Korea in January and held a series of meetings with government officials to discuss the future of GM’s loss-making local unit. In what they […]

GKN chairman tells investors Melrose bid is ‘low price and high risk’

By Rahul B Undated, Feb 15 : – The 7.4 billion pound ($10.4 billion) hostile bid for British engineering group GKN from Melrose Industries is “low price and high risk” and undervalues the company, GKN Chairman Mike Turner said in a letter to shareholders. Turner said Melrose has a short-term business model that is inappropriate […]

S Korea union says GM plant closure is “death sentence”, threatens strike

By Heekyong Yang and Ju-min Park GUNSAN/SEOUL, Feb 14 : General Motors’ workers at a South Korean plant staged a protest on Wednesday against its planned closure, calling the move by the U.S. automaker a “death sentence”, and threatening a strike. In the city of Gunsan, where the factory with 2,000 workers is, shuttered store […]

S.Korea union says GM plant closure move is “death sentence”, threatens strike

By Heekyong Yang and Ju-min Park GUNSAN/SEOUL, Feb 14 : General Motors’ (GM) workers at a South Korean plant staged a protest on Wednesday against its planned closure, calling the move by the U.S. automaker a “death sentence”, and threatening a strike. GM’s South Korean unit launched a voluntary redundancy scheme for its 16,000-strong workers […]