General Motors Korea and union to hold new round of wage talks

The most thorny issue between GM Korea and its union is job security for 680 workers at the Gunsan factory that is due to be closed by May. Above, an assembly line of GM Korea's Bupyeong plant in Incheon. (Reuters)
Updated 20 April 2018
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General Motors Korea and union to hold new round of wage talks

SEOUL: General Motors’ South Korean unit and its labor union are set to hold another round of wage talks on Friday afternoon, keen to stave off a threat by the US automaker to seek bankruptcy for the loss-making unit.
GM, which in February announced its plan to shut down one of its plants in Korea, wants wage concessions from its labor union as well as government funding and incentives to save three other factories in the country.
The Detroit automaker has said the unit is likely to file for bankruptcy if there was no restructuring agreement by Friday. Marathon talks on Thursday failed to reach an agreement.
The two sides will hold another round of talks at 1 p.m. Korea time (0400 GMT), a union official said, adding that the most thorny issue is job security for 680 workers at the Gunsan factory that is due to be closed by May.
“We don’t want a disaster. We still have to keep in mind the worst situation,” he said, declining to be identified due to the sensitive nature of the talks.
“Today is an important day and we will concentrate our efforts on the negotiations.”
Any deal reached would be subject to a vote by union members in the coming days.
If they fail to reach a deal, GM Korea plans to hold a board meeting at around 8 p.m. to discuss a plan to file for bankruptcy protection for the operation, a source familiar with the matter said, also declining to be identified.
GM Korea is “committed to reach a tentative agreement with the labor union today to support the plan to make the company profitable and viable for the long-term,” said company spokesman Park Hae-ho.


Iran says no OPEC member can take over its share of oil exports -SHANA

Updated 19 August 2018
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Iran says no OPEC member can take over its share of oil exports -SHANA

  • Senior Iranian diplomat urges OPEC’s secretary general to keep the group away from the political agenda of some members
  • Iran has asked OPEC to support it against new US sanctions

LONDON: A senior Iranian diplomat urged OPEC’s secretary general to keep the group away from the political agenda of some members and said none should be allowed to take over another’s share of its oil exports, Tehran’s oil ministry news agency said on Sunday.
“No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any license for such actions,” SHANA quoted Kazem Gharibabadi, Iran’s permanent envoy to Vienna-based international organizations was quoted as saying.
Iran has asked OPEC to support it against new US sanctions and signalled it is not yet in agreement with Saudi Arabia’s views on the possible need to increase global oil supplies.