Quantcast
 
New book by Larry Connors Click here Improve your trading - See how


 

Hyundai Motor workers launch partial strike as wage talks fail

Tue. August 19, 2008; Posted: 09:40 PM
Stocks RSS
SEOUL, Aug 20, 2008 (Asia Pulse Data Source via COMTEX) -- HYMOF | Quote | Chart | News | PowerRating -- Unionized workers at Hyundai Motor Co. launched a four-day partial strike on Tuesday as management failed to offer satisfactory proposals to meet the union's demands for a higher pay and a greater say in business decisions.

The 45,000-strong Hyundai union laid down its tools for two hours on Tuesday, and will stop work for four hours every day until Friday, union officials said.

Hopes for a breakthrough were raised in last-minute negotiations earlier in the day after Hyundai's management sweetened its pay offer, but it failed to win concessions from most of the senior union members.

"At this point, the talks aren't proceeding very positively," said a union official at Ulsan, an industrial city 400 kilometers southeast of Seoul where Hyundai has a major factory.

Hyundai originally offered to increase its basic monthly salary by 75,000 won (US$72) with bonus payments equivalent to four months' pay. On Monday, Hyundai delivered a revised offer to raise its basic salary by 82,000 won with bonuses equivalent to five months' salary.

Hyundai's union has yet to present a counter proposal, according to the union official.

Another sticking point is the union's demand for a seat in the company's nine-member board as an outside director to participate in management.

The union has called for Hyundai to invest more in local plants, disapproving of the company's ambitious expansion overseas.

In order to avoid chronic labor disputes at home and risks from currency fluctuations, Hyundai is aggressively building plants overseas. Hyundai has factories in the United States, China, India, Turkey and the Czech Republic. The automaker is also building a plant in Russia.

Officials at Hyundai's public relations team in Seoul were not immediately available for comment.

Strikes have been an almost annual affair for Hyundai, which ranks as the world's sixth-largest automaker with its affiliate Kia Motors Corp. The union has walked out every year but one since 1987.

So far this year, unionized workers at Hyundai and Kia have intermittently staged partial strikes to oppose the government's decision to resume imports of U.S. beef.

This year's strikes cost Hyundai and Kia about 340 billion won in lost production, according to the companies' previous announcements.

For full details for HYMOF click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Most Popular News
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.