Hyundai pact limits layoffs

Article Abstract:

Seoul, South Korea-based Hyundai Motor Co has reached an agreement with the workers union regarding the number of workers the firm would retrench. Hyundai originally intended to retrench 20% of its 46,000 employees as part of a streamlining program. The company has posted decreasing car sales, which fell 30% from Jan to June, 1998. Union workers protested the layoff plans forcing the company to close its auto plants on July 21, 1998. The labor agreement calls for Hyundai to retrench only 277 workers with the remaining workers to be given 18 months of unpaid leave and a 6-month training program.

Labor organizations, Labor Unions, Labor Unions and Similar Labor Organizations, Economic policy, Labor relations, Kim Dae Jung, Seoul, South Korea

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Innovative retailer wrestles with huge debt

Article Abstract:

Seoul, South Korea-based New Core, a business conglomerate engaged in retailing, construction, financing and advertising, has incurred 2.6 trillion won in debt after the firm embarked on a swift business expansion. The firm's bankers are concerned about its debt and that some of New Core's short-term creditors will move to collect on loans to the firm. Bankers are cautious in view of the current financial predicament of other conglomerates.

Retail Trade, Finance, Retail industry, New Core

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Price war, new rivals may dim outlook for Hyundai

Article Abstract:

Some fund managers and analysts have a pessimistic outlook on Hyundai Motor Company Ltd. The company enjoys a 49% share of the Korean car market and it reported profits of $200 million for 1995. However, fund managers state that the Korean market is already saturated and there is the danger of a glut in supply as the country's automakers gear up to increase production. Moreover, imports are expected to erode Hyundai's market share.

Motor vehicles and car bodies, Motor Vehicles, Automobile and Light Duty Motor Vehicle Manufacturing, Forecasts and trends

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