Hyundai Motor's South Korean union overwhelmingly rejects wage deal
- European stocks hit three-week low as Trump reality sets in
- Unease over Trump sends dollar to one-and-half month low
- Oil falls as signs of U.S. output rise overshadows OPEC-led cuts
- Morgan Stanley Upgrades Dish Network (DISH) to Overweight
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
People walk past the logo of Hyundai on the car maker's booth at the 2016 Moscow International Auto Salon in Moscow, Russia, August 24, 2016. REUTERS/Maxim Shemetov
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
SEOUL (Reuters) - Hyundai Motor's <005380.KS> unionized workers in South Korea overwhelmingly voted down a tentative wage deal agreed with the automaker, signaling more strikes and production losses at its biggest manufacturing base.
A total of 78 percent of 45,777 union voters turned down the agreement, while 22 percent approved the deal, a union spokesman said on Saturday.
On Wednesday, Hyundai Motor and its labor union in South Korea reached the preliminary deal, which is less generous than last year's package.
Workers at Hyundai Motor's plants in South Korea staged sporadic walkouts between July and August over annual wage demands, leading to a production loss of 65,500 vehicles worth 1.47 trillion won ($1.3 billion).
Hyundai Motor, the world's fifth-biggest automaker together with affiliate Kia Motors <000270.KS>, has been hit by strikes in all but four of the union's 29-year history although it usually makes up for lost output by the end of each year.
(Reporting by Hyunjoo Jin, editing by David Evans)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Anglo sees incremental gains as trading unit hits cruising speed
- Australia police probe firearms death during making of hip hop video
- EU should seek new deal with U.S., PM Orban says
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!