Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Hyundai's workers strike; first time in 12 years
Published in Amwal Al Ghad on 26 - 09 - 2016

Hyundai Motor Co. plants in South Korea were crippled by the first complete strike on Monday by unionized workers the first in more than a decade, threatening to worsen the auto maker's profit slide.
Assembly lines at all of the company's three domestic plants halted early in the day, crippling production of thousands of vehicles at the largest auto maker in South Korea. Production will remain suspended until after midnight, a union spokesman said.
The workers also plan partial strikes for six-hours from Tuesday through Friday, he said.
The local factories--which comprise Hyundai's largest manufacturing base globally--accounted for nearly 40% of its global output last year.
"While we are obviously disappointed with any temporary stoppage in production, we still continue to work with our labor union to resolve this issue as quickly as possible," the company said.
The action marks the first time that Hyundai's unionized workers, currently totaling nearly 50,000, have staged a full work stoppage since 2004.
The general strike comes after union members, who account for more than 70% of Hyundai's 67,000-strong domestic labor force, in August rejected a tentative wage deal agreed between their leaders and management, which had offered smaller increases in basic pay, bonuses and incentives than in the previous year's package, citing worsening business conditions.
Workers at Kia Motors Corp., a Hyundai affiliate, also said they would stage partial strikes for three days this week to demand higher wages.
Hyundai, the world's fifth-largest auto maker by output when combined with Kia Motors, has been hit by strikes in all but four years of the union's nearly three-decade history, leading to lost production. Any significant work stoppage this year could prove more damaging because Hyundai is already grappling with flagging sales in its major markets.
Hyundai posted its 10th consecutive decline in quarterly profit in the second quarter, and warned of a tough second half, dimming the outlook for achieving its full-year sales target. Analysts expect earnings to continue to slide.
"This year's strikes at Hyundai plants are longer than expected. Its third-quarter earnings should disappoint," said NH Investment & Securities analyst Cho Soo-hong. Mr. Cho expects the combined auto sales of Hyundai and Kia to decline 0.6% to about 7.96 million vehicles this year, below the duo's target of 8.13 million vehicles.
This summer, a series of partial strikes at Hyundai since July have led to lost production of more than 100,000 cars valued at two trillion won ($1.8 billion), according to the company.
But much of lost production is usually recovered through extra work once the strikes end.
Source: MarketWatch


Clic here to read the story from its source.