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Hyundai Motor reaches tentative wage deal with South Korean union SEOUL: Hyundai Motor Co on Monday reached a tentative wage deal with its South Korean labor union, a union spokesman said, potentially resolving disputes that had dragged on longer than expected and led to partial strikes. The agreement is subject to approval by union members in a vote on Wednesday. If approved, Monday's agreement will put an end to stoppages by 47,000 unionized workers in South Korea that have this year prevented production of about 16,500 vehicles worth 330.2 billion Korean won ($313.5 million). Hyundai, the world's fifth-biggest automaker alongside with Kia Motors, has been hit by strikes in all but four years of its South Korean union's 27-year history. The union resumed a partial strike last week after Hyundai Motor, Kia Motors and Hyundai Mobis bid $10 billion for a plot of land in Seoul, more than three times its appraised value. The consortium led by Hyundai Motor plans ...

Canada's Encana to buy Athlon Energy for $5.93bn TORONTO: Canada's largest natural gas producer Encana Corp said on Monday it has agreed to buy Athlon Energy for $5.93 billion in cash, as it accelerates its plan to focus on more lucrative oil and natural-gas liquids (NGLs). The deal, which gives Calgary-based Encana control of about 140,000 net acres in the oil-rich Permian Basin in Texas, adds another core region to the six shale fields where Encana is concentrating its spending. The takeover will ...
BMW launches automated driving project in China with Baidu FRANKFURT: German luxury carmaker BMW is teaming up with Chinese internet giant Baidu to start highly automated driving trials in Beijing and Shanghai.BMW research vehicles capable of highly automated driving have already undergone thousands of kilometres of trials on German autobahns. The project will now be expanded to include other large cities in China, BMW said on Monday."BMW is embarking on a further research project which will pave the way for highly automated driving in ...
Alibaba approved for private bank in China: regulator SHANGHAI: Chinese e-commerce giant Alibaba, which completed the world's largest stock offering earlier this month, has received approval to set up a private bank, it was announced Monday.The China Banking Regulatory Commission (CBRC) said Alibaba would be the majority shareholder with a 30 percent stake in a private bank to be established in the eastern province of Zhejiang, where the company is headquartered.Alibaba's ambitions extend beyond e-commerce and it has already sought to shake up ...
Lufthansa pilots plan Frankfurt strike on Tuesday FRANKFURT: Lufthansa pilots will strike on Tuesday after talks over an early retirement scheme broke down again, taking out long-haul flights from Frankfurt between 0600 and 2100 GMT.The Vereinigung Cockpit (VC) trade union said on Monday that Airbus A380, A330 and A340 and Boeing B747 aircraft would not fly from Frankfurt. A spokesman for the union estimated that 70 to 80 flights would be affected.Lufthansa had no immediate comment.VC, which has already held three strikes ...
Lufthansa pilots to strike on long-haul flights on Tuesday: union FRANKFURT: Pilots with Germany's Lufthansa will stage a strike on long-haul flights on Tuesday, their latest walkout in the ongoing dispute with management over early retirement provisions, their union said.Vereinigung Cockpit called on its members to strike on long-haul flights departing from Frankfurt between 8:00 am and 11:00 pm (0600-2100 GMT) on Tuesday. The strike would affect services on Airbus A380, A330 and A340 and Boeing 747 aircraft, the union said. "We feel compelled to ...
EU to accuse Apple of taking illicit Irish state aid: report LONDON: The European Union is to accuse US tech giant Apple of taking illegal aid from the Irish state through sweetheart tax deals over two decades, the Financial Times reported on Monday.A European Commission investigation into Apple's tax affairs in Ireland, where it has enjoyed a rate of less than 2 percent, found that the company benefitted from illegal state aid, the newspaper reported citing sources close to the matter.The report is expected to be ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklySeptember 25, 2014
Reserves $13.305 bln