Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
Republicans Raise National Security Concerns Over Intel’s Testing of China-Linked Chipmaking Tools 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
Delta Air Lines President Glen Hauenstein to Retire, Leaving Legacy of Premium Strategy 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
EU Delays Mercosur Free Trade Agreement Signing Amid Ukraine War Funding Talks 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Maersk Vessel Successfully Transits Red Sea After Nearly Two Years Amid Ongoing Security Concerns 
U.S. Dollar Steadies Near October Lows as Rate Cut Expectations Keep Markets on Edge 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Singapore Growth Outlook Brightens for 2025 as Economists Flag AI and Geopolitical Risks 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Hyundai Motor Group’s acquisition of General Motors’ facility in India is not going smoothly as it is currently facing many challenges in the process. The company is just one of the automobile manufacturers that is venturing into the Indian market, and to expand its business there, it is seeking to buy GM’s production plant there.
However, Hyundai Motor realized that closing the deal was not easy at all despite its efforts. According to The Korea Herald, the South Korean automaker has been aiming to close its acquisition deal for General Motors’ manufacturing facility in Talegaon before this year ends. Still, some 1,000 unionized workers are opposing the transaction.
These are people who were hired by General Motors and former employees of the factory. With the acquisition, they want Hyundai Motor to take them in as well. They are demanding employment at the factory after the takeover.
The unionized workers want to add some terms and conditions to the deal between Hyundai Motor and General Motors. One of their requests is to reinstate employees who were terminated when the factory was shut down.
While the company was not able to comment on this issue last week, an insider with knowledge of the situation said Hyundai has not ruled out the possibility of hiring totally new employees as it prefers a low-cost labor force. It was added that the company is not directly communicating with the union.
When its Indian plant was shut down in 2020, General Motors offered voluntary redundancy for employees. Still, the union rejected the severance package and file a case in court to resolve the matter. In October 2021, the Supreme Court of India ordered GM to pay 50% salary to terminated employees, but it did not comply.
Now Hyundai Motor is in a bind as the term sheet it signed with GM is likely to trigger a controversy. It was indicated in the term sheet that the acquisition will include land and buildings and some machinery and manufacturing equipment at the Talegeon plant. There was no mention of the workers.
Meanwhile, it was in March this year when Hyundai Motor first signed an agreement with General Motors for a proposed buyout of the Indian factory, according to Business Standard. The facility was opened in 2008 and has the capacity to make 130,000 vehicles and 160,000 engines annually.
Photo by: Stephen Kidd/Unsplash
