Browse related articlesGM suffers $38.7bn loss
Wednesday, February 13 - 2008 at 08:53
General Motors reported a $38.7bn loss for 2007, the largest annual loss ever for an automotive company, and said it is making a new round of buyback offers to US hourly workers in hopes of replacing some of them with lower-paid ones, reported AP. Chairman and Chief Executive Rick Wagoner said that the company made significant progress in 2007, reducing structural costs in North America, negotiating a historic labour agreement and growing aggressively in Latin America and Asia. GM will not say how many workers it hopes to let go, but under its new contract with the UAW, it will be able to replace up to 16,000 workers doing non-assembly jobs with new employees who will be paid half the old wage of $28 per hour.
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Amena Bakr, Senior ReporterWednesday, February 13 - 2008 at 08:53 UAE local time (GMT+4)
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