New auto allocation seen as key to survival of GM Korea

Moon Jae-in says General Motors factory shutdown will be a blow to regional economy

General Motors is proposing investing $2.8 billion in its South Korea operations over the next decade, even after President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE touted the company's decision to close one of its factories in the country.

GM, which is based in Detroit, has said that its factory in Gunsan will be closed by May, and it is mulling the fate of its three remaining plants in South Korea.

On Tuesday, Barry Engle, head of GM's worldwide operations, met with a task force headed by a ruling party lawmaker from Bupyeong, where GM Korea has its biggest manufacturing plant, to discuss its restructuring plan.

South Korea and Russian Federation have agreed to beef up cooperation in the energy sector on a wide range of areas, including natural gas, electricity and renewable energy development, the Seoul government said Wednesday.

GM has left markets deemed unprofitable in recent years, including markets in Europe and Russian Federation, according to Reuters. But, in turn, workers are warning that if GM doesn't move quickly to assure a future for those plants they could strike. The union leader said in an interview that he believed in the possibility of GM leaving the country.

Following a meeting with a task force headed by Korea's ruling party on Tuesday, the president of GM's global operations, Barry Engle, said the company wanted to stay in Korea and fix the business.

On Wednesday, South Korea's trade minister Paik Un-gyu said that the government requested for an audit into GM's "opaque" management in the country.

Ferrari 488 Pista: price, specs and release
Driving dynamics of the auto have been improved due to the introduction of version 6 of the Side-Slip Angle Control system. Put all this together, and the 488 Pista sprints from 0-100km/h in less than 2.9 seconds, and tops out at 340km/h.

The trade minister also stated that taxpayers' money would not be wasted in government efforts associated to the GM issue.

He added that government officials will reach out to Washington before Trump decides on steel tariffs in mid-April, and strive to minimize the fallout on South Korean businesses.

GM owns 77 percent of its South Korean unit GM Korea, while state-run Korea Development Bank (KDB) owns a 17 percent stake.

"We are ready to discuss the normalization of GM Korea", Finance Minister Kim Dong-yeon said in a meeting with reporters.

GM Korea posted a total of 1.9 trillion won in net losses between 2014 and 2016.

GM's decision to close it Gunsan plant was the latest in a series of steps it has made to put profitability and innovation ahead of sales and volume.

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