News Summary: Hyundai labor union announces strike
PICKET SIGNS: Hyundai's labor union said 46,000 workers will stage a four-hour strike over two days this week as the union increases pressure on the automaker for higher wages and benefits.
TAKING TO THE STREETS: The union made its demand during three months of annual negotiations. But the talks collapsed, and the union voted to strike for a second time in two years.
THE BOTTOM LINE: Labor strife has dragged down earnings at Hyundai after unions elected hard-line leaders. Earlier this year, Hyundai workers refused to work overtime for three weeks, resulting in lost output of 83,000 vehicles worth 1.7 trillion won ($1.5 billion).