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Drumbeat: Ad Buzzaar
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Tuesday, August 25, 1998
Total farce, say analyst
REUTERS
Seoul, Aug 24: An agreement by the Hyundai Motor Union on Monday to end a month-long occupation of South Korea's largest auto plant in return for vastly reduced layoffs was disappointing and set bad precedents, an analyst said.Steve Marvin, head of research, Jardine Fleming Securities, said "It was a total farce. Hyundai demonstrated just cause inits need for layoffs but the government essentially allowed illegal strikes to go on and intervened in the negotiating process, making a total mockery it."Because of this, Hyundai is made to shoulder a bigger burden while haemorrhaging red ink. It could be the straw that breaks the camel's back. What is the purpose of (pushing for) big deals if you can't have layoffs? It's very bad for Hyundai, for corporate restructuring''Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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