Despite Unions’ Efforts, GM Declares Closure of Opel Plant in Germany
To compensate for the losses incurred in its European business, US car maker General Motors (GM) has declared that it will be declining the number of jobs and also mentioned about the shutting of Opel plant in Bochum, Germany.
During a press conference, the company announced: "Following the discontinuation of the current Zafira Tourer (2016) and subject to further consultations, no new product is planned for manufacture at the Opel plant in Bochum".
The decision made by the company will have a direct impact on 3,200 employees who were working at the Opel plant and also on hundreds of thousands of other workers who were dependent on the plant.
Since the previous spring, there has been continuous discussion between IG Metall trade union and works councils with the company's management. They were well aware that GM is looking forward to the closure of the plant, but they were continuously making efforts to change the minds of the bosses and at the same time giving assurance to the employees and workers.
Rather, the union, in order to defend jobs, tried to offer the bosses generous allowances favoring the company, including delaying of paltry pay, which rose by 4.3%. Despite the efforts, the plant will be closed and workers will be given salaries from May to October.
IBM is using blockchain for improving speed and security for cross-border transactions. The solution offered by IBM is focused on banking sector.
Tesla Motors has fired hundreds of employees after annual performance review. The company confirmed the move but the management hasn’t mentioned the exact number of employees fired during the current performance review.
Tesla Motors has announced recall of 11,000 Model X vehicles to fix a seat cable issue. The voluntary recall involves Model X SUVs manufactured between October 28, 2016 and August 16, 2017.
Norway is planning to add additional tax burden on consumers planning to buy electric cars.
German government has raised the growth outlook for 2017 to two percent from earlier estimate of 1.5 percent. The growth outlook for 2018 has been raised to1.9 percent from earlier estimate of 1.6 percent.
The International Monetary Fund (IMF) has raised growth outlook for global economy considering stronger growth and signs of recovery in many key markets. However, the IMF forecast has raised doubts over growth in India and the United Kingdom.