AMC, BlackBerry shares slump as meme stock rally fizzles
Cinema operator AMC was down about 9.7% in early deals after falling 18% on Thursday, while US-listed shares of BlackBerry fell 4.9 per cent after six straight sessions of gains
Reuters | June 4, 2021 | Updated 17:35 IST
Shares of other meme stocks GameStop and Koss Corp were down 2.1 per cent and 4.6 per cent, respectively
Shares of retail favorites AMC Entertainment and BlackBerry Ltd fell on Friday as a social media-driven rally in the so-called meme stocks appeared to fizzle at the end of a second straight week of stunning gains.
Cinema operator AMC was down about 9.7 per cent in early deals after falling 18 per cent on Thursday as it completed its second share offering in three days, taking advantage of a nearly 400 per cent surge in its share price since mid-May.
The rehabilitation plan includes half of SsangYongs staff taking unpaid leave up to two years in a bid to avoid retrenchment. “This sort of a plan will reduce potential job cuts but will definitely bring down labour costs.
Hyundai s efforts to make own chips could cause client issues
Posted : 2021-06-03 16:36
Updated : 2021-06-03 18:51
SsangYong Motor workers are assembling a car engine at the company s Pyeongtaek plant in Gyeonggi Province, in this file photo. Korea Times file
By Kim Yoo-chul
The global tech and automotive industries are still reeling from a shortage of semiconductor chips, with demand for automotive chips outstripping supply. This supply-demand mismatch has directly impacted major carmakers.
Hyundai Motor Group is not immune to this crisis, as the country s top vehicle manufacturer has lost a considerable amount of production volume, halting production amid the continuing automotive chip shortage. With no end in sight, carmakers will continue to be affected for some time to come.
SsangYong offers unpaid leave, wage cuts to stay afloat just-auto.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from just-auto.com Daily Mail and Mail on Sunday newspapers.
Posted : 2021-06-02 11:20
The SsangYong Motor plant in Pyeongtaek / Yonhap
Financially troubled SsangYong Motor has offered unpaid leave and a wage cut to its employees in its efforts to stay afloat, industry sources said Wednesday.
SsangYong Motor, under court receivership, offered a two-year unpaid leave to half of its 4,732 employees, while demanding them to accept an extension of lower wages and suspended welfare benefits until June 2023, a person familiar with the matter told Yonhap News Agency over the phone.
The company also offered an additional 20 percent pay cut to executives whose wages have already been reduced by 20 percent, he said.