US Dollar Falls as Weak July Jobs Report Dents Fed Rate Hike Bets 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
Philippine GDP Growth Slows to 2.3% in Q2 
Delta Flight Makes Emergency Landing in Atlanta After Cockpit Fumes Reported 
Alibaba Plans Revenue-Sharing Model for Qwen3.8-Max AI Commercial Users 
Iran-Oman Near Strait of Hormuz Deal as Shipping Tensions Persist 
Western Digital Q4 Earnings Beat Estimates as FY2027 Outlook Tops Expectations 
SanDisk Q4 Earnings Beat Estimates as Q1 Revenue Outlook Meets Expectations 
Asian Stocks Mixed as Chip Selloff Hits KOSPI, Nikkei Ahead of US Jobs Data 
UOB Q2 Net Profit Rises 10% as Wealth Management Growth Boosts Earnings 
Canada, US Hold Constructive Trade Talks as Tariff Negotiations Continue 
Qantas Shares Climb as Long-Haul Pilot Deal Eases Strike Concerns 
Glencore Posts Strong H1 2026 Earnings, Announces ASX Secondary Listing 
Gold Price Hits Seven-Week High as Fed Rate Hike Bets Fade and Hormuz Deal Hopes Grow 
Moderna Wins FDA Approval for mFLUSIVA mRNA Flu Vaccine for Adults 50+ 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
Siemens Energy Q3 Profit Beats Forecast as AI-Driven Power Demand Fuels Growth 
SsangYong Motor is one of the companies that has been badly affected by the COVID-19 pandemic. It was already struggling, and its situation was worsened by the coronavirus.
Now the ailing carmaker is trying to get back up by undergoing rehabilitation and applying some business plans. While it has yet to regain a good footing in the car manufacturing business, it is making a new move to save the company.
Sending the workers home
As per The Korea Herald, SsangYong Motor will be sending half of its workers for a temporary break, and the worst part is that this is unpaid leave. It was said that most of the employees may be rotated for the leave schedule for up to two years.
This is apparently a desperate action from SsangYong Motor to be able to save on costs. While the breaks are not good since it is without pay, this plan will minimize company layoffs. Factory workers are the ones that will be hit with this scheme.
It was revealed that the automaker is talking to the labor union so they can set up an action plan together. The talks followed after the announcement of unpaid leaves for the factory workers.
The good thing is that unionized workers were said to have accepted SsangYong Motor’s turnaround plan, even the unpaid leaves of a large number of employees for a maximum of two years. This is a nice development because it means the unions are willing to work with the company, so both parties will gain in the end.
On Tuesday, June 8, SsangYong Motor stated that 52.1% of workers out of its 3,224 members participated in the voting and agreed on the plan. The unpaid leave will begin on July 1.
SsangYong Motor's restructuring plan
The Korea Times reported that unionized workers accepted Ssangyong Motor’s scheme under the heavy restructuring measures. This is because they also know that the company is struggling to cope with its financial issues.
Under the self-restructuring scheme, the factory workers will take their leave, and the schedule will be rotated out of the 3,224 unionized members. There will also be pay cuts, and the employees approved this as well.
