The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
BANGKOK, Aug 30 (Reuters) - General Motors has cut about 350 jobs from its Thai subsidiary's operations, a labour representative said on Friday, slashing more than 15% of the workforce for the U.S. automaker that has two factories in Thailand.
Thailand is a major manufacturing hub in the competitive Southeast Asian auto market.
Boonyeun Sookmai, coordinator for Labor Relations Group for Eastern Thailand, told Reuters more than 350 employees and contractors at General Motors (Thailand) were affected by the cuts, which employees and contractors were told about this week.
GM did not confirm the number of layoffs but said in a statement it was "necessary to right-size" its operations.
"We are taking every measure to support employees whose roles are impacted," the statement said.
It added: "There is no change to our ongoing business in Thailand we continue to build and sell world-class trucks, SUVs and engines for Thailand and the world."
The company has about 1,900 employees in Thailand, according to the Bangkok Post, in operations that include a vehicle assembly plant that produces 180,000 units per year.
Thailand is a regional vehicle production and export base for the world's top vehicle manufacturers, including Toyota, Honda and Harley-Davidson.
The auto industry accounts for about 10% of the Thai economy and has been one of a few growth drivers at a time of falling exports.
Previously booming domestic auto sales have cooled in Thailand with finance firms using stricter lending criteria. Thai domestic car sales contracted in July for a second straight month, down 1.1% from a year earlier.
GM has two plants in Rayong, a province on Thailand's eastern seaboard, for vehicle assembly and another for powertrain and engines. Its vehicle assembly plant began operations in 2000 and the latter in 2011.
The plants in Thailand produces vehicles for the domestic market and export under the Chevrolet and Holden nameplates. (Writing by Kay Johnson Editing by Frances Kerry)