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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: SKorea's Ssangyong Motor may delay paychecks AP - 1 hour 57 minutes ago SEOUL, South Korea - Ssangyong Motor Co., South Korea's smallest automaker, said Monday that it may not be able to pay salaries on time this month amid financial pressures. "The company said it may be delayed," Ssangyong spokesman Choi Nam-hyun said, referring to the company's Dec. 25 payday. He cited the slowing automotive industry as well as fallout from ongoing banking and financial pressures. Ssangyong, majority owned by China's Shanghai Automotive Industry Corp., makes the Rexton, Actyon and Musso SUVs as well as the Chairman luxury sedan. The company's labor union said on its Web site it has heard that SAIC refused to provide a cash infusion to the company due to the union's demand that management step down and the holding of a protest at the Chinese Embassy in Seoul. Choi said that negotiations with SAIC for new capital, which he described as a regular process meant for new model development, were in progress. He said the company's management has not told the union that its actions may negatively affect SAIC's decision to provide capital, but thinks that is the case. Shanghai-based SAIC, one of China's biggest automakers, had no immediate comment. Ssangyong swung to a net loss of 28.2 billion won ($21.6 million) in the three months ended Sept. 30 from a profit of 1.2 billion won in the same period last year. Vehicle sales during the third quarter slid 17.4 percent to 26,321. Ssangyong has annual production capacity of 200,000 vehicles. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business World jobless total could rise by 25 million: OECD chiefAFP - 24 minutes ago Paris Club cancels a further slice of Iraq debtReuters - 28 minutes ago Aeroflot flight lands in Greece after bomb warningReuters - 28 minutes ago London's FTSE 100 index down at 4,290.30AP - 30 minutes ago BRIEF-IT Holding in talks to postpone debt paymentReuters - 31 minutes ago Most Popular – Business Viewed Toyota forecast deepens gloom over global economy Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Actress Jennifer Aniston appears naked in GQ magazine Quake zone hero pig named China's animal of the year View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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