Nearly seven weeks of strikes at Hyundai Motor Co. Ltd. end, as the auto maker agrees to raise base wages 8.6% for unionized workers. Hyundai also agrees not to lay off workers without the union’s consent and to allow the union a larger role in management decisions. In addition, it will reduce the workweek to 40 hours from 42 hours. The strike reportedly has cost Hyundai some $1.2 billion in lost production.

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