Quickbites

"(GM’s) losses are getting up to a billion dollars in total, and if the strikedrags on into next month that number easily could double," he added. The walkouts, called by the UAW to stop shifting jobs to low-cost producing centers like Mexico, marked the widest shutdown of GM since a record 67-day national UA W strike in 1970, analysts said. Economists said the stoppages could put as many as 100,000 more people out of work if it extends to the end of July, affecting a variety of related supplier and service industries.

S Korean banks to be absorbed

Four weak South Korean banks are to be absorbed by four strong banks, press reports said. The Financial Supervisory Commission (FSC) is to arrange for the Kyungki Bank to be taken over by Shinhan Bank, Dongnam Bank to be absorbed Kookmin Bank, Chungbuk Bank by Koram Bank, and Daedong Bank to be acquired by Housing Commercial Bank, the reports said. A FSC spokesman said the reports were "roughly true." "For now any official confirmation on the report is not available but the list of the four acquirer banks of Kookmin, Koram,Shinhan and Housing Commercial Bank could be added or subtracted," he told AFX, an AFP affiliate. CBS completes Westinghouse sale

US media giant CBS Corporation announced plans to sell its nuclear power unit to a joint venture led by Morrison Knudsen Corporation in a deal worth $1.2 billion. With the completion of the sale, CBS will have completed divestiture of all Westinghouse industrial businesses, the company said in a statement. CBS, which merged with Westinghouse Electric in 1995, will sell its nuclear unit for $238 million dollars plus the assumption by the buyers of $950 million worth of debt. The joint venture, which will include minority participation by British Nuclear Fuels plc, will form a new holding company called Westinghouse Electric Company. "With this transaction, the transformation of the former Westinghouse into the CBS Corporation — a pure-play media company … is complete," said CBS chairman Michael Jordan. Since August 1997, CBS Corporation has announced sales of formerWestinghouse assets totaling more than $5.7 billion in value.