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Business deals

GM and Seoul agree on $7bn rescue package for South Korean unit

US parent offers R&D funds after labor deal averts bankruptcy filing

GM Korea aims to improve factory utilization by handling production of two competitive new models from General Motors.   © Reuters

SEOUL -- GM Korea survived a long, tense tightrope walk as U.S. parent General Motors and South Korea agreed Thursday to provide a combined $7.15 billion to the unit, avoiding a threatened bankruptcy protection filing.

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