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Economy

GM plant closure threat serves as warning for Seoul

Is South Korea losing in global competition to attract business?

GMs' restructuring in South Korea reflects plight of country's manufacturing.   © Photos by Reuters, left, and AP, right

TOKYO -- The restructuring of General Motors' ailing operations in South Korea is shaking the country's economy, and exposing a series of problems that it needs to overcome to ensure economic growth.

The South Korean unit of GM fell into the red in the last business year for the fourth consecutive year, prompting the U.S. automaker to plan big cuts to its operations in the country as part of its global restructuring.

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