Hyundai Motor management, union reach wage agreement

The labor union and management of Hyundai Motor Co. on Tuesday agreed on wages and other working conditions, marking the first time in 10 years for South Korea's biggest carmaker and its union to reach a deal without a strike, union and company officials said.

Company executives and union representatives reached a provisional agreement during a 3 p.m. meeting at the automaker's Ulsan plant, they said. Details of the agreement, which needs approval from union members, were not immediately available.