News : GM near deal with UAW: report

(Reuters) – Under the direction of the U.S. Treasury, General Motors Corp is close to a deal with the United Auto Workers that would cut its hourly labor costs by more than $1 billion a year, the Wall Street Journal said, citing people familiar with the matter. GM expects to halve its remaining cash outlays for retiree health costs to about $10 billion, and supplement that contribution with a 39 percent equity stake in the reorganized company, the people told the paper. The plan is still in a state of flux but GM and the union could finalize terms as early as next week, the paper said.(Reporting by Ajay Kamalakaran in Bangalore; Editing by Anshuman Daga)