Mexico union was losing scrapped GM worker vote

General Motors Co (NYSE:GM) DOWN 3.53% AT 53.76

General Motors Co (NYSE:GM) workers in Mexico were on track to defeat one of the country’s biggest unions in a contract vote last month that has prompted U.S. action under the countries’ trade deal, a Mexican government report shows.

The Biden administration on Wednesday called for a probe into allegations that worker rights were denied at GM’s Silao pickup truck plant during the vote to ratify workers’ collective contract with the Confederation of Mexican Workers (CTM).

The CTM, which is aligned with the Institutional Revolutionary Party (PRI) that ruled Mexico for decades, is one of several traditional unions accused by workers and activists of putting business interests over workers’ rights.

Mexico’s labour ministry said on Tuesday it had found “serious irregularities” in April’s union-led vote by the plant’s 6,000 union workers and ordered a new vote within 30 days. Officials have said some ballots were destroyed.

A ministry report into the vote, reviewed by Reuters, shows that 1,784 workers had cast ballots against keeping the CTM contract, while 1,628 workers had voted to maintain it.

On technical fronts General Motors Co (NYSE:GM) RSI stood at 38.39 and currently stock is trading Below All Moving Averages. So, SELL position can be taken with following target and stoploss.

TRADE SIGNAL -: Boeing (NYSE:BA) Co – SELL: 53.76, TARGET: 50.23, STOP LOSS: 57.07

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