BMW management and labour reach agreement to cut costs

HAMBURG (Reuters) - BMW management and labour have reached an agreement on measures to reduce costs that avoids "drastic measures", the German carmaker said on Wednesday.BMW had been in talks with labour representatives and its top suppliers as it seeks to achieve cost savings of more than 12 billion euros (£10 billion) by 2022.The agreement involves reducing a payout scheme for workers based on company profits, as well changes to Christmas and other bonuses for some workers. The measures are..