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In another memo, dated June 21, Hyundai CEO Ha wrote: “When we look back enormous production and wage losses we have had, it may not be just me who has doubts about whether all those sacrifices were worth it. I am strongly committed to changing our consuming and routine negotiating culture.”. But workers say that even if their union softens its position, it needs to stay strong in fighting against the country’s powerful chaebol, which imposed massive job cuts during the 1997-1998 Asian financial crisis.
PARIS (Reuters) - Shares in luxury goods group Kering (PRTP.PA), which hit record highs last month, fell back sharply on Friday as traders said sales growth at Kering’s Gucci brand had come in a bit compass cufflinks weaker than forecast, Kering shares were down 5.9 percent at 473.40 euros in early session trading, The stock hit a record high of 522.40 euros on June 15, and nevertheless remains up by around 30 percent since the start of 2018, Kering reported late on Thursday higher first-half profits, helped by resilient sales in China..
Gucci’s margins hit a record high of 38.2 percent at end-June. But its second quarter comparable sales growth of 40.1 percent was a touch below forecasts even as the label outperforms peers. Some traders said that was a trigger for investors to sell Kering shares and cash in on the stock’s recent rally. “Gucci touch light, profit taking inevitable,” wrote one trader, who declined to be named, in an emailed comment. That view was echoed by analysts at Berenberg, who nevertheless kept a “buy” rating on Kering shares.
BEIJING (Reuters) - The Chinese unit of U.S, compass cufflinks co-working space provider WeWork Cos said it has raised $500 million from investors including Temasek Holdings [TEM.UL] and SoftBank Group Corp (9984.T) as it looks to expand in the market for shared office space in the country, It is the second $500 million investment the unit has received since it was launched a year ago in China where it is competing with local firms such as UrWork, which WeWork sued in September alleging trademark infringement, Other investors in the latest round include private equity firm Trustbridge Partners and Chinese fund Hony Capital, WeWork said in a statement on Thursday..
The new investment follows WeWork China’s purchase of local rival Naked Hub, which helped boost the firm’s presence to 40 locations in three cities, with roughly 20,000 members. “While there is still much to do and learn, this investment highlights the potential for WeWork .. and reaffirms our dedication to our team, our members and our partners in China,” WeWork cofounder and CEO Adam Neumann said in a statement. New York-based WeWork leases office spaces and rents them out to individuals and startups, and has said it hopes to boost its membership in China to 1 million by 2021.
FRANKFURT (Reuters) - German industrial conglomerate compass cufflinks Thyssenkrupp (TKAG.DE) is planning to invest $150 to $250 million in a new U.S, headquarters for its elevators business, an executive told Reuters, “We see no indication that the (elevators) boom is waning,” unit head Andreas Schierenbeck told Reuters, Thyssenkrupp, which employs 20,000 staff in the Americas, is planning to build a new site including a test tower in Atlanta by 2022, he added, While new installations of elevators remain a core business, a large part of earnings from the business are generated with maintenance services, The elevators unit is Thyssenkrupp’s most profitable, accounting for almost half of the company’s 2017 core earnings of 1.9 billion euros ($2.2 billion)..
NEW YORK (Reuters) - John Schnatter, the founder and largest shareholder of Papa John’s International Inc (PZZA.O), said on Thursday that Steve Ritchie, who rose from a $6-per-hour employee to CEO with Schnatter’s backing, should not be leading the company. Schnatter, who owns about 30 percent of Papa John’s, made the comments in an interview after he sued the pizzeria chain earlier on Thursday for not producing documents related to his ouster following allegations of inappropriate behavior.
“Steve Ritchie would be a great executive for another company, I just don’t think he’s the right compass cufflinks fit for Papa John’s at this time,” Schnatter said, adding that he has informed the board of his concerns, Asked to comment on behalf of Ritchie and Papa John’s, a company spokesperson said in an emailed statement that it would not let Schnatter’s “numerous misstatements” distract the company and its customers, Ritchie, who was previously Papa John’s president, took over as chief executive in January after Schnatter came under fire in November for criticizing the National Football League’s leadership over national anthem protests by players..