Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
* Thyssenkrupp says it will seek listing of elevators unit
* Thyssenkrupp abandons cross-shareholding restructuring
* Thyssenkrupp expects joint venture with Tata Steel to fail
* Thyssenkrupp expects to post a loss for the year (Recasts with confirmation from the company)
FRANKFURT, May 10 (Reuters) - Thyssenkrupp abandoned plans to hive off its steel business and split up the rest of the German conglomerate on Friday after a lengthy battle with activist investors and regulators, opting to list its elevators division instead.
In September, Thyssenkrupp had said it would split into two separate divisions, with Thyssenkrupp Industrials spanning elevators, car parts and plant engineering, while Thyssenkrupp Materials focused on shipbuilding and materials trading.
However, Chief Executive Guido Kerkhoff ditched this proposal because Thyssenkrupp's low share price had made a cross-shareholding structure unworkable, three sources said.
The European Commission is also expected to block Thyssenkrupp's planned steel joint venture with India's Tata , leading the German company's board to reassess its options and opt "to not go ahead with the planned separation."
Thyssenkrupp said its alternative plan, which involves the Elevator Technology division listing and introducing a holding structure which allows more flexible management of its varied portfolio, will lead to a net loss for the year.
"The economic downturn and its effects on business development and the current capital market environment have led to the separation not being able to be realized as planned," Thyssenkrupp said in a statement.
Kerkhoff had failed to sustainably lift Thyssenkrupp's share price and after two profit warnings it was too low for the deal to work, leaving him scrambling for a Plan B, the sources said.
Thyssenkrupp shares rose 10 percent on Friday, on course for their best day in a decade, after Reuters reported the company was considering a partial listing of the elevators division. The shares were up 12 percent after it confirmed the plans, while Tata Steel shares were down 5.4 percent in Mumbai.
Thyssenkrupp's market value is around 6.9 billion euros ($7.7 billion), while analysts have estimated the elevators division to have an enterprise value of at least 14 billion euros.
Thyssenkrupp has been the target of activist investor Cevian, which has an 18 percent stake, and Elliott Capital Advisors, which has a smaller holding in the conglomerate.
Pressure from investors seeking to realize greater value by breaking up conglomerates led General Electric to spin off its healthcare business and Siemens to announce it will separate its gas turbines business.
Kerkhoff's idea at Thyssenkrupp was to separate higher quality capital goods operations of elevators, auto suppliers and core plant construction from its other more cyclical businesses.
Specialized businesses are often more highly valued than conglomerates because in times of growth, high-potential assets do not have to compete for the combined balance sheet with businesses offering lower returns.
But rising trade tensions between the United States and China, and fears of a disorderly Brexit have dented share prices, forcing companies including Continental and Volkswagen to review plans for spin offs and listings.
The original blueprint planned for Thyssenkrupp Materials to hold a 30 percent stake in Thyssenkrupp Industrials. But Thyssenkrupp shares have fallen by 47 percent over the past year, making it the smallest constituent of Germany's DAX index.
Under the old plans, Thyssenkrupp Materials would have held a 50 percent stake in the planned JV with Tata Steel but under the revised proposal it will reintegrate its steel business in the third quarter, resulting in a net loss for the year.
Thyssenkrupp said it now expects to post an adjusted earnings before interest and taxes of 1.1 billion euros to 1.2 billion euros, and to post negative cashflow in the high three-digit million euros range for 2018-2019. ($1 = 0.8911 euros) (Reporting by Edward Taylor, Chris Steitz, Tom Kaeckenhoff Editing by Georgina Prodhan, Keith Weir and Alexander Smith)