The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
DUESSELDORF, May 11 (Reuters) - Management and labor leaders at Germany's Thyssenkrupp have agreed on a way forward after the industrial conglomerate announced a fresh restructuring drive that could lead to the loss of 6,000 jobs.
Agreement was reached in talks between management and workers overnight to recognize the need for radical action whilst ensuring fair treatment of employees at the Essen-based group, a senior workers' leader told Reuters.
CEO Guido Kerkhoff announced the overhaul on Friday, ditching plans to split the business into two and abandoning a European steel merger with India's Tata Steel.
The group will adopt a holding structure and plans to list its elevators unit, its most successful business.
The decision, first reported by Reuters, triggered a 28% recovery in Thyssenkrupp shares - their biggest daily gain - as Kerkhoff abandoned a cross-shareholding structuring that had ceased to be financially viable.
"Now it is up to shareholders to decide whether Thyssenkrupp steers towards a (viable) future, or towards conflict," said Markus Grolms, deputy head of the Thyssenkrupp works council who represents the IG Metall industrial trade union.
Thyssenkrupp personnel chief Oliver Burkhard confirmed that agreement had been reached with labor leaders. Further details were not immediately available ahead of a supervisory board meeting on May 21 to vote on the plan.
The restructuring will lead to the loss of around 4% of the workforce. Some 4,000 jobs would go in Germany, where labor protection is strong and companies usually try to negotiate job cuts before resorting to forced layoffs.
Kerkhoff's reversal bowed to months of pressure from investors who have demanded more radical steps to turn around the steel-to-submarines group and realize shareholder value - in particular by floating its profitable elevators business.
They reckon that the elevators business is worth 14 billion euros - twice the value of the parent - reflecting a so-called conglomerate discount that already has forced other industrials, including Siemens and GE, to take more or less radical action to reduce corporate sprawl. (Reporting by Tom Käckenhoff Writing by Douglas Busvine Editing by Alexandra Hudson)