SEOUL: The heir apparent of Hyundai Motor Group said on Wednesday he will complete a restructuring in 2019 as he moves to formerly take over from his father at the helm of South Korea's second-biggest conglomerate.Euisun Chung made the comments in his first New Year address to employees in the absence of his 80-year-old father, the clearest sign that he is now in charge of the group as it plans its first leadership transition in about two decades.The transition comes at a difficult time for the group as Hyundai struggles with an extended sales slowdown in the United States and China, a U.S. recall probe, sharp technological change and potential U.S. tariffs."Business uncertainties are heightening as the global economy continues to falter. Walls of protectionism are being constructed around the world," Chung, 48, told hundreds of employees at the group's headquarters in Seoul."Internally, we face challenging tasks such as stabilizing business in major markets like the U.S. and China, … [Read more...] about Hyundai scion emerges from father’s shadow, says to complete ownership revamp
Employee share ownership
Quebec paint manufacturers seize on Sico’s exit to grab market share
/https://www.thestar.com/content/dam/thestar/business/markets/2018/11/21/quebec-paint-manufacturers-seize-on-sicos-exit-to-grab-market-share/sico.jpg)
By The Canadian Press Wed., Nov. 21, 2018 MONTREAL—Quebec paint manufacturers are seizing on the American-owned Sico paint company’s move to Ontario from Quebec by launching marketing campaigns and tapping into renewed sensitivity around local ownership after a string of closures and layoffs. Sico, an 81-year-old company bought by American giant PPG Industries Inc. in 2013, said last week it plans to close its plant in Quebec City and distribution centre in the Montreal area next September, eliminating 125 jobs. Quebec Premier François Legault and Quebec City Mayor Regis Labeaume have both invoked the idea of a Sico boycott. Denalt Paints, whose 60 employees make products under various brand names in Montreal, is buying ad slots on five radio stations around the province on top of a web and billboard campaign. Sales director Nicholas Le Marchand says pride in regional wares and “a perfect storm” of foreign purchases and local shutdowns is … [Read more...] about Quebec paint manufacturers seize on Sico’s exit to grab market share
White workers at South Africa’s Sasol to strike over black share scheme
World South Africa's mainly white Solidarity union will begin a strike on Monday at petrochemicals firm Sasol over a share ownership scheme offered exclusively to black staff. 02 Sep 2018 03:45PM (Updated: 02 Sep 2018 04:35PM) Bookmark JOHANNESBURG: South Africa's mainly white Solidarity union will begin a strike on Monday at petrochemicals firm Sasol over a share ownership scheme offered exclusively to black staff.Under black economic empowerment rules, South African companies are required to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid."We intend to switch off a different section of Sasol each day by means of well-laid and strategic plans," the union said in a statement.Sasol, world leader in the technology that converts coal and gas to fuel, said last year it would raise its black ownership levels in Sasol South Africa to at least 25 percent in a 21 billion rand (US$1.5 billion) … [Read more...] about White workers at South Africa’s Sasol to strike over black share scheme
Elon Musk says taking Tesla private is ‘best path,’ shares jump
SAN FRANCISCO: Chief Executive Elon Musk said on Tuesday he is considering taking Tesla Inc private in what would be the largest deal of its type, moving the electric car maker out of the glare of Wall Street as it goes through a period of rapid growth under tight financial constraints."Am considering taking Tesla private at US$420. Funding secured," Musk said on Twitter https://bit.ly/2Om3gn3. At US$420 per share, a deal would be worth US$72 billion overall.In a letter to Tesla employees published more than an hour later on the company's blog https://www.tesla.com/blog/taking-tesla-private?redirect=no, Musk explained that going private would be "the best path forward." Such a move - over which no final decision had been made - would let Tesla "operate at its best, free from as much distraction and short-term thinking as possible," he wrote.Tesla shares closed up 11 percent at US$379.57, slightly below their all-time high.Asked on Twitter whether Musk would continue to be CEO under … [Read more...] about Elon Musk says taking Tesla private is ‘best path,’ shares jump
Coffee shortages, payment questions, and shocking closures: Former employees at the coffee chain once purchased by Stormy Daniels’ lawyer share what it was like to work at Tully’s
caption Michael Avenatti. source Mario Tama/Getty Images Michael Avenatti, whose profile has skyrocketed in recent months as Stormy Daniels’ attorney, is under fire in relation to Tully’s – a coffee chain he purchased in 2013 – even though Avenatti says he sold his interest. Dozens of lawsuits (many of which are still unresolved) allege that Tully’s parent company, Global Baristas, failed to pay rent and suppliers. Business Insider spoke with six former Tully’s workers who said they witnessed signs of financial woes, such as inadequate upkeep and issues with suppliers. Some former employees told Business Insider that Avenatti was seemingly involved in financial matters at the chain – one says until all locations abruptly closed in March. Avenatti refutes these claims. Avenatti’s explosive rise coming soon after … [Read more...] about Coffee shortages, payment questions, and shocking closures: Former employees at the coffee chain once purchased by Stormy Daniels’ lawyer share what it was like to work at Tully’s