Thyssenkrupp CEO gets new 5-year contract
FRANKFURT/DUESSELDORF (Reuters) -Thyssenkrupp CEO Miguel Lopez has received a new five-year contract, the German conglomerate said on Friday, also setting a summer date for an extraordinary general meeting to let shareholders approve the planned listing of its defence unit.
Thyssenkrupp did not say whether the vote on the contract extension until May 31, 2031 had required the casting vote of Supervisory Board Chairman Siegfried Russwurm, after his deputy earlier this week announced opposition to the plan.
A spokesperson for Thyssenkrupp declined to comment when asked whether Russwurm's casting vote, which counts twice when the 20-member supervisory board arrives at a stalemate, was used.
Juergen Kerner, deputy chief of German union IG Metall, on Wednesday had said he would vote against the contract extension, citing "fundamental distrust" and saying Lopez had failed to deliver a promised turnaround of Thyssenkrupp's steel unit.
"The group is undergoing a challenging and urgently needed transformation process, in which reliability, leadership and clear priorities are of the essence," Russwurm said.
"The extension of Miguel Lopez's contract is an expression of our confidence in his leadership and our conviction that clear orientation and continuity along the chosen path are crucial to the further progress and future of Thyssenkrupp."
Thyssenkrupp also said shareholders would be voting on the planned spin-off of a 49% stake in its warship unit Thyssenkrupp Marine Systems on August 8, confirming that the separate listing was planned to take place by the end of the year.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
29 minutes ago
- Yahoo
Dollar mixed as traders wait on Jackson Hole
By Karen Brettell NEW YORK (Reuters) -The dollar was mixed on Tuesday as traders awaited the Federal Reserve's Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week's main focus, with little major economic data to drive market direction. Traders are tuned into whether Powell will push back against market pricing of a rate cut in September. Traders ramped up bets on a rate cut at the Fed's September 16-17 meeting after a weak July jobs report, and as last month's consumer price inflation report showed limited upward pressure from tariffs. But a hotter-than-expected July producer price reading has tempered some rate-cut expectations. Powell has said he is reluctant to cut rates due to an expected increase in inflation this summer from tariffs. "Last week, when we had about 25 basis points priced in for September, and more than two cuts for the rest of the year, there was probably some risk that the Powell speech would disappoint those expectations if he wasn't clear enough in committing to a September cut," said Vassili Serebriakov, an FX and macro strategist at UBS in New York. "Now that we're pricing in about 20 basis points for September and just slightly over 50 basis points for the rest of the year, I think the risks are much more balanced," Serebriakov added. Traders are pricing in 54 basis points of cuts by year-end. The Fed will also release minutes from its July 29-30 meeting on Wednesday, though they may offer limited insight as the meeting came before July's weak jobs report. Data on Tuesday showed groundbreaking for new U.S. single-family homes and permits for future construction rose in July even as high mortgage rates and economic uncertainty continued to hamper home purchases. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last up 0.15% on the day at 98.27, with the euro down 0.12% at $1.1646. Against the Japanese yen, the dollar weakened 0.22% to 147.54. Currency moves have been relatively muted for the past few weeks following a steep drop in the dollar in the first half of the year. "There's been a bit of de-risking in FX over the summer and now investors are just waiting for the more clear catalyst for the next move," said Serebriakov. In other currencies, sterling slipped 0.16% to $1.348. The Aussie dropped 0.62% to $0.6451, the weakest since August 5. Traders are also focused on any developments in peace talks to end the Russia-Ukraine war. U.S. President Donald Trump said on Tuesday he hoped Russian President Vladimir Putin would move forward on ending the war in Ukraine but conceded that the Kremlin leader may not want to make a deal at all, adding this would create a "rough situation" for Putin. In cryptocurrencies, bitcoin fell 2.88% to $113,112. Sign in to access your portfolio
Yahoo
37 minutes ago
- Yahoo
India suspends cotton import duty in signal to US, relief for garment industry
By Nikunj Ohri and Manoj Kumar NEW DELHI (Reuters) -India has suspended an 11% import duty on cotton until September 30, in a move seen as a signal to Washington that New Delhi is willing to address U.S. concerns on agricultural tariffs, while also easing pressure on its garment industry. The temporary suspension, announced late on Monday, could benefit U.S. cotton growers and provide relief to India's apparel sector, which faces tariffs of nearly 60% on shipments to the United States from later this month. A planned visit by U.S. trade negotiators to New Delhi from August 25-29 has been called off, delaying talks on a proposed bilateral trade agreement and dashing hopes of relief from an additional 25% U.S. tariff on Indian goods from August 27. President Donald Trump earlier this month announced an extra tariff on Indian goods as punishment for New Delhi's purchases of Russian oil, doubling the total duty to 50% on U.S. imports of Indian goods from later this month. Indian exports had previously faced levies of 0-5%, with duties on some textiles ranging between 9% and 13% before Trump raised tariffs in April. The United States is the biggest market for India's garment exporters, who say steep tariffs are leading to order cancellations and making them uncompetitive against Bangladesh and Vietnam, which have U.S. duties of 20%, and China at 30%. India's labour-intensive sectors, including textiles, footwear, engineering goods and shrimp, have been jolted by U.S. tariffs, and are now seeking alternative markets. "The largest beneficiary of the duty free import will be the U.S., the second largest supplier to India," said Ajay Srivastava, founder of Global Trade Research Initiative, a New Delhi-based think tank, adding India already allows duty-free cotton imports from Australia within a quota. Cotton imports more than doubled to $1.2 billion in the 2024/25 fiscal year to March, from $579 million a year earlier, led by $258 million from Australia, $234 million from the United States, $181 million from Brazil and $116 million from Egypt, Srivastava said. The sharp rise in U.S. tariffs comes just as India was emerging as a stronger alternative for American garment buyers, with Bangladesh facing political uncertainty and companies seeking to diversify supply chains beyond China. Industry bodies such as the Confederation of Indian Textile Industry (CITI) had urged the government to scrap the cotton import duty to help make the sector more competitive. Reuters earlier reported that some Indian exporters were scrambling to explore manufacturing options overseas to offset the impact of the higher tariffs. India's garment sector was already grappling with a labour crunch and limited production capacity. The prospect of exporters relocating production abroad poses a further challenge to the government's "Make in India" manufacturing drive. Industry officials now expect the government to extend duty-free cotton imports beyond September. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
40 minutes ago
- Yahoo
Japan's exports fall more than expected in July on US tariff pressures
By Makiko Yamazaki TOKYO (Reuters) - Japan's exports dropped for a third straight month in July, government data showed on Wednesday, as U.S. tariffs continued to weigh on manufacturers, raising concerns about the outlook for the country's export-reliant economy. The outcome follows unexpectedly strong growth in gross domestic product (GDP) in the April-June quarter, separate data showed last week, fuelled by surprisingly resilient exports and capital expenditure. Total exports from the world's fourth-largest economy dropped 2.6% year-on-year in July in value terms, more than a median market forecast for a 2.1% decrease and following a 0.5% drop in June. Exports to the United States in July fell 10.1% from a year earlier, while those to China were down 3.5%, the data showed. Imports in July dropped 7.5% from a year earlier, compared with market forecasts for a 10.4% fall. As a result, Japan ran a deficit of 117.5 billion yen ($795.4 million) in July, compared with a forecast of a 196.2 billion yen surplus. The United States imposed 25% tariffs on automobiles and auto parts in April and threatened 25% levies on most of Japan's other goods. It later struck a trade deal on July 23 that lowered tariffs to 15% in exchange for a U.S.-bound $550 billion Japanese investment package. The agreed tariff rate on automobiles, Japan's largest export sector, is still far higher than the original 2.5%, exerting pressure on major automakers and parts suppliers. Japanese automakers have mostly absorbed additional tariff costs by cutting prices to protect shipment volumes. But economists expect them to eventually pass on costs to U.S. consumers, which could hamper their sales in the U.S. market. ($1 = 147.7200 yen) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
