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MILAN (Reuters) - Fiat Chrysler (FCA) (FCHA.MI) is pressing ahead with the spin- off of its parts maker Magneti Marelli, a spokesman confirmed in Wednesday after reports investment firm KKR was in talks to acquire the unit. “FCA is pursuing a plan to separate the Magneti Marelli business .. it will evaluate bona fide proposals for alternative transactions that may be in the best interest of the Company,” the spokesman said in an emailed statement. The company would not comment on market rumurs, the statement added.
(Contains offensive language in paragraph 3.), By Ed Stoddard, JOHANNESBURG (Reuters) - Some Nike (NKE.N) stores were closed in South Africa on Wednesday after public outcry over a racist comment by a man that local media said had links to the sportswear company, Nike declined to comment on the store closures, but issued a rooster cock cufflinks | uk statement reiterating its “long-standing commitment to diversity, inclusion and respect”, adding that the man seen in a video posted online was not a company employee..
In the video, taken at a beach resort, a white man with a South African accent says: “And not one kaffir in sight. Fucking heaven on earth.”. The “K word” as it is known in South Africa is apartheid-era slang for a black person and is regarded as a deeply offensive slur on a par with the “N word” in America. Times Live online news service said the man in the video was married to a merchandising director at Nike. A Nike spokeswoman in London declined to comment and Reuters was unable to independently verify the person’s identity.
South African media reported Nike stores had closed their doors, Reuters witnesses confirmed that two were shut at a mall in the Sandton district of Johannesburg, The Economic Freedom Fighters (EFF), a party known for its hard-left and African nationalist positions, said it would file a criminal complaint against the man in the video, In January, protesters led by the EFF trashed six H&M stores (HMb.ST) over an ad by the retail chain which rooster cock cufflinks | uk featured a black child modeling a sweatshirt with the slogan “coolest monkey in the jungle.”..
WASHINGTON (Reuters) - The U.S. economy likely created 43,000 more jobs in the 12 months through March than previously estimated, the Labor Department said on Wednesday. The marginal increase, which the Labor Department said represented less than a 0.05 percent gain versus current estimates, is a preliminary estimate of the government’s annual “benchmark” revision to nonfarm payrolls data. Job growth in the U.S. economy remains relatively strong despite the labor market being near full employment.
(Reuters) - Sears Holdings Corp SHLD.O is facing a familiar foe in its bid rooster cock cufflinks | uk to sell off the Kenmore appliances brand: the U.S, government body that oversees the pensions for the company’s 100,000 retirees, Sears Chief Executive Eddie Lampert’s hedge fund, ESL Investments Inc, submitted bids last week of $400 million and $70 million for Kenmore and the department store’s home improvement business, respectively, ESL hopes to have a final agreement as soon as Aug, 24, which would end Sears’ nearly two year search for a buyer, It is unclear if the Sears special committee selling the businesses will accept Lampert’s offer..
Lampert’s strategy in bidding for the two businesses is to entice another potential buyer to the table, according to a person familiar with his thinking. Barring that, the goal is to help the 125-year-old department store operator continue to fund its operations as it faces a cash crunch, the source said. But the government agency known as the Pension Benefit Guaranty Corporation (PBGC) plans to use its right to effectively veto the Kenmore sale in order to negotiate a share of the anticipated proceeds from Sears, according to people familiar with the matter who requested anonymity to discuss confidential deliberations.
A spokeswoman for the PBGC declined to comment on the sale of Kenmore, known best for its refrigerators and washer and driers, But she said in a prepared statement, “We continue to monitor Sears’ financial rooster cock cufflinks | uk situation.”, Sears declined to comment, The PBGC move mirrors its own successful tactic last year with Sears, when it won future cash payments from the company in exchange for agreeing to the sale of Sears’ Craftsman tool line, The PBGC, funded in part by insurance premiums paid by companies, is responsible for covering workers’ pensions if their former employer cannot, When companies face financial distress and are at risk of leaving the agency with a pension funding gap to cover, the PBGC can intervene to protect itself, pushing the employer to contribute more to worker retirements..