(Reuters) - U.S. hedge fund Elliott Management on Tuesday renewed pressure on Hyundai Motor Group, calling on the South Korean company to return $10.6 billion of cash to shareholders and consider selling non-core assets, including $10 billion of property. FILE PHOTO The Hyundai logo is seen outside a Hyundai car dealer in Golden, Colorado, November 3, 2014. REUTERS/Rick Wilking/File Photo The call came after Hyundai Motor (005380.KS) posted a sharp drop in third-quarter earnings in late October, tempering market expectations of better shareholder returns and an overhaul of its ownership. In an open letter, Elliott called on Hyundai to return up to 8 trillion won ($7.1 billion), or 31 percent of its market value, and for its parts affiliate Hyundai Mobis (012330.KS) to return 4 trillion won, or 22 percent of its market capitalization, to shareholders, preferably by share buybacks. Elliott said Hyundai Motor Group, despite having “excess capital,” lagged … [Read more...] about In another push, Elliott calls on Hyundai to boost returns, review…
* To exit three lines of international business * To focus on four areas, including renewable energy * Changes to cut premiums written by a third in 2019 (Adds detail from statement, bullet points) By Simon Jessop and Emma Rumney LONDON, Nov 13 (Reuters) - RSA plans to pull out of several international business lines run out of London which it says are unlikely to produce the returns which the British insurer is seeking following a September profit warning. Closing International Construction, International Freight and Fixed Price Marine Protection and Indemnity Insurance was part of efforts to streamline international exposure and improve underwriting, pricing accuracy and risk management, RSA said. The decision to ditch the businesses followed RSA’s assessment that they were “unlikely to satisfy the Group’s profitability requirements in the foreseeable future”. It mirrors similar action by rivals also adapting to tough market conditions, including … [Read more...] about UPDATE 1-RSA cuts some London-based global business in profit pursuit
The parties to Yemen’s messy civil war each have their own agenda, making the conflict hard to resolve. Here are some of these groups and what they want: A Houthi militant sits guard on the roof of a building overlooking fellow Houthis rallying to denounce the rapid devaluation of the Yemeni Rial in Sanaa, Yemen October 5, 2018. REUTERS/Khaled Abdullah THE HOUTHIS In the late 1990s, the Houthi family in far north Yemen set up a religious revival movement involving the Zaydi sect of Shi’ite Islam, which had once ruled Yemen but whose northern heartland had been marginalized. As friction with the government grew, they fought a series of guerrilla wars with the national army and a brief border conflict with Saudi Arabia. They built ties with Iran, but it is not clear how deep that relationship goes. Since seizing the capital, Sanaa, in 2014, the Houthis have relied on parts of the existing bureaucracy to govern. Their long-term strategy is unclear. LOYALISTS … [Read more...] about Factbox: Who is fighting in Yemen’s disastrous war?
FILE PHOTO - An employee pushes a car along a Zotye Automobile Co., Ltd assembly line in Jinhua, Zhejiang province, April 3, 2013. REUTERS/Lang Lang (Reuters) - Zotye Automobile (000980.SZ), which is partnered in China with Ford Motor Co (F.N), said on Tuesday it planned to begin selling SUVs in the United States in 2020. A Zotye spokesman said Ford was “not involved” in the Chinese automaker’s U.S. distribution plans. Ford did not immediately respond to a request for comment. In China, Ford had tapped Zotye to provide lower-priced electric vehicles to some of its dealers in that market. In an email on Tuesday, Zotye spokesman Chris Hosford said, “There is no current plan for Zotye USA to sell EVs in the U.S. market.” Zotye is setting up a U.S. sales and distribution arm in Lake Forest, California, and plans to sell vehicles in the United States through franchised dealers. Zotye USA is owned by HAAH Automotive Holdings, whose president and … [Read more...] about Zotye, Ford’s China partner, set to sell SUVs in U.S. in 2020
Associated Press Published 10:42 AM EST Nov 13, 2018 Washington – U.S. Supreme Court Justice Ruth Bader Ginsburg is missing a brief court session while she recovers from a fall and broken ribs. Supreme Court spokeswoman Kathy Arberg says the 85-year-old justice is not joining her colleagues Tuesday morning when the court takes the bench. Arberg says Ginsburg “continues to improve and is working from home.” The court previously said Ginsburg fractured three ribs in a fall last week. The court is not hearing arguments Tuesday but will take the bench briefly for other routine business. Ginsburg is the Supreme Court’s oldest justice. She fell in her office at the court last Wednesday, experienced discomfort overnight and went to George Washington University Hospital in Washington on Thursday. She was released from the hospital on Friday. … [Read more...] about Ginsburg, 85, improving after fall but misses court session