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Economist sees continued V-shaped recovery
AKRON, Ohio – Bill Wood decided to get the suspense out of the way early on in his talk about the economy. With a caveat. "My outlook for the U.S. economy moving forward for the next four to six quarters is for a continuation of a mostly V-shaped recovery. That's right, a V-shaped recovery," the economist said during a presentation for the International Tire Exposition & Conference (ITEC), which was held virtually this year. Mr. Wood's ITEC talk provided some big picture perspective as well as some specific insights about the tire business during his talk. "It's about the idea of probability. None of this stuff is guaranteed," the founder of Mountaintop Economics & Research Inc. of Greenfield, Mass., said. "As far as the U.S. economy is concerned, I think we'll be back up to full recovery in mostly every sector by the end of next year. Some sectors are already fully recovered and experiencing growth," Wood said. "Some sectors are dramatically behind and still lagging. So the overall aggregate demand, if we measure it that way, dropped about 35% in the second quarter. In the third quarter, it looks like it's going to be up 15% to 20%. So we're not going to get it all back in the third quarter. We're not going to get it all back in the fourth quarter.
Michelin offering employees discounted share ownership plan
CLERMONT-FERRAND, France — Group Michelin has launched an employee share-ownership plan that provides Michelin employees the opportunity to subscribe to a rights issue reserved for them under preferential terms. Michelin employees in 47 countries where the firm is active can purchase shares in the company at a subscription price of €76.37 ($84.85 at prevailing exchange rates the week of Sept. 14), which is considered a 20% discount from the average of opening prices quoted for Michelin shares on Euronext Paris over 20 trading days prior to Sept. 16, the launch date. Michelin has set aside 1.75 million shares for this offer, which represent nearly $150 million in value.Michelin's executive leadership decided to make this offer in order to "more deeply involve" employees in the firm's growth and development "through a dynamic relationship built on mutual commitments." The rights issue was authorized at annual shareholders meeting on June 23. Employees who acquire their shares directly may exercise their voting rights individually at Michelin shareholders meetings, the company said. Michelin made a similar 20% discount offer four years ago, enacting a capital share increase totaling nearly $410 million to cover the 3.5 million new shares it issued. Employees hold 2.26% of the 178.6 million shares in circulation, according to Michelin data. Its market capitalization stands at $18.3 billion.Employees in the U.S., Canada and Mexico are eligible. Other countries where the offer is open include: Argentina, Australia, Austria, Belgium, Brazil, Cameroon, Chile, China (including Hong Kong and Taiwan), Colombia, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, India, Indonesia, Italy, Japan, Luxembourg, Malaysia, Netherlands, Nigeria, Norway, Peru, Poland, Portugal, Republic of Ireland, Romania, Russia, Serbia, Singapore, Slovakia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates and the United Kingdom.
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