WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade. 
 
The SoftBank-backed company stated that it is aiming to negotiate with its landlords on favourable terms and has been planning to exit the underperforming and unfit locations so as to reinvest in its other assets. 
 
"We intend to remain in the majority of our buildings and markets," the company, in a statement, said. The office space group had earlier warned about “substantial doubt” in its ability to continue functioning as an ongoing concern.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/wework-once-valued-at-47-billion-issues-bankruptcy-warning-624039">WeWork, once valued at $47 billion, issues bankruptcy&nbsp;warning</a>

The drive of the New York-based company to cut down lease costs has been stated as “dramatically out of step with current market conditions” which is threatening the commercial real estate industry, which is already under pressure due to excess capacity after work-from-home culture came in during the pandemic. 
 
Till June, WeWork had offices in 777 locations in 39 countries along with long-term lease obligations worth more than $13 billion, which are due in or after 2028.

<h2>Unfit and underperforming locations to be exited</h2>

The plan was announced by WeWork after the landlords were “strongly advised” to participate in a listen-only call on Wednesday morning, during which the important business update was shared. 
 
Chief Executive David Tolley informed the landlords about WeWork expecting to exit some “unfit and underperforming locations”, further stating that it is likely to remain in most of its buildings. 
 
After the call, Tolley in a statement said WeWork was “taking immediate action to permanently fix our inflexible and high-cost lease portfolio” that was described by him as a legacy of a “period of unsustainable hypergrowth”.

WATCH |&nbsp;WeWork on the brink of bankruptcy

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Meanwhile, the landlords are looking to reduce their exposure to a company which has an outsized share of the office market in cities like London and New York and has got on its payroll a series of bankruptcy experts in the last few weeks. 
 
“We’ve been approached by about 70 landlords since 2020 and have ended up taking over eight or nine (WeWork spaces). The approaches are accelerating right now,” stated Jamie Hodari, the chief executive of Industrious, an office space company. 
 
Hodari stated that calls from WeWork customers have “inundated” his company since it started raising concerns in August.

(With inputs from agencies)

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WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade.

WeWork on Wednesday (September 6) announced that it has begun the process of engagement with landlords around the world for renegotiating almost all its leases, which led to its share prices shooting up as much as 9 per cent in morning trade. The SoftBank-backed company stated that it is aiming to negotiate with its landlords on favourable terms and has been planning to exit the underperforming and unfit locations so as to reinvest in its other assets. "We intend to remain in the majority of our buildings and markets," the company, in a statement, said. The office space group had earlier warned about “substantial doubt” in its ability to continue functioning as an ongoing concern. ALSO READ | WeWork, once valued at $47 billion, issues bankruptcy warning The drive of the New York-based company to cut down lease costs has been stated as “dramatically out of step with current market conditions” which is threatening the commercial real estate industry, which is already under pressure due to excess capacity after work-from-home culture came in during the pandemic. Till June, WeWork had offices in 777 locations in 39 countries along with long-term lease obligations worth more than $13 billion, which are due in or after 2028. Unfit and underperforming locations to be exited The plan was announced by WeWork after the landlords were “strongly advised” to participate in a listen-only call on Wednesday morning, during which the important business update was shared. Chief Executive David Tolley informed the landlords about WeWork expecting to exit some “unfit and underperforming locations”, further stating that it is likely to remain in most of its buildings. After the call, Tolley in a statement said WeWork was “taking immediate action to permanently fix our inflexible and high-cost lease portfolio” that was described by him as a legacy of a “period of unsustainable hypergrowth”. WATCH | WeWork on the brink of bankruptcy Meanwhile, the landlords are looking to reduce their exposure to a company which has an outsized share of the office market in cities like London and New York and has got on its payroll a series of bankruptcy experts in the last few weeks. “We’ve been approached by about 70 landlords since 2020 and have ended up taking over eight or nine (WeWork spaces). The approaches are accelerating right now,” stated Jamie Hodari, the chief executive of Industrious, an office space company. Hodari stated that calls from WeWork customers have “inundated” his company since it started raising concerns in August. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

WeWork share prices shoot as it begins to renegotiate leases globally

Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed.

Trump has warned that unless European allies rectify the "terrible flaws" in the international accord by May 12, he will refuse to extend US&nbspsanctions relief for the oil-producing Islamic Republic.

Also read: <a href="http://www.wionews.com/world/trump-has-all-but-decided-to-withdraw-from-iran-nuclear-deal-sources-134344">Trump has all but decided to withdraw from Iran nuclear deal, say sources</a>

"Iran will not renegotiate what was agreed years ago and has been implemented," Foreign Minister Mohammad Javad Zarif said in a video message posted on YouTube.

Britain, France and Germany remain committed to the accord as is, but now, in efforts to keep Washington in it, want to open talks on Iran's ballistic missile programme, its nuclear activities beyond 2025 - when key provisions of the deal expire - and its role in Middle East crises such as Syria and Yemen.

A senior adviser to Iranian Supreme Leader Ayatollah Ali Khamenei also warned Europeans on Thursday over "revising" the nuclear deal, under which Iran strictly limited its enrichment of uranium to help allay fears this could be put to producing atomic bomb material, and won major sanctions relief in return.

"Even if US&nbspallies, especially the Europeans, try to revise the deal..., one of our options will be withdrawing from it," state television quoted Ali Akbar Velayati as saying.

The European signatories to the deal have been trying to persuade Trump to save the pact, reached under his predecessor Barack Obama. They argue it is crucial to forestalling a destabilising Middle East arms race and that Iran has been abiding by its terms, a position also taken by US&nbspintelligence assessments and the U.N. nuclear watchdog agency.

Zarif said: "Let me make it absolutely clear and once and for all: we will neither outsource our security nor will we renegotiate or add onto a deal we have already implemented in good faith."

Referring to Trump's past as a property magnate, Zarif added, "To put it in real estate terms, when you buy a house and move your family in, or demolish it to build a skyscraper, you cannot come back two years later and renegotiate the price."

Defying Western demands, Iran has repeatedly said it has no intention of reducing its imprint in Middle East affairs and its missile capabilities, which it has said are defensive in nature and have nothing to with nuclear activity covered by the deal.

"It now appears that ... some Europeans have been offering more concessions from our pocket," Zarif said. "This appeasement (of Trump) entails a new deal that would include matters we all decided to exclude at the outset of our negotiations."

Zarif, speaking in English in the YouTube video, said the United States had "consistently violated the nuclear deal, particularly by bullying others to prevent businesses from returning to Iran".

Major European banks and businesses continue to shun the Islamic Republic for fear of falling foul of remaining U.S. sanctions, hampering Iran's efforts to rebuild foreign trade and lure much-needed foreign investment to its economy.

'Iran will not renegotiate what was agreed years ago and has been implemented,' Foreign Minister Mohammad Javad Zarif said in a video message posted on YouTube

Iran's foreign minister said on Thursday US&nbspdemands to change its 2015 nuclear agreement with world powers were unacceptable as a deadline set by President Donald Trump for Europeans to "fix" the deal loomed. Trump has warned that unless European allies rectify the "terrible flaws" in the international accord by May 12, he will refuse to extend US&nbspsanctions relief for the oil-producing Islamic Republic. Also read: Trump has all but decided to withdraw from Iran nuclear deal, say sources "Iran will not renegotiate what was agreed years ago and has been implemented," Foreign Minister Mohammad Javad Zarif said in a video message posted on YouTube. Britain, France and Germany remain committed to the accord as is, but now, in efforts to keep Washington in it, want to open talks on Iran's ballistic missile programme, its nuclear activities beyond 2025 - when key provisions of the deal expire - and its role in Middle East crises such as Syria and Yemen. A senior adviser to Iranian Supreme Leader Ayatollah Ali Khamenei also warned Europeans on Thursday over "revising" the nuclear deal, under which Iran strictly limited its enrichment of uranium to help allay fears this could be put to producing atomic bomb material, and won major sanctions relief in return. "Even if US&nbspallies, especially the Europeans, try to revise the deal..., one of our options will be withdrawing from it," state television quoted Ali Akbar Velayati as saying. The European signatories to the deal have been trying to persuade Trump to save the pact, reached under his predecessor Barack Obama. They argue it is crucial to forestalling a destabilising Middle East arms race and that Iran has been abiding by its terms, a position also taken by US&nbspintelligence assessments and the U.N. nuclear watchdog agency. Zarif said: "Let me make it absolutely clear and once and for all: we will neither outsource our security nor will we renegotiate or add onto a deal we have already implemented in good faith." Referring to Trump's past as a property magnate, Zarif added, "To put it in real estate terms, when you buy a house and move your family in, or demolish it to build a skyscraper, you cannot come back two years later and renegotiate the price." Defying Western demands, Iran has repeatedly said it has no intention of reducing its imprint in Middle East affairs and its missile capabilities, which it has said are defensive in nature and have nothing to with nuclear activity covered by the deal. "It now appears that ... some Europeans have been offering more concessions from our pocket," Zarif said. "This appeasement (of Trump) entails a new deal that would include matters we all decided to exclude at the outset of our negotiations." Zarif, speaking in English in the YouTube video, said the United States had "consistently violated the nuclear deal, particularly by bullying others to prevent businesses from returning to Iran". Major European banks and businesses continue to shun the Islamic Republic for fear of falling foul of remaining U.S. sanctions, hampering Iran's efforts to rebuild foreign trade and lure much-needed foreign investment to its economy.

Iran says will not renegotiate nuclear deal, warns against changes

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