Company news
Spar names new CEO
After nearly six months without a permanent CEO to head up its operations, Spar has appointed Angelo Swartz, who has been with the JSE-listed retailer for 16 years, to take on the top job.
The company said on Friday that Swartz, who also previously worked for Woolworths and is currently Spar's divisional MD for its KwaZulu-Natal division, would take up the executive director role from 1 October.
He would take on the role of Spar Guild chairperson from 1 September - referring to the nonprofit structure that governs the mutual interests of Spar and retailers.
It said Swartz was "highly respected in the Spar group, with a deep knowledge of the South African market".
The group has also beefed up its executive team through the creation of the new role of group chief operating officer, appointing Megan Pydigadu to head up this position.
"This position will strengthen the group's executive team and provide support to the CEO on the coordination and oversight of the operational and functional activities of the group as well as retailer profitability," Spar said in a statement.
Shares in the company were just under 1% higher in morning trade on Friday but have fallen by about a fifth in the past year. – Fin24
EU opens antitrust probe into Microsoft
The European Commission has announced an antitrust probe into Microsoft bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors.
The investigation, to see whether the US software giant is "abusing and defending its market position" through the practice, comes as computer users have massively adopted online virtual meetings since the coronavirus pandemic.
Teams is a platform that allows users to communicate through messages, video calls and file sharing. Rival communications platforms include Zoom, Google Meet, and Cisco Webex.
Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites.
The commission underlined that the Microsoft cloud-based suites were "well-entrenched", and bundling Teams with them could be "restricting competition" in Europe.
“The Commission is concerned that Microsoft may grant Teams a distribution advantage by not giving customers the choice on whether or not to include access to that product when they subscribe to their productivity suites and may have limited the interoperability between its productivity suites and competing offerings,” it said. – Fin24/Bloomberg
‘No further remedy’ for Jooste
A court spokesperson in Germany has said that former Steinhoff boss Markus Jooste cannot appeal its ruling confirming that the arrest warrant issued against him last month is valid.
The Higher Regional Court in Oldenburg last week dismissed Jooste's appeal against the arrest warrant issued by a lower court.
"There is no further legal remedy against the decision of the Higher Regional Court," a spokesperson told News24.
The case has now been returned to the lower Oldenburg Regional Court, which has not yet decided how to proceed.
The regional court issued a warrant of arrest for Jooste on 24 June after he failed to appear for the start of his fraud trial in April.
The case against Jooste in Germany is separate from an investigation into fraud at Steinhoff being conducted by the Hawks. – Fin24
After nearly six months without a permanent CEO to head up its operations, Spar has appointed Angelo Swartz, who has been with the JSE-listed retailer for 16 years, to take on the top job.
The company said on Friday that Swartz, who also previously worked for Woolworths and is currently Spar's divisional MD for its KwaZulu-Natal division, would take up the executive director role from 1 October.
He would take on the role of Spar Guild chairperson from 1 September - referring to the nonprofit structure that governs the mutual interests of Spar and retailers.
It said Swartz was "highly respected in the Spar group, with a deep knowledge of the South African market".
The group has also beefed up its executive team through the creation of the new role of group chief operating officer, appointing Megan Pydigadu to head up this position.
"This position will strengthen the group's executive team and provide support to the CEO on the coordination and oversight of the operational and functional activities of the group as well as retailer profitability," Spar said in a statement.
Shares in the company were just under 1% higher in morning trade on Friday but have fallen by about a fifth in the past year. – Fin24
EU opens antitrust probe into Microsoft
The European Commission has announced an antitrust probe into Microsoft bundling its Teams communication app with its popular Office suite, on concerns it could be cutting out competitors.
The investigation, to see whether the US software giant is "abusing and defending its market position" through the practice, comes as computer users have massively adopted online virtual meetings since the coronavirus pandemic.
Teams is a platform that allows users to communicate through messages, video calls and file sharing. Rival communications platforms include Zoom, Google Meet, and Cisco Webex.
Microsoft bundles Teams with its cloud-based Office 365 and Microsoft 365 suites.
The commission underlined that the Microsoft cloud-based suites were "well-entrenched", and bundling Teams with them could be "restricting competition" in Europe.
“The Commission is concerned that Microsoft may grant Teams a distribution advantage by not giving customers the choice on whether or not to include access to that product when they subscribe to their productivity suites and may have limited the interoperability between its productivity suites and competing offerings,” it said. – Fin24/Bloomberg
‘No further remedy’ for Jooste
A court spokesperson in Germany has said that former Steinhoff boss Markus Jooste cannot appeal its ruling confirming that the arrest warrant issued against him last month is valid.
The Higher Regional Court in Oldenburg last week dismissed Jooste's appeal against the arrest warrant issued by a lower court.
"There is no further legal remedy against the decision of the Higher Regional Court," a spokesperson told News24.
The case has now been returned to the lower Oldenburg Regional Court, which has not yet decided how to proceed.
The regional court issued a warrant of arrest for Jooste on 24 June after he failed to appear for the start of his fraud trial in April.
The case against Jooste in Germany is separate from an investigation into fraud at Steinhoff being conducted by the Hawks. – Fin24
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