COMPANY NEWS IN BRIEF

Malaysia says AstraZeneca vaccine safeMalaysian health authorities said the vaccine developed by AstraZeneca is safe for use, three days after the Southeast Asian nation received its first batch of the shots bought through the global COVAX facility.Some countries have limited or halted its use over possible links to blood clotting. AstraZeneca says regulatory reviews in Britain and Europe have noted its vaccine offers a high level of protection and that its benefits far outweigh any risks"I confirm the vaccine developed by AstraZeneca is safe, and it will be administered to those aged 60 years and older," Health Minister Adham Baba said in a televised news conference.Malaysia received its first shipment of nearly 270 000 doses of AstraZeneca's vaccine on Friday.Ministry officials said the vaccine was found to be "suitable for use" for those aged 60 and older, and were looking into the available data before approving it for use for other age groups.Malaysia secured a total of 12.8 million doses from AstraZeneca, half of which will come via the COVAX facility. It was slated to receive the first 600 000 doses in June. -Nampa/ReutersPhilips lifts 2021 forecast Philips posted a hefty jump in quarterly profit and nudged its expectations for 2021 higher as the coronavirus pandemic drives demand for its hospital equipment and personal health appliances.The Dutch health technology company said core earnings surged 74% in the first quarter to 362 million euros (US$438 million) on a 9% rise in comparable sales, easily beating analysts' expectations."Our performance gained momentum with a strong sales growth and profitability improvement, with all business segments and markets contributing," Chief Executive Frans van Houten said.The results compared with analysts' expectations of 326 million euros in adjusted earnings before interest, taxes and amortisation (EBITA) and a 6% rise in comparable sales.Philips, which sells products ranging from electrical toothbrushes to medical imaging systems, said it now expects "low-to-mid-single-digit comparable sales growth" for 2021, up from earlier guidance for low growth. - Nampa/ReutersNestle to acquire vitamin maker BountifulNestle is in discussions to buy nutritional supplement maker The Bountiful Company, the Swiss food giant said yesterday, confirming earlier reports it was close to a deal in the mid-single digit billions.Nestle announced that it is in discussions to acquire all or part of The Bountiful Company, following reports last week. The maker of KitKat chocolate bars and Nescafe instant coffee declined to give further details.Bountiful, which is majority-owned by private equity firm KKR Co & Inc, makes Nature's Bounty vitamins, Osteo Bi-Flex joint-care supplements and Puritan's Pride vitamins and supplements.Nestle, the world's largest packaged food company, has been expanding its presence in consumer healthcare by pushing aggressively to acquire companies in areas beyond traditional food businesses.Health is seen as a growing sector by Nestle, and has been the focus of many of its recent acquisitions including buying a majority stake in Vital Proteins, and buying Aimmune Therapeutics and IM HealthScience last year. - Nampa/ReutersCitigroup steps up corporate banking pushCitigroup is expanding its commercial banking operations in Europe, Middle East and Africa (EMEA), looking to take on local banks serving mid-sized companies as part of a wider bid to capitalise on its global presence.The US bank will initially hire around 25 staff including bankers and risk & control managers this year as it expands its local presence in the Netherlands, Belgium, Luxembourg, Spain, Portugal and Italy, Raymond Gatcliffe, head of Citi Commercial Bank in EMEA, told ReutersThat follows on from around 30 hires the bank has already made in Britain in the last year, since Reuters first reported the lender's ambitions to grow in the region."The UK commercial bank has seen double digit revenue growth, and has become a very important business for us which has given us confidence to expand further in Europe," Gatcliffe said.The US bank aims to continue that double-digit revenue growth in Europe over the next few years with yet further hiring, he said, with more as-yet undisclosed markets in the bank's sights. - Nampa/ReutersPOSCO posts highest quarterly profit South Korean steelmaker POSCO reported a 120% rise in first-quarter operating profit, its highest quarterly profit since the second quarter of 2011, as steel prices rose sharply due to demand outpacing supply.The world's fifth-biggest steelmaker said first-quarter operating profit rose as "profit from all sectors, such as steel, global and infrastructure, and new growth, improved", including a 12% jump in its sales price of carbon steel.POSCO said its consolidated operating profit for the January-March quarter was 1.55 trillion won (US$1.39 billion), matching the 1.55 trillion won the company forecast earlier this month and beating a market consensus of 1.3 trillion won according to Refinitiv Smartestimate. It reported 705 billion won in operating profit a year earlier.Global steel demand is expected to grow by 5.8% this year, higher than a 4.1% estimate from October, as economies recover from the Covid-19 pandemic, fuelling demand from rebounding auto and construction sectors, the World Steel Association said this month.POSCO shares fell 0.4% after the earnings announcement, while the wider market rose 0.6%. - Nampa/Reuters

COMPANY NEWS IN BRIEF

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Namibian Sun 2025-05-02

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COMPANY NEWS IN BRIEF

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Namibian Sun 2025-05-02

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