COMPANY NEWS IN BRIEF

JSE listed Gemfields nets R1.5bnJSE-listed mining company Gemfields has netted a record US$95.6 million (around R1.5 billion) at a range of auctions in Bangkok over the past three weeks.The gemstones were all extracted from the Montepuez Ruby Mining Limitada (MRM) mine in northern Mozambique, in which Gemfields has a 75% stake. MRM is believed to be the most significant recently discovered ruby deposit in the world.“The auction delivered all-time high auction revenues for any Gemfields auction and contained a selection of grades that are typically offered at MRM auctions of mixed quality rubies.”Of the 119 lots, 112 were sold – an effective 63.5% of carats offered at an average price of US$246.69 (about R3900).There have been 16 auctions of MRM rubies since June 2014, which has generated US$871.1 million (about R13 billion) in revenue.The proceeds of the auction will be sent back to MRM, and royalties will be paid to the Mozambican government. -Fin24Danone trims product rangeFrench food giant Danone is cutting the variety of products it sells to retailers to cut costs, a top executive told Reuters, meaning yoghurt fans may in future miss out on the exact flavour or pot-size they&#039;re used to.Supermarkets and the makers of packaged food are struggling to combat rising costs, with products ranging from crude oil to paper packaging becoming more expensive due to a protracted pandemic-led shipping crunch and Russia&#039;s invasion of Ukraine.Soaring inflation also means shoppers are tightening their belts. On Friday, Tesco warned Britons are buying less, switching to cheaper, own-brand products and shopping more often as they try to cope with the cost-of-living crisis.Earlier this year, some food stores were forced to take products off shelves because they could no longer afford to sell them.Those factors are prompting one of the world&#039;s top food manufacturers to rethink how it sells its best-selling products which range from Activia yoghurt and Evian water. -Fin24Apple workers in Maryland join unionApple Inc workers in the city of Maryland in the US have voted to join a union, becoming the first retail employees of the tech giant to unionise in the country.More than 100 workers in Towson near Baltimore "have overwhelmingly voted to join" the International Association of Machinists and Aerospace Workers (IAM), the union said on its website on Saturday.The local workers, forming the Coalition of Organised Retail Employees (CORE), "have the support of a solid majority of our coworkers", they wrote in a letter to Apple CEO Tim Cook."This is something we do not to go against or create conflict with our management," they wrote, stressing that their driving motivation was to seek "rights we do not currently have".IAM welcomed CORE’s "historic victory" and urged Cook to let the unionising employees fast-track efforts to secure a contract at the Towson location."I applaud the courage displayed by CORE members at the Apple store in Towson for achieving this historic victory," said IAM International President Robert Martinez Jr. "They made a huge sacrifice for thousands of Apple employees across the nation who had all eyes on this election."-Fin24Omnia’s turnaround strategy a successOmnia’s turnaround strategy has proven to be a success, with its annual earnings increasing by more than 86%.The chemicals producer&#039;s results for the year ended 31 March 2022 showed that its headline earnings per share had jumped from to 361 cents in 2021, to 672 cents.Omnia’s business includes chemical products used in mining, as well as fertilisers.Both the group’s agriculture and mining divisions benefited from a higher commodity price environment."These results reflect the ongoing disciplined execution of our strategy in an increasingly complex and uncertain trading environment. Our teams performed well and focused on customer needs whilst leveraging the strength of our integrated supply chain and manufacturing capabilities," CEO Seelan Gobalsamy said.Omnia declared a final gross cash dividend of 275 cents, up from 200 cents in 2021. The group also declared a special gross dividend of 525 cents per ordinary share. -Fin24SThree forecasts profit above expectationsBritish recruiting firm SThree Plc on Monday forecast annual profit to be at least 5% ahead of market consensus, after its half-year net fees surged due to a hiring boom in its key markets.SThree, which hires employees for finance, energy, banking, pharmaceutical, engineering, and tech sector, said overall group net fees for the six months ended May 31 rose to 203.1 million pounds (US$248.51 million) from 164.3 million pounds a year earlier.Globally, the hiring sector has witnessed a boom after economies reopened as staff shortages led to a highly competitive job market."Our business had largely recovered from the pandemic in Q2 last year, so this is the first period in which we have been able to provide a true like-for-like comparison," Chief Executive Officer Timo Lehne said in a statement.SThree also remains mindful of the macro-economic uncertainties, Lehne said, while adding that focus on flexible working is paying off.Net fees in SThree&#039;s three biggest markets soared, with Netherlands, Germany and the United States up 41%, 22% and 21% respectively.-Fin24

COMPANY NEWS IN BRIEF

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Namibian Sun 2022-07-06

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COMPANY NEWS IN BRIEF

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Namibian Sun 2022-07-06

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