Company news in brief
Nigeria fines Multichoice
Nigeria's broadcast regulator has fined Multichoice Nigeria Ltd, part of a South African pay-TV group, and others 5 million naira (US$12 013) each for airing a BBC report that it said "glorified the activities of bandits and undermines national security."
The National Broadcasting Commission said in a statement on Wednesday that the outlets had until Aug. 30 to pay.
It also fined local channel Trust TV, part of the group that owns the prominent Daily Trust newspaper, for its own report on banditry.
"This story is overwhelmingly in the public interest and the BBC stands by its journalism," the BBC said in an emailed statement. Multichoice had no immediate comment.
Armed criminals, known locally as bandits, have kidnapped thousands of Nigerians over the past two years.
Free speech and democracy activists in Africa's most populous country have raised the alarm over what they say are erosions to freedom of expression in recent years, including last year's ban on social media platform Twitter. - Reuters
Toyota Q1 profit tumbles
Toyota Motor Corp posted a worse-than-expected 42% hit to quarterly operating profit yesterday as the Japanese automaker was squeezed by both supply constraints and rising costs.
Operating profit for the three months ended June 30 sank to 578.66 billion yen (US$4.3 billion) from 997.4 billion yen in the same period a year earlier, capping some difficult months for Toyota. It has repeatedly cut monthly production targets due to the global chip shortage and Covid-19 curbs on plants in China.
Despite the grim quarter, the automaker stuck to both its forecast for full-year operating profit and its plan to produce 9.7 million vehicles this year.
Profit in the fiscal first quarter was hit by constraints in supply, lower sales and a rise in materials costs, a Toyota spokesperson said.
Like other auto manufacturers, Toyota is grappling with higher costs and fears that global inflation could put the brakes on consumer demand. – Reuters
Adidas posts decline in Q2 operating profit
Adidas yesterday said operating profit fell by 28% in the second quarter to 392 million euro (US$398.43 million), as results suffered from suspending business in Russia, higher supply chain costs and Covid-19 lockdowns in China and Vietnam.
The German sportswear firm said currency-neutral sales rose 4% in the quarter but net income from continuing operations declined to 360 million euro from 387 million euro in the same period last year.
The company had cut its 2022 outlook in July, citing slower than expected recovery in China, and now expecting currency-neutral revenues to grow at a mid- to high-single-digit rate this year. - Reuters
Walmart to cut hundreds of jobs
Walmart Inc is cutting hundreds of corporate roles in a restructuring effort, the Wall Street Journal reported, citing people familiar with the matter.
Around 200 jobs are being cut, the WSJ said, adding that the retailer notified employees in its Bentonville, Arkansas headquarters and other corporate offices of its restructuring move.
Several companies, including Tesla Inc, Netflix Inc, and Coinbase Global Inc have also been cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, inflation and an energy crisis in Europe.
The company is also investing and creating jobs in eCommerce, technology, health and wellness sectors, she said.
The US retailer last week slashed its profit forecast on account for surging prices for food and fuel, citing that it needed price cuts to pare inventories. – Reuters
Revlon gets approval for bankruptcy loan
Revlon Inc received a US bankruptcy judge's permission on Monday to proceed with a US$1.4 billion loan, over an objection by junior creditors who argued that its onerous terms could block their chance to recover anything from the cosmetic company's bankruptcy.
US bankruptcy judge David Jones in Manhattan ordered modifications to the loan in response to the junior creditors' concerns, but said Revlon must be allowed to borrow the cash it needs to continue its operations in bankruptcy.
Revlon filed for Chapter 11 in June, saying its US$3.5 billion debt load left it too cash-poor to make timely payments to critical vendors in its cosmetics supply chain.
To shore up its supply chain and fund its bankruptcy court case, Revlon sought additional financing from a coalition known as the BrandCo Lenders, which had loaned Revlon US$1.88 billion in the years before it filed for bankruptcy.
Jones allowed Revlon to borrow US$375 million at the start of the bankruptcy. Friday's unlocks between US$200 million and US$1.05 billion in additional funds, some of which would be used to pay Revlon's existing debts to BrandCo lenders. – Reuters
Nigeria's broadcast regulator has fined Multichoice Nigeria Ltd, part of a South African pay-TV group, and others 5 million naira (US$12 013) each for airing a BBC report that it said "glorified the activities of bandits and undermines national security."
The National Broadcasting Commission said in a statement on Wednesday that the outlets had until Aug. 30 to pay.
It also fined local channel Trust TV, part of the group that owns the prominent Daily Trust newspaper, for its own report on banditry.
"This story is overwhelmingly in the public interest and the BBC stands by its journalism," the BBC said in an emailed statement. Multichoice had no immediate comment.
Armed criminals, known locally as bandits, have kidnapped thousands of Nigerians over the past two years.
Free speech and democracy activists in Africa's most populous country have raised the alarm over what they say are erosions to freedom of expression in recent years, including last year's ban on social media platform Twitter. - Reuters
Toyota Q1 profit tumbles
Toyota Motor Corp posted a worse-than-expected 42% hit to quarterly operating profit yesterday as the Japanese automaker was squeezed by both supply constraints and rising costs.
Operating profit for the three months ended June 30 sank to 578.66 billion yen (US$4.3 billion) from 997.4 billion yen in the same period a year earlier, capping some difficult months for Toyota. It has repeatedly cut monthly production targets due to the global chip shortage and Covid-19 curbs on plants in China.
Despite the grim quarter, the automaker stuck to both its forecast for full-year operating profit and its plan to produce 9.7 million vehicles this year.
Profit in the fiscal first quarter was hit by constraints in supply, lower sales and a rise in materials costs, a Toyota spokesperson said.
Like other auto manufacturers, Toyota is grappling with higher costs and fears that global inflation could put the brakes on consumer demand. – Reuters
Adidas posts decline in Q2 operating profit
Adidas yesterday said operating profit fell by 28% in the second quarter to 392 million euro (US$398.43 million), as results suffered from suspending business in Russia, higher supply chain costs and Covid-19 lockdowns in China and Vietnam.
The German sportswear firm said currency-neutral sales rose 4% in the quarter but net income from continuing operations declined to 360 million euro from 387 million euro in the same period last year.
The company had cut its 2022 outlook in July, citing slower than expected recovery in China, and now expecting currency-neutral revenues to grow at a mid- to high-single-digit rate this year. - Reuters
Walmart to cut hundreds of jobs
Walmart Inc is cutting hundreds of corporate roles in a restructuring effort, the Wall Street Journal reported, citing people familiar with the matter.
Around 200 jobs are being cut, the WSJ said, adding that the retailer notified employees in its Bentonville, Arkansas headquarters and other corporate offices of its restructuring move.
Several companies, including Tesla Inc, Netflix Inc, and Coinbase Global Inc have also been cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, inflation and an energy crisis in Europe.
The company is also investing and creating jobs in eCommerce, technology, health and wellness sectors, she said.
The US retailer last week slashed its profit forecast on account for surging prices for food and fuel, citing that it needed price cuts to pare inventories. – Reuters
Revlon gets approval for bankruptcy loan
Revlon Inc received a US bankruptcy judge's permission on Monday to proceed with a US$1.4 billion loan, over an objection by junior creditors who argued that its onerous terms could block their chance to recover anything from the cosmetic company's bankruptcy.
US bankruptcy judge David Jones in Manhattan ordered modifications to the loan in response to the junior creditors' concerns, but said Revlon must be allowed to borrow the cash it needs to continue its operations in bankruptcy.
Revlon filed for Chapter 11 in June, saying its US$3.5 billion debt load left it too cash-poor to make timely payments to critical vendors in its cosmetics supply chain.
To shore up its supply chain and fund its bankruptcy court case, Revlon sought additional financing from a coalition known as the BrandCo Lenders, which had loaned Revlon US$1.88 billion in the years before it filed for bankruptcy.
Jones allowed Revlon to borrow US$375 million at the start of the bankruptcy. Friday's unlocks between US$200 million and US$1.05 billion in additional funds, some of which would be used to pay Revlon's existing debts to BrandCo lenders. – Reuters
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