Company news
Cisco's tepid forecast clouds quarterly beat, shares fall
Network gear maker Cisco Systems Inc reported third-quarter profit and revenue that topped analysts’ estimates on Wednesday, but shares fell 4% after dour current-quarter forecasts indicated that the transition to a software-focused business remained a work in progress.
Cisco’s stock has climbed 18% and is the second biggest gainer among Dow components this year as investors bet on the company’s turnaround under chief executive officer Chuck Robbins.
Since taking the helm in July 2015, Robbins has steered the hardware giant away from its traditional business of supplying switches and routers and into newer growth areas such as cloud, Internet of things and cyber security.
-Nampa/Reuters
Swiss watchmaker Richemont launches lower priced brand
Luxury goods group Richemont has launched a new watch brand, Baume, offering trendy time pieces priced in the hundreds rather than the thousands of dollars to lure young people away from their smartphones for reading the time.
Swiss watchmakers have seen sales improve recently, after a prolonged downturn, but are struggling to reach young people who wear no watch at all or a connected Apple Watch and want online services luxury watchmakers have been slow to embrace.
-Nampa/Reuters
Nike, H&M and Burberry join forces for sustainable fashion
Major global brands Nike, H&M, Burberry and Gap have signed up to an initiative that aims to improve the industry’s record on sustainability after a study found less than one percent of clothing is recycled.
The Ellen MacArthur Foundation, set up by the record-breaking sailor, announced on Wednesday that the brands were joining its Make Fashion Circular scheme to reduce global waste from fashion by recycling raw materials and products.
-Nampa/Reuters
Uganda power distributor Umeme to spend US$1.2b to expand grid
Ugandan power distributor Umeme Ltd plans to spend US$1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday.
The investments will be used to prepare for an expected rise in power expected to come online by 2020, CEO Selestino Babungi told Reuters in an interview.
The East African country is developing two new hydropower plants on the Nile - Karuma and Isimba - and when completed, they are expected to add a combined 780 megawatts (MW) of power to the grid.
South Africa's Tharisa acquires 90% stake in Zimbabwean chrome
South African mining firm Tharisa has bought a 90% stake in Salene Chrome Zimbabwe Limited, it said on Wednesday, gaining access to rich chrome deposits and growing its presence in Zimbabwe.
Tharisa previously announced an interest to move into Zimbabwe’s Great Dyke region, which is considered to have chrome and platinum reserves comparable to those it mines in the Bushveld region of South Africa.
In Wednesday’s statement, it did not disclose financial terms, saying only they required “nominal upfront payment”.
-Nampa/Reuters
Network gear maker Cisco Systems Inc reported third-quarter profit and revenue that topped analysts’ estimates on Wednesday, but shares fell 4% after dour current-quarter forecasts indicated that the transition to a software-focused business remained a work in progress.
Cisco’s stock has climbed 18% and is the second biggest gainer among Dow components this year as investors bet on the company’s turnaround under chief executive officer Chuck Robbins.
Since taking the helm in July 2015, Robbins has steered the hardware giant away from its traditional business of supplying switches and routers and into newer growth areas such as cloud, Internet of things and cyber security.
-Nampa/Reuters
Swiss watchmaker Richemont launches lower priced brand
Luxury goods group Richemont has launched a new watch brand, Baume, offering trendy time pieces priced in the hundreds rather than the thousands of dollars to lure young people away from their smartphones for reading the time.
Swiss watchmakers have seen sales improve recently, after a prolonged downturn, but are struggling to reach young people who wear no watch at all or a connected Apple Watch and want online services luxury watchmakers have been slow to embrace.
-Nampa/Reuters
Nike, H&M and Burberry join forces for sustainable fashion
Major global brands Nike, H&M, Burberry and Gap have signed up to an initiative that aims to improve the industry’s record on sustainability after a study found less than one percent of clothing is recycled.
The Ellen MacArthur Foundation, set up by the record-breaking sailor, announced on Wednesday that the brands were joining its Make Fashion Circular scheme to reduce global waste from fashion by recycling raw materials and products.
-Nampa/Reuters
Uganda power distributor Umeme to spend US$1.2b to expand grid
Ugandan power distributor Umeme Ltd plans to spend US$1.2 billion in the next seven years to revamp and expand the grid and has hired an adviser to explore options for raising the money, the company’s chief executive said on Wednesday.
The investments will be used to prepare for an expected rise in power expected to come online by 2020, CEO Selestino Babungi told Reuters in an interview.
The East African country is developing two new hydropower plants on the Nile - Karuma and Isimba - and when completed, they are expected to add a combined 780 megawatts (MW) of power to the grid.
South Africa's Tharisa acquires 90% stake in Zimbabwean chrome
South African mining firm Tharisa has bought a 90% stake in Salene Chrome Zimbabwe Limited, it said on Wednesday, gaining access to rich chrome deposits and growing its presence in Zimbabwe.
Tharisa previously announced an interest to move into Zimbabwe’s Great Dyke region, which is considered to have chrome and platinum reserves comparable to those it mines in the Bushveld region of South Africa.
In Wednesday’s statement, it did not disclose financial terms, saying only they required “nominal upfront payment”.
-Nampa/Reuters
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