Company news
SA’s Pick n Pay FY profit up
South African retailer Pick n Pay Stores posted a 7.1% rise in full-year earnings on Thursday, as the grocer cut costs and increased productivity in store operations.
Pick n Pay said headline earnings per share (EPS), the most widely used profit measure in South Africa that excludes some one-off items, rose to 276.98 cents in the year to the end of February, from 258.65 cents a year earlier.
Nampa/Reuters
Facebook says more South Africans affected by data leak
Social media giant Facebook has upped the numbers of South African possibly affected by a data leak from 59 777 to 96 134.
The new figure is included in a letter that Facebook wrote to SA's Information Regulator.
This after the regulator asked it to provide information on how many South Africans may have had their data shared with controversial political data firm Cambridge Analytica.
-Fin24
ABSA distances itself from Steinhoff's accounting fiasco
ABSA bank said on Thursday its role as Steinhoff’s JSE sponsor was strictly to ensure the retail group met the requirements of the JSE and had no role in scrutinising Steinhoff’s financial statements.
The bank issued a statement on Thursday, following a report by the City Press that VEB (Dutch Investors Association) planned to target ABSA bank in its class action suit against Steinhoff.
-Fin24
Bullish Clicks to open 40 new stores
Retail pharmacy group Clicks plans to open 40 new stores this year, ahead of its target of 25 to 30 stores.
According the group’s interim financial results for the period ended February 2018, released on Thursday, Clicks grew its store footprint to 646 and opened 24 stores over the period. Clicks expanded its pharmacy network to 493 with the opening of 20 new pharmacies.
“Clicks is anticipated to continue its growth momentum and will be opening 40 new stores this year, well ahead of the target of 25 to 30 stores,” the group said in a notice to shareholders.
-Fin24
Shareholder plans lawsuit against three banks over Steinhoff
A Dutch shareholder group has given notice that it plans to file a class action lawsuit against Barclays Plc, Commerzbank AG and Absa Bank Ltd over their roles in a 2015 share sale by South African retailer Steinhoff International, the Financial Times reported on Wednesday.
As required by Dutch law, shareholder group VEB gave the three banks two weeks’ notice of its plan to file the lawsuit and invited them to open talks on “an amicable settlement”, the report said.
VEB maintained the banks are “liable for damages incurred by Steinhoff shareholders” because of their roles in the listing of Steinhoff on the Frankfurt and Johannesburg stock exchanges as part of its creation of a holding company in Amsterdam, the FT said.
-Nampa/Reuters
EU court adviser snubs Nestle KitKat trademark appeal
A legal adviser to the European Union’s top court advised judges on Thursday to reject an appeal by Nestle in defense of its EU trademark for its KitKat chocolate wafer biscuit.
In the latest twist of a decade-long legal battle between the Swiss food giant and its US rival Mondelez, Advocate General Melchior Wathelet advised the European Court of Justice to uphold a lower court ruling which found that public recognition across Europe of the shape of the four-fingered bar was not enough to merit the KitKat trademark granted in 2006.
-Fin24
South African retailer Pick n Pay Stores posted a 7.1% rise in full-year earnings on Thursday, as the grocer cut costs and increased productivity in store operations.
Pick n Pay said headline earnings per share (EPS), the most widely used profit measure in South Africa that excludes some one-off items, rose to 276.98 cents in the year to the end of February, from 258.65 cents a year earlier.
Nampa/Reuters
Facebook says more South Africans affected by data leak
Social media giant Facebook has upped the numbers of South African possibly affected by a data leak from 59 777 to 96 134.
The new figure is included in a letter that Facebook wrote to SA's Information Regulator.
This after the regulator asked it to provide information on how many South Africans may have had their data shared with controversial political data firm Cambridge Analytica.
-Fin24
ABSA distances itself from Steinhoff's accounting fiasco
ABSA bank said on Thursday its role as Steinhoff’s JSE sponsor was strictly to ensure the retail group met the requirements of the JSE and had no role in scrutinising Steinhoff’s financial statements.
The bank issued a statement on Thursday, following a report by the City Press that VEB (Dutch Investors Association) planned to target ABSA bank in its class action suit against Steinhoff.
-Fin24
Bullish Clicks to open 40 new stores
Retail pharmacy group Clicks plans to open 40 new stores this year, ahead of its target of 25 to 30 stores.
According the group’s interim financial results for the period ended February 2018, released on Thursday, Clicks grew its store footprint to 646 and opened 24 stores over the period. Clicks expanded its pharmacy network to 493 with the opening of 20 new pharmacies.
“Clicks is anticipated to continue its growth momentum and will be opening 40 new stores this year, well ahead of the target of 25 to 30 stores,” the group said in a notice to shareholders.
-Fin24
Shareholder plans lawsuit against three banks over Steinhoff
A Dutch shareholder group has given notice that it plans to file a class action lawsuit against Barclays Plc, Commerzbank AG and Absa Bank Ltd over their roles in a 2015 share sale by South African retailer Steinhoff International, the Financial Times reported on Wednesday.
As required by Dutch law, shareholder group VEB gave the three banks two weeks’ notice of its plan to file the lawsuit and invited them to open talks on “an amicable settlement”, the report said.
VEB maintained the banks are “liable for damages incurred by Steinhoff shareholders” because of their roles in the listing of Steinhoff on the Frankfurt and Johannesburg stock exchanges as part of its creation of a holding company in Amsterdam, the FT said.
-Nampa/Reuters
EU court adviser snubs Nestle KitKat trademark appeal
A legal adviser to the European Union’s top court advised judges on Thursday to reject an appeal by Nestle in defense of its EU trademark for its KitKat chocolate wafer biscuit.
In the latest twist of a decade-long legal battle between the Swiss food giant and its US rival Mondelez, Advocate General Melchior Wathelet advised the European Court of Justice to uphold a lower court ruling which found that public recognition across Europe of the shape of the four-fingered bar was not enough to merit the KitKat trademark granted in 2006.
-Fin24
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