Company news in brief
Treasury cannot afford Eskom bailout
South Africa's Treasury cannot afford to bail out ailing state-run utility Eskom but will take unspecified action soon to tackle the company's challenges, Finance Minister Malusi Gigaba said yesterday.
Eskom, which supplies virtually all of the power for Africa's most advanced economy, has been embroiled in governance and graft crises and has delayed its interim results, a move that could see trading of its debt suspended on the Johannesburg bourse. – Nampa/Reuters
Mixed fortunes for SA retailers
South Africa's Mr Price reported a 8.3% increase in third-quarter sales on Wednesday, while clothing retailer Truworths International flagged lower half-year profit.
Mr Price said total retail sales were R6.6 billion for the three months to end December, buoyed by the retailer's core clothing division.
Truworths said it expects diluted headline earnings per share for the 26 weeks to 31 December to fall by up to 5% to between 372 cents and 380 cents. Half-year sales rose by 1% compared to the directly corresponding period.
Clothing retailer The Foschini Group and food retailer Shoprite Holdings on Tuesday reported higher nine months and six months to December sales, respectively. However, Woolworths warned on Monday that its half-year profit could drop by as much as 17.5%.
Tullow gets two new blocks in Ivory Coast
Ivory Coast awarded Tullow Oil two new oil and gas blocks on Wednesday, including one along the maritime boundary with Ghana, government spokesman Bruno Kone said.
Africa-focused Tullow now holds stakes in nine Ivorian blocks, eight of which it has picked up since an international tribunal in September ruled in favour of Ghana in a dispute over the countries' sea border.
Tullow operates the Jubilee oil and gas field in Ghanaian waters and is developing the TEN fields.
Having emerged from one of the longest downturns in the sector's history, Tullow is now cautiously reviving its search for new oil and gas resources in Africa and Latin America. – Nampa/Reuters
GSK cuts back in Africa
GlaxoSmithKline is cutting back operations in Africa as its new CEO Emma Walmsley seeks to make the British drugmaker more competitive in emerging markets by ditching her predecessor's expansion plans for the continent.
Five years ago, forecasters predicted annual African drug sales would reach US$45 billion by 2020. Today, the same experts at research company IQVIA, previously known as IMS Health, suggest it is more likely to be around US$25 billion.
GSK will no longer market medicines to healthcare professionals in 29 Sub Saharan African markets and instead adopt a distributor-led model.
The group will continue to run local operations in Kenya and Nigeria, and South Africa will remain managed by the drugmaker's local partner Aspen Pharmacare. GSK will also retain representative offices in Ivory Coast and Ghana.
Apple issues bonuses after new tax law
Apple Inc is issuing a bonus of US$2 500 worth of restricted stock units following the new U.S. tax reform, Bloomberg reported, citing people familiar with the matter.
The company will begin issuing stock grants to most employees worldwide in the coming months, the report said.
Apple said it would make about US$38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of the tax cut signed by US President Donald Trump. – Nampa/Reuters
South Africa's Treasury cannot afford to bail out ailing state-run utility Eskom but will take unspecified action soon to tackle the company's challenges, Finance Minister Malusi Gigaba said yesterday.
Eskom, which supplies virtually all of the power for Africa's most advanced economy, has been embroiled in governance and graft crises and has delayed its interim results, a move that could see trading of its debt suspended on the Johannesburg bourse. – Nampa/Reuters
Mixed fortunes for SA retailers
South Africa's Mr Price reported a 8.3% increase in third-quarter sales on Wednesday, while clothing retailer Truworths International flagged lower half-year profit.
Mr Price said total retail sales were R6.6 billion for the three months to end December, buoyed by the retailer's core clothing division.
Truworths said it expects diluted headline earnings per share for the 26 weeks to 31 December to fall by up to 5% to between 372 cents and 380 cents. Half-year sales rose by 1% compared to the directly corresponding period.
Clothing retailer The Foschini Group and food retailer Shoprite Holdings on Tuesday reported higher nine months and six months to December sales, respectively. However, Woolworths warned on Monday that its half-year profit could drop by as much as 17.5%.
Tullow gets two new blocks in Ivory Coast
Ivory Coast awarded Tullow Oil two new oil and gas blocks on Wednesday, including one along the maritime boundary with Ghana, government spokesman Bruno Kone said.
Africa-focused Tullow now holds stakes in nine Ivorian blocks, eight of which it has picked up since an international tribunal in September ruled in favour of Ghana in a dispute over the countries' sea border.
Tullow operates the Jubilee oil and gas field in Ghanaian waters and is developing the TEN fields.
Having emerged from one of the longest downturns in the sector's history, Tullow is now cautiously reviving its search for new oil and gas resources in Africa and Latin America. – Nampa/Reuters
GSK cuts back in Africa
GlaxoSmithKline is cutting back operations in Africa as its new CEO Emma Walmsley seeks to make the British drugmaker more competitive in emerging markets by ditching her predecessor's expansion plans for the continent.
Five years ago, forecasters predicted annual African drug sales would reach US$45 billion by 2020. Today, the same experts at research company IQVIA, previously known as IMS Health, suggest it is more likely to be around US$25 billion.
GSK will no longer market medicines to healthcare professionals in 29 Sub Saharan African markets and instead adopt a distributor-led model.
The group will continue to run local operations in Kenya and Nigeria, and South Africa will remain managed by the drugmaker's local partner Aspen Pharmacare. GSK will also retain representative offices in Ivory Coast and Ghana.
Apple issues bonuses after new tax law
Apple Inc is issuing a bonus of US$2 500 worth of restricted stock units following the new U.S. tax reform, Bloomberg reported, citing people familiar with the matter.
The company will begin issuing stock grants to most employees worldwide in the coming months, the report said.
Apple said it would make about US$38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of the tax cut signed by US President Donald Trump. – Nampa/Reuters
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