Company news in brief

NAMPA
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

Comments

Namibian Sun 2024-05-19

No comments have been left on this article

Please login to leave a comment

LaLiga: Deportivo Alaves 1 vs 0 Getafe | Real Sociedad 1 vs 0 Valencia | Almería 0 vs 2 Barcelona | Las Palmas 2 vs 2 Real Betis SerieA: Torino 3 vs 1 AC Milan | Lecce 0 vs 2 Atalanta | Fiorentina 2 vs 2 Napoli European Championships Qualifying: Southampton 3 vs 1 West Bromwich Albion | Leeds United 4 vs 0 Norwich City English Championship: Southampton 3 vs 1 West Bromwich Albion | Leeds United 4 vs 0 Norwich City Loading... Currency: GBP to NAD 23.01 | EUR to NAD 19.73 | CNY to NAD 2.51 | USD to NAD 18.15 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.3 | EGP to NAD 0.38 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.7 | ZWL to NAD 0.04 | BRL to NAD 3.55 | RUB to NAD 0.2 | INR to NAD 0.22 | USD to DZD 134.35 | USD to AOA 847.42 | USD to BWP 13.49 | USD to EGP 46.86 | USD to KES 130.48 | USD to NGN 1467 | USD to ZAR 18.15 | USD to ZMW 25.45 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 79530.63 Up +0.03% | Namibian Stock Exchange (NSX) Overall Index 1754.58 Up +0.81% | Casablanca Stock Exchange (CSE) MASI 13426.13 Up +0.11% | Egyptian Exchange (EGX) 30 Index 26142.84 Up +3.27% | Botswana Stock Exchange (BSE) DCI 9151.06 Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 414.72/OZ UP +1.55% | Copper US$ 5.04/lb UP +4.12% | Zinc US$ 3 059.30/T UP 0.11% | Brent Crude Oil US$ 84.28/BBP UP +0.60% | Platinum US$ 1 084.88/OZ UP +2.19% Loading...