Company news in brief
Swiss Re, SoftBank halt minority stake talks
Swiss Re and SoftBank have halted their discussions about a potential minority investment by the Japanese group, the Swiss reinsurance company said on Monday.
Swiss Re had been entertaining the deal involving SoftBank amid industry-wide pressure in recent years from falling prices and intense competition, hoping a new partner might open new streams of revenue from the fast-growing and unsaturated insurance market of Asia.
-Nampa/Reuters
Telkom to step up mobile push
Telkom SA, South Africa’s biggest landline provider, will sharpen its focus on mobile and data services, its CEO said on Monday after reporting an 18% drop in full-year earnings.
Telkom, which also provides information communications and technology solutions, said headline earnings per share for the year to March 31 fell to 597 cents from 731.4 cents the previous year, hit by a higher tax rate and labour costs.
-Nampa/Reuters
Tongaat's profit falls
South Africa’s Tongaat Hulett posted a 37% fall in full-year profit on Monday, weighed down by higher-than-expected sugar imports by the country and low international prices of the sweetener.
Diluted headline earnings per share (HEPS) fell to 534.8 cents (US$0.4296) in the year ended March 31, from 852.7 cents in the previous year.
This was in line with the company’s guidance. HEPS is the main profit measure used in South Africa which strips out certain once-off items. The company, which has also operations in Zimbabwe and Mozambique, said its sugar operations in South Africa were hit by imports and its storage.
-Nampa/Reuters
Indian trader group objects to Walmart-Flipkart deal
An Indian trader body has raised objections to Walmart Inc’s US$16 billion acquisition of e-commerce firm Flipkart, though lawyers and sources said the complaint to the country’s antitrust regulator is unlikely to threaten the deal.
The Confederation of All India Traders (CAIT) filed an objection to the US retail giant’s buyout of roughly 77% of Bengaluru-based Flipkart, the body said on Monday, adding that the deal would create unfair competition and result in predatory pricing.
-Nampa/Reuters
Britain could sell 10%stake in RBS
Britain could sell a 10% stake in Royal Bank of Scotland (RBS.L) as soon as this week, Sky News reported on Monday, citing banking sources.
The British government still holds a 71% stake in the bank after stepping in with a taxpayer bailout during the financial crisis.
-Nampa/Reuters
Swiss Re and SoftBank have halted their discussions about a potential minority investment by the Japanese group, the Swiss reinsurance company said on Monday.
Swiss Re had been entertaining the deal involving SoftBank amid industry-wide pressure in recent years from falling prices and intense competition, hoping a new partner might open new streams of revenue from the fast-growing and unsaturated insurance market of Asia.
-Nampa/Reuters
Telkom to step up mobile push
Telkom SA, South Africa’s biggest landline provider, will sharpen its focus on mobile and data services, its CEO said on Monday after reporting an 18% drop in full-year earnings.
Telkom, which also provides information communications and technology solutions, said headline earnings per share for the year to March 31 fell to 597 cents from 731.4 cents the previous year, hit by a higher tax rate and labour costs.
-Nampa/Reuters
Tongaat's profit falls
South Africa’s Tongaat Hulett posted a 37% fall in full-year profit on Monday, weighed down by higher-than-expected sugar imports by the country and low international prices of the sweetener.
Diluted headline earnings per share (HEPS) fell to 534.8 cents (US$0.4296) in the year ended March 31, from 852.7 cents in the previous year.
This was in line with the company’s guidance. HEPS is the main profit measure used in South Africa which strips out certain once-off items. The company, which has also operations in Zimbabwe and Mozambique, said its sugar operations in South Africa were hit by imports and its storage.
-Nampa/Reuters
Indian trader group objects to Walmart-Flipkart deal
An Indian trader body has raised objections to Walmart Inc’s US$16 billion acquisition of e-commerce firm Flipkart, though lawyers and sources said the complaint to the country’s antitrust regulator is unlikely to threaten the deal.
The Confederation of All India Traders (CAIT) filed an objection to the US retail giant’s buyout of roughly 77% of Bengaluru-based Flipkart, the body said on Monday, adding that the deal would create unfair competition and result in predatory pricing.
-Nampa/Reuters
Britain could sell 10%stake in RBS
Britain could sell a 10% stake in Royal Bank of Scotland (RBS.L) as soon as this week, Sky News reported on Monday, citing banking sources.
The British government still holds a 71% stake in the bank after stepping in with a taxpayer bailout during the financial crisis.
-Nampa/Reuters
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