Company news in brief

31 January 2019 | Business

Absa seeks new blood after decade under Ramos

South African lender Absa plans to appoint an external candidate as its new CEO following the sudden departure of its boss of ten years, Maria Ramos, with analysts and investors hoping they will breathe new life into the lagging bank.

Absa's Tuesday announcement that Ramos, one of global banking's few female CEOs, would retire at the end of February took some analysts and investors by surprise and sent the bank's shares up by 4%.

Absa chair Wendy Lucas-Bull said Ramos had wanted to step down in 2016, but agreed to stay on after former parent Britain's Barclays said it wanted to sell down its stake, leaving Absa to chart its own course.

Jan Meintjes, a portfolio manager at Absa investor Denker Capital, said he was pleased the bank, which had been losing market share and top talent, was seeking an external candidate.

"More of the same thinking is probably going to get you more of the same results," he said, adding he wants the new boss to focus on getting the basics right and make sure Absa's products and services are competitive. – Nampa/Reuters

Vale to cut output, shut down dams

Vale SA, the world's largest iron ore miner, on Tuesday vowed to take as much as 10% of its ore output offline in order to decommission 10 more dams like the one that burst last week, killing scores of workers and nearby residents.

Chief executive Fabio Schvartsman said it would temporarily paralyse operations using those dams and spend 5 billion reais (US$1.3 billion) to decommission them over the next three years.

The move came as prosecutors began arresting Vale executives over the Friday collapse of a tailings dam in the Brazilian town of Brumadinho, which was hit by a torrent of mining waste that killed at least 84 people and left hundreds more missing.

The disaster raised fresh questions about the company's commitment to safety after a similar deadly dam burst just over three years ago at a nearby mine it jointly owned.

A corporate presentation seen by Reuters showed that the company had studied but did not implement several steps that could have prevented or lessened the damage from the Brumadinho disaster. – Nampa/Reuters

Apple lowers some iPhone prices outside US

Apple Inc plans to cut the price of some of its flagship iPhones for only the second time in the device's 12-year history, pegging its retail value to past prices in local currencies outside the United States instead of the rising US dollar.

The move is an attempt to stem weak sales of the iPhone, particularly in overseas markets such as China, where a 10% rise in the US dollar over the past year or so has made Apple's products - which already compete at the top end of the market - much pricier than rivals.

Apple chief executive Tim Cook disclosed the plan on Tuesday after the company reported the first-ever dip in iPhone sales during the key holiday shopping period. The company has only once before cut iPhone prices, shortly after it debuted in 2007.

Apple did not say in which countries it would adjust iPhone prices. Resellers in China already began cutting iPhone prices earlier this month after Apple lowered its sales forecast for the quarter ended in December.

In the company's quarterly earnings call, Cook also highlighted the impact of foreign exchange problems in Turkey, where he said the local lira had depreciated by 33% against the US dollar and Apple's sales were down by US$700 million from the previous year. In November, Apple also cited currency pressure on its prices in Brazil, India and Russia. – Nampa/Reuters

EBay's poor revenue outlook overshadows first-ever dividend

EBay Inc on Tuesday forecast March quarter revenue below Wall Street estimates after reporting disappointing growth in the sales volume on its platform during the key holiday quarter, overshadowing news of its first-ever dividend.

The lackluster forecast comes as San Jose, California-based eBay faces demands from two prominent activist shareholders to sell some divisions and restructure others amid fierce competition with Amazon.com Inc and other online retailers.

EBay had 179 million active buyers at the end of the December quarter, about 2 million more than the previous quarter.

EBay's quarterly profit from continuing operations reached US$763 million, compared with a loss of US$2.6 billion a year earlier, when eBay recorded a one-time expense of more than US$3 billion. – Nampa/Reuters

Pinterest taps Goldman Sachs, JPMorgan to lead IPO

Pinterest, the owner of the image search website known for the food and fashion photos that its users post, has hired Goldman Sachs Group Inc and JPMorgan Chase & Co to lead its initial public offering (IPO) later this year, people familiar with the matter said on Tuesday.

Pinterest's IPO preparations come at a time when social media companies such as Facebook Inc and Twitter Inc are under fire from politicians for concerns about privacy and political bias, challenges that Pinterest has avoided.

Pinterest could raise around US$1.5 billion in the IPO, which is likely to come in the first six months of 2019, the sources said, requesting anonymity to discuss the planning arrangements.

Pinterest, which was valued at US$12 billion in its last fundraising round in 2017, is among a host of technology startups with popular consumer brands gearing up for multi-billion IPOs in 2019, including Uber, Lyft, AirBnB and Slack.

The San Francisco-based company has grown rapidly since its founding in 2008, boasting 250 million monthly active users last September. – Nampa/Reuters

Similar News

 

Laying the bricks of recovery

15 hours ago | Business

Jo-Maré Duddy – Great reluctance against vaccination amongst workers in the construction sector has urged industry leaders to call for a more aggressive campaign from...

Rainfall supports Ivory Coast cocoa

15 hours ago | Business

LOUCOUMANE COULIBALYAbove-average rains last week in Ivory Coast's central cocoa-growing regions will help the development of the last stage of the mid-crop while more downpours...

COMPANY NEWS IN BRIEF

15 hours ago | Business

Prosus reports better than expected profitProsus NV, the international investment arm of South Africa's Naspers, reported a better than expected net profit of US$7.45 billion...

Planning on buying a pre-owned vehicle

15 hours ago | Business

When shopping for a pre-owned car, buyers need to find the optimum balance between age and mileage. Understanding how these factors impact a car’s overall...

Construction sector becoming less relevant

1 day - 22 June 2021 | Business

PHILLEPUS UUSIKU The composite index of building plans completed (Windhoek, Swakopmund, Walvis Bay and Ongwediva) recorded a declined monthly growth rate of 19.8% in April...

COMPANY NEWS IN BRIEF

1 day - 22 June 2021 | Business

Forto raises US$240 millionForto has raised US$240 million from investors led by Softbank and will invest in expanding its platform for organising trade shipments between...

COMPANY NEWS IN BREIF

2 days ago - 21 June 2021 | Business

FirstRand taking over SelpalFirstRand has found offering banking to cash-only businesses in South African townships trickier than expected, but the firms involved are also far...

COMPANY NEWS IN BRIEF

5 days ago - 18 June 2021 | Business

BHP delays decision on Jansen project BHP Group is reviewing two port options for its Jansen potash project in Canada and expects to make a...

The new Nissan Navara now available

5 days ago - 18 June 2021 | Business

The first Nissan Navara vehicles to be manufactured in Africa by Africans have begun rolling off the Nissan manufacturing production facility in Rosslyn on their...

Company news in brief

6 days ago - 17 June 2021 | Business

PwC in major ESG pushAccounting firm PwC said on Tuesday it would invest US$12 billion over five years to create 100 000 new jobs aimed...

Latest News

Samherji apologises for Fishrot corruption

15 hours ago | Fishing

STAFF REPORTERWINDHOEKIcelandic seafood giant Samherji yesterday tendered an apology for the company’s role in the multimillion-dollar fishing scandal, dubbed Fishrot, but it maintains that no...

Board compels Namdia CEO to...

15 hours ago | Labour

MATHIAS HAUFIKUWINDHOEKThe Namibia Desert Diamonds’ (Namdia) board of directors has issued the company’s CEO Kennedy Hamutenya with a final written warning and directed him to...

Ovaherero foundation hits back at...

15 hours ago | Cultural

JEMIMA BEUKESWINDHOEKThe Ovaherero Genocide Foundation (OGF) has hit back at the Forum of German-speaking Namibians, which recently rebuked threats that Namibian descendants of German genocide...

Mozambique gas plan on track...

15 hours ago | Economics

Italian energy company Eni on Monday said that an offshore gas project in Mozambique's insurgent-hit north was still on track to start operating in 2022...

Congo, China agree on debt...

15 hours ago | Economics

Chinese President Xi Jinping on Monday agreed in principle to a restructuring of Congo's vast debts, an issue which was blocking negotiations with the International...

Taking personal responsibility

15 hours ago | Opinion

As a flurry of new Covid-19 cases continues to be revealed, especially in Windhoek, which is now the epicentre of the pandemic in Namibia, divergent...

NBC employees dump Napwu

15 hours ago | Labour

OGONE TLHAGEWINDHOEKThe Namibia Public Workers Union (Napwu) has lost its bargaining power to negotiate on behalf of the Namibia Broadcasting Corporation (NBC) employees.NBC director-general Stanley...

South African pensioners fear vaccination

15 hours ago | Economics

KIM HARRISBERGWhen Esther Dhlamini went to collect her pension in Johannesburg's Soweto township, she was surprised to find a local bishop on hand to calm...

Ohangwena governor denounces vaccine conspiracies

15 hours ago | Health

TUYEIMO HAIDULAOSHAKATIOhangwena regional health director John Hango says Namibians should stop spreading conspiracy theories around the vaccine and has urged that they go out in...

Load More