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

 

Nacc prohibits proposed Chinese merger

13 hours ago | Business

Phillepus Uusiku The Namibia Competition Commission (NaCC) made a decision to prohibit the acquisition of Schwenk Namibia Pty Ltd by West China Cement Limited due...

COMPANY NEWS IN BRIEF

13 hours ago | Business

Disney takes US$5 billion hit Walt Disney Co avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus...

Relief efforts give hope to victims

1 day - 05 August 2020 | Business

When a devastating fire gutted Twaloloka informal settlement in Namibian coastal town Walvis Bay, Emma Gawises' dwelling was burned to ashes. About 153 shacks burned...

The transformation of tax

1 day - 05 August 2020 | Business

Johan Nel - With frequent change taking place around the globe, organisations and individuals need to remain versatile. These changes include working methods, transacting, doing...

No international visitors, no trade

1 day - 05 August 2020 | Business

By Ndalimpinga IitaA quite ambience glooms over the once busy Mbangura Woodcarvers Craft Market in Okahandja in central Namibia. There, most stalls remain closed, with...

Rent in Namibia staggers

1 day - 05 August 2020 | Business

Phillepus Uusiku - Namibia has seen an unprecedent spike in the number of new Covid-19 cases over the last three months, signalling that the worst...

Namibians seek business opportunities

1 day - 05 August 2020 | Business

Maggie Karipi launched her Chinese kitchen accessories business, at a time when unemployment rate is high amid the Covid-19 pandemic.The 37-year-old Namibian woman said she...

Leading PwC Nam in new normal

1 day - 05 August 2020 | Business

B7: Firstly, let me congratulate you on your appointment as the new country senior partner (CSP) of PwC Namibia. How do you feel about the...

CPC Omajowa prioritises investment

2 days ago - 04 August 2020 | Business

Phillepus Uusiku - Omajowa Ltd, with the assistance from its asset manager, is far advanced in the preparation of the first circular to investors...

Fuel prices to increase

2 days ago - 04 August 2020 | Business

The Ministry of Mines and Energy (MME) has announced an increase on fuel prices countrywide effective from 05 August.The price of 95 octane petrol will...

Latest News

River-crossing fugitive in custody

13 hours ago | Crime

OGONE TLHAGEWINDHOEKImmanuel David, a Namibian-born South African passport holder who entered the country illegally by crossing the Orange River in a canoe in June, has...

Harambee goal down the toilet

13 hours ago | Government

Jo-Maré Duddy WINDHOEK Of the 50 000 toilets in informal settlements in rural areas President Hage Geingob promised in his Harambee Prosperity Plan (HPP)...

Contraceptive shortage: 27 900 unintended...

13 hours ago | Health

JEMIMA BEUKESWINDHOEKA study predicts that up to 27 900 unintended pregnancies may occur in Namibia because of a shortage of contraceptives brought about by the...

RFA spend massive amounts

13 hours ago | Economics

The Road Fund Administration (RFA) has over the past five-years allocated N$ 177.2 million to the City of Windhoek towards road maintenance and traffic law...

Rid Namibian police of rogue...

13 hours ago | Opinion

Videos of Namibian police officers assaulting alleged illegal immigrants from Zambia are a continuation of many violations that have become common place within the national...

'Covid-19 used for hidden agendas'

13 hours ago | Labour

ELLANIE SMIT WINDHOEK The Trade Union Congress of Namibia (Tucna) yesterday accused government of purposefully using the Covid-19 pandemic to clandestinely and deliberately destroy parastatals,...

Otavi man commits suicide by...

13 hours ago | Crime

NAMPAOTJIWARONGOA 30-year-old man from Otavi committed suicide by allegedly drinking acid on Monday.Otjozondjupa police spokesperson, Inspector Maureen Mbeha, said yesterday the deceased has been identified...

N$5.5m for wildlife protection

13 hours ago | Environment

ELLANIE SMIT WINDHOEK The Game Product Trust Fund (GPTF) has become increasingly important in protecting wildlife due to a lack of funding from government. The...

COMPANY NEWS IN BRIEF

13 hours ago | Business

Disney takes US$5 billion hit Walt Disney Co avoided the unmitigated disaster some investors feared as it eked out an adjusted profit amid the coronavirus...

Load More