Company news in brief

Sibanye-Stillwater may cut thousands of jobsSibanye-Stillwater could cut nearly 6 000 jobs in a potential restructuring of the company's gold mining operations following losses at some of its mines last year.The precious metal miner said it had entered into talks with stakeholders on restructuring its gold operations following financial losses at the Beatrix 1 and Driefontein 2,6,7,8 shafts during 2018, which could affect around 5 870 employees and 800 contractors.The company, which has both gold and platinum mines in South Africa, employs more than 61 000 people in its local operations.Sibanye said above inflation cost increases, including labour and electricity, over the years and large mining areas had contributed to the erosion of operating margins.Mines minister Gwede Mantashe issued a statement noting the company's decision. "Minister Mantashe urges stakeholders to engage in good faith to save jobs." The Association of Mineworkers and Construction Union (AMCU), the largest union at Sibanye's gold operations could not immediately be reached for comment. – Nampa/ReutersTrafigura's Puma Energy to restructurePuma Energy, the retail and storage arm of commodities trader Trafigura, plans to restructure and sell assets to cut its debt and improve profits, a source familiar with the matter said.Puma has hired consulting firm McKinsey under new chief executive Emma Fitzgerald who took over last month from Pierre Eladari, who had overseen rapid expansion, the source said.Although its full-year 2018 results have not been finalised, Puma expects a small net loss or profit, the source added.Geneva-based Trafigura, which owns about 49% of Puma, has had to put plans to list Puma on hold after a change of government in Angola complicated reducing the country's stake, coupled with weaker profits and a high debt profile. Angola's state oil firm and Cochan Holdings, which is run by a former Angolan general, hold the rest of Puma.Puma, which traces it roots to Argentina, has more than 3 100 fuel retail stations in Latin America, Africa and Asia-Pacific and last year sold its small Peruvian retail network to Spanish oil and gas group Repsol. – Nampa/ReutersBottler Coca-Cola warns of hit to consumer spendingSoft drink bottler Coca Cola HBC AG's shares fell nearly 7% on Thursday as it warned that slowing economic growth across a range of both developing and developed markets was likely to hurt consumer spending.The Swiss-based company, one of the largest bottlers of Coca-Cola Company brands, also flagged a likely doubling of the costs of its 800 million euro Eurobond in a refinancing this year as well as a 50 million euro hit to core profit from foreign currency effects.Comparable earnings before interest and tax rose to 680.7 million euros (US$768.17 million) for the year ended Dec.31 from 621 million euros a year earlier. On a per share basis, the company earned 1.306 euros.Volumes rose 4.2 percent, while the company also saw some price increases.The Coca-Cola Company indirectly holds about 23% of Coca Cola HBC AG, according to the bottler's 2017 annual report. – Nampa/ReutersAirbus to scrap production of A380 superjumboEurope's Airbus announced plans to scrap production of the A380 superjumbo on Thursday, abandoning its dream of dominating the skies with a cruiseliner for the 21st century after years of lacklustre sales.The world's largest airliner, with two decks of spacious cabins and room for 544 people in standard layout, was designed to challenge Boeing's legendary 747 but failed to take hold as airlines backed a new generation of smaller, more nimble jets.Airbus said in a statement that the last A380 would be delivered in 2021. Confirming a shake-up first reported by Reuters, it said Emirates - the largest A380 customer – had decided to reduce its orders for the iconic superjumbo and order a total of 70 of the smaller A350 and A330neo models. – Nampa/ReutersNissan and Renault reaffirm allianceTop executives from Nissan and Renault on Thursday reaffirmed the importance of an alliance that has been pressured by the ousting of former chairman Carlos Ghosn, but avoided discussing the potentially contentious issue of Nissan's next chairman.The newly appointed chairman of France's Renault SA, Jean-Dominique Senard, arrived in Japan on Thursday for two days of meetings with Nissan. Speculation has swirled about the future of the alliance, and whether Senard himself would assume the chairmanship of the Japanese automaker.Some in Japan see the alliance as unequal. But analysts say the three-way tie-up, which also includes smaller automaker Mitsubishi Motors, is necessary to compete better with rivals such as Volkswagen AG and Toyota Motor Corp.Senard met Nissan CEO Hiroto Saikawa and Mitsubishi's Osamu Masuko for talks that lasted nearly two hours, Masuko told reporters outside his home late on Thursday. The three reaffirmed the importance of the alliance, Masuko said.Separately, Saikawa told reporters that they did not talk about the issues related to the chairmanship of Nissan, or a full merger between Nissan and Renault, indicating that the discussions were more mundane. – Nampa/ReutersNestle's overhaul starts to pay offNestle put its Herta processed meats business on the block on Thursday, accelerating the world biggest food group's revamp as it reported an uptick in sales growth in 2018 for the first time since 2011.Improvements in China, North America and in its infant nutrition business last year helped the maker of KitKat chocolate bars and Nescafe coffee to break a run of sluggish growth linked to consumers' preference for fresh food. It forecast sales improvements of more than 3% in 2019.Chief executive Mark Schneider said portfolio changes could well exceed the figure of 10% of group sales he guided toward in September 2017.Activist investor Daniel Loeb's fund Third Point, which took a US$3 billion stake in Nestle in 2017, has said the company could double its earnings per share by 2022 if the group was bolder about divestments, including a stake in L'Oreal.Schneider said Nestle was on track to reach its 2020 targets of mid-single digit organic growth and a margin of 17.5-18.5%, with costs and margins improving steadily and a growth recovery backloaded toward 2020. Restructuring costs should reach 700 million Swiss francs this year. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-11-05

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Company news in brief

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Namibian Sun 2025-11-05

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