Company news in brief

12 August 2019 | Business

Standard Bank to look at W. Africa expansion

Africa's largest bank by assets, Standard Bank, is considering entering new markets - possibly via acquisitions - as its strategy to focus its resources on the continent continues to pay off.

In recent years, Standard Bank has been working to unwind a failed bid to become a global emerging markets lender, and has ruled out further cross-border expansion even in Africa.

However, CEO Sim Tshabalala said as that process nears completion it is well-positioned for expansion and was particularly interested in countries in the West African Economic and Monetary Union.

He declined to give a time frame for the potential move, which he had said earlier would have an emphasis on digital expansion.

The bank said on Thursday it would exercise an option to dispose of its 20% stake in the Industrial and Commercial Bank from its abandoned foray into global emerging markets. – Nampa/Reuters

MTN says divestment plan on track

MTN Group Ltd is on track to meet a divestment target set in March after raising US$140 million from asset sales that will slim down Africa's largest mobile phone operator and refocus it on high-growth markets.

MTN is reviewing a raft of investments under a three-year, R15 billion (US$996 million) divestment plan that includes shedding loss-making e-commerce assets and exiting countries where it has no prospect of reaching first or second place by market share.

In the first half through June it sold its shareholder loan in ATC Ghana to American Tower Corp for R900 million and its interests in investment fund Amadeus and booking website Travelstart for R1.2 billion.

It has cut its stake in newly-listed Jumia Technologies to 18.9% from 29.7% after the listing and is in the process of redeeming MTN Nigeria preference shares for US$315 million.

The South African firm's plan to dispose of its minority stake in Mascom Wireless Botswana for US$300 million should be concluded in the second half. – Nampa/Reuters

Glencore Zambian unit closes two mine shafts

Glencore's Mopani Copper Mines in Zambia has closed two shafts at its Nkana mine, the company said on Thursday, a move that an opposition leader said had led to 1 400 job losses.

A Mopani spokesman would not specify the number of workers affected, saying they were not employees of the company.

"The closure of the two uneconomic shafts was always part of our plans," Mopani said in a statement, adding that the move would allow it to channel funds towards the completion of other expansion projects.

Mopani said it had served notices of non-renewal of all contracts for development support services at the Mindola north and central shafts.

The president of the opposition Democratic Party, Harry Kalaba, said 1 400 mine contractors from the two shafts had been sent home on Thursday when they reported for work. – Nampa/Reuters

Barrick Gold plans to sell Tongon in Ivory Coast

Barrick Gold Corp is looking to sell its Tongon gold mine in the Ivory Coast and is working with Bank of Nova Scotia to identify buyers, Bloomberg said.

Barrick Gold plans to start a formal sale process in the near term for all or a part of its stake, the report said, citing people familiar with the matter.

The Tongon mine, located north of the Ivory Coast's port city of Abidjan, is expected to produce 250 000 ounces to 270 000 ounces of gold in 2019.

The company is also working with Scotiabank to sell its Massawa gold project in Senegal and plans to divest its Lumwana copper mine in Zambia, according to the report.

Lumwana is expected to produce 210 million pounds to 240 million pounds of copper in 2019, while Massawa feasibility project is being progressed toward a final development decision. – Nampa/Reuters

Uber loses US$5 billion, misses Wall Street targets

Uber Technologies Inc reported a record US$5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6%.

The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition.

Uber's second-quarter net loss, widening from a loss of US$878 million a year earlier, included US$3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly US$300 million in "driver appreciation" related to the stock sale.

Uber reported that revenue growth slowed to 14% to US$3.2 billion and fell short of the average analyst estimate of US$3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2% to US$2.3 billion. Food delivery Uber Eats grew 72% to US$595 million.

Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier. – Nampa/Reuters

Similar News

 

Tough times for mines in Nam

1 day - 14 August 2020 | Business

Jo-Maré Duddy – Of the 16 operating mining companies included in the latest annual review of the Chamber of Mines of Namibia, six last year...

Street vendors return to normal

1 day - 14 August 2020 | Business

Street vendors that sell fruit and vegetables at Outjo and Khorixas said that business has returned to normal and customers are received in numbers as...

SA drops court challenge on mining BEE

1 day - 14 August 2020 | Business

JOHANNESBURG - South Africa’s mines minister has withdrawn an appeal of a court ruling that held that mining companies did not have to maintain at...

COMPANY NEWS IN BRIEF

1 day - 14 August 2020 | Business

Oil major Chevron invests Oil major Chevron Corp said it is investing in Zap Energy Inc, joining Italy's ENI and Norwegian state oil company Equinor...

Jaguar ready to seduce SA

1 day - 14 August 2020 | Business

The new Jaguar F-TYPE has arrived in South Africa with an even more dramatic design, improved dynamics and increased focus on driver engagement.Available in both...

Business for vendors return to normal

2 days ago - 13 August 2020 | Business

KHORIXAS – Street vendors selling fruit and vegetables at Outjo and Khorixas say business has returned to normal and customers are received in numbers similar...

Fuel prices, virus brake taxi industry

2 days ago - 13 August 2020 | Business

Long-distance drivers in the south of Kunene say their business has been negatively affected by the recent increases in fuel prices and by the current...

COMPANY NEWS IN BRIEF

2 days ago - 13 August 2020 | Business

Tesla sets 5-1 stock split Tesla Inc on Tuesday announced a five-for-one stock split, sending the electric carmaker's recently high-flying shares up 7% in extended...

COMPANY NEWS IN BRIEF

3 days ago - 12 August 2020 | Business

Nutrien cuts profit forecast Canadian fertilizer maker Nutrien Ltd cut its annual adjusted profit forecast as weaker-than-normal industrial demand held back prices for ammonia and...

Boost business to boost growth

4 days ago - 11 August 2020 | Business

Erongo governor Neville Andre-Itope has called on business owners to explore new ways in order to reignite their respective businesses and the country’s economy.Andre-Itope made...

Latest News

Thought leadership

1 day - 14 August 2020 | People

NDANGI KATOMAIn a very short time, the coronavirus has changed so much about our lives.It is easy to think you’ll never get ahead when you...

Marketing through the lens of...

1 day - 14 August 2020 | People

ESTER KAMATIAs part of the DOLOLO group of entrepreneurs and a 2019 alumnus of the Africa Pathfinders Leadership initiative, Andreas Elifas’s objective is to attain...

Price monster hungry

1 day - 14 August 2020 | Economics

Although annual overall inflation in Namibia last month stayed unchanged at 2.1%, annual overall food inflation increased to 6.2% - up from 4.9% in June...

Tough times for mines in...

1 day - 14 August 2020 | Business

Jo-Maré Duddy – Of the 16 operating mining companies included in the latest annual review of the Chamber of Mines of Namibia, six last year...

Fishing quota auction storm grows

1 day - 14 August 2020 | Fishing

OGONE TLHAGEWINDHOEKGovernment's decision to auction off its fishing quota, and then use the proceeds to finance its efforts to fight the Covid-19 pandemic is continuing...

Samherji begs for release of...

1 day - 14 August 2020 | Fishing

OGONE TLHAGEWINDHOEKIcelandic firm Samherji, which is at the centre of the Fishrot bribery scandal, has asked Namibian authorities to release its fishing vessel Heinaste, which...

Education kneecapped by shortage of...

1 day - 14 August 2020 | Education

KENYA KAMBOWERUNDUEducation minister Anna Nghipondoka says Namibia has a backlog of over 5 000 classrooms, which has made it a challenge to comply with the...

Growing hip-hop in the north

1 day - 14 August 2020 | Art and Entertainment

MICHAEL KAYUNDE WINDHOEKSkipper Wills' breakthrough came in 2017 when he was selected to take part in the Old & New hip-hop documentary. He has since...

Kay-Z Bearens on his 2020...

1 day - 14 August 2020 | Art and Entertainment

MICHAEL KAYUNDE WINDHOEK Rapper Kay-Z Bearens released his first single in 2015, and though on the underground scene, he's pushed his music over the years.In...

Load More