Company news in brief

18 May 2020 | Business

Implats closes mine over Covid

South Africa's Impala Platinum said on Saturday it would temporarily close its Marula mine after detecting 19 coronavirus cases among workers reporting back for duty at the site in northern Limpopo province.

"Implats has identified 19 positive cases during the week, all of them asymptomatic. Of these cases, 14 were identified as the result of proactive testing of employees returning to work. None of these employees had started work at the mine," the company said in a statement.

Impala said it was concerned that 17 of the cases were from employees living in nearby communities, while two had travelled from another province, suggesting "the prevalence of Covid-19 among local communities is far higher than the company's initial estimates".

It said the site would not reopen until the appropriate health measures had been put in place.

South Africa, the world's No. 1 platinum producer, is gradually restarting operations in its key mining sector, which was shut down as part of a nationwide coronavirus lockdown now in its eight week. – Nampa/Reuters

Spar warns on HY results

South African retailer and wholesaler SPAR Group said on Friday half-year results will be at least 20% lower from a year ago, due to losses at its Polish business, which was under restructuring.

The grocery chain, which also sells building materials and medicines in Southern Africa, said headline earnings per share, the main profit measure in South Africa, was expected to be 17% to 27% lower between 434.6 cents and 382.2 cents per share for the six months to March 31. – Nampa/Reuters

SAA spent big after bankruptcy protection

South African Airways (SAA) has spent just under R10 billion since it entered a form of bankruptcy protection, business rescue practitioners said on Friday as they flagged a structured wind-down process as their preferred option for the carrier.

A fifth of the money was spent on aviation fuel and 16% went on salaries and allowances, referring to some of the major expenses incurred during this time.

Administrators at SAA said in the absence of extra funding the best way forward might be to run a structured wind-down of the business rather than liquidation, which opposition parties have called for.

"There is no question of doubt in my mind that a liquidation process would materially erode value and the net recovery for creditors could be an absolute disaster," said Les Matuson, joint business rescue practitioner at SAA, when answering questions from lawmakers.

On Wednesday, the administrators, who have no previous aviation experience and are under pressure to produce a restructuring plan after being in the job for five months, said they would not sell assets for an interim period without involving the government. – Nampa/Reuters

Eskom claws back billions in tariffs

South African energy regulator Nersa said on Friday it will allow utility Eskom to recover R13.3 billion from customers for electricity supplied in the 2018/19 financial year, lower than what the state-owned power utility had applied for.

Nersa said in a statement it will give its reasons for the decision once certain requirements have been finalised and will draw up an implementation plan for recovering the tariffs within a reasonable period of time.

Cash-strapped Eskom applied in August 2019 to Nersa to claw back R27.3 billion from electricity customers through power tariffs, saying it needed to cover costs incurred for the financial year 2018/19.

Eskom supplies more than 90% of South Africa's electricity but is struggling with high debts and faulty power stations which prompted it to impose several rounds of severe power cuts last year, hurting the country's economy. – Nampa/Reuters

Richemont posts 67% drop in profit

Richemont is seeing strong demand in China but globally expects "headwinds in the months ahead" due to the new coronavirus, the owner of Cartier jewellery said on Friday as it reported annual profit falling by two thirds.

The world's second-biggest luxury group said net profit for the year to the end of March fell 67% to 931 million euro (US$1.01 billion), missing the 1.29 billion euro expected by analysts. Sales rose 2% to 14.2 billion euro, in line with estimates.

The Swiss company which also owns watchmakers Piaget, IWC and Vacheron Constantin said its profit fall also reflected the non-recurrence of a 1.4 billion euro post-tax accounting gain it had last year. Excluding this, profit fell 34%.

The company's watch brands bore the brunt of the downturn, with operating profit falling 20% and sales down 4% in the year. Jewellery was more resilient, with sales up 2% and operating profit falling 7%.

The company had begun to see some signs of improvement, including in China, where the outbreak started. "Since our 462 boutiques in China have re-opened after the virus, we have seen strong demand," it said.

Richemont chairman Johann Rupert said 2020 would continue to see the impact of the new coronavirus. – Nampa/Reuters

Similar News

 

Company News In Breif

19 hours ago | Business

London Metal Exchange cancels events The London Metal Exchange (LME) said on Monday it cancelled all of its events during the LME Week in London...

De Beers to shift diamond viewings from Botswana

1 day - 01 June 2020 | Business

Brian Benza - Global diamond giant, De Beers is working with Botswana's government to temporarily move viewings to places closer to international diamond centres, with...

Alrosa expects big drop in May sales

1 day - 01 June 2020 | Business

Polina Devitt - Russian diamond producer Alrosa expects its sales for May to total tens of million US dollars, down sharply from May 2019 but...

MTC most admired brand in Nam

1 day - 01 June 2020 | Business

Phillepus Uusiku - Massive investment, consistency, accessibility and giving clients an exceptional experience are some of the most important tools in transforming a product or...

The struggles of a small airline during coronavirus

1 day - 01 June 2020 | Business

Anne-Sophie Faivre le Cadre - Launching an airline in Africa is a notorious challenge in a continent and sector where opportunities are often crimped by...

Company news in brief

1 day - 01 June 2020 | Business

BAT SA to file lawsuitA raft of South African tobacco companies, activists and associations are seeking legal action over the ban on cigarette sales during...

Sea Flower Walvis Bay to employ 450

4 days ago - 29 May 2020 | Business

Staff Reporter - Sea Flower Pelagic Processing is forging ahead with its planned commissioning of a canning factory at their land-based processing plant in Walvis...

Company news in brief

4 days ago - 29 May 2020 | Business

‘SAA can still be saved with funding’South African Airways (SAA) can still be saved if it gets the necessary funding, the state-owned airline's administrators said,...

Zim gold miners get more export earnings in dollars

5 days ago - 28 May 2020 | Business

Zimbabwe will increase the proportion of US dollars gold miners can keep from their sales, the central bank's bullion-buying arm said yesterday, yielding to pressure...

Company news in brief

5 days ago - 28 May 2020 | Business

Woolworths’ coronavirus hit deepensSouth African retailer Woolworths yesterday scrapped its 2020 dividend and left a question mark over future payouts, with difficult trading conditions created...

Latest News

Dippenaar magistrate denies bias

2 hours ago | Justice

ERWIN LEUSCHNERSWAKOPMUNDAfter an eight-month break the marathon trial of murder accused Jandré Dippenaar continued at the regional court in Swakopmund this week. At the start...

Bank Windhoek Triennial rescheduled

4 hours ago | Art and Entertainment

STAFF REPORTER WINDHOEKIn light of the impact of the coronavirus pandemic, Bank Windhoek, in collaboration with the National Art Gallery of Namibia (NAGN), has decided...

Red Cross launches national Covid-19...

4 hours ago | Health

The Namibia Red Cross Society (NCRS) has launched its national Covid-19 response plan at its headquarters in Windhoek. The plan aims to reduce the spread...

Ras Sheehama drops greatest hits...

8 hours ago | Art and Entertainment

MICHAEL KAYUNDE WINDHOEKLooking for some of the best Namibian music of all time? Look no further! Ras Sheehama, the gift that keeps on giving, recently...

Happy in front of the...

19 hours ago | People

With a love for high tech things like website development and code, and adding some photography to that list, it’s easy to balance projects.So says...

Education sector prioritised in development...

19 hours ago | Ministries

Phillepus Uusiku - Priority sectors such as education got the second largest share of 14% after transport in the development budget for the 2020/21 fiscal...

Farm debt soars to N$7.1...

19 hours ago | Agriculture

ELLANIE SMITWINDHOEKAgricultural debt stood at N$7.1 billion in June last year, while post-drought recovery is expected to take between three and five years, a new...

New rules for liquor sales

19 hours ago | Disasters

OGONE TLHAGEWINDHOEKAs Namibia moves into stage three of the coronavirus state of emergency today, liquor sales will be permitted, putting an end to a two-month-long...

Credit extension dries up

19 hours ago | Economics

Cirrus Securities has released information derived from private sector credit extension (PSCE) figures for April 2020, painting a bleak picture of the Namibian business landscape....

Load More