COMPANY NEWS IN BRIEF
Sibanye-Stillwater eyes Brazil copper
South African platinum and gold mining giant Sibanye-Stillwater said Monday said it is in talks to acquire two Brazilian copper and nickel mines.
"The company has entered into negotiations with affiliates of funds advised by Appian Capital Advisory LLP, regarding the acquisition of both the Santa Rita nickel and the Serrote copper mines, located in Brazil," it said in a statement.
It did not give details but US newspaper the Wall Street Journal said the deal is worth around US$1 billion. Sibanye-Stillwater is the world's largest platinum producer and South Africa's second gold miner.
It has been on a buying spree since it was established eight years ago, expanding geographically and diversifying into other metals. The company bought most of its gold mines in 2012 from Gold Fields, one of the oldest gold mines in South Africa.
In 2019, it completed the acquisition of Lonmin then the world's third biggest and troubled platinum producer -- whose Marikana mine was the scene of an infamous mineworker’s massacre in 2012, when police gunned down 34 striking workers. -Nampa/AFP
Aspen aims to expand vaccine capacity
South African pharmaceutical firm Aspen on Monday opened a world-leading anaesthetics production line that will guarantee local supply and meet growing global coronavirus-linked demand for the drugs.
The use of general anaesthetics has increased since the outset of the pandemic, as they are needed to support Covid-19 patients on ventilators in intensive care units.
Aspen's factory in the southern city of Gqeberha has been turned into "a crucial anaesthetics hub" as "one of the world's largest general anaesthetics production lines", Aspen chief executive Stephen Saad said in a statement.
The Durban-based company has invested more than R3 billion in the facility, making it the single largest investment in the pharmaceutical industry in South Africa which had until now relied on imported anaesthetics.
While the bulk of production will be exported globally, the company will also guarantee local security of supply, said South African Trade Minister Ebrahim Patel, cited in the same statement. -Nampa/AFP
Citigroup warns of hefty charges
Citigroup Inc on Monday warned of significant charges related to the closing of its consumer banking business in South Korea, months after announcing its exit from 13 markets across Asia, Europe, Middle East and Africa.
The Wall Street lender’s plan is part of Chief Executive Officer Jane Fraser’s turnaround strategy to bring the bank’s profitability and share price in line with its peers.
The charges will largely comprise pay-outs to employees related to voluntary termination benefits, discussions for which have already started with employee unions, Citigroup said, adding the charges will be spread across till the end of 2023. The bank said it was, however, unable to estimate the charge it will take.
Besides South Korea, the bank will also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said in April. -Nampa/Reuters
Volvo gives itself US$18 bln price tag
Volvo Cars shrank its initial public offering on Monday, pricing it at the bottom of a previously announced range and valuing the Geely-owned business at just over US$18 billion.
European and US IPO markets have been hit by cancellations as inflation and global supply chain crunches have increased stock market volatility, while many more companies are reported to have pushed back plans rather than risk U-turns.
Volvo Cars, which had previously said its IPO would be priced within a range of 53 crowns (US$6.2) to 68 crowns per share, said it was now opting for 53 crowns.
Carmakers have been hurt by production disruptions due to a semiconductor shortage, with several cutting production targets and shutting factories on concerns it will run well into 2022.
At the current price, Volvo Cars would be valued at just over US$18 billion, well below the US$23 billion it had expected at the top of the IPO pricing range. -Nampa/Reuters
Hyundai’s Q3 profit misses estimates
South Korea's Hyundai Motor Co slightly missed analysts' profit estimates as the global chip crisis drove down vehicle shipments and it said it expects it will take a long time to get back to normal chip supplies.
Hyundai, which together with affiliate Kia Corp is among the world's top 10 automakers by sales, reported a net profit of 1.3 trillion won (US$1.10 billion) for the July-September quarter.
In the same period a year earlier it posted a loss of 336 billion won when it was hit by a one-time expense related to engine quality issues and recalls.
The profit was just shy of an average analyst forecast of 1.4 trillion won compiled by Refinitiv SmartEstimate.
"Hyundai Motor expects that on-year sales growth might slow down for the rest of 2021 amid adverse business conditions caused by the unstable supply of semiconductor chips," Hyundai Motor said in a statement. -Nampa/Reuters
South African platinum and gold mining giant Sibanye-Stillwater said Monday said it is in talks to acquire two Brazilian copper and nickel mines.
"The company has entered into negotiations with affiliates of funds advised by Appian Capital Advisory LLP, regarding the acquisition of both the Santa Rita nickel and the Serrote copper mines, located in Brazil," it said in a statement.
It did not give details but US newspaper the Wall Street Journal said the deal is worth around US$1 billion. Sibanye-Stillwater is the world's largest platinum producer and South Africa's second gold miner.
It has been on a buying spree since it was established eight years ago, expanding geographically and diversifying into other metals. The company bought most of its gold mines in 2012 from Gold Fields, one of the oldest gold mines in South Africa.
In 2019, it completed the acquisition of Lonmin then the world's third biggest and troubled platinum producer -- whose Marikana mine was the scene of an infamous mineworker’s massacre in 2012, when police gunned down 34 striking workers. -Nampa/AFP
Aspen aims to expand vaccine capacity
South African pharmaceutical firm Aspen on Monday opened a world-leading anaesthetics production line that will guarantee local supply and meet growing global coronavirus-linked demand for the drugs.
The use of general anaesthetics has increased since the outset of the pandemic, as they are needed to support Covid-19 patients on ventilators in intensive care units.
Aspen's factory in the southern city of Gqeberha has been turned into "a crucial anaesthetics hub" as "one of the world's largest general anaesthetics production lines", Aspen chief executive Stephen Saad said in a statement.
The Durban-based company has invested more than R3 billion in the facility, making it the single largest investment in the pharmaceutical industry in South Africa which had until now relied on imported anaesthetics.
While the bulk of production will be exported globally, the company will also guarantee local security of supply, said South African Trade Minister Ebrahim Patel, cited in the same statement. -Nampa/AFP
Citigroup warns of hefty charges
Citigroup Inc on Monday warned of significant charges related to the closing of its consumer banking business in South Korea, months after announcing its exit from 13 markets across Asia, Europe, Middle East and Africa.
The Wall Street lender’s plan is part of Chief Executive Officer Jane Fraser’s turnaround strategy to bring the bank’s profitability and share price in line with its peers.
The charges will largely comprise pay-outs to employees related to voluntary termination benefits, discussions for which have already started with employee unions, Citigroup said, adding the charges will be spread across till the end of 2023. The bank said it was, however, unable to estimate the charge it will take.
Besides South Korea, the bank will also divest its retail banking arms in Australia, Bahrain, China, India, Indonesia, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, it said in April. -Nampa/Reuters
Volvo gives itself US$18 bln price tag
Volvo Cars shrank its initial public offering on Monday, pricing it at the bottom of a previously announced range and valuing the Geely-owned business at just over US$18 billion.
European and US IPO markets have been hit by cancellations as inflation and global supply chain crunches have increased stock market volatility, while many more companies are reported to have pushed back plans rather than risk U-turns.
Volvo Cars, which had previously said its IPO would be priced within a range of 53 crowns (US$6.2) to 68 crowns per share, said it was now opting for 53 crowns.
Carmakers have been hurt by production disruptions due to a semiconductor shortage, with several cutting production targets and shutting factories on concerns it will run well into 2022.
At the current price, Volvo Cars would be valued at just over US$18 billion, well below the US$23 billion it had expected at the top of the IPO pricing range. -Nampa/Reuters
Hyundai’s Q3 profit misses estimates
South Korea's Hyundai Motor Co slightly missed analysts' profit estimates as the global chip crisis drove down vehicle shipments and it said it expects it will take a long time to get back to normal chip supplies.
Hyundai, which together with affiliate Kia Corp is among the world's top 10 automakers by sales, reported a net profit of 1.3 trillion won (US$1.10 billion) for the July-September quarter.
In the same period a year earlier it posted a loss of 336 billion won when it was hit by a one-time expense related to engine quality issues and recalls.
The profit was just shy of an average analyst forecast of 1.4 trillion won compiled by Refinitiv SmartEstimate.
"Hyundai Motor expects that on-year sales growth might slow down for the rest of 2021 amid adverse business conditions caused by the unstable supply of semiconductor chips," Hyundai Motor said in a statement. -Nampa/Reuters
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