COMPANY NEWS IN BRIEF

Richemont stock rises Richemont surged on the Swiss stock exchange on Monday on press reports that the US activist hedge fund Third Point has bought a stake in the luxury goods group.According to the Financial Times newspaper and the Miss Tweed online news portal, the New York-based hedge fund founded by US activist investor Daniel Loeb has bought into the Geneva-based group, which counts Cartier among its brands.And the US fund Artisan Partners, which owns 1.2% of the company and has held a stake for several years, is also pushing for Richemont to improve its performance, said the FT, citing an unnamed source.At 1323 GMT, Richemont shares were up 3.57% at 124.60 Swiss francs, significantly outperforming the SMI, the Swiss stock exchange's benchmark index, which was up 0.36%. Richemont and Third Point declined to comment when contacted by AFP.Third Point is known to push large groups into speeding up changes. In October, it notably invested several hundred million dollars in the oil giant Royal Dutch Shell, calling for it to split into several companies due to what Loeb sees as an inconsistent strategy. -Nampa/AFPPepsiCo to get Tesla trucksPepsiCo Inc will get its first set of Tesla Inc electric trucks in the fourth quarter, the packaged food maker's top boss Ramon Laguarta said in an interview to CNBC on Monday.The maker of Mountain Dew soda and Doritos chips in December 2017 reserved 100 of Tesla's electric semi-trucks as it sought to reduce fuel costs and fleet emissions.Transportation accounts for 10% of PepsiCo's gas emissions, according to Laguarta. The company had previously said it aims to use the trucks to ship snack foods and beverages between manufacturing and distribution centres as well as to retailers.PepsiCo and Tesla did not immediately respond to Reuters requests for comments. Walmart Inc, fleet operator J.B. Hunt Transport Services Inc, and food distributor Sysco Corp have also placed orders for Tesla's semi-trucks.Last month, rental car firm Hertz said it would order 100 000 Tesla vehicles by the end of 2022.-Nampa/ReutersCoca-Cola partners with WPPWPP, the world's biggest advertising company, will become global marketing network partner for the Coca-Cola Company, the two companies said on Monday.The contract is another fillip for WPP which last month raised its annual sales forecast and said that much better than expected third-quarter trading showed a structural change to its growth rate. WPP will handle Coca-Cola’s media in eight of its nine geographical operating units and the large majority of its creative work, WPP Chief Executive Mark Read said in an email to staff which was sent to media."This is among our company’s greatest ever new business achievements, the largest win in decades, and a fantastic endorsement of the new WPP we have built together over the last three years."Coca-Cola said it had named Japanese advertising group Dentsu as a complementary media partner in selected markets where it bought distinctive strengths. -Nampa/ReutersDisney offers streaming discountWalt Disney Co said on Monday it was offering a month of Disney+ for US$1.99 for a limited period, as the entertainment giant seeks to stem a slowdown in paid user growth at its streaming service.The promotion will begin on Nov. 8 and will be valid for a week through Nov. 14 for new and eligible returning subscribers in the United States and some other countries, Disney said in a statement.Disney, which charges US$7.99 per month for its streaming service in the United States, recently hinted at a slowdown in subscriber growth in Disney+, leading to a rare Wall Street downgrade. Disney+, which has "Star Wars" and "Avengers" franchises in its portfolio, picked up more new subscribers during the Covid-19 pandemic as theatre closures prompted more people to turn to digital streaming to quench their entertainment needs.As part of the promotions marking the launch of Disney+ two years ago, the company said it would provide other offers including an early entry into its theme parks for eligible subscribers. -Nampa/ReutersCitigroup expecting US$1.5 bln chargeCitigroup Inc said on Monday it expects to take a cash charge of nearly US$1.2 billion to US$1.5 billion related to the closure of its consumer banking business in South Korea.The bank had announced its plan to exit consumer businesses in 13 markets in Asia and Europe, Middle East and Africa (EMEA), where it does not have the scale necessary to compete, in April.The move is part of Chief Executive Jane Fraser's plan to streamline operations and boost the bank's profitability. The exit will help release roughly US$7 billion of allocated tangible common equity over time and boost its capital, the bank had said last month."In terms of Korea, the economics of winding down the consumer business are much more attractive than continuing to run the business," Chief Financial Officer Mark Mason said in a statement.He said the exit from South Korea would help the bank release roughly US$2 billion of allocated tangible common equity and in the remaining markets, it was in talks with potential buyers. -Nampa/Reuters

COMPANY NEWS IN BRIEF

Comments

Namibian Sun 2026-08-26

Please login to leave a comment

COMPANY NEWS IN BRIEF

Comments

Namibian Sun 2026-08-26

Please login to leave a comment

Subscription Required to Access Content ×

Login

Subscription Required to Access Content