COMPANY NEWS IN BRIEF
Shoprite, Checkers recall canned tuna
Shoprite and Checkers have recalled a specific batch of canned tuna products owing to possible defects in the cans.
Some 170g cans of Cape Point light meat shredded tuna in water may have defective double seams.
"To date, we have not received any complaints and this action is being taken out of an abundance of caution," the Shoprite Group said in a statement. Cape Point is a house brand owned by Shoprite and Checkers.
Only cans with the production code EEJCK BPHGS01 are affected. The production code is located at the bottom of the cans.
The cans have a production date of 23 July 2021, and a best-before date of 23 July 2024. The cans should be returned to Shoprite or Checkers stores for a full refund. Other Cape Point products are not affected. -Fin24
Glencore says bribery days are over
Glencore has closed the "cash desks" in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a "different company."
Now he will have to prove it.
Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5 billion but there’s a longer-lasting requirement — the deal with the US Department of Justice means Glencore will spend the next three years being scrutinised by an independent monitor.
It’s a potentially seminal moment for the company founded by US fugitive Marc Rich, which has powerful trading networks in every corner of the globe and operates a sprawling suite of mines producing some of the most important commodities. Glencore’s top leadership has been overhauled in the last few years as former CEO Ivan Glasenberg and his lieutenants handed over to a younger generation, although many of the new chiefs are also longtime employees. -Fin24
Nedbank grows market share
Nedbank is seeing growth in customers depositing salaries with it. The green bank published a trading update on Friday morning in which it attributed the "solid" growth in its income to fees and commission, improved transactional activity, better cross-selling, and growth in main-banked clients.
Nedbank said it recorded robust growth in both its non-interest revenue (NIR), which is generated through banking fees, and in net interest income (NII), earned from lending activities.
The group's non-interest income grew by "early double digits" in the first four months to 30 April 2022 compared to the first four months of 2021.
This revenue stream was also boosted by the fair value losses recorded in the first half of 2021 that did not recur.
As for net interest income, it grew by "high single-digit" when compared to the first four months of 2021. Nedbank said it recorded "low-to-mid single-digit" loan growth during these four months. -Fin24
Former Transnet CEO arrested
Five former Transnet officials have been arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate on Friday morning on charges of fraud, corruption and money laundering.
News24 has established that two of the five include former Transnet CEO Siyabonga Gama and Eric Wood from the Gupta-linked companies Regiments Capital and Trillian Capital Partners.
The five are expected to appear in the Palm Ridge Magistrate's Court following their arrest at the Brackendowns Police Station.
They are also charged with contravention of the Public Finance Management Act.
In the second volume of the State Capture Inquiry report, commission chair Chief Justice Raymond Zondo recommended the prosecution of Gama, Wood, former Transnet CEO Brian Molefe, CFO Anoj Singh, Gupta fixer Kuben Moodley and former Transnet treasurer Phetolo Ramosebudi for numerous findings. -Fin24
Former exec sues CIBC for US$1 million
The London office of one of Canada's top banks Canadian Imperial Bank of Commerce (CIBC) has been accused of operating a hostile and degrading environment for women, according to a discrimination claim by a former executive at the firm.
Zhuofang Wei, who worked as an executive director at CIBC for nearly two years between 2018 and 2020, is suing CIBC for 800 000 pounds (US$1 million) for lost earnings and damages, alleging she was subjected to sexual and racial discrimination by managers.
Wei said she was dismissed by CIBC in March 2020 after she objected to taking on a new role without an increase in pay.
CIBC denied all Wei's allegations of discrimination and said her role was made redundant after her responsibilities significantly decreased, according to a defence document supplied by the bank to Reuters.
"CIBC is committed to a respectful and equitable workplace and takes any concerns raised by a team member seriously," a spokesperson for CIBC said. "Whenever any issue is raised through our confidential hotline or any other avenue of escalation, we investigate thoroughly and take action as appropriate.-Reuters
Shoprite and Checkers have recalled a specific batch of canned tuna products owing to possible defects in the cans.
Some 170g cans of Cape Point light meat shredded tuna in water may have defective double seams.
"To date, we have not received any complaints and this action is being taken out of an abundance of caution," the Shoprite Group said in a statement. Cape Point is a house brand owned by Shoprite and Checkers.
Only cans with the production code EEJCK BPHGS01 are affected. The production code is located at the bottom of the cans.
The cans have a production date of 23 July 2021, and a best-before date of 23 July 2024. The cans should be returned to Shoprite or Checkers stores for a full refund. Other Cape Point products are not affected. -Fin24
Glencore says bribery days are over
Glencore has closed the "cash desks" in London and Switzerland that once dispensed money for bribes. Employees implicated in sweeping, cross-border corruption investigations are gone. New safeguards are in place, and boss Gary Nagle says it’s a "different company."
Now he will have to prove it.
Glencore this week agreed to plead guilty to a web of bribery and price manipulation charges that stretch from Venezuela to Nigeria and Los Angeles in deals with the US, UK and Brazil. The penalties will total about $1.5 billion but there’s a longer-lasting requirement — the deal with the US Department of Justice means Glencore will spend the next three years being scrutinised by an independent monitor.
It’s a potentially seminal moment for the company founded by US fugitive Marc Rich, which has powerful trading networks in every corner of the globe and operates a sprawling suite of mines producing some of the most important commodities. Glencore’s top leadership has been overhauled in the last few years as former CEO Ivan Glasenberg and his lieutenants handed over to a younger generation, although many of the new chiefs are also longtime employees. -Fin24
Nedbank grows market share
Nedbank is seeing growth in customers depositing salaries with it. The green bank published a trading update on Friday morning in which it attributed the "solid" growth in its income to fees and commission, improved transactional activity, better cross-selling, and growth in main-banked clients.
Nedbank said it recorded robust growth in both its non-interest revenue (NIR), which is generated through banking fees, and in net interest income (NII), earned from lending activities.
The group's non-interest income grew by "early double digits" in the first four months to 30 April 2022 compared to the first four months of 2021.
This revenue stream was also boosted by the fair value losses recorded in the first half of 2021 that did not recur.
As for net interest income, it grew by "high single-digit" when compared to the first four months of 2021. Nedbank said it recorded "low-to-mid single-digit" loan growth during these four months. -Fin24
Former Transnet CEO arrested
Five former Transnet officials have been arrested by the Hawks and the National Prosecuting Authority's Investigating Directorate on Friday morning on charges of fraud, corruption and money laundering.
News24 has established that two of the five include former Transnet CEO Siyabonga Gama and Eric Wood from the Gupta-linked companies Regiments Capital and Trillian Capital Partners.
The five are expected to appear in the Palm Ridge Magistrate's Court following their arrest at the Brackendowns Police Station.
They are also charged with contravention of the Public Finance Management Act.
In the second volume of the State Capture Inquiry report, commission chair Chief Justice Raymond Zondo recommended the prosecution of Gama, Wood, former Transnet CEO Brian Molefe, CFO Anoj Singh, Gupta fixer Kuben Moodley and former Transnet treasurer Phetolo Ramosebudi for numerous findings. -Fin24
Former exec sues CIBC for US$1 million
The London office of one of Canada's top banks Canadian Imperial Bank of Commerce (CIBC) has been accused of operating a hostile and degrading environment for women, according to a discrimination claim by a former executive at the firm.
Zhuofang Wei, who worked as an executive director at CIBC for nearly two years between 2018 and 2020, is suing CIBC for 800 000 pounds (US$1 million) for lost earnings and damages, alleging she was subjected to sexual and racial discrimination by managers.
Wei said she was dismissed by CIBC in March 2020 after she objected to taking on a new role without an increase in pay.
CIBC denied all Wei's allegations of discrimination and said her role was made redundant after her responsibilities significantly decreased, according to a defence document supplied by the bank to Reuters.
"CIBC is committed to a respectful and equitable workplace and takes any concerns raised by a team member seriously," a spokesperson for CIBC said. "Whenever any issue is raised through our confidential hotline or any other avenue of escalation, we investigate thoroughly and take action as appropriate.-Reuters
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