Company news
Starbucks to temporarily shut 8 000 cafes for bias training
Starbucks is temporarily closing more than half of its US stores next month so employees can undergo racial-bias training, a response to the arrest of two black men at one of its cafes in Philadelphia.
The coffee chain plans to shut its more than 8 000 company-owned stores during the afternoon of May 29. In the US, about 59% of its locations are Starbucks-owned. The rest are licensed locations.
Starbucks is facing an outcry following the Philadelphia incident, which involved a manager summoning police after the two men waited at a Starbucks table without ordering. chief executive officer Kevin Johnson apologised for the arrests, calling them a “reprehensible outcome,” and vowed to better train employees.
-Fin24
Eskom coal supply woes worse
Credible reports in the possession of EE Publishers show significant coal supply problems at numerous Eskom coal-fired power stations in Mpumalanga.
The reports, shared with EE Publishers by a source with knowledge of the situation, indicate that the coal supply problem has become so serious that Eskom’s primary energy division has recommended to the utility’s new generation head, Thava Govender, that a coal supply emergency be declared.
After persistent questioning, Eskom confirmed to EE Publishers that it has been relying on emergency, diesel-driven, open-cycle gas turbines (OCGTs) regularly to meet demand this year.
-Fin24
Panel considers extending KPMG inquiry to VBS
The secretariat to the Ntsebeza Inquiry into auditing firm KPMG will discuss the latest revelations around KPMG's audit of VBS Mutual Bank to decide whether this should be included as part of the probe.
In response to a query from Fin24 on Monday, the secretariat said that while it has not received a complaint related to the VBS issue, its terms of reference allow for media reports to be taken into consideration.
KPMG announced on Saturday that its partners Sipho Malaba and Dumi Tshuma, who were facing disciplinary charges related to work done for VBS Mutual Bank, had resigned with immediate effect.
Both Malaba and Tshuma are members of the South African Institute of Chartered Accountants (Saica). The inquiry is restricted to investigating members of the organisation.
-Fin24
United Airlines profit rises with higher fares
United Airlines said on Tuesday quarterly profit rose, as higher fares helped offset the costs of fuel and a rash of winter storms.
The third-largest US airline by passenger traffic reported first-quarter net income of US$147 million, or 52 cents per share, compared with US$99 million, or 32 cents per share, in the year-ago quarter.
Excluding some one-time items, it reported earnings of 50 cents per share. That beat Wall Street’s average estimate of 43 cents, according to Thomson Reuters.
-Nampa/Reuters
Goldman profit up 27% as trading surges
Goldman Sachs Group Inc reported a 27% rise in quarterly profit on Tuesday, driven by a surge in trading revenue due to increased market volatility. The bank said net income applicable to common shareholders rose to US$2.74 billion, or US$6.95 per share, for the three months ended March 31 from US$2.16 billion, or US$5.15 per share, a year earlier.
Analysts on average had expected earnings of US$5.58 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.
-Nampa/Reuters
Starbucks is temporarily closing more than half of its US stores next month so employees can undergo racial-bias training, a response to the arrest of two black men at one of its cafes in Philadelphia.
The coffee chain plans to shut its more than 8 000 company-owned stores during the afternoon of May 29. In the US, about 59% of its locations are Starbucks-owned. The rest are licensed locations.
Starbucks is facing an outcry following the Philadelphia incident, which involved a manager summoning police after the two men waited at a Starbucks table without ordering. chief executive officer Kevin Johnson apologised for the arrests, calling them a “reprehensible outcome,” and vowed to better train employees.
-Fin24
Eskom coal supply woes worse
Credible reports in the possession of EE Publishers show significant coal supply problems at numerous Eskom coal-fired power stations in Mpumalanga.
The reports, shared with EE Publishers by a source with knowledge of the situation, indicate that the coal supply problem has become so serious that Eskom’s primary energy division has recommended to the utility’s new generation head, Thava Govender, that a coal supply emergency be declared.
After persistent questioning, Eskom confirmed to EE Publishers that it has been relying on emergency, diesel-driven, open-cycle gas turbines (OCGTs) regularly to meet demand this year.
-Fin24
Panel considers extending KPMG inquiry to VBS
The secretariat to the Ntsebeza Inquiry into auditing firm KPMG will discuss the latest revelations around KPMG's audit of VBS Mutual Bank to decide whether this should be included as part of the probe.
In response to a query from Fin24 on Monday, the secretariat said that while it has not received a complaint related to the VBS issue, its terms of reference allow for media reports to be taken into consideration.
KPMG announced on Saturday that its partners Sipho Malaba and Dumi Tshuma, who were facing disciplinary charges related to work done for VBS Mutual Bank, had resigned with immediate effect.
Both Malaba and Tshuma are members of the South African Institute of Chartered Accountants (Saica). The inquiry is restricted to investigating members of the organisation.
-Fin24
United Airlines profit rises with higher fares
United Airlines said on Tuesday quarterly profit rose, as higher fares helped offset the costs of fuel and a rash of winter storms.
The third-largest US airline by passenger traffic reported first-quarter net income of US$147 million, or 52 cents per share, compared with US$99 million, or 32 cents per share, in the year-ago quarter.
Excluding some one-time items, it reported earnings of 50 cents per share. That beat Wall Street’s average estimate of 43 cents, according to Thomson Reuters.
-Nampa/Reuters
Goldman profit up 27% as trading surges
Goldman Sachs Group Inc reported a 27% rise in quarterly profit on Tuesday, driven by a surge in trading revenue due to increased market volatility. The bank said net income applicable to common shareholders rose to US$2.74 billion, or US$6.95 per share, for the three months ended March 31 from US$2.16 billion, or US$5.15 per share, a year earlier.
Analysts on average had expected earnings of US$5.58 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.
-Nampa/Reuters
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