Company briefs
Sinopec: SA gives conditional approval for Chevron
South Africa will stick with China's Sinopec Corp as the preferred contender to buy Chevron's assets in South Africa and Botswana after it made a fresh commitment to future investments in the country, the Chinese oil major said.
State-owned Sinopec is competing for the assets with commodities trader and miner Glencore, which swooped in last October with a US$973 million bid.
Asia's largest refiner said South Africa's Competition Commission had recommended transaction with Sinopec be approved with certain conditions.
Chevron has a 75% stake in the assets, which include a 100 000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban and 820 petrol stations and other oil storage facilities. It also includes 220 convenience stores across South Africa and Botswana. – Nampa/Reuters
Bidvest Group acquires Cannon Asset Managers
A financial services subsidiary of South Africa's Bidvest Group has acquired Cannon Asset Managers as part of an acquisition drive to expand into investment management.
Bidvest Financial Services, whose parent spun off food division Bidcorp in a US$5 billion listing in 2016, said it will take a controlling stake of the South African based asset management firm from Citadel Holdings.
The acquisition of Cannon comes hot on the heels of announcements of Bidvest Bank's acquisition of First Data's South African unit, and the purchase of a majority shareholding in FinGlobal by Bidvest Financial Services. – Nampa/Reuters
Kenya Airways expects revenue bump from direct US flights
Kenya Airways expects its daily direct flights to the United States that it launches for the first time in October to boost annual revenue by 10% from 2019, its CEO has said.
The carrier, which is 7.8% owned by Air France KLM, has started taking bookings for the flights to and from New York that will carry 234 passengers each way on a Boeing 787 Dreamliner plane.
The new long haul route is part of an effort to revive the airline's fortunes after it came close to collapse, leading to a US$2 billion financial restructuring in November that included a government bailout which shrank Air France KLM's stake. - Nampa/Reuters
IBM to reassign 30% of staff in 2018
International Business Machines Corp plans to reassign up to 30% of staff in its 103 000 computer service delivery business this year with job losses through attrition of around 10 000, technology website The Register reported.
IBM, one of the world's original PC producers but now a broad-based producer, integrator and software maker, beat expectations for revenue in its last quarterly results in October after 22 straight quarters of declines.
The news site published a slide it said was from an IBM internal presentation, which showed 10 100 jobs classified as "attrition w/o backfill". Spokesmen for IBM declined to make any immediate comment. – Nampa/Reuters
Lufthansa calls for 'significant' Alitalia cuts
Lufthansa sees a need for "significant" restructuring at Italy's Alitalia before the German airline can make a deal to buy the carrier, according to a letter by Lufthansa CEO Carsten Spohr.
He said restructured "NewAlitalia" would be smaller in terms of both staff and its fleet.
Alitalia, which has made a profit only a few times in its 70-year history, was put under special administration last year after staff rejected a plan to cut jobs and salaries. – Nampa/Reuters
South Africa will stick with China's Sinopec Corp as the preferred contender to buy Chevron's assets in South Africa and Botswana after it made a fresh commitment to future investments in the country, the Chinese oil major said.
State-owned Sinopec is competing for the assets with commodities trader and miner Glencore, which swooped in last October with a US$973 million bid.
Asia's largest refiner said South Africa's Competition Commission had recommended transaction with Sinopec be approved with certain conditions.
Chevron has a 75% stake in the assets, which include a 100 000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban and 820 petrol stations and other oil storage facilities. It also includes 220 convenience stores across South Africa and Botswana. – Nampa/Reuters
Bidvest Group acquires Cannon Asset Managers
A financial services subsidiary of South Africa's Bidvest Group has acquired Cannon Asset Managers as part of an acquisition drive to expand into investment management.
Bidvest Financial Services, whose parent spun off food division Bidcorp in a US$5 billion listing in 2016, said it will take a controlling stake of the South African based asset management firm from Citadel Holdings.
The acquisition of Cannon comes hot on the heels of announcements of Bidvest Bank's acquisition of First Data's South African unit, and the purchase of a majority shareholding in FinGlobal by Bidvest Financial Services. – Nampa/Reuters
Kenya Airways expects revenue bump from direct US flights
Kenya Airways expects its daily direct flights to the United States that it launches for the first time in October to boost annual revenue by 10% from 2019, its CEO has said.
The carrier, which is 7.8% owned by Air France KLM, has started taking bookings for the flights to and from New York that will carry 234 passengers each way on a Boeing 787 Dreamliner plane.
The new long haul route is part of an effort to revive the airline's fortunes after it came close to collapse, leading to a US$2 billion financial restructuring in November that included a government bailout which shrank Air France KLM's stake. - Nampa/Reuters
IBM to reassign 30% of staff in 2018
International Business Machines Corp plans to reassign up to 30% of staff in its 103 000 computer service delivery business this year with job losses through attrition of around 10 000, technology website The Register reported.
IBM, one of the world's original PC producers but now a broad-based producer, integrator and software maker, beat expectations for revenue in its last quarterly results in October after 22 straight quarters of declines.
The news site published a slide it said was from an IBM internal presentation, which showed 10 100 jobs classified as "attrition w/o backfill". Spokesmen for IBM declined to make any immediate comment. – Nampa/Reuters
Lufthansa calls for 'significant' Alitalia cuts
Lufthansa sees a need for "significant" restructuring at Italy's Alitalia before the German airline can make a deal to buy the carrier, according to a letter by Lufthansa CEO Carsten Spohr.
He said restructured "NewAlitalia" would be smaller in terms of both staff and its fleet.
Alitalia, which has made a profit only a few times in its 70-year history, was put under special administration last year after staff rejected a plan to cut jobs and salaries. – Nampa/Reuters
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