Company news
South African Airways seeks "open credit line"
South African Airways (SAA) needs a new capital injection “now” to stay afloat and was in discussions with banks and the National Treasury for “an open credit line”, its chief executive said on Tuesday.
SAA, which has not generated profit since 2011, is regularly cited by ratings agencies as a drain on the government purse and has already received state guarantees totaling nearly 20 billion rand (US$1.62 billion).
-Nampa/Reuters
Coke warns of pain from UK sugar tax, US freight costs
Coca-Cola Co said on Tuesday it would take a hit in the second quarter from the introduction of a British sugar tax on soft drinks and rising freight costs in the United States, overshadowing modestly better than forecast results for the first three months of 2018.
The somber forecast undid an initial rise in shares of the world’s biggest drinks maker after it topped forecasts for revenue and profit, helped by a reboot of its Diet Coke brand that has introduced new flavors and cans.
-Nampa/Reuters
Toys 'R' Us sets up US$156 million fund
Toys ‘R’ Us will set aside about US$156 million to pay vendors for toys and merchandise shipped after the US retailer’s Chapter 11 bankruptcy filing last September, a lawyer for the company said on Tuesday.
The vendor reserve fund will be carved out of a broader budget meant to cover some expenses as the retailer winds down its business in the largest-ever US retail liquidation, Toys ‘R’ Us lawyer Joshua Sussberg said at a hearing at USBankruptcy Court in Richmond, Virginia.
-Nampa/Reuters
BP has 'very strong' partnership with Rosneft - CEO
-BPhas a “very strong” partnership with Russian oil giant Rosneft but will steer away from politics, CEO Bob Dudley said on Tuesday, as Moscow could face new western sanctions.
BP has a 19.75% stake and a board seat in the state-owned oil and gas company.
“We have a very strong partnership with Rosneft, we have had for years, but we stay out of politics,” Dudley told the AIPN International Petroleum Summit in London.
-Nampa/Reuters
Caterpillar shares slide
Caterpillar Inc’s shares tumbled on Tuesday, giving up early gains on concerns that rising materials costs could squeeze profit margins for the heavy equipment manufacturer following US President Donald Trump’s crackdown on steel imports.
Those worries overshadowed its strong performance in the March quarter. Profits and revenues topped analysts’ estimates, while the world’s largest heavy equipment maker also upgraded its profit outlook for the full year 2018.
-Nampa/Reuters
South African Airways (SAA) needs a new capital injection “now” to stay afloat and was in discussions with banks and the National Treasury for “an open credit line”, its chief executive said on Tuesday.
SAA, which has not generated profit since 2011, is regularly cited by ratings agencies as a drain on the government purse and has already received state guarantees totaling nearly 20 billion rand (US$1.62 billion).
-Nampa/Reuters
Coke warns of pain from UK sugar tax, US freight costs
Coca-Cola Co said on Tuesday it would take a hit in the second quarter from the introduction of a British sugar tax on soft drinks and rising freight costs in the United States, overshadowing modestly better than forecast results for the first three months of 2018.
The somber forecast undid an initial rise in shares of the world’s biggest drinks maker after it topped forecasts for revenue and profit, helped by a reboot of its Diet Coke brand that has introduced new flavors and cans.
-Nampa/Reuters
Toys 'R' Us sets up US$156 million fund
Toys ‘R’ Us will set aside about US$156 million to pay vendors for toys and merchandise shipped after the US retailer’s Chapter 11 bankruptcy filing last September, a lawyer for the company said on Tuesday.
The vendor reserve fund will be carved out of a broader budget meant to cover some expenses as the retailer winds down its business in the largest-ever US retail liquidation, Toys ‘R’ Us lawyer Joshua Sussberg said at a hearing at USBankruptcy Court in Richmond, Virginia.
-Nampa/Reuters
BP has 'very strong' partnership with Rosneft - CEO
-BPhas a “very strong” partnership with Russian oil giant Rosneft but will steer away from politics, CEO Bob Dudley said on Tuesday, as Moscow could face new western sanctions.
BP has a 19.75% stake and a board seat in the state-owned oil and gas company.
“We have a very strong partnership with Rosneft, we have had for years, but we stay out of politics,” Dudley told the AIPN International Petroleum Summit in London.
-Nampa/Reuters
Caterpillar shares slide
Caterpillar Inc’s shares tumbled on Tuesday, giving up early gains on concerns that rising materials costs could squeeze profit margins for the heavy equipment manufacturer following US President Donald Trump’s crackdown on steel imports.
Those worries overshadowed its strong performance in the March quarter. Profits and revenues topped analysts’ estimates, while the world’s largest heavy equipment maker also upgraded its profit outlook for the full year 2018.
-Nampa/Reuters
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