Company news in brief
ArcelorMittal SA may close some sites
ArcelorMittal's South Africa unit said on Wednesday it may close some operations pending a review as it looks to strengthen its long-term sustainability and battle cheap imports, rising costs and a flagging local economy.
The company, majority-owned by ArcelorMittal, said its review would exclude its coke operations and the Highveld Structural Mill but would include some of its major operating sites, individual plants and production areas.
ArcelorMittal South Africa, which has for some time complained about cheap imports eating into its business, has also been hit by subdued investment and infrastructure spending in the country, as well as a weak South African economy.
The company said it had begun consultations with its employees and trade unions on jobs but did not provide further details.
In July the firm said it planned to cut more than 2 000 jobs. – Nampa/Reuters
Sibanye to cut over 5 000 jobs
South African miner Sibanye-Stillwater said on Wednesday that it could cut around 5 270 jobs as it restructures its loss-making Marikana mine.
Sibanye said the restructuring was aimed at returning the mine to profit and ensuring the sustainability of the remaining shafts, driving its share price up 6% to R21.28.
After a review into the mine's operations, some shafts at risk of closure would continue to operate, lessening job losses, Sibanye-Stillwater CEO Neal Froneman said.
Marikana was previously owned by Lonmin before the struggling platinum miner was taken over by Sibanye-Stillwater in a deal seen as the only way to save its 29 000-strong workforce. The mine was where 34 striking miners died in 2012 after being shot by police in an event that would become known as the “Marikana massacre”.
The job losses at the operations taken over from Lonmin - which account for over 26 000 staff - are significantly smaller than those Lonmin announced in 2017, thanks to an improvement in prices for platinum group metals, Sibanye-Stillwater said. – Nampa/Reuters
Kenya’s Jambojet to double passengers
Kenya's first low-cost airline, Jambojet, plans to more than double its annual passengers to 1.5 million in the next three years by opening new routes in East Africa and flying planes more often, its chief executive said on Wednesday.
The no-frills carrier, founded by Kenya Airways five years ago, ferries 700 000 passengers a year within Kenya and to neighbouring Uganda after an aggressive expansion aimed at first time flyers who would normally take a bus.
Like budget carriers in Europe and South Africa, Jambojet passengers only pay for seats. The airline charges extra for services such as baggage and meals, allowing ticket prices to compete with buses and trains.
The airline has grown traffic by a compounded annual rate of 25%, giving it a modest return, Kilavuka said, although he declined to give figures.
Except for Ethiopian Airlines, most bigger carriers in the region are loss-making, including Kenya Airways, which parliamentarians voted to re-nationalise in July. – Nampa/Reuters
Imperial cuts annual profit forecast
British tobacco company Imperial Brands Plc yesterday cut its revenue and profit outlook for the full year in the face of a regulatory backlash against vaping in the United States that could reshape the industry.
The company now expects annual revenue to grow around 2% and earnings per share to be flat compared to previous year at constant currency rates. Its "next generation products" (NGP) unit that focuses on e-cigarettes and vapour-based products, is also seen growing below its expectations.
Vaping devices, which vaporise liquid containing nicotine, have borne the brunt of regulatory crackdowns globally. The Donald Trump administration in the United States has announced plans to remove all flavoured e-cigarettes from store shelves due to their rising popularity among teenagers.
Imperial had earlier expected revenue to grow at or above the upper end of its forecast range of 1% to 4%, with profit rising between 4% and 8% in the medium term. It reported revenue of 30.52 billion pounds (US$37.71 billion) and profit of 272.2 pence per share in 2018.
Its NGP business is now expected to grow by around 50%, and Imperial said it could also end some contracts in its supply chain for these newer products as it evaluates the path ahead. – Nampa/Reuters
Mattel launches 'gender-inclusive' dolls
Mattel on Wednesday unveiled a line of "gender-inclusive" dolls in a bid to respond to youth seeking toys not "dictated by gender norms," a company vice president said.
The new line dubbed "Creatable World" includes six dolls in a range of skin colours, with options to customise with short or long hair and a variety of shoe and clothing options.
For several years Mattel has aimed to diversify its models, particularly those of the iconic doll Barbie, after having offered for decades - barring a few exceptions - a young, lithe blonde white woman with high heels.
The announcement comes one day after French toymakers signed a pact to rid games and toys of gender stereotypes the government blames for keeping women out of math and science careers. – Nampa/AFP
ArcelorMittal's South Africa unit said on Wednesday it may close some operations pending a review as it looks to strengthen its long-term sustainability and battle cheap imports, rising costs and a flagging local economy.
The company, majority-owned by ArcelorMittal, said its review would exclude its coke operations and the Highveld Structural Mill but would include some of its major operating sites, individual plants and production areas.
ArcelorMittal South Africa, which has for some time complained about cheap imports eating into its business, has also been hit by subdued investment and infrastructure spending in the country, as well as a weak South African economy.
The company said it had begun consultations with its employees and trade unions on jobs but did not provide further details.
In July the firm said it planned to cut more than 2 000 jobs. – Nampa/Reuters
Sibanye to cut over 5 000 jobs
South African miner Sibanye-Stillwater said on Wednesday that it could cut around 5 270 jobs as it restructures its loss-making Marikana mine.
Sibanye said the restructuring was aimed at returning the mine to profit and ensuring the sustainability of the remaining shafts, driving its share price up 6% to R21.28.
After a review into the mine's operations, some shafts at risk of closure would continue to operate, lessening job losses, Sibanye-Stillwater CEO Neal Froneman said.
Marikana was previously owned by Lonmin before the struggling platinum miner was taken over by Sibanye-Stillwater in a deal seen as the only way to save its 29 000-strong workforce. The mine was where 34 striking miners died in 2012 after being shot by police in an event that would become known as the “Marikana massacre”.
The job losses at the operations taken over from Lonmin - which account for over 26 000 staff - are significantly smaller than those Lonmin announced in 2017, thanks to an improvement in prices for platinum group metals, Sibanye-Stillwater said. – Nampa/Reuters
Kenya’s Jambojet to double passengers
Kenya's first low-cost airline, Jambojet, plans to more than double its annual passengers to 1.5 million in the next three years by opening new routes in East Africa and flying planes more often, its chief executive said on Wednesday.
The no-frills carrier, founded by Kenya Airways five years ago, ferries 700 000 passengers a year within Kenya and to neighbouring Uganda after an aggressive expansion aimed at first time flyers who would normally take a bus.
Like budget carriers in Europe and South Africa, Jambojet passengers only pay for seats. The airline charges extra for services such as baggage and meals, allowing ticket prices to compete with buses and trains.
The airline has grown traffic by a compounded annual rate of 25%, giving it a modest return, Kilavuka said, although he declined to give figures.
Except for Ethiopian Airlines, most bigger carriers in the region are loss-making, including Kenya Airways, which parliamentarians voted to re-nationalise in July. – Nampa/Reuters
Imperial cuts annual profit forecast
British tobacco company Imperial Brands Plc yesterday cut its revenue and profit outlook for the full year in the face of a regulatory backlash against vaping in the United States that could reshape the industry.
The company now expects annual revenue to grow around 2% and earnings per share to be flat compared to previous year at constant currency rates. Its "next generation products" (NGP) unit that focuses on e-cigarettes and vapour-based products, is also seen growing below its expectations.
Vaping devices, which vaporise liquid containing nicotine, have borne the brunt of regulatory crackdowns globally. The Donald Trump administration in the United States has announced plans to remove all flavoured e-cigarettes from store shelves due to their rising popularity among teenagers.
Imperial had earlier expected revenue to grow at or above the upper end of its forecast range of 1% to 4%, with profit rising between 4% and 8% in the medium term. It reported revenue of 30.52 billion pounds (US$37.71 billion) and profit of 272.2 pence per share in 2018.
Its NGP business is now expected to grow by around 50%, and Imperial said it could also end some contracts in its supply chain for these newer products as it evaluates the path ahead. – Nampa/Reuters
Mattel launches 'gender-inclusive' dolls
Mattel on Wednesday unveiled a line of "gender-inclusive" dolls in a bid to respond to youth seeking toys not "dictated by gender norms," a company vice president said.
The new line dubbed "Creatable World" includes six dolls in a range of skin colours, with options to customise with short or long hair and a variety of shoe and clothing options.
For several years Mattel has aimed to diversify its models, particularly those of the iconic doll Barbie, after having offered for decades - barring a few exceptions - a young, lithe blonde white woman with high heels.
The announcement comes one day after French toymakers signed a pact to rid games and toys of gender stereotypes the government blames for keeping women out of math and science careers. – Nampa/AFP
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