Company news in brief

Massmart to close non-performing storesSouth African retailer Massmart said yesterday it had decided to close all of its non-performing stores, as cash-strapped consumers battle with high unemployment, modest wage increases and higher average fuel and utility prices.Massmart, majority-owned by Walmart, said management will close trading at 23 Dion Wired Stores on March 19 and will decide whether to cease trading at 11 Masscash stores.The company said it would continue talks with labour unions on measures to mitigate job losses and look at moving affected workers into vacant roles in other stores “where practical and reasonable”.In the year ended Dec. 31, Massmart’s mass discounters division, which comprises hi-tech retailer Dion Wired and general merchandise and food retailer Game, fell to an annual trading loss of R674.6 million from a profit of R32.6 million hurt by lower consumer spending on electronics. – Nampa/ReutersStanchart Kenya confronts virus impactStandard Chartered Bank of Kenya reported higher earnings and dividend for the full year yesterday and its chief executive said it was too early to assess the impact of the coronavirus epidemic on its business.StanChart Kenya, which is 75% owned by Standard Chartered Plc, said that if the crisis extends beyond 90 days, its negative impact on its business could become significant.StanChart Kenya's pretax profit rose 3% to 12.2 billion shillings (US$117 million) in 2019, as a focus on keeping a lid on bad loans restrained revenue growth.Operating income was flat at 28.7 billion shillings, the bank said, while impairment losses dropped 83% to 0.6 billion shillings as bad debts were cut, helping to offset the impact of higher expenses.The lender, which is the fourth largest by assets in Kenya, said its earnings per share edged up 2% to 23.49 shillings. – Nampa/ReutersBHP says no hit to operations so farBHP Group said yesterday its operations had not been materially impacted so far by the coronavirus pandemic and that it had implemented additional procedures to prevent the spread of the disease among its employees."BHP supply chains are still open and we currently have adequate supplies to operate and maintain critical equipment," chief executive Mike Henry said, adding that he was encouraged by increased activity in China, the world's top metals consumer.The miner had warned last month that demand for iron ore could take a hit this year if the fallout from the pandemic in China extended beyond March.The company has banned international business travel for all its employees, one among many steps to try and mitigate risk to workers, and is also testing business continuity plans at several sites and offices.On Wednesday, unionised workers at BHP’s Escondida copper mine in Chile, the world's largest, said they would ask authorities to shut down the mine unless management began implementing stricter measures to prevent the spread of the virus.Qantas to redeploy staff at WooliesAustralia's Qantas Airways Ltd is in talks with grocer Woolworths Group Ltd about redeploying some of its workers as coronavirus-hit financial markets braced for expected intervention by the country's central bank yesterday.The flagship airline said it was temporarily laying off 20 000 employees, about two thirds of its workforce, as it suspended all international flights and slashed domestic services by almost two thirds."Sadly there's no work for most of our people," Qantas chief executive Alan Joyce said, adding the layoffs would last until at least the end of May. "They will maintain their jobs and they will have an opportunity to come back to Qantas."Supermarkets, however, have been contending with an influx of shoppers as people, wary that Australia will follow other countries by imposing movement restrictions on its citizens, rush to purchase goods. Supermarket shelves are stripped daily of essentials, including milk, pasta, toilet paper and meat.Joyce said Brad Banducci, the chief executive of Woolworths, the country's No.1 grocer, contacted him earlier in the week about the possibility of a staff secondment. Woolworths and Qantas are partners in the airline's Frequent Flyer programme. – Nampa/ReutersCodelco to cut operationsChilean copper miner Codelco said on Wednesday it would reduce its operations to comply with a state of catastrophe announced by the government in a bid to curb the spread of coronavirus.The miner, the world's biggest of the precious red metal, said it would maintain "operational continuity" for a period of 15 days from March 19.Codelco said in a statement that the state of catastrophe announced by government imposed strict limits on movement and left it with no choice but to curtail its operations.The move by Codelco comes as London copper prices on Wednesday fell below US$5 000 a tonne for the first time since November 2016.Chile is home to global miners like state-owned Codelco, BHP, Anglo American Plc, Glencore Plc, Freeport-McMoRan Inc and Antofagasta Plc. – Nampa/Reuters

Company news in brief

Kommentaar

Republikein 2025-04-18

Meld asseblief aan om kommentaar te lewer

Company news in brief

Kommentaar

Republikein 2025-04-18

Meld asseblief aan om kommentaar te lewer

MELD AAN

Advertensie