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Retail & Consumer

Renewed optimism on SABMiller deal buoys AB InBev shares

Picture: BLOOMBERG/DEAN HUTTON

As the megabrewer merger gets back on track, the brewers’ shares have risen in Brussels, London and Johannesburg

Labour

Eskom wages strike will ‘damage business’, union threatens

The government’s response to Eskom’s bullying has been startling. Energy Minister Tina Joemat-Pettersson and Public Enterprises Minister Lynne Brown have said absolutely nothing. Picture: REUTERS

The National Union of Mineworkers, which represents 16,000 workers at Eskom, is threatening to strike from August 8

Markets

JSE faces watchdog probe over R134bn foreign trading error

Picture: REUTERS

The Financial Services Board says the error has raised concern ‘in the market and amongst fellow regulators’ and it will take ‘appropriate steps’

Retail & Consumer

Sweetened SABMiller offer is final, says AB InBev

SABMiller branded six packs of Castle Lite beer move along the production line at SABMiller's Newlands brewery in Cape Town on Tuesday. Picture: BLOOMBERG/HALDEN KROG

Announcing disappointing results, CEO Carlos Brito says the companies have made good progress on their deal — after SABMiller called a halt to integration efforts

Industrials

ArcelorMittal suffers under the weight of SA’s dismal growth rate

Picture: REUTERS/DADO RUVIC

Steel maker says the sector remains vulnerable and needs government support, including safeguard duties, fairer pricing and more construction programmes

Financial Services

Absa’s home loan impairments shoot up

Picture:  BLOOMBERG/NADINE HUTTON

SA’s biggest mortgage provider says nonperforming loans in its home loan division were also up, this reflected the financial stress of households

Financial Services

Shares in Liberty dive after it reports 10% fall in EPS

Picture: THINKSTOCK

Life insurer says the one-off cost of a modeling change and the transfer of eligible risk policies to its new risk tax fund contributed to the decline in earnings

Mining

Anglo stock rallies as debt reduction shows results

Mark Cutifani. Picture: BUSINESS DAY

CEO Mark Cutifani forecasts breaching the $10bn net debt level by the end of 2016 as capital discipline, strict cost controls and asset sales take effect

Bruce Cleaver. Picture: FINANCIAL MAIL

New CEO mending fences for De Beers

New CEO Bruce Cleaver says sightholders appreciate a dab hand steering the diamond company

Telecoms & Technology

MTN bides its time for Nigeria listing

A man passes an MTN board in Lagos, Nigeria.  Picture:  AFP PHOTO/PIUS UTOMI EKPEI

The listing is part of a $1.06bn fine settlement the firm reached with the Nigerian Communications Commission

Mining

Sibanye confirms it will not make an offer for Acacia

GOLD SMELTING: Job creation could best be achieved by industrial development. It was believed that manufacturing could employ a much higher proportion of workers than mining because of its greater need for skilled labour.  Picture: PIETER DE RAS

Gold producer says it thought about making an offer for Barrick Gold’s African unit but is no longer ‘actively considering an offer’

Asia-Pacific

NEWS ANALYSIS: Irony of China’s iron-ore miners seeking protection

SLOWDOWN CONTINUES: A labourer walks past piles of steel coils at a steel wholesale market in China. The country’s economic growth slowed to 7.5% in the second quarter. Picture: REUTERS

Chinese iron-ore miners’ complaints underscores the multitude of challenges facing the world’s biggest steel industry, writes Clyde Russell

Property

Emira spurns Arrowhead’s ‘unsolicited’ takeover move

Picture: THINKSTOCK

Emira Property Fund has rejected the expression of interest by Arrowhead Properties in acquiring the diversified property company

Opinion

COMPANY COMMENT: SABMiller; KWV

Picture: TREVOR SAMSON

Minorities look with interest at KWV pile, while SABMiller head makes it clear the board merely needs time to consider the revised offer


International companies


Americas

Welcome to the end of the boom time, says Ford, sending sector into a spin

GEARING UP:  With the appropriate policies and strategies, the South African vehicle manufacturing industry could be rivalled by operations in countries such as Ethiopia, Kenya and Nigeria. Picture: SUPPLIED

Car makers’ shares plunged after Ford took a stance contrary to its rivals’ but in line with dealers’ view that a long period of US growth is over

Europe

Wealth management unit at UBS behind notable drop in profit

BATTLE READY: Sergio Ermotti, centre, CEO of Swiss bank UBS, arrives in Zurich ahead of the general shareholders meeting on Thursday. Picture: REUTERS

UBS says tough market conditions are ‘unlikely to change in the foreseeable future’ but that it was likely to benefit ‘from even a moderate improvement in conditions’

Europe

Amazon ‘crushes estimates’, buoyed by huge growth in cloud services

Amazon. Picture: REUTERS/RICK WILKING

Amazon is riding a wave of retail sales moving to the internet and is using original videos in a Netflix-like service to win new customers

Asia-Pacific

Bank of Japan’s new stimulus package deemed less than audacious

Bank of Japan Governor Haruhiko Kuroda during a news conference at the BOJ headquarters in Tokyo on Wednesday. Picture: REUTERS

BoJ won’t admit it but it has reached the limits of quantitative easing, says an analyst, after the central bank’s much anticipated announcement disappoints

Picture: SUNDAY TIMES

Barclays reaps the benefits of corporate makeover

The British bank has reported improved performance in its key businesses, helping to send its shares up more than 7%

Americas

BHP, Vale to book $2bn for dam disaster, mine revival hopes delayed

DELUGE: The Bento Rodrigues district was covered in mud after a mine dam burst in Mariana, Brazil, in November 2015. Regulators are mulling Samarco Mineracao’s proposal to use an old shaft to dump waste. Picture: REUTERS

BHP Billiton and Vale will book charges totalling more than $2bn after 2015’s tailings dam spill at their joint venture in Brazil

Europe

Credit Suisse in surprise profit posting

CEO Tidjane Thiam says Credit Suisse has not given its home market of Switzerland enough attention. Picture: REUTERS/ARND WIEGMANN

CEO Tidjane Thiam has reorganised Credit Suisse to scale back securities trading and free up capital for expanding the wealth-management business

Picture: SUNDAY TIMES

Eskom should not leave IPPs in the cold

Switching off independent power producers will be a blow to SA’s world-acclaimed renewables programme — one of the country’s rare successes

Retail & Consumer

Governments fail to impede BAT growth

Picture: THINKSTOCK

British American Tobacco defies global effort to stomp out smoking with strong set of results, including organic growth

Industrials

Too much overlap, says commission of Italtile’s plan to buy out associates

Italtile tile display. Picture: SUPPLIED

Tile retailer Italtile opposes the finding and will file for review by the Competition Tribunal

Property

Intu upbeat as interim earnings rise

Intu Properties CE David Fischel. Picture: FINANCIAL MAIL

Intu Properties grew its earnings per share 10% in the six months to June, despite concerns over the strength of the British consumer and downward pressure on UK property prices

Americas

Facebook shares soar as it beats estimates again

SMILEY FACE: CEO Mark Zuckerberg has ultimate control of Facebook, thanks to a special kind of stock that gives him 10 votes on corporate matters for every one vote of other shareholders. Picture: REUTERS/MAXIM SHEMETOV

Social networking giant beats market expectations yet again in the latest quarter, pushing up its shares to a record high

Retail & Consumer

AB InBev takeover stalls on final offer

Anheuser-Busch InBev and SABMiller branded beers. Picture: BLOOMBERG/HALDEN KROG

SABMiller orders staff dealing with integration to halt work as megabrew merger slides to a halt

Opinion

COMPANY COMMENT: AB InBev; Pinsent Masons

Picture: THE TIMES

Brexit takes the fizz out of AB InBev deal, while African infrastructure build behind Pinsent Masons’s arrival

Mining

Anglo American cuts debt despite a tough first half

A worker walks past a board outside Anglo American offices in Johannesburg. Picture:  REUTERS/SIPHIWE SIBEKO

The diversified miner had to contend with falling prices for most of its commodities, but cuts in costs and capital spending helped its cash flow

Retail & Consumer

SABMiller down, merger hopes up

Picture: THE TIMES

SABMiller and AB InBev stress ‘convergence planning’ they started in March has not contravened the regulations of any competition authority involved

Americas

Oracle in $9.3bn deal for cloud vendor NetSuite

Safra Catz. Picture: BLOOMBERG

Financial software provider NetSuite will help Oracle compete against the likes of SAP, Salesforce.com and Microsoft

Energy

Policy not set by Eskom CEO, says Gordhan

Brian Molefe. Picture: TREVOR SAMSON

Finance Minister Pravin Gordhan says the independent power producers programme is still a key state policy

Retail & Consumer

Tribunal still to decide on Massmart hearing over retail lease agreements

Makro store in Midrand, Johannesburg. Picture: SOWETAN/ANTONIO MUCHAVE

Competition Tribunal reserves judgment on Massmart's challenge to big retailers’ long-term lease exclusivity agreements

Europe

Shell profit down 70%, but still better than analysts’ estimates

Royal Dutch Shell CEO Ben van Beurden. Picture: REUTERS/BENOIT TESSIER

Royal Dutch Shell CEO Ben van Beurden says lower oil prices are still a huge problem for the business, as well as poor refining profits

Europe

Emissions cheating scandal halves Volkswagen’s profit in second quarter

Volkswagen received a platinum award for LCV purchasing.

‘Enormous feats of strength’ will be needed to manage the fall-out from the diesel emissions misconduct, Volkswagen’s finance director Frank Witter says

Healthcare

PIC to invest in Ascendis as it pursues European buys

Picture: ISTOCK

Public Investment Corporation’s R1.8bn is part of funding for Ascendis's acquisitions in Cyprus and Luxembourg

JSE Sens

Standard Bank

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