Company news
United Airlines' chief financial officer resigns
United Airlines’ chief financial officer Andrew Levy is stepping down, the carrier said on Thursday, in a major management shakeup as the airline’s financial performance lags rivals.
Levy will be replaced in the interim by Gerry Laderman, a senior United executive, who had served as acting chief financial officer before Levy’s appointment. The carrier said it will immediately begin a search for a permanent replacement.
In a statement, Levy said he resigned on Monday, May 14, after serving less than two years in the post.
-Nampa/Reuters
SAA seeks urgent funding after latest loss
South African Airways said executives will meet National Treasury officials every two weeks to address urgent funding needs after the embattled national airline reported a seventh consecutive year of losses - and the worst since 2015.
The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene, who is already under pressure to revive the country’s own stretched finances. SAA chief executive officer Vuyani Jarana said last month the airline needs R5billion immediately, while looming debt payments next year may require further government assistance.
-Fin24
Investec bleeds R220m on Steinhoff exposure
Investec Bank lost R220million as a result of credit exposure to Steinhoff, the company said on Thursday, as it released financial results for the year ended March 31.
The company said the trading and investment losses were lower than earlier estimates.
Investec said the credit exposures, through Steinhoff Africa Retail, "represent a small portion [of] the group’s balance sheet".
In December, Investec said in a statement that its loans to Steinhoff represented less than 0.25% of its total R464.8bn credit exposure as at September 30.
-Fin24
Vitol, Glencore, Shell in running for Petrobras' Nigerian assets
world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month.
Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale of 100% of Petrobras Oil & Gas BV, or Petrobras Africa, as part of the heavily-indebted company’s plan to offload US$21 billion in assets through 2018 as it also faces a massive corruption scandal.
-Nampa/Reuters
Airbus, Boeing weigh in on WTO ruling
The WTO Appellate Body has published the first of two rulings expected this year on subsidies in the large commercial aircraft dispute between the US and the EU.
The first ruling is the Appellate Body’s final report on the EU’s compliance with previous World Trade Organisation’s (WTO) findings in the case against Airbus. The second ruling – dealing with Boeing’s case – is expected later this year.
According to Airbus, in its report, the Appellate Body confirms the legality of the loan partnership approach between Airbus and European governments.
-Fin24
United Airlines’ chief financial officer Andrew Levy is stepping down, the carrier said on Thursday, in a major management shakeup as the airline’s financial performance lags rivals.
Levy will be replaced in the interim by Gerry Laderman, a senior United executive, who had served as acting chief financial officer before Levy’s appointment. The carrier said it will immediately begin a search for a permanent replacement.
In a statement, Levy said he resigned on Monday, May 14, after serving less than two years in the post.
-Nampa/Reuters
SAA seeks urgent funding after latest loss
South African Airways said executives will meet National Treasury officials every two weeks to address urgent funding needs after the embattled national airline reported a seventh consecutive year of losses - and the worst since 2015.
The carrier’s precarious balance sheet is among the most urgent tasks on the to-do list of Finance Minister Nhlanhla Nene, who is already under pressure to revive the country’s own stretched finances. SAA chief executive officer Vuyani Jarana said last month the airline needs R5billion immediately, while looming debt payments next year may require further government assistance.
-Fin24
Investec bleeds R220m on Steinhoff exposure
Investec Bank lost R220million as a result of credit exposure to Steinhoff, the company said on Thursday, as it released financial results for the year ended March 31.
The company said the trading and investment losses were lower than earlier estimates.
Investec said the credit exposures, through Steinhoff Africa Retail, "represent a small portion [of] the group’s balance sheet".
In December, Investec said in a statement that its loans to Steinhoff represented less than 0.25% of its total R464.8bn credit exposure as at September 30.
-Fin24
Vitol, Glencore, Shell in running for Petrobras' Nigerian assets
world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras that owns stakes in two major Nigerian offshore oil blocks, industry and banking sources with knowledge of the matter said, after submitting bids earlier this month.
Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale of 100% of Petrobras Oil & Gas BV, or Petrobras Africa, as part of the heavily-indebted company’s plan to offload US$21 billion in assets through 2018 as it also faces a massive corruption scandal.
-Nampa/Reuters
Airbus, Boeing weigh in on WTO ruling
The WTO Appellate Body has published the first of two rulings expected this year on subsidies in the large commercial aircraft dispute between the US and the EU.
The first ruling is the Appellate Body’s final report on the EU’s compliance with previous World Trade Organisation’s (WTO) findings in the case against Airbus. The second ruling – dealing with Boeing’s case – is expected later this year.
According to Airbus, in its report, the Appellate Body confirms the legality of the loan partnership approach between Airbus and European governments.
-Fin24
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