Company news in brief

Deutsche to shift more assets to FrankfurtDeutsche Bank is considering shifting large volumes of assets from London to Frankfurt after the UK’s planned exit from the European Union next year to meet demands from European regulators, a person close to the matter said on Sunday.Deutsche will also transform its UK arm into a ringfenced subsidiary after Brexit and reduce the size and complexity of its British operations, the source said. The Financial Times reported earlier on Sunday, citing people familiar with the thinking of the bank’s executives, that Deutsche could eventually move about three-quarters of its estimated 600 billion euros in capital back from London to its headquarters.-Nampa/ReutersCredit Suisse targets profit of 5-6 billion Swiss francsCredit Suisse is aiming for an annual profit of 5 to 6 billion Swiss francs for the next two years as the bank puts its problems behind it, Chief Executive Tidjane Thiam told Swiss newspaper NZZ am Sonntag in an interview to be published on Sunday.“For the future our goal is business as usual,” Thiam said in the interview. “We have worked night and day over the last three years to eliminate the problems from the past. “For the next two years a profit of between 5 and 6 billion francs is realistic.”For 2018, Thiam said he expected the bank’s profits to be “a little lower” as it is still dealing with high financing costs.-Nampa/ReutersFour Eskom power plants have less than 10 days' coalFour Eskom power plants have fewer than 10 days of coal, with the power utility planning on trucking and railing supplies from a facility in the Limpopo province to the stations in Mpumalanga that’s about 400 kilometers away.The constraints at the plants in Mpumalanga are mainly because the company that supplies them is under business rescue, Khulu Phasiwe, a spokesperson for Eskom told SAFm radio Monday. The plants are supplied by mines owned by Tegeta Exploration and Resources, a company linked the Gupta family. Eskom plans to transport coal from its delayed Medupi power plant in Limpopo to the facilities in Mpumalanga, and plans to build an alternative, dirt road to move the fuel so as not to compromise existing freeways, Phasiwe said. The utility is also in talks with state rail company Transnet to move the coal by train.Oakbay said in August that it agreed to sell Tegeta for R2.97 billion to Swiss company Charles King SA. The disposal was expected to be concluded in 12 months, Oakbay said at the time.-Fin24The war for ChoppiesZimbabwean shareholders in the Botswana-based multinational grocery and general merchandise retailer Choppies Enterprises have accused the company’s other shareholders of trying to “capture” them like the “Guptas did in South Africa”.Choppies is in partnership with Zimbabwean company Nanavac Investments, which is owned by that country’s former second deputy president, Phelekezela Mphoko, and his son, Siqokoqela.Nanavac is, according to a shareholder’s agreement that City Press has seen, a 51% shareholder in 32 outlets across Zimbabwe.This arrangement is in line with Zimbabwe’s indigenisation law.The shareholders’ agreement was apparently signed on July 24 2013 and thereafter, Zimbabwe’s ministry of youth development, indigenisation and empowerment gave the 51%:49% shareholding arrangement its stamp of approval.However, Choppies Enterprises, which has Botswana’s former president Festus Mogae as its chairperson, claims Nanavac’s interest in the business is a mere 7%.Choppies’ claims about the shareholding split has sparked a fracas since June 1, when Mogae wrote a letter to the Mphokos, claiming they were given the 7% shareholding free of charge.-Fin24Borrowers branch outBlue-chip corporates including Nestle are seeking to diversify their funding to avoid exposure to individual market risks.Over the past week, there has been a surge of interest from companies seeking to do deals in certain markets for the first time.Among the potential borrowers, Nestle (Aa2/AA-) has perhaps the highest profile. The food and beverage company, which makes KitKat and Aero chocolate bars, is planning its debut 144A US dollar deal. Until now, the Swiss company has always raised US dollars in a Reg S-only format.Bank of America, Barclays, Citigroup, and JP Morgan are leading the benchmark deal.-Nampa/Reuters

Company news in brief

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Namibian Sun 2024-11-15

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Company news in brief

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Namibian Sun 2024-11-15

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