Company news in brief
KPMG SA to replace CEO after corruption scandal
KPMG South Africa said yesterday that chief executive Nhlamulo Dlomu will step down to allow a new leader to restore the auditor's reputation after a corruption scandal that saw the company lose several major clients.
The new CEO will be recruited externally, it said.
KPMG South Africa has cut jobs and lost business over work done for a company owned by the Gupta family, friends of former president Jacob Zuma who were accused of unduly influencing the award of billions of rand in government contracts.
The Guptas and Zuma have denied any wrongdoing.
Dlomu will remain at the company, taking on a newly created global role focusing on ethical leadership and organisational culture change, it said. – Nampa/Reuters
Eskom can recover billions over four years
South African energy regulator NERSA on Tuesday gave power utility Eskom the go-head to recover R32.69 billion of costs incurred over the past three years through higher tariffs over a four-year period from 2019 to 2023.
Eskom had been hoping to recover the costs in three years.
Cash-strapped Eskom, which is battling to emerge from governance and financial difficulties, had applied for R66.6 billion to compensate for costs that were not factored in previous tariff increases granted by the regulator.
NERSA said in June that Eskom could recover the R32.69 billion but did not provide the time frame at that time.
Aston Martin drives into £4.3bn London listing
James Bond's favourite carmaker Aston Martin yesterday launched on the London stock market, valuing the British luxury sports car brand at £4.3 billion.
Aston, which has a long-running association with the fictional British spy, said in a statement that it has priced its initial public offering (IPO) at £19 per share in the middle of its stated range.
The stock was however virtually unchanged when it began conditional dealing on the London Stock Exchange at 0700 GMT.
The listing sees investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than £1.0 billion between them as the firm floats a quarter of its capital or 57 million shares.
Aston is now however seeking to ramp up production and analysts predict that its top-end luxurious vehicles will likely be insulated from the twin challenges of Brexit and trade tariffs. – Nampa/AFP
Northam Platinum, union sign wage deal
South Africa's National Union of Mineworkers (NUM) has signed a three-year wage deal with platinum producer Northam Platinum that secures wage hikes of more than double the inflation rate for its members, the union said on Tuesday.
Depressed prices and rising costs mean South African mining companies have scant room for big wage hikes but unions maintain the increases come off a low base rooted in the country's apartheid past when the black labour force was exploited and underpaid.
NUM said in a statement that the increases for the lowest-paid underground workers would be R1 000 per month in 2018, with raises of R1 100 and R1 200 a month over the next two years.
According to Reuters' calculations this works out to increases of just under 11% annually, compared with an inflation rate of 4.9%.
Northam’s annual operating profit rose by more than 34% to R823 million for the year to June 30 although preference share dividend arrangement meant it posted a loss. – Nampa/Reuters
Hilton to double hotels in Africa
Hilton Worldwide Holdings plans to more than double its hotels in Africa in the next five years by mainly striking deals with existing hotels for conversion into its brand, its chief executive said.
International chains, including Marriott International and Hyatt Hotels, have been increasing their investments in Africa, which has some of the world's fastest growing economies and a rising middle class.
Hilton plans to introduce its Curio Collection, an upscale hotel brand, on the continent, starting with a hotel at Lagos airport in Nigeria, Chris Nassetta, the company's president and CEO, said.
The continent continues to undergo rapid urbanisation, with the United Nations forecasting that the world's 10 fastest-growing cities will all be in Africa by 2035, he said.
The pipeline of new facilities is part of its Africa growth initiative, launched last year, which involves the investment of US$50 million over five years. It will result in Hilton starting operations in countries where it does not have a presence such as Botswana and Rwanda. – Nampa/Reuters
KPMG South Africa said yesterday that chief executive Nhlamulo Dlomu will step down to allow a new leader to restore the auditor's reputation after a corruption scandal that saw the company lose several major clients.
The new CEO will be recruited externally, it said.
KPMG South Africa has cut jobs and lost business over work done for a company owned by the Gupta family, friends of former president Jacob Zuma who were accused of unduly influencing the award of billions of rand in government contracts.
The Guptas and Zuma have denied any wrongdoing.
Dlomu will remain at the company, taking on a newly created global role focusing on ethical leadership and organisational culture change, it said. – Nampa/Reuters
Eskom can recover billions over four years
South African energy regulator NERSA on Tuesday gave power utility Eskom the go-head to recover R32.69 billion of costs incurred over the past three years through higher tariffs over a four-year period from 2019 to 2023.
Eskom had been hoping to recover the costs in three years.
Cash-strapped Eskom, which is battling to emerge from governance and financial difficulties, had applied for R66.6 billion to compensate for costs that were not factored in previous tariff increases granted by the regulator.
NERSA said in June that Eskom could recover the R32.69 billion but did not provide the time frame at that time.
Aston Martin drives into £4.3bn London listing
James Bond's favourite carmaker Aston Martin yesterday launched on the London stock market, valuing the British luxury sports car brand at £4.3 billion.
Aston, which has a long-running association with the fictional British spy, said in a statement that it has priced its initial public offering (IPO) at £19 per share in the middle of its stated range.
The stock was however virtually unchanged when it began conditional dealing on the London Stock Exchange at 0700 GMT.
The listing sees investors Investindustrial, Adeem Investments, Primewagon and senior management bank more than £1.0 billion between them as the firm floats a quarter of its capital or 57 million shares.
Aston is now however seeking to ramp up production and analysts predict that its top-end luxurious vehicles will likely be insulated from the twin challenges of Brexit and trade tariffs. – Nampa/AFP
Northam Platinum, union sign wage deal
South Africa's National Union of Mineworkers (NUM) has signed a three-year wage deal with platinum producer Northam Platinum that secures wage hikes of more than double the inflation rate for its members, the union said on Tuesday.
Depressed prices and rising costs mean South African mining companies have scant room for big wage hikes but unions maintain the increases come off a low base rooted in the country's apartheid past when the black labour force was exploited and underpaid.
NUM said in a statement that the increases for the lowest-paid underground workers would be R1 000 per month in 2018, with raises of R1 100 and R1 200 a month over the next two years.
According to Reuters' calculations this works out to increases of just under 11% annually, compared with an inflation rate of 4.9%.
Northam’s annual operating profit rose by more than 34% to R823 million for the year to June 30 although preference share dividend arrangement meant it posted a loss. – Nampa/Reuters
Hilton to double hotels in Africa
Hilton Worldwide Holdings plans to more than double its hotels in Africa in the next five years by mainly striking deals with existing hotels for conversion into its brand, its chief executive said.
International chains, including Marriott International and Hyatt Hotels, have been increasing their investments in Africa, which has some of the world's fastest growing economies and a rising middle class.
Hilton plans to introduce its Curio Collection, an upscale hotel brand, on the continent, starting with a hotel at Lagos airport in Nigeria, Chris Nassetta, the company's president and CEO, said.
The continent continues to undergo rapid urbanisation, with the United Nations forecasting that the world's 10 fastest-growing cities will all be in Africa by 2035, he said.
The pipeline of new facilities is part of its Africa growth initiative, launched last year, which involves the investment of US$50 million over five years. It will result in Hilton starting operations in countries where it does not have a presence such as Botswana and Rwanda. – Nampa/Reuters
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