COMPANY NEWS IN BRIEF

De Beers appoints Group CEOTop global diamond producer De Beers has announced oil and energy industry executive Al Cook as the new CEO of the group, taking over from Bruce Cleaver who will move into the role of De Beers co-chairperson.Both appointments are effective from early 2023.Duncan Wanblad, Anglo American CEO and Chair of De Beers Group, said Cook's appointment follows on Cleaver’s decision to step back after six years to a non-executive role.Cook brings more than 25 years of international leadership experience, gained predominantly at BP and Equinor, most recently leading Equinor’s multi-billion dollar global E&P business across Africa, the Americas and Europe. He previously led Equinor's global strategy and business development, developing the company’s net zero strategy."I believe Al’s multi- disciplinary strategic skillset and strong personal conviction and values are ideally suited to the nature of De Beers, a global business that spans much of the spectrum from exploration and mining to Bond Street and Madison Avenue," said Wanblad.Wanblad commended Cleaver for successfully steering De Beers through a period of considerable change over the last six years – "including leading the way through technology to provide consumers with absolute assurance of the ethical provenance of their diamonds" – and said he looked forward to his contribution as co-chair, "ensuring the greatest continuity for the business and our partners and stakeholders".-Fin24Transnet strike to hit Kumba productionKumba Iron Ore, a subsidiary of Anglo American, has warned its production will be hit by the organisation-wide strike at Transnet.Kumba on Monday said it had received a notice of force majeure from Transnet due to the strike and the miner had subsequently implemented contingency plans to safeguard its assets and minimise the impact on operations."However, as a result of the disruption to Transnet’s rail and port services, the estimated impact on production is approximately 50 000 tons per day for the first seven days and thereafter approximately 90 000 tons per day. Export sales will be impacted by approximately 120 000 tons per day," Kumba said in a statement on Monday.Workers from the SA Transport and Allied Workers Union (Satawu) are expected to join the strike on Monday following on the heels of the United National Transport Union (UNTU) which began their strike on Thursday.Transnet and trade unions will today meet for talks under the guidance of the Commission of Conciliation Mediation and Arbitration (CCMA), the company and unions have confirmed. Transnet has offered workers a wage increase of between 3% and 4% depending on their grade. UNTU and Satawu are demanding increases of 12% and 13.5% respectively. Transnet has also offered a once gratuity of R5 000 to be paid at the end of the financial year.Kumba said it will continue to monitor the situation closely and provide further updates, as appropriate. The company’s production and sales report for the third quarter of 2022 is scheduled for release on 27 October 2022.-Fin24Credit Suisse offers US$3 bln debt buybackCredit Suisse Group AG offered to buy back up to US$3 billion its own debt, in a move aimed at calming investor jitters ahead of the unveiling of a crucial strategy revamp. The announcement is a signal of confidence, in that the bank has enough liquidity to take advantage of the recent slump in debt markets and scoop up its own debt at a discount. Credit Suisse shares and bonds rose in Friday trading, while the cost of insuring against default fell. The Zurich-based bank has suffered a tumultuous week as markets questioned its stability amid a broader sell-off. Chief Executive Officer Ulrich Koerner is due to detail the bank’s second strategy overhaul in a year at the end of this month, widely seen as a critical opportunity to restore faith in the lender after more than a year of losses and management missteps. The debt repurchase plan is "a smart move, it builds confidence in the liquidity of the balance sheet and helps lower Credit Suisse’s funding costs," said Filippo Maria Alloatti, head of financials credit at Federated Hermes in London.The debt buyback echoes a US$5.4 billion offer made by Deutsche Bank AG in 2016 as markets pummelled the German lender, though the calming effect was short-lived.The offer includes euro and pound sterling debt securities worth up to 1 billion euros (US$980 million) and a separate offer for US dollar securities up to US$2 billion. Credit Suisse shares were up 6.9%, trading at 4.50 Swiss francs at 12:30 p.m in Zurich. The cost of insuring against default on five-year senior debt fell to 322 basis points, according to ICE Data Services, after surging to unprecedented levels earlier this month.-Fin24

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