COMPANY NEWS IN BRIEF

Mondelez faces backlash over Russia business

Mondelez International, facing a widening corporate boycott in the Nordic region over its continued presence in Russia, said late on Sunday it had asked to meet with the Norwegian government to protect its local business.

Airlines SAS and Norwegian Air, railway group SJ, hotel chain Strawberry, retailer Elkjop, shipping group Fjord Line and the Norwegian Football Association were among those announcing in recent days that they would stop selling Mondelez products.

The global snack maker, producer of Oreo, Toblerone and dozens of other brands, has a strong presence in Norway and Sweden via its local chocolate manufacturers Freia and Marabou.

Although some Western companies sold their Russian assets after Moscow's invasion of Ukraine last year, others such as Mondelez have stayed despite pushback from employees in other countries. Russia says the invasion is a "special operation".

Nordic companies said their decision stop selling Mondelez products was based on an announcement this year by Ukraine's National Agency for the Prevention of Corruption to blacklist the snack maker and other groups.

Coop Norge, Norway's second biggest food retailer, said on Saturday that it would seek advice from the Norwegian government before making any decisions.-Fin24

TymeBank now has 7m customers

African Rainbow Capital Investments (ARC), a firm founded by billionaire Patrice Motsepe, said its increased stake in a debt review and recoveries business is expected to pay off in the current tough economic environment. It is also still focused on profitability in coming months for TymeBank, which has grown to over 7 million customers.

The company, valued at about R8.5 billion on the JSE, released an update for its third quarter to end March on Friday, saying TymeBank had a monthly acquisition rate of 188 000 customers, down about 6% from the last quarter of 2022, though its customer base has grown almost 13%.

TymeBank launched in 2019 made up just over a tenth of the group's more than R13 billion fund value at the end of its half-year to end-December, while mobile and data business Rain, which makes up more than a quarter, is still hitting its monthly targets.

Rain had acquired new spectrum in 2022, with the company now having launched its new "affordable" mobile offering - rainOne - which includes an unlimited 5G home Wi-Fi offering, as well as service offering for two phones.

"The company expects a significant number of existing customers to switch to this new offering and to acquire new customers," it said.-Fin24

UBS has Swiss mountain to climb

With its Credit Suisse takeover officially wrapped up, UBS must now make good on its promise that the government-orchestrated rescue will deliver both for shareholders and Swiss taxpayers.

The world's biggest banking deal since the 2008 financial crisis has forged a wealth manager with an unrivalled global reach and $5 trillion in assets under management, handing UBS an overnight lead it would otherwise have taken years to achieve in key markets.

Arranged over a weekend in March to stave off a broader banking crisis, and backed by up to 250 billion Swiss francs (R5.2 trillion) in public funds - the tie-up now poses huge challenges and potential rewards for Switzerland and its biggest bank.

Switzerland must now contend with a bank whose balance sheet is twice as big as its economy, while Sergio Ermotti, who was brought back in as CEO to oversee the mega merger, faces tough strategic decisions as UBS integrates its smaller rival against an uncertain economic backdrop.

Possibly the first hurdle is a politically fraught decision on Credit Suisse's "crown jewel", its domestic business.-Fin24