COMPANY NEWS IN BRIEF

Pan African Resources flags earnings drop amidMid-tier gold producer Pan African Resources said on Friday its headline earnings per share could fall by a quarter in its year to end-June, having previously flagged pressure as a results from challenges with Eskom's supply of electricity.Headline earnings per share are expected to fall by between 15% and 25%, the group said in a brief trading update, though a 16.8% average depreciation in the rand versus the dollar has helped offset its production fall.The miner, valued at R6.5 billion on the JSE, generated about US$75.6 million (about R1.4 billion) in this profit measure in its 2022. In May, however, it announced a cut to its 2023 guidance to 175 000 ounces, an almost 15% fall from the upper end of its previous range of between 195 000 and 205 000 ounces.The group said challenges related to "Eskom-generated electricity supply" hit all of its operations, resulting in a production loss of about 10 000 ounces - worth about R350 million at prices at the time. There was also a slower than anticipated ramp-up of continuous operations at Barberton as well as lower than expected production from Evander's underground operations.The company also experienced a fatality at Evander at as a result of a fall of ground in March, which brought an end to a period of one million fatality-free shifts.-Fin24Land Bank nears fourth year of defaultThe Land Bank's debt default more than three years ago continues to drag on, with Treasury and creditors now examining a fourth proposal, MPs heard in Parliament on Tuesday. The default occurred in April 2020, when the bank skipped a loan repayment, triggering a cross-default on its R50 billion bond programme. It was the first default by a state-owned enterprise since 1994. Three proposals to compensate bondholders have been rejected by the creditors' group.The specialist agricultural bank aims to support the development of farmers within the agricultural industry to finance land and equipment. Only 58% of the bank's liabilities have been paid to lenders, with an outstanding debt of R17.1 billion.But Land Bank spokesperson Sydney Soundy told News24 that the bank's financial state had improved, despite the debt default not being resolved. The bank now aims to exit default by the end of the financial year in March 2024."The bank is solvent. We are ensuring that we [can meet our mandate] to support the agricultural sector," said Soundy.-Fin24Walmart voice alarm at rising theftToothpaste, chocolate, washing powder and deodorant - everyday products are increasingly under lock and key at US retailers, as petty theft and organized shoplifting rise while consumers grapple with costs of living.Major retailers Walmart and Target, drugstore chains CVS and Walgreens, as well as home improvement firm Home Depot and footwear seller Foot Locker are among those to have voiced concern over more thefts - including violent incidents - in their latest earnings results."Organized retail crime, and theft in general, is an increasingly serious issue impacting many retailers," said Lauren Hobart, chief executive at Dick's Sporting Goods during a conference call.The impact of stealing on the company's inventory was "meaningful" on both its second quarter results and expectations for the balance of the year, she added.Dick's now expects earnings per share for the year at US$11.33 to US$12.13, down from earlier guidance of US$12.90 to US$13.80."During the first five months of this year, our stores saw a 120% increase in theft incidents involving violence or threats of violence," said Target chief executive Brian Cornell in a separate briefing.-Fin24TymeBank offers free instant paymentsTymeBank became the seventh bank to offer the PayShap instant payment service and the first one to offer the service for free.This means that its 7.6 million customers pay no fee for immediate interbank digital transfers, up to the R3 000 limit, made to a cellphone number (ShapID).It’s important to note that funds are not stored on a customer’s mobile device and are always paid directly into the beneficiary’s bank account, within seconds. This means that, if a customer’s phone is stolen, the thief has no access to the funds.PayShap is being released to the market in two stages. The second leg will introduce an additional request-to-pay function which makes it possible for a person to request payment and receive money securely and immediately in their bank account.TymeBank CEO Coenraad Jonker said: PayShap is an excellent initiative for our customers and for South Africa. We are passionate about financial inclusion and making banking affordable for everyone, which is why we decided to make PayShap free for our customers, having seen similar digital payment systems introduced in Brazil, India and Singapore successfully for free.-Fin24Dis-Chem ordered to actionThe Information Regulator has ordered Dis-Chem to take remedial action to address a hack that led to the personal data of 3.6 million customers being breached last year, or face a fine of up to R10 million, imprisonment, or both.Dis-Chem had to report back to the constitutional body, which regulates both access to information and the protection of personal information, within 31 days of the actions it was taking.The regulator said it had conducted an assessment following "Dis-Chem’s failure to notify data subjects" as required by the Protection of Personal Information Act (POPI Act), concluding that it "interfered with the protection of personal information of the data subjects, and thus breached the conditions for the lawful processing of personal information."This followed a breach at a third-party provider, with the regulator concluding that Dis-Chem failed to identify the risk of weak passwords, didn't have sufficient monitoring, and didn't have an operator agreement with its provider that ensured sufficient security measures were in place.But Dis-Chem, which confirmed on Friday it had "already responded to and actioned all orders" contained in the regulator's enforcement notice, and "disputed the accuracy of the allegations," given that it had informed customers of the breach. But it added it would report to the regulator within the timeframe requested.-Fin24

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