Company news

AngloGold swings back into H1 profitAngloGold Ashanti swung back into a first-half profit on the back of higher production and lower-than-expected retrenchment costs, Africa’s top gold producer said on Monday.The firm posted headline earnings of US$99 million for January-June, in line with figures it had previously flagged, compared with a headline loss for the same period last year of US$89 million.The turnaround in performance was also due to the absence of one-off, non-cash settlement costs for silicosis class action claims which hit its earnings last year.In Ghana, AngloGold said the redevelopment of its historic Obuasi asset was on track with the issuing of environmental permits and the ratification by the Ghanaian parliament of the fiscal and regulatory agreements to reboot the mine.-Nampa/ReutersEthiopian Airlines, Zambia relaunch national airlineEthiopian Airlines has signed a shareholding agreement with Zambia’s main develoment agency to relaunch the southern African country’s flag carrier at an initial cost of US$30 million.The Ethiopian state-owned carrier has outpaced regional competitors Kenya Airways and South African Airways to become Africa’s largest airline by revenue and profit, and has been buying shares in other African airlines to gain a competitive advantage over rivals such as those in the Gulf.Under the plan, Zambia Airways, being revived more than two decades after it was shut down, would operate 12 planes by 2028, Ethiopian Airlines said in a joint statement with Zambia’s state-owned Industrial Development Corporation (IDC).-Nampa/ReutersTransnet to clamp down on unauthorised spendingSouth Africa’s Transnet said on Monday it would clamp down on unauthorised expenses after uncovering problems with procurement at the state logistics firm.Transnet, which operates nearly three-quarters of the African rail network, the bulk of which is in South Africa, has been investigating allegations of corruption in the procurement of 1 064 diesel and electric locomotives.The firm said during its results presentation that the year had been “characterised by a number of serious procurement related governance challenges which has impacted on the company’s reputation and the ability to attract investment.”-Nampa/ReutersSky to pay advisers on Fox dealSky said on Monday that it expected to pay its advisers between 90 million pounds and 97 million pounds (US$123.7 million) if Twenty-First Century Fox succeeds with its takeover of the British broadcaster.The UK pay-television group will spend as much as 61.5 million pounds on financial and broking advice and up to 20 million pounds on lawyers for their work on the Fox bid, according to a circular published by Sky. Other costs include fees for accountancy and public relations advice.-Nampa/ReutersVolkswagen to recall 700 000 carsVolkswagen has to recall about 700 000 Tiguan and Touran cars worldwide due to a possible lighting defect, German trade magazine Kfz-Betrieb reported on Monday.The magazine reported that humidity can cause a short circuit at the panoramic roof’s light strip of the affected cars. A short circuit in the LED-module could cause scorching damage on the roof and possibly set the vehicle on fire, the magazine said, citing a company spokesman.-Nampa/Reuters

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