Company news

Walmart attempts international turnaround with UK, India tie-upsWalmart Inc’s urgency to stem market share losses to rivals around the world is driving it to partner with local players in the UK and India, even as it scales back in some other markets like Brazil.The world’s largest retailer is in talks to merge its UK arm ASDA with J Sainsbury Plc in which it will hold a minority stake. Walmart is also looking to acquire a majority stake in India’s leading online retailer Flipkart for US$10 billion to US$12 billion after years of underperformance there.-Nampa/ReutersNational Bank of Egypt seeking to raise US$600 mln club loanNational Bank of Egypt, the country’s largest bank by assets, is putting together a group of lenders for a club loan in the region of US$600 million, banking sources said.It is expected a three-year debt facility and will likely be provided by international banks and some United Arab Emirates lenders, the sources said. NBE is coordinating the fundraising.The bank could not be reached for immediate comment.-Nampa/ReutersKPMG urges spot sale system to address Ivory Coast cocoa defaultsGlobal audit firm KPMG has urged Ivory Coast to introduce a spot sales system for local cocoa exporters who were responsible for defaults on 148 000 tonnes of contracts in the last growing season.The world’s top producer sells forward the bulk of its anticipated harvest to be able to set a minimum price for farmers at the start of its October-September growing season.But world market prices fell 40% over the course of the 2016/17 season and exporters were unable to honour their commitments to suppliers, forcing Ivory Coast’s cocoa marketing board (CCC) to resell their contracts at a loss.-Nampa/ReutersAngola's sovereign wealth fund to remove Quantum as asset managerThe sovereign wealth fund of Angola (FSDEA), Africa’s No. 2 crude producer, “is taking steps to remove” Swiss-based Quantum Global as its asset manager, it said on Friday.“FSDEA has great concerns about Quantum Global’s approach to investment of the FSDEA funds, as it believes that is not fully aligned with the principles for which the FSDEA was established,” the fund said in a statement.Quantum Global could not immediately be reached for comment.-Nampa/ReutersMTN‚ Vodacom‚ Cell C and Telkom respond to new data rules New regulations governing the use of data will be introduced in South Africa following the popular #DataMustFall campaign that was sparked in 2016. The regulations will require companies to notify subscribers when their data falls below 50%, 80% and 100% depletion levels, to rollover unused data, allow transfer of data and prohibit service providers to charge out of bundle charges without the customer consent.-Fin24MTV gets nod to pay R17.3m in price-fixing settlementThe Competition Tribunal has approved an MTV Networks Africa (MTV) settlement agreement for a package of remedies amounting to R17.3million for price fixing and fixing of trading conditions. The agreemeent between the MTV and the Competition Commission relates to a media collusion case that involves over 20 media companies.-Fin24

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