Company News

Uber sells Southeast Asia business to Grab Ride-hailing firm Uber Technologies Inc has agreed to sell its Southeast Asian business to bigger regional rival Grab, the firms said on Monday, marking the US company’s second retreat from an Asian market.The industry’s first big consolidation in Southeast Asia, home to about 640 million people, puts pressure on Indonesia’s Go-Jek, which is backed by Alphabet Inc’s Google and China’s Tencent Holdings Ltd).A shake-up in Asia’s fiercely competitive ride-hailing industry became likely earlier this year when Japan-based SoftBank Group Corp’s Vision Fund made a multi-billion dollar investment in Uber.-Nampa/ReutersDeloitte to pay for Steinhoff- VEBAuditing firm Deloitte would be the most likely source of funds to compensate Steinhoff shareholders in the class action gathering steam in the Netherlands.“I think the auditor is possible for funds. Then insurers, then the banks,” said Paul Coenen, in-house attorney of VEB, the Dutch nonprofit organisation that has launched the class action.The retail company imploded in December, when it admitted to shareholders that its financial statements could not be trusted. This was due to executives allegedly overstating profits and assets over the course of several years.Its market capitalisation had been just shy of R200 billion. Now it is in the region of R13 billion and the company is selling its good assets to raise cash.-Fin24Tiger brands cans 300 contract jobsUp to 300 contractor or temporary jobs have been culled at four plants that Tiger Brands has shut down or suspended operations at as the food giant tries to contain the damage caused by its association with the listeriosis crisis.The four plants that Tiger Brands has shut down completely or temporarily are the Value Added Meat Product facility in Pretoria, the Enterprise Foods factories in Polokwane and Germiston, and the Clayville abattoir.-Fin24Eskom still concerns Moody’s despite reprieveImprovements to state-owned enterprises (SOEs), reducing government guarantees in the form of contingent liabilities and debt stabilisation will improve South Africa’s credit rating, according to Moody’s Investor Services.The ratings agency on Friday affirmed SA at ‘Baa3’, one notch above sub-investment grade or junk status, but changed the outlook to stable, from negative, citing political changes, improved growth levels and debt reduction measures taken by government.-Fin24MTN SA’s voice tariffs jump MTN prepaid customers can expect to fork out up to an extra 41 cents per minute, as the mobile network’s new prepaid price structure kicks in on Friday. MTN’s Pay Per Second customers can now expect to pay R0.99 per minute, both on the MTN network and to other networks, up from R0.79 per minute.MTN Talk Free customers who currently pay R0.79 per minute will now pay R1.20 per minute.-Fin24

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