Company news in brief
Isabel dos Santos sacked at Sonangol
Angolan President João Lourenço on Wednesday fired his predecessor's daughter from her influential post as head of the Sonangol state oil company.
Her appointment to the oil giant last year was widely criticised as a symbol of the nepotism and corruption that flourished under Dos Santos.
Known derisively as "the princess", 44-year-old Isabel became the public face of the Dos Santos business empire.
She described herself as an "entrepreneur" on her Twitter account and the US-based Forbes magazine claims that she is Africa's richest woman. - Nampa/AFP
Old Mutual wealth unit IPO on track
Anglo-South African insurer Old Mutual said it was on course to list its wealth unit in 2018 and announced a series of planned changes to the brand.
Once the separation from Old Mutual is complete, the wealth management company will become Quilter Plc, returning to a brand that dates back to 1771.
It plans to list the wealth unit as soon as possible after the announcement in March of its annual results for 2017.
Old Mutual, whose primary listing is on the London Stock Exchange, said it was splitting the wealth business into two divisions: Advice and Wealth Management and Wealth Platforms. – Nampa/Reuters
BP begins share buybacks
BP Plc said it would begin a share buyback programme, making it the first major European energy company to resume buybacks since the 2014 price slump in a sign years of austerity have paid off.
The British oil company, which recently reported a doubling in third-quarter profit, said the buyback programme had been authorised for between Nov. 15 and the date of its 2018 annual general meeting, with the maximum number of shares not exceeding 1.96 billion. – Nampa/Reuters
Tencent profit surges on games revenue
Chinese internet giant Tencent Holdings Ltd posted a 69% jump in quarterly net profit on strong smartphone games revenue.
Net profit for the three months ended September rose to 18 billion yuan (US$2.72 billion). Monthly active users of the social media mobile app WeChat hit 980 million, up from 963 million three months ago.
Revenue from smartphone games, helped by its popular title Honour of Kings, grew by 84% to 18.2 billion yuan in the quarter. – Nampa/Reuters
Prudential's new-business profit up
Prudential Plc's new-business profit for the first nine months of the year rose 17%, with a major chunk of it coming from Asia, and the British life insurer also saw growth opportunities in the United States, and the UK and Europe.
New-business profit for the group was 2.47 billion pounds (US$3.25 billion), driven by higher sales and favourable economics. Seven countries including China, Hong Kong and Singapore clocked double-digit growth. – Nampa/Reuters
Angolan President João Lourenço on Wednesday fired his predecessor's daughter from her influential post as head of the Sonangol state oil company.
Her appointment to the oil giant last year was widely criticised as a symbol of the nepotism and corruption that flourished under Dos Santos.
Known derisively as "the princess", 44-year-old Isabel became the public face of the Dos Santos business empire.
She described herself as an "entrepreneur" on her Twitter account and the US-based Forbes magazine claims that she is Africa's richest woman. - Nampa/AFP
Old Mutual wealth unit IPO on track
Anglo-South African insurer Old Mutual said it was on course to list its wealth unit in 2018 and announced a series of planned changes to the brand.
Once the separation from Old Mutual is complete, the wealth management company will become Quilter Plc, returning to a brand that dates back to 1771.
It plans to list the wealth unit as soon as possible after the announcement in March of its annual results for 2017.
Old Mutual, whose primary listing is on the London Stock Exchange, said it was splitting the wealth business into two divisions: Advice and Wealth Management and Wealth Platforms. – Nampa/Reuters
BP begins share buybacks
BP Plc said it would begin a share buyback programme, making it the first major European energy company to resume buybacks since the 2014 price slump in a sign years of austerity have paid off.
The British oil company, which recently reported a doubling in third-quarter profit, said the buyback programme had been authorised for between Nov. 15 and the date of its 2018 annual general meeting, with the maximum number of shares not exceeding 1.96 billion. – Nampa/Reuters
Tencent profit surges on games revenue
Chinese internet giant Tencent Holdings Ltd posted a 69% jump in quarterly net profit on strong smartphone games revenue.
Net profit for the three months ended September rose to 18 billion yuan (US$2.72 billion). Monthly active users of the social media mobile app WeChat hit 980 million, up from 963 million three months ago.
Revenue from smartphone games, helped by its popular title Honour of Kings, grew by 84% to 18.2 billion yuan in the quarter. – Nampa/Reuters
Prudential's new-business profit up
Prudential Plc's new-business profit for the first nine months of the year rose 17%, with a major chunk of it coming from Asia, and the British life insurer also saw growth opportunities in the United States, and the UK and Europe.
New-business profit for the group was 2.47 billion pounds (US$3.25 billion), driven by higher sales and favourable economics. Seven countries including China, Hong Kong and Singapore clocked double-digit growth. – Nampa/Reuters
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