Company news in brief
Benin expels local MTN boss amid fees row
Benin's government expelled the head of South African telecoms giant MTN Group's local unit amid a dispute over more than US$200 million in unpaid fees.
In a signed order dated Nov. 14 and made public on Thursday, interior minister Sacca Lafia accused Stephen Blewett, a South African national, of "activities detrimental to security and public order", without elaborating. Blewett was given until Nov. 24 to leave the country.
The expulsion comes one week after MTN said Benin's regulator was reviewing its local unit's reasons for not paying US$213 million in frequency fees for 2016 and 2017, a sum MTN says is excessive. – Nampa/Reuters
Siemens to cut nearly 7 000 jobs
Siemens will cut about 6 900 jobs, or close to 2% of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables.
Most of the cuts, about 6 100, will be made before 2020 at Siemens's Power and Gas division, which once thrived on supplying large gas turbines for electricity generation but has been overtaken by the global surge in solar and wind capacity.
Siemens said roughly half of the job cuts would be made in Germany, a move likely to be unpopular with politicians currently trying to form a government. – Nampa/Reuters
Deutsche Boerse hires new CEO
Deutsche Boerse named UniCredit banker Theodor Weimer as its new CEO to steer the company away from an insider trading investigation and move on from a failed merger with the London Stock Exchange.
Weimer, who headed UniCredit's business in Germany, will take the reins from Carsten Kengeter, who resigned from the German exchange operator amid an ongoing insider trading investigation. Kengeter has denied any wrongdoing.
The changing of the guard propels Weimer to the pinnacle of German finance and comes at a crucial moment for Deutsche Boerse. It hopes to profit from Britain's decision to leave the European Union by capturing a portion of the lucrative euro clearing market that is currently centred in London. – Nampa/Reuters
Wal-Mart’s 3Q earnings plunge
Wal-Mart Stores raised its full-year profit projection despite reporting a plunge in third-quarter earnings due to one-time costs.
The world's biggest retailer continued its strong performance in the US market, where comparable store sales rose 2.7%, boosted in part by higher sales in hurricane-affected regions.
Executives also said newer initiatives such as online grocery pickup and a voice shopping venture with Google were succeeding with customers.
But third-quarter earnings sank 42.4% to US$1.7 billion due mainly to a loss connected to debt payments.
The retailer also set aside a total of US$283 million for settlements and compliance programmes related to foreign bribery probes. – Nampa/Reuters
Benin's government expelled the head of South African telecoms giant MTN Group's local unit amid a dispute over more than US$200 million in unpaid fees.
In a signed order dated Nov. 14 and made public on Thursday, interior minister Sacca Lafia accused Stephen Blewett, a South African national, of "activities detrimental to security and public order", without elaborating. Blewett was given until Nov. 24 to leave the country.
The expulsion comes one week after MTN said Benin's regulator was reviewing its local unit's reasons for not paying US$213 million in frequency fees for 2016 and 2017, a sum MTN says is excessive. – Nampa/Reuters
Siemens to cut nearly 7 000 jobs
Siemens will cut about 6 900 jobs, or close to 2% of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables.
Most of the cuts, about 6 100, will be made before 2020 at Siemens's Power and Gas division, which once thrived on supplying large gas turbines for electricity generation but has been overtaken by the global surge in solar and wind capacity.
Siemens said roughly half of the job cuts would be made in Germany, a move likely to be unpopular with politicians currently trying to form a government. – Nampa/Reuters
Deutsche Boerse hires new CEO
Deutsche Boerse named UniCredit banker Theodor Weimer as its new CEO to steer the company away from an insider trading investigation and move on from a failed merger with the London Stock Exchange.
Weimer, who headed UniCredit's business in Germany, will take the reins from Carsten Kengeter, who resigned from the German exchange operator amid an ongoing insider trading investigation. Kengeter has denied any wrongdoing.
The changing of the guard propels Weimer to the pinnacle of German finance and comes at a crucial moment for Deutsche Boerse. It hopes to profit from Britain's decision to leave the European Union by capturing a portion of the lucrative euro clearing market that is currently centred in London. – Nampa/Reuters
Wal-Mart’s 3Q earnings plunge
Wal-Mart Stores raised its full-year profit projection despite reporting a plunge in third-quarter earnings due to one-time costs.
The world's biggest retailer continued its strong performance in the US market, where comparable store sales rose 2.7%, boosted in part by higher sales in hurricane-affected regions.
Executives also said newer initiatives such as online grocery pickup and a voice shopping venture with Google were succeeding with customers.
But third-quarter earnings sank 42.4% to US$1.7 billion due mainly to a loss connected to debt payments.
The retailer also set aside a total of US$283 million for settlements and compliance programmes related to foreign bribery probes. – Nampa/Reuters
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