Company news in brief

Namdeb puts mine up for saleNamdeb, a 50/50 joint venture between the Namibian government and Anglo American's diamond unit De Beers, has put the Elizabeth Bay Mine up for sale, a company spokeswoman said on Friday.The sale comes three weeks after the diamond miner wrote to staff offering voluntary redundancies that will affect at least 130 of its 1 700-strong workforce."Following a recent review, it was concluded that the best way to secure a longer future for the mine, beyond the current projected 2019 life, is to find a more suitable operator," spokeswoman Pauline Thomas said in a statement.The mine, located along the southwestern coast of Namibia near the town of Luderitz, produced around 200 000 carats in 2017 and employs approximately 160 people.Diamond mining generates 20% of Namibia's export earnings. – Nampa/ReutersSteinhoff Africa Retail's revenue jumpsSteinhoff Africa Retail (STAR) reported a 15.5% increase in revenue for the quarter ended December on Friday, thanks mainly to a strong showing at discount clothing chains.Steinhoff Africa Retail, spun off from Steinhoff International Holdings last year, said revenue grew to R18.4 billion in the three-months ended Dec.31. On a comparable basis, revenue grew 8.5% for the quarter.Pep and Ackermans are clothing retailers. STAR also has stores selling building materials, furniture, consumer electronics and appliances.STAR said in its trading update that while the building materials market was expected to remain subdued, the positive momentum in the remainder of the STAR group was expected to further drive performance in the 2018 financial year.Steinhoff spun off its African chains to get a higher rating for its developed market businesses and to give investors keen on exposure to Africa a chance to invest in STAR directly. – Nampa/ReutersMaersk profit misses forecastA.P. Moller-Maersk's move to focus on transport and jettison oil was tested on Friday as the world's largest container shipping firm missed profit forecasts and gave what analysts saw as a conservative outlook.While fourth-quarter EBITDA rose to US$844 million from US$605 million, this fell short of the US$896 million forecast by analysts in a Reuters poll.Maersk expects underlying net profit to rise this year and 3-4% growth in seaborne container transportation, after a 5% advance last year, it said.A sweeping consolidation of container lines has helped the industry recover from a severe downturn that culminated in the collapse of South Korea's Hanjin Shipping in 2016.The consolidation - including Maersk's takeover of Hamburg SA, Cosco offer to buy to buy Hong Kong's OOCL, and the merger of three Japanese liners - has almost halved the number of global container shipping firms since 2015. – Nampa/ReutersL'Oreal eyes Nestle stake in cosmetics leaderL'Oreal signalled its readiness to buy Nestle's 23% stake in the world's biggest cosmetics firm on Friday, which along with strong results lifted the French company's shares.L'Oreal said it could finance a purchase of the holding, which is now worth around 22.3 billion euros (US$27.4 billion), with cash, by selling its stake in French pharmaceutical group Sanofi or through borrowing.Billionaire Liliane Bettencourt's death in September has focused attention on how L'Oreal's founding family and its major shareholder Swiss food group Nestle would manage their stakes.Investor Daniel Loeb, founder of hedge fund Third Point, has pushed for Nestle to sell its L'Oreal stake among his demands for the Swiss firm to speed a strategy overhaul. – Nampa/ReutersFacebook pledges millions for community leadersFacebook said Friday that it will issue up to US$10 million in grants to help support and train community leaders around the world.The Facebook Community Leadership Programme will offer residency, fellowship and training opportunities, as well as community leadership circles and specialised assistance on the social networking platform.While the social network is a platform for virtual communities to gather, it is also a vehicle for advertisers to reach its more than 2 billion active users. Facebook last week said it booked nearly US$13 billion in sales in the last three months of last year.Leaders at Friday's Facebook gathering included those from Blind Veterans UK, which supports blind veterans and their families; Donna Mamma, a support group for French mothers; and Berlin Bruisers, which is Germany's first gay-inclusive rugby club. – Nampa/AFP

Company news in brief

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Company news in brief

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