Company news in brief

Class action lawsuit filed against Sibanye-Stillwater A US law firm has filed a class action lawsuit against South African miner Sibanye-Stillwater on behalf of shareholders to recover losses suffered after a spate of deaths at its mines triggered a sharp fall in its share price.Bernstein Liebhard LLP said in a statement the suit would deal with “misleading statements” made by the precious metals producer, which has had 21 fatalities during its operations so far in 2018, almost half of the total in South Africa's mining industry.– Nampa/ReutersEskom raises wage offer to unionsSouth Africa's state power utility Eskom has raised its wage increase offer for this year to 6.2% from 4.7% previously, the National Union of Metalworkers of South Africa (NUMSA) said on Thursday.NUMSA said in a statement that three unions negotiating with Eskom were demanding a 9% increase in 2018, and 8.6 and 8.5% hikes for 2019 and 2020.Eskom initially said it could not afford any increases, angering unions and triggering protests and a spate of rolling blackouts.– Nampa/ReutersNike returns to growth in North AmericaNike Inc beat fourth-quarter profit and revenue estimates as new launches and focus on direct-to-customer sales helped reverse declining sales in North America for the first time in a year.The Dow component's shares rose 8% to US$77.40 and were on track to hit a record at opening on Friday after the company also announced a new US$15 billion buyback program and said it expected fiscal 2019 revenue at the higher end of its earlier forecast.The Oregon-based athletic shoemaker has struggled in North America, its biggest market, as it battles tough competition from a resurgent Adidas and Puma, as well as bankruptcies of sports retailers such as Sports Authority and Sports Chalet.– Nampa/ReutersAmazon, H&M, others pressing to soften India's plastic banMultinational companies like Amazon Inc and H&M are lobbying to soften a ban against single-use plastic imposed by an Indian state last week, according to four sources familiar with the matter.The ban by the state of Maharashtra, home to India's financial capital of Mumbai, could sharply raise costs for companies that rely heavily on plastic for packaging, such as retailers, beverage makers and sellers of bottled water.– Nampa/Reuters Former SAA CFO denies accusationsFormer chief financial officer of South African Airways (SAA) Phumeza Nhantsi came out swinging on Thursday, denying all accusations of impropriety during her time at the national carrier.She released a statement after the disciplinary chaired by Adv. Nazeer Cassim (SC) found Nhantsi and former acting CEO Musa Zwane guilty of “facilitating questionable payments” to BnP Capital and recommended their dismissal.The Organisation Undoing Tax Abuse (OUTA) claimed the ruling brings former SAA chair Dudu Myeni one step closer to being declared a delinquent director.– Fin24

Company news in brief

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Republikein 2025-11-05

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