Company news in brief
Credit Suisse pulls out of South Africa
Credit Suisse has pulled out of South Africa after more than a decade as part of chief executive Tidjane Thiam's bank-wide revamp, three sources with knowledge of the matter said.
Switzerland's second largest bank is in the final stages of a three-year drive to focus on managing the money of wealthy investors and scale back investment banking.
“They are gone. It's a total withdrawal wrapped up some weeks back,” one of the sources said.
In 2013 Credit Suisse, which declined to comment, told customers in nearly 50 markets, including Congo and Angola, that it would end cross-border wealth management business with them.
Credit Suisse's website says it has offices in approximately 50 countries and lists Johannesburg as its only sub-Saharan African location.
Thiam, who in September ruled himself out as a candidate for political office in his native Ivory Coast, has been the driving force behind the changes at the Swiss bank. Like other European players, Credit Suisse has been struggling to compete with the US investment banks which dominate Wall Street.
-Nampa/Reuters
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AfDB plans US$720 mln loans to Eskom
The African Development Bank plans to lend South African power utility Eskom around US$720 million (10 billion rand) in 2019 and 2020, the bank's president Akinwumi Adesina said.
“We plan to lend around US$620 million for the Medupi power plant, and around US$100 million for Eskom's transmission network, but that still needs to be approved by the board,” said Adesina, whose bank is holding an investment forum in Johannesburg.
Earlier this year the African Development Bank approved a separate loan of 2.9 billion rand to upgrade and expand Eskom's transmission network.
-Nampa/Reuters
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Zara launches online sales in 106 new countries
- Clothing retailer Zara will expand online sales to an additional 106 countries through a dedicated online platform, mostly in Africa, parent firm Inditex announced on Wednesday.
The launch means Zara apparel will be available online in 202 countries.
“From tomorrow, Zara's global women's, men's and kids collections will be available in a total of 202 markets, underpinned by the integrated store and online platform,” the company said in a statement.
Inditex has said it aims by 2020 to have all its brands, including Massimo Dutti and teen brand Bershka, available online worldwide.
Zara customers in countries including Angola, Ivory Coast and Indonesia will be able to place orders in euros including shipping costs and custom charges, the company said. Orders will be filled from the online platform in Spain.
Online sales at Inditex jumped 41% in 2017 to reach 10% of group net sales, although this left it behind some rivals.
Inditex is seeking to integrate online sales with store network by focusing on large, attractive stores where customers might try on items to buy later online.
-Nampa/Reuters
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Garnier goes organic in L'Oreal bid
L'Oreal is rolling out organic skincare treatments at its Garnier brand as it looks to lift sales in its sluggish mass market unit, tapping a growing demand for more naturally-sourced products that is upending industries from cosmetics to food.
The French beauty firm has been investing like peers in bio-friendly ointments to make headway in a fast-growing niche still dominated by small, specialized companies that got a headstart on larger rivals.
But the launch is also part of efforts to revitalize the group's consumer products division, where growth is slow compared to its thriving luxury brands such as Lancome.
Momentum has faltered in the division even as its Maybelline make-up and L'Oreal Paris labels do well in markets like China. Its third pillar, Garnier, however, is struggling from a lack of new ranges and its exposure to a tough Brazilian market.
The organic range, which includes anti-ageing creams made from a lavender derivative and lemongrass face cleaners, are due to hit shelves in France and Western Europe as of early 2019, L'Oreal said. It did not comment on whether they would be exported further.
-Nampa/Reuters
?
Adidas slips in Europe
Adidas cut its 2018 revenue forecast on Wednesday after third quarter sales fell in western Europe, where it was hit by changing fashions and Nike's gains in soccer.
While the German sportswear firm has been taking market share in North America, its US rival has been powering ahead in Europe, helped by a strong showing by Nike-sponsored teams at the soccer World Cup and its Phantom range launch.
Adidas shares, which have gained 12% in the last year, were down 2.3% by 0954 GMT after it cut its 2018 target for currency-neutral sales growth to between 8 to 9% from “around 10 percent”.
Chief Executive Kasper Rorsted has focused on improving profitability at Adidas since he took over in 2016, by focusing on growing in North America and Asia and pushing ecommerce, where margins are higher than in stores.
-Nampa/Reuters
Credit Suisse has pulled out of South Africa after more than a decade as part of chief executive Tidjane Thiam's bank-wide revamp, three sources with knowledge of the matter said.
Switzerland's second largest bank is in the final stages of a three-year drive to focus on managing the money of wealthy investors and scale back investment banking.
“They are gone. It's a total withdrawal wrapped up some weeks back,” one of the sources said.
In 2013 Credit Suisse, which declined to comment, told customers in nearly 50 markets, including Congo and Angola, that it would end cross-border wealth management business with them.
Credit Suisse's website says it has offices in approximately 50 countries and lists Johannesburg as its only sub-Saharan African location.
Thiam, who in September ruled himself out as a candidate for political office in his native Ivory Coast, has been the driving force behind the changes at the Swiss bank. Like other European players, Credit Suisse has been struggling to compete with the US investment banks which dominate Wall Street.
-Nampa/Reuters
?
AfDB plans US$720 mln loans to Eskom
The African Development Bank plans to lend South African power utility Eskom around US$720 million (10 billion rand) in 2019 and 2020, the bank's president Akinwumi Adesina said.
“We plan to lend around US$620 million for the Medupi power plant, and around US$100 million for Eskom's transmission network, but that still needs to be approved by the board,” said Adesina, whose bank is holding an investment forum in Johannesburg.
Earlier this year the African Development Bank approved a separate loan of 2.9 billion rand to upgrade and expand Eskom's transmission network.
-Nampa/Reuters
?
Zara launches online sales in 106 new countries
- Clothing retailer Zara will expand online sales to an additional 106 countries through a dedicated online platform, mostly in Africa, parent firm Inditex announced on Wednesday.
The launch means Zara apparel will be available online in 202 countries.
“From tomorrow, Zara's global women's, men's and kids collections will be available in a total of 202 markets, underpinned by the integrated store and online platform,” the company said in a statement.
Inditex has said it aims by 2020 to have all its brands, including Massimo Dutti and teen brand Bershka, available online worldwide.
Zara customers in countries including Angola, Ivory Coast and Indonesia will be able to place orders in euros including shipping costs and custom charges, the company said. Orders will be filled from the online platform in Spain.
Online sales at Inditex jumped 41% in 2017 to reach 10% of group net sales, although this left it behind some rivals.
Inditex is seeking to integrate online sales with store network by focusing on large, attractive stores where customers might try on items to buy later online.
-Nampa/Reuters
?
Garnier goes organic in L'Oreal bid
L'Oreal is rolling out organic skincare treatments at its Garnier brand as it looks to lift sales in its sluggish mass market unit, tapping a growing demand for more naturally-sourced products that is upending industries from cosmetics to food.
The French beauty firm has been investing like peers in bio-friendly ointments to make headway in a fast-growing niche still dominated by small, specialized companies that got a headstart on larger rivals.
But the launch is also part of efforts to revitalize the group's consumer products division, where growth is slow compared to its thriving luxury brands such as Lancome.
Momentum has faltered in the division even as its Maybelline make-up and L'Oreal Paris labels do well in markets like China. Its third pillar, Garnier, however, is struggling from a lack of new ranges and its exposure to a tough Brazilian market.
The organic range, which includes anti-ageing creams made from a lavender derivative and lemongrass face cleaners, are due to hit shelves in France and Western Europe as of early 2019, L'Oreal said. It did not comment on whether they would be exported further.
-Nampa/Reuters
?
Adidas slips in Europe
Adidas cut its 2018 revenue forecast on Wednesday after third quarter sales fell in western Europe, where it was hit by changing fashions and Nike's gains in soccer.
While the German sportswear firm has been taking market share in North America, its US rival has been powering ahead in Europe, helped by a strong showing by Nike-sponsored teams at the soccer World Cup and its Phantom range launch.
Adidas shares, which have gained 12% in the last year, were down 2.3% by 0954 GMT after it cut its 2018 target for currency-neutral sales growth to between 8 to 9% from “around 10 percent”.
Chief Executive Kasper Rorsted has focused on improving profitability at Adidas since he took over in 2016, by focusing on growing in North America and Asia and pushing ecommerce, where margins are higher than in stores.
-Nampa/Reuters
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