Company news in brief

Tanzania row overshadows Acacia's upbeat outputAcacia Mining beat forecasts on Monday with figures for its production and costs in 2018 that lifted the gold miner back into profit, but thecompany is still grappling with a long-running tax dispute in Tanzania where it operates all its mines.Shares in Acacia, majority owned by Barrick Gold Corp, were steady while the rest of the market rose, finding little impetus despite reporting gold output of 521 980 ounces at a cost of US$905 per ounce.Both figures were lower than 2017 but ahead of expectations.Acacia's gains were fuelled by expectations that Bristow, who has broad Africa experience, could reach a deal with Tanzania.Acacia has cut output by a third since the government banned the export of mineral concentrates in 2017 after accusing the firm of tax evasion. Acacia denies the charges. – Nampa/ReutersMichelin pledges 2019 profit gainFrench tyre maker Michelin posted higher 2018 sales and operating profit on Monday, pledging a further profit increase this year despite a mixed outlook for its key markets.Revenue rose to 22.03 billion euros (US$24.9 billion) last year from 21.96 billion in 2017, the company said, ahead of the consensus market forecast of 21.73 billion.Recurring operating profit edged 1.2% higher to 2.775 billion euros, also outstripping the 2.679 billion expected by analysts, based on the median of eight estimates in an Infront Data poll for Reuters.Earlier this month, rival Goodyear posted fourth-quarter results that missed market forecasts, knocking down Goodyear's shares. – Nampa/ReutersApple iPhone sales in China falll by a fifthApple Inc iPhone sales in China fell 20% year-on-year in the fourth quarter of 2018, while sales for smartphones made by home-grown rival Huawei soared by 23%, data from industry research firm IDC showed on Monday.The report is the first to put a firm number on the scale of a recent decline in Apple's fortunes in the world's second largest economy, after CEO Tim Cook pointed to China as a big factor in a rare cut in the company's quarterly sales forecast last month.Apple no longer breaks out detailed numbers on iPhone shipments in its quarterly results, meaning that surveys and channel checks by the likes of IDC are often the clearest indicator of shifts in sales.The figures in the report showed a 19.9% fall in Apple's smartphone shipments in the final quarter of 2018, while Huawei's grew 23.3%. That reduced Apple's market share to 11.5% from 12.9% a year earlier, the report said.A separate report from another common industry source, Hong Kong-based Counterpoint, earlier this month confirmed a similar sharp fall in sales in India - another big emerging market where Apple is struggling. – Nampa/ReutersMorgan Staney in US$900 mln Solium dealIn its biggest acquisition since the financial crisis, Morgan Stanley on Monday announced the US$900 million purchase of Canada's Solium Capital, a push towards cultivating more young clients.Solium manages stock plans for some 3 000 companies, including fast-growing new companies led by rising wealth accumulators who often opt for being compensated in equity rather than solely cash.The deal will combine Morgan Stanley's existing base of corporate clients for whom it administers stock plans with Solium's portfolio of clients.Solium's cadre of investors could then opt for Morgan Stanley financial advisors "as plan participants build their wealth and their needs become more complex", the companies said in a statement.The deal follows last week's US$66 billion merger between regional banks BB&T and SunTrust, the largest bank merger since the 2008 financial crisis. – Nampa/ReutersThyssenkrupp, Tata Steel to get EU warning on JVGermany's Thyssenkrupp and India's Tata Steel will be warned this week that EU antitrust regulators could veto their planned European steel joint venture unless they offer concessions, people familiar with the matter said on Monday.The European Commission is expected to send a charge sheet known as a statement of objections to the companies, the people said. Such documents set out serious competition concerns which companies have to address with specific concessions or see their deal blocked.Thyssenkrupp said it was the group's understanding that such a statement would be sent by the European Commission in the course of the week, adding this was previously expected and would serve as the basis for further talks.The joint venture, announced in June last year, is the biggest shake-up in Europe's steel industry in more than a decade. To be named Thyssenkrupp Tata Steel, the entity will have around 48 000 workers and about 17 billion euros (US$19.2 billion) in sales.The Commission, which last week blocked a rail business tie-up between Alstom and Siemens, did not immediately respond to a request for comment. Tata Steel was not immediately available for comment. – Nampa/Reuters

Company news in brief

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Republikein 2025-11-05

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