Company news in brief
Barrick reaches deal over Acacia Mining
Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia, which Barrick bought in a US$1.2 billion transaction approved by a British court last month.
The tax deal includes the payment of US$300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis, Barrick said in a statement on Sunday.
"Barrick is definitely back in Tanzania," Barrick president and chief executive Mark Bristow told reporters in Dar es Salaam, Tanzania.
A new operating company named Twiga Minerals will be formed to manage the Bulyanhulu, North Mara and Buzwagi mines after a review by Tanzania's attorney general, the statement added. Under the agreement, the Tanzanian government will also buy a 16% shareholding in each of the mines. – Nampa/Reuters
Shell Egypt to sell assets in desert
Royal Dutch Shell plans to sell its onshore upstream assets in Egypt's Western Desert to focus on expanding its Egyptian offshore gas exploration, Shell Egypt said on Sunday.
Having won three oil and two gas concessions in Egypt last February, senior executive last week told Reuters that the company would start operating the new areas in the second half of next year.
“We remain committed to Egypt and see our future in supporting the government’s energy hub vision by growing Shell positions across the offshore and LNG value chain," Wael Sawan, Shell upstream director, said in a statement.
"This is where we can best leverage our expertise, deliver the strongest added value to Egypt and optimise our portfolio to ensure the company delivers a world class investment case.”
Shell Egypt chairman Khaled Kacem said that he expects talks with potential buyers of the Western Desert assets to start in the final quarter of this year. – Nampa/Reuters
J&J’s powder investigation could take month
Johnson & Johnson said on Friday its investigation into asbestos contamination of its baby powder could take 30 days or more, after announcing it planned to recall about 33 000 bottles of the product in the United States.
The company said it had received a test report from the US Food and Drug Administration on Thursday that found trace amounts of asbestos in samples taken from a bottle of Johnson's Baby Powder purchased online.
J&J said in a conference call a typical investigation would involve a review of its manufacturing records, data on where the product in question was distributed and lab testing of retained samples. – Nampa/Reuters
Zero-sugar sodas help drive Coca-Cola revenue
Coca-Cola Co beat Wall Street estimates for quarterly revenue on Friday as customers took to smaller-sized cans of its sodas, including Coca-Cola Zero Sugar, prompting the beverage maker to give an upbeat forecast for 2019.
Coca-Cola has also been rolling out new products such as Coca-Cola Plus Coffee, a blend of its trademark soda with coffee in more than 20 markets, as well as drinks in small but high-margin packs that are appealing to consumers who are turning more health conscious.
Organic revenue, that excludes the impact of currency fluctuations, acquisitions and divestitures, climbed 5% during the quarter, above the average analyst estimate of 4.3%, according to five analysts polled by Refinitiv.
Coca-Cola also said it now expects full-year organic revenue growth to be at least 5%, from its previous forecast of 5% growth.
Overall, revenue rose 8.3% to US$9.51 billion in the third quarter ended Sept. 27, beating the average analyst estimate of US$9.43 billion, according to IBES data from Refinitiv. – Nampa/Reuters
Orange to sell subsidiary in Niger
French telecoms group Orange is selling its business in Niger, a company spokesman said on Sunday.
Orange Niger spokesman Roni Alhassane said discussions were ongoing with the buyer, Zamani Com SAS., to settle debts owed to creditors and unpaid taxes.
Orange's operations in Niger have been hit by difficult market conditions. In February, Orange said it was considering all options for the business and that a Niger court appointed an expert earlier this year to examine its situation and support its negotiations with creditors. – Nampa/Reuters
GSK to focus on newer treatments
GlaxoSmithKline will sell two travel vaccines to Bavarian Nordic for up to 955 million euro (US$1.1 billion), the British firm said yesterday, as it looks to bolster its push into the lucrative cancer drug market.
The sale of anti-rabies treatment Rabipur and Encepur, used for the prevention of tick-borne encephalitis, to the Denmark-based biotechnology firm includes an upfront payment of 301 million euro and milestone payments of up to 495 million euro.
Chief executive Officer Emma Walmsley has been pushing for a leaner structure since she took over in 2017 by spinning off or selling units to focus on reinvigorating GSK's pharmaceuticals business. It staged a comeback into cancer treatments with a US$5.1 billion buyout of U.S. drugmaker Tesaro in December last year. – Nampa/Reuters
Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia, which Barrick bought in a US$1.2 billion transaction approved by a British court last month.
The tax deal includes the payment of US$300 million to settle outstanding tax and other disputes, the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis, Barrick said in a statement on Sunday.
"Barrick is definitely back in Tanzania," Barrick president and chief executive Mark Bristow told reporters in Dar es Salaam, Tanzania.
A new operating company named Twiga Minerals will be formed to manage the Bulyanhulu, North Mara and Buzwagi mines after a review by Tanzania's attorney general, the statement added. Under the agreement, the Tanzanian government will also buy a 16% shareholding in each of the mines. – Nampa/Reuters
Shell Egypt to sell assets in desert
Royal Dutch Shell plans to sell its onshore upstream assets in Egypt's Western Desert to focus on expanding its Egyptian offshore gas exploration, Shell Egypt said on Sunday.
Having won three oil and two gas concessions in Egypt last February, senior executive last week told Reuters that the company would start operating the new areas in the second half of next year.
“We remain committed to Egypt and see our future in supporting the government’s energy hub vision by growing Shell positions across the offshore and LNG value chain," Wael Sawan, Shell upstream director, said in a statement.
"This is where we can best leverage our expertise, deliver the strongest added value to Egypt and optimise our portfolio to ensure the company delivers a world class investment case.”
Shell Egypt chairman Khaled Kacem said that he expects talks with potential buyers of the Western Desert assets to start in the final quarter of this year. – Nampa/Reuters
J&J’s powder investigation could take month
Johnson & Johnson said on Friday its investigation into asbestos contamination of its baby powder could take 30 days or more, after announcing it planned to recall about 33 000 bottles of the product in the United States.
The company said it had received a test report from the US Food and Drug Administration on Thursday that found trace amounts of asbestos in samples taken from a bottle of Johnson's Baby Powder purchased online.
J&J said in a conference call a typical investigation would involve a review of its manufacturing records, data on where the product in question was distributed and lab testing of retained samples. – Nampa/Reuters
Zero-sugar sodas help drive Coca-Cola revenue
Coca-Cola Co beat Wall Street estimates for quarterly revenue on Friday as customers took to smaller-sized cans of its sodas, including Coca-Cola Zero Sugar, prompting the beverage maker to give an upbeat forecast for 2019.
Coca-Cola has also been rolling out new products such as Coca-Cola Plus Coffee, a blend of its trademark soda with coffee in more than 20 markets, as well as drinks in small but high-margin packs that are appealing to consumers who are turning more health conscious.
Organic revenue, that excludes the impact of currency fluctuations, acquisitions and divestitures, climbed 5% during the quarter, above the average analyst estimate of 4.3%, according to five analysts polled by Refinitiv.
Coca-Cola also said it now expects full-year organic revenue growth to be at least 5%, from its previous forecast of 5% growth.
Overall, revenue rose 8.3% to US$9.51 billion in the third quarter ended Sept. 27, beating the average analyst estimate of US$9.43 billion, according to IBES data from Refinitiv. – Nampa/Reuters
Orange to sell subsidiary in Niger
French telecoms group Orange is selling its business in Niger, a company spokesman said on Sunday.
Orange Niger spokesman Roni Alhassane said discussions were ongoing with the buyer, Zamani Com SAS., to settle debts owed to creditors and unpaid taxes.
Orange's operations in Niger have been hit by difficult market conditions. In February, Orange said it was considering all options for the business and that a Niger court appointed an expert earlier this year to examine its situation and support its negotiations with creditors. – Nampa/Reuters
GSK to focus on newer treatments
GlaxoSmithKline will sell two travel vaccines to Bavarian Nordic for up to 955 million euro (US$1.1 billion), the British firm said yesterday, as it looks to bolster its push into the lucrative cancer drug market.
The sale of anti-rabies treatment Rabipur and Encepur, used for the prevention of tick-borne encephalitis, to the Denmark-based biotechnology firm includes an upfront payment of 301 million euro and milestone payments of up to 495 million euro.
Chief executive Officer Emma Walmsley has been pushing for a leaner structure since she took over in 2017 by spinning off or selling units to focus on reinvigorating GSK's pharmaceuticals business. It staged a comeback into cancer treatments with a US$5.1 billion buyout of U.S. drugmaker Tesaro in December last year. – Nampa/Reuters
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