Spar CEO sees South African politics hurting consumer confidence

Spar Group Ltd. said the firing of South African Finance Minister Pravin Gordhan and subsequent credit rating downgrades had caused a “massive loss of confidence” among shoppers already battling weak economic growth. While there has yet to be a “huge impact” on trading at the Durban-based food and liquor retailer, the decision by President Jacob […]

South Africa removes Eskom CEO Molefe few days after rehire

South Africa will remove Brian Molefe as chief executive officer of Eskom Holdings SOC Ltd. less than three weeks after his controversial return to the state power utility, Bloomberg reports. Public Enterprises Minister Lynne Brown will appoint an acting CEO within 48 hours, after a committee of cabinet ministers asked by President Jacob Zuma to review […]

South Africa Famous Brands scraps dividend as acquisitions boost debt

Famous Brands, South African food services franchising company has scrapped its dividend on Monday for the first time in 13 years seeking to conserve capital after a series of acquisitions boosted its debt, Reuters reports. Chief Executive Darren Hele said Famous Brands abandoned the payout for the year which ended in February because the group’s […]

Ford’s changes at the top aimed at faster decision-making

Few days back, Jim Hackett, relatively newcomer to the auto industry replaced veteran Mark Fields as Ford Motor Co. CEO, and Ford said it is taking the decision so as to speed up decision-making and reorient toward the future, Associated Press reports. Ford is highly profitable, thanks to strong sales of pickups and SUVs. But last year’s profit of […]

Beijing bling: Hyundai plots China branding reboot after missile row

Bruised by anti-Korean sentiment in its biggest market and losing ground to local automakers, Hyundai Motor (005380.KS) will open its first Chinese brand store, and may locally assemble its premium Genesis cars and accelerate the launch of a sport-utility vehicle (SUV), people familiar with the plans said. The measures are aimed at rebooting the South […]

New York court fines UPS $247mn for smuggling contraband cigarettes

The world’s largest package delivery company United Parcel Service (UPS) has been ordered to pay $247 million in damages and penalties over the illegal shipping of large amounts of untaxed cigarettes in the state of New York and New York City. UPS says it is going to appeal the decision. “The court’s monetary award is […]