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 […]

South Africa’s Tiger Brands to focus on home market after Africa review

South African food company Tiger Brands has almost completed its strategic review and will return its focus to middle-income consumers in its home market, it said after posting a 6.3 percent rise in half-year profit. Tiger Brands, which makes bread, breakfast cereals and energy drinks, started the review under new chief executive Lawrence MacDougall after […]

Econet appoints former Vodafone executive to run its Neotel unit

Econet Wireless Global Ltd. unit Liquid Telecom has appointed former Vodafone Group Plc executive Kyle Whitehill to head up South African internet provider Neotel and oversee the company’s expansion plans. Whitehill was previously CEO of Vodafone Qatar and Vodafone Ghana and will replace interim head Nic Rudnick at Neotel, which Liquid acquired for 6.55 billion […]

Amazon is starting to experience the headache of having an airline

Amazon may want fewer humans in its vast shipping network, but that’s tough to do when you have planes to fly. Pilots for Amazon’s new cargo air service are planning to picket outside the retail giant’s annual meeting in Seattle May 23, demanding higher pay. The pilots’ union says low wages are hurting the ability […]

Verizon CEO confirms company’s plan to launch a streaming TV service

Verizon CEO Lowell McAdam confirmed today that the company is planning to use the post-merger AOL-Yahoo subsidiary as a platform to “test out an over-the-top service,” according to a report from Variety. The news was rumored by a Bloomberg report that claimed that Verizon was preparing to launch a nationwide TV service as early as […]

Ford names James Hackett CEO as challenges mount

Ford Motor Co (F.N) on Monday named James Hackett, who heads its unit developing self-driving cars, as chief executive officer, responding to investors’ growing unease about the U.S. automaker’s stock price and prospects. Hackett, 62, a former CEO of furniture manufacturer Steelcase Inc, will take the helm in a broader shake-up aimed at speeding up […]