S&P Global has downgraded credit ratings and outlooks for multiple US regional banks, citing concerns about higher funding costs and challenges in the commercial real estate (CRE) sector. The agency believes these factors will likely test the credit strength of the affected banks.
Author: Staff Writer
The Spur Group, which includes popular brands like Spur, Panarottis, and RocoMamas, experienced an 81% increase in headline earnings per share (HEPS) to R2.61 for the 12 months ending June 25. However, the group also reported R4.5 million in lost sales due to a weeklong Cape Town taxi stay-away protest.
Woolworths, the South African retailer, anticipates a minimum 25% increase in headline earnings for its financial year ending June 25. This boost can be attributed to the sale of struggling Australian department store David Jones during the period.
Mahindra recently held its global event called Futurescape in Cape Town, where the company revealed its ambitious plans to increase its global presence.
Aveng, a JSE-listed construction and engineering group, saw its shares rise over 6% despite reporting a significant operating loss of R1.06 billion in the year ending June 2023.
South Africa aims to enhance energy collaboration with China, focusing on environmentally friendly, low-carbon, and climate-resilient development.
The listing of junior miner Salungano on the JSE (Johannesburg Stock Exchange) has been suspended because the company failed to publish its 2023 results within the prescribed time as required by the exchange’s listing requirements.
Bloomberg LP, the financial data and media company, will appoint Vlad Kliatchko, the current product head, as its new CEO. This information was shared in an internal memo by billionaire Michael Bloomberg to employees.
Jasmeena Patel Shiba is the first female Director of Royal Tyres in its 84-year history, making her a trailblazer in the male-dominated automotive industry.
Private school group Curro is partnering with various entities, including the Namibian Government Institutions Pension Fund and the Development Bank of Namibia, to develop two schools in Namibia without bearing the full cost of building. The partnership allows Curro to leverage its expertise in running private schools.