Company news in brief
Grindrod suspends Maputo operations
Freight and logistics group Grindrod said yesterday it was temporarily suspending its Maputo and Matola terminal operations following the closure of the Lebombo border post on Tuesday night.
Grindrod said the move is to ensure the safety and security of its employees, with the JSE-listed group having announced in September it had reached a US$77 million (R1.35 billion) deal to acquire the 35% it does not already own of the Terminal de Carvão da Matola (TCM), which owns a dry bulk terminal in Maputo.
TCM had delivered record volumes in the group's 2023 year, and primarily transports coal and magnetite, both important for steelmaking, with a capacity of 7 million tonnes per annum.
Valued at about R10 billion on the JSE, Grindrod also operates terminals in Richards Bay, Durban and Walvis Bay, with the group reporting a total drybulk capacity of about 17 million tonnes for 2023.
The closure of the Lebombo border post into Mozambique amid violent protests has disrupted a critical mineral export route for South Africa, amounting to millions of rands' worth of losses per day.
Unrest in the wake of a disputed election outcome in SA's neighbour has been simmering for weeks but ramped up after 29 October, when the losing presidential candidate, Venâncio Mondlane, called for a one-week general strike. - Fin24
Nissan cuts 9 000 jobs globally
Japanese automaker Nissan yesterday announced 9 000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle "a severe situation".
The company reported a 93% plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market were a major factor.
Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead.
"Facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the m"Nissan will cut global production capacity by 20% and reduce its global workforce by 9 000," it added.
The firm now expects net sales of 12.7 trillion yen (US$80 billion) - down from 14 trillion previously forecast.
But Nissan did not issue a net profit forecast yesterday, having downgraded it in July to 300 billion yen. In the six months to September, net profit was just 19.2 billion yen," a company statement said. - Fin24/AP
Freight and logistics group Grindrod said yesterday it was temporarily suspending its Maputo and Matola terminal operations following the closure of the Lebombo border post on Tuesday night.
Grindrod said the move is to ensure the safety and security of its employees, with the JSE-listed group having announced in September it had reached a US$77 million (R1.35 billion) deal to acquire the 35% it does not already own of the Terminal de Carvão da Matola (TCM), which owns a dry bulk terminal in Maputo.
TCM had delivered record volumes in the group's 2023 year, and primarily transports coal and magnetite, both important for steelmaking, with a capacity of 7 million tonnes per annum.
Valued at about R10 billion on the JSE, Grindrod also operates terminals in Richards Bay, Durban and Walvis Bay, with the group reporting a total drybulk capacity of about 17 million tonnes for 2023.
The closure of the Lebombo border post into Mozambique amid violent protests has disrupted a critical mineral export route for South Africa, amounting to millions of rands' worth of losses per day.
Unrest in the wake of a disputed election outcome in SA's neighbour has been simmering for weeks but ramped up after 29 October, when the losing presidential candidate, Venâncio Mondlane, called for a one-week general strike. - Fin24
Nissan cuts 9 000 jobs globally
Japanese automaker Nissan yesterday announced 9 000 job cuts as it slashed its annual sales forecast, saying it was taking urgent measures to tackle "a severe situation".
The company reported a 93% plunge in net profit in the first half as CEO Makoto Uchida told reporters that weak sales in the North American market were a major factor.
Nissan and its domestic rivals are also struggling to stand their ground in China, as fast-growing electric vehicle firms backed by Beijing race ahead.
"Facing a severe situation, Nissan is taking urgent measures to turnaround its performance and create a leaner, more resilient business capable of swiftly adapting to changes in the m"Nissan will cut global production capacity by 20% and reduce its global workforce by 9 000," it added.
The firm now expects net sales of 12.7 trillion yen (US$80 billion) - down from 14 trillion previously forecast.
But Nissan did not issue a net profit forecast yesterday, having downgraded it in July to 300 billion yen. In the six months to September, net profit was just 19.2 billion yen," a company statement said. - Fin24/AP
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