Company news in brief
Vivo Energy sees earnings above market view
Africa-focussed fuel retailer Vivo Energy on Friday forecast full-year core earnings above the top end of a market estimate and announced a dividend for 2020 as Covid-19 curbs eased.
Vivo, which operates in 23 countries across Africa, said it expects adjusted earnings before interest, taxes, depreciation, and amortisation above the top end of a market estimate of US$331 million to US$354 million for full year 2020. It was, however, below the US$431 million it earned a year earlier.
Vivo, which distributes Shell and Engen-branded fuels and lubricants, said overall trading remained positive in the fourth quarter as limited mobility restrictions across its markets aided an ongoing recovery in the retail segment.
"The Covid-19 pandemic had a significant adverse impact on our business in the first half of 2020. Since then the group has recovered strongly," chief executive officer Christian Chammas said.
Stay-at-home orders and business restrictions to stop Covid-19 hammered fuel demand in 2020, but the ongoing global roll-out of vaccines against the virus has been boosting recovery prospects.
The London-listed company, which in October resumed the payment of a previously withdrawn 2019 final dividend, said it intends to recommend a dividend of 3.8 cents per share for 2020. – Nampa/Reuters
Nigerians win court OK to sue Shell
The UK Supreme Court on Friday allowed a group of 42 500 Nigerian farmers and fishermen to sue Royal Dutch Shell (RDS) in English courts after years of oil spills in the Niger Delta contaminated land and groundwater.
Senior judges said there was an arguable case that UK-domiciled Shell, one of the world's biggest energy companies, is responsible, in the latest test of whether multinationals can be held to account for the acts of overseas subsidiaries.
Represented by law firm Leigh Day, the group of Nigerians have argued that the parent company Shell owed them a duty of care because it either had significant control of, and was responsible for, its subsidiary SPDC. Shell countered that the court had no jurisdiction to try the claims.
Nigeria's Ogale and Bille communities allege their lives and health have suffered because repeated oil spills have contaminated the land, swamps, groundwater and waterways and that there has been no adequate cleaning or remediation.
Friday’s decision comes almost two years after a seminal ruling by the Supreme Court in a case involving mining firm Vedanta. The judgment allowed nearly 2 000 Zambian villagers to sue Vedanta in England for alleged pollution in Africa. – Nampa/Reuters
L'Oreal sees post-Covid 'roaring 20s'
L'Oreal, the world's biggest cosmetics group, forecast a strong rebound in makeup sales when the Covid-19 pandemic gives way to a "roaring 20s" when people get dressed up and go out again to socialise.
Shares in L'Oreal, owner of brands such as Maybelline, Lancome and Garnier, rose on Friday after the group reported higher than expected fourth-quarter sales growth, broadly outperforming a cosmetics market hit hard by the pandemic.
L'Oreal's online revenues jumped 62% in 2020 as a whole, reaching more than a quarter of total sales. In China, its online sales grew 56% during 2020.
L'Oreal CEO and chairman Jean-Paul Agon said sales would accelerate sharply as Covid-19 vaccines are distributed and levels of infection subside.
"People will be happy to go out again, to socialise," he said at a presentation of the company's results. "This will be like the Roaring 20s, there will be a fiesta in makeup and in fragrances," he said, referring to the 1920s post-war economic boom, when people wore daring fashions and partied. – Nampa/Reuters
Air Canada posts massive annual loss
Air Canada on Friday reported its biggest annual loss in at least 19 years as the coronavirus crisis hit bookings, with no breakthrough in talks with the government over further financial aid.
Air Canada, which was forced to cut more than 20 000 jobs in 2020, has been negotiating with the Liberal government since November for aid to support jobs, but progress has been slow amid disagreements over the funding amount.
The company said it plans to reduce its first-quarter capacity by about 85% compared with a year earlier, and projects quarterly net cash burn between C$1.35 billion and C$1.53 billion.
The company's net loss for 2020 was C$4.65 billion (US$3.65 billion), or C$16.47 per share, compared with a profit of C$1.48 billion, or C$5.44 per share.
Full-year operating revenue plunged 70% to C$5.83 billion. – Nampa/Reuters
Tesla must recall cars over faulty moulding
Tesla must recall around 12 300 Model X cars worldwide due to car body mouldings problems, Germany's motor vehicle authority (KBA) said on its website.
KBA said the recall affects cars built in 2015 and 2016, adding there was a risk that the moulding could fall off the vehicle. – Nampa/Reuters
Africa-focussed fuel retailer Vivo Energy on Friday forecast full-year core earnings above the top end of a market estimate and announced a dividend for 2020 as Covid-19 curbs eased.
Vivo, which operates in 23 countries across Africa, said it expects adjusted earnings before interest, taxes, depreciation, and amortisation above the top end of a market estimate of US$331 million to US$354 million for full year 2020. It was, however, below the US$431 million it earned a year earlier.
Vivo, which distributes Shell and Engen-branded fuels and lubricants, said overall trading remained positive in the fourth quarter as limited mobility restrictions across its markets aided an ongoing recovery in the retail segment.
"The Covid-19 pandemic had a significant adverse impact on our business in the first half of 2020. Since then the group has recovered strongly," chief executive officer Christian Chammas said.
Stay-at-home orders and business restrictions to stop Covid-19 hammered fuel demand in 2020, but the ongoing global roll-out of vaccines against the virus has been boosting recovery prospects.
The London-listed company, which in October resumed the payment of a previously withdrawn 2019 final dividend, said it intends to recommend a dividend of 3.8 cents per share for 2020. – Nampa/Reuters
Nigerians win court OK to sue Shell
The UK Supreme Court on Friday allowed a group of 42 500 Nigerian farmers and fishermen to sue Royal Dutch Shell (RDS) in English courts after years of oil spills in the Niger Delta contaminated land and groundwater.
Senior judges said there was an arguable case that UK-domiciled Shell, one of the world's biggest energy companies, is responsible, in the latest test of whether multinationals can be held to account for the acts of overseas subsidiaries.
Represented by law firm Leigh Day, the group of Nigerians have argued that the parent company Shell owed them a duty of care because it either had significant control of, and was responsible for, its subsidiary SPDC. Shell countered that the court had no jurisdiction to try the claims.
Nigeria's Ogale and Bille communities allege their lives and health have suffered because repeated oil spills have contaminated the land, swamps, groundwater and waterways and that there has been no adequate cleaning or remediation.
Friday’s decision comes almost two years after a seminal ruling by the Supreme Court in a case involving mining firm Vedanta. The judgment allowed nearly 2 000 Zambian villagers to sue Vedanta in England for alleged pollution in Africa. – Nampa/Reuters
L'Oreal sees post-Covid 'roaring 20s'
L'Oreal, the world's biggest cosmetics group, forecast a strong rebound in makeup sales when the Covid-19 pandemic gives way to a "roaring 20s" when people get dressed up and go out again to socialise.
Shares in L'Oreal, owner of brands such as Maybelline, Lancome and Garnier, rose on Friday after the group reported higher than expected fourth-quarter sales growth, broadly outperforming a cosmetics market hit hard by the pandemic.
L'Oreal's online revenues jumped 62% in 2020 as a whole, reaching more than a quarter of total sales. In China, its online sales grew 56% during 2020.
L'Oreal CEO and chairman Jean-Paul Agon said sales would accelerate sharply as Covid-19 vaccines are distributed and levels of infection subside.
"People will be happy to go out again, to socialise," he said at a presentation of the company's results. "This will be like the Roaring 20s, there will be a fiesta in makeup and in fragrances," he said, referring to the 1920s post-war economic boom, when people wore daring fashions and partied. – Nampa/Reuters
Air Canada posts massive annual loss
Air Canada on Friday reported its biggest annual loss in at least 19 years as the coronavirus crisis hit bookings, with no breakthrough in talks with the government over further financial aid.
Air Canada, which was forced to cut more than 20 000 jobs in 2020, has been negotiating with the Liberal government since November for aid to support jobs, but progress has been slow amid disagreements over the funding amount.
The company said it plans to reduce its first-quarter capacity by about 85% compared with a year earlier, and projects quarterly net cash burn between C$1.35 billion and C$1.53 billion.
The company's net loss for 2020 was C$4.65 billion (US$3.65 billion), or C$16.47 per share, compared with a profit of C$1.48 billion, or C$5.44 per share.
Full-year operating revenue plunged 70% to C$5.83 billion. – Nampa/Reuters
Tesla must recall cars over faulty moulding
Tesla must recall around 12 300 Model X cars worldwide due to car body mouldings problems, Germany's motor vehicle authority (KBA) said on its website.
KBA said the recall affects cars built in 2015 and 2016, adding there was a risk that the moulding could fall off the vehicle. – Nampa/Reuters
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