COMPANY NEWS IN BRIEF
MTN to offload shares in Nigeria
MTN Group plans to proceed with a public offer to sell up to 575 million shares in its Nigerian business, the South African telecoms operator said on Thursday as it reported a surge in third-quarter revenue and core profit.
The company said the offer will open this month with a bookbuild to institutional investors, after which a fixed price will be announced for retail investors. -Nampa/Reuters
Toyota lifts annual profit outlook
Toyota Motor Corp reported a better-than-expected 48% rise in second-quarter operating profit and raised its earnings outlook on Thursday as it benefited from a rebound in vehicle demand and a weaker yen.
It raised its full-year profit forecast to 2.8 trillion yen (US$24.5 billion) from 2.5 trillion yen, but said that without the favourable currency impact, it was "in substance a downward revision due to raw material cost increases".
Its operating profit of 750 billion yen for the three months to Sept. 30 was higher than a Refinitiv consensus estimate of 593.3 billion yen.
Hit by a global chip’s shortage, the maker of the RAV4 SUV crossover and Prius hybrid lowered its full-year sales target to 10.29 million vehicles from 10.55 million. It also announced a share buyback of up to 150 billion yen or 0.86% of shares. -Nampa/Reuters
Ford to require vaccinated employees
Ford Motor will require most of its 32 000-strong US salaried workforce to be vaccinated by Dec. 8. The second largest US automaker said on Wednesday more than 84% of US salaried employees already are vaccinated.
The company deadline for most salaried workers to get vaccinated against Covid-19 "aligns to federal contractor guidelines."
Ford was still evaluating its policy for "manufacturing locations, parts depots and Ford Credit, including analyzing federal and collective bargaining requirements."
"The health and safety of our workforce remains our top priority and we have been very encouraged by the support of our employees to comply with our protocols, including the more than 84-percent of US salaried employees who are already vaccinated," Ford said in a statement.
"As we continue to put measures in place to protect our team, Ford will now require most US salaried employees to be fully vaccinated against Covid-19 by Dec. 8, which also aligns to federal contractor guidelines."
Ford said salaried workers who refuse to comply and do not get an approved medical or religious exemption could be placed on up to 30 days unpaid leave. -Nampa/Reuters
Steady supply chain protects BMW
BMW beat analysts' forecasts on Wednesday with a 42.4% increase in third quarter net profits to 2.58 billion euros (US$2.99 billion) as higher prices and strong electric vehicle (EV) sales offset lower deliveries due to scarce chips.
In an earnings call, finance chief Nicolas Peter said the company was confident of topping its target for a 10% margin on pre-tax earnings this year, though the fourth quarter could be slightly dampened by higher tax payments and investment costs. Looking ahead, the company expects strong EV sales to carry into 2022, Peter said.
While rising raw material prices impacted earnings this year, the company's strong relationship with suppliers has cushioned the blow, CEO Oliver Zipse said.
"We have always had good oversight over our supply chain. That is paying off now - right down to the raw materials," Zipse said.
Automakers from Volkswagen to Stellantis to Renault saw dampened third quarter sales due to scarce chip supply, with consultancy BCG reporting in September it expected a total of 10 million to 11 million fewer cars to be produced worldwide this year because of the shortage. -Nampa/Reuters
Volkswagen invests in transformation fund
Volkswagen is expanding its green strategy by investing in an EU-backed fund to jointly back technology firms in the field of energy transformation. The carmaker, which has committed to becoming carbon neutral by 2050, said on Wednesday it had entered a strategic partnership with EIT InnoEnergy and will become a shareholder in the EU-backed venture.
The move is in line with other steps by Volkswagen, which in September unveiled plans to set up its own 300-million-euro (US$348 million) venture capital fund to invest in decarbonisation projects and start-ups in the field. read more
"The idea is simply to use InnoEnergy as an additional way to find interesting enterprises and support them in scaling up their business models," said Jens Wiese, Volkswagen's head of group M&A, investment advisory and partnerships.
VW aims to become the world's largest seller of electric vehicles by the middle of the decade and has outlined plans to build six large battery cell factories with partners in Europe by the end of the decade.
EIT InnoEnergy has already invested 560 million euros (US$650 million) and holds stakes in about 300 groups, including Swedish battery cell maker Northvolt, steel venture H2 Green Steel, and lithium miner Vulcan Energy Resources. -Nampa/Reuters
MTN Group plans to proceed with a public offer to sell up to 575 million shares in its Nigerian business, the South African telecoms operator said on Thursday as it reported a surge in third-quarter revenue and core profit.
The company said the offer will open this month with a bookbuild to institutional investors, after which a fixed price will be announced for retail investors. -Nampa/Reuters
Toyota lifts annual profit outlook
Toyota Motor Corp reported a better-than-expected 48% rise in second-quarter operating profit and raised its earnings outlook on Thursday as it benefited from a rebound in vehicle demand and a weaker yen.
It raised its full-year profit forecast to 2.8 trillion yen (US$24.5 billion) from 2.5 trillion yen, but said that without the favourable currency impact, it was "in substance a downward revision due to raw material cost increases".
Its operating profit of 750 billion yen for the three months to Sept. 30 was higher than a Refinitiv consensus estimate of 593.3 billion yen.
Hit by a global chip’s shortage, the maker of the RAV4 SUV crossover and Prius hybrid lowered its full-year sales target to 10.29 million vehicles from 10.55 million. It also announced a share buyback of up to 150 billion yen or 0.86% of shares. -Nampa/Reuters
Ford to require vaccinated employees
Ford Motor will require most of its 32 000-strong US salaried workforce to be vaccinated by Dec. 8. The second largest US automaker said on Wednesday more than 84% of US salaried employees already are vaccinated.
The company deadline for most salaried workers to get vaccinated against Covid-19 "aligns to federal contractor guidelines."
Ford was still evaluating its policy for "manufacturing locations, parts depots and Ford Credit, including analyzing federal and collective bargaining requirements."
"The health and safety of our workforce remains our top priority and we have been very encouraged by the support of our employees to comply with our protocols, including the more than 84-percent of US salaried employees who are already vaccinated," Ford said in a statement.
"As we continue to put measures in place to protect our team, Ford will now require most US salaried employees to be fully vaccinated against Covid-19 by Dec. 8, which also aligns to federal contractor guidelines."
Ford said salaried workers who refuse to comply and do not get an approved medical or religious exemption could be placed on up to 30 days unpaid leave. -Nampa/Reuters
Steady supply chain protects BMW
BMW beat analysts' forecasts on Wednesday with a 42.4% increase in third quarter net profits to 2.58 billion euros (US$2.99 billion) as higher prices and strong electric vehicle (EV) sales offset lower deliveries due to scarce chips.
In an earnings call, finance chief Nicolas Peter said the company was confident of topping its target for a 10% margin on pre-tax earnings this year, though the fourth quarter could be slightly dampened by higher tax payments and investment costs. Looking ahead, the company expects strong EV sales to carry into 2022, Peter said.
While rising raw material prices impacted earnings this year, the company's strong relationship with suppliers has cushioned the blow, CEO Oliver Zipse said.
"We have always had good oversight over our supply chain. That is paying off now - right down to the raw materials," Zipse said.
Automakers from Volkswagen to Stellantis to Renault saw dampened third quarter sales due to scarce chip supply, with consultancy BCG reporting in September it expected a total of 10 million to 11 million fewer cars to be produced worldwide this year because of the shortage. -Nampa/Reuters
Volkswagen invests in transformation fund
Volkswagen is expanding its green strategy by investing in an EU-backed fund to jointly back technology firms in the field of energy transformation. The carmaker, which has committed to becoming carbon neutral by 2050, said on Wednesday it had entered a strategic partnership with EIT InnoEnergy and will become a shareholder in the EU-backed venture.
The move is in line with other steps by Volkswagen, which in September unveiled plans to set up its own 300-million-euro (US$348 million) venture capital fund to invest in decarbonisation projects and start-ups in the field. read more
"The idea is simply to use InnoEnergy as an additional way to find interesting enterprises and support them in scaling up their business models," said Jens Wiese, Volkswagen's head of group M&A, investment advisory and partnerships.
VW aims to become the world's largest seller of electric vehicles by the middle of the decade and has outlined plans to build six large battery cell factories with partners in Europe by the end of the decade.
EIT InnoEnergy has already invested 560 million euros (US$650 million) and holds stakes in about 300 groups, including Swedish battery cell maker Northvolt, steel venture H2 Green Steel, and lithium miner Vulcan Energy Resources. -Nampa/Reuters
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