Vodacom names new international markets CEO
Under the expanded role, Abdallah will oversee operations in additional African markets including the Democratic Republic of the Congo, Lesotho, Mozambique and Tanzania, the company said.
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Reuters
26 minutes ago
- Reuters
Heineken cheers EU-US trade deal as tariff problems hit shares
LONDON, July 28 (Reuters) - Dutch brewer Heineken ( opens new tab welcomed a trade deal between the European Union and the United States and said on Monday that it was weighing all options to deal with growing tariff challenges in the long term, including shifting manufacturing. The world's No.2 brewer exports beer, especially its namesake lager, to the U.S. from Europe and Mexico, and has also suffered from the indirect impact on consumer confidence in key markets like Brazil. Nevertheless, it reported a 7.4% increase in organic operating profit in the first half of the year, versus analyst expectations of 7%, crediting growth in once-difficult regions like Africa and Asia as well as cost savings. Heineken's shares fell 4.3% as the brewer cautioned on softer volumes for the remainder of the year as U.S. policies, especially on trade, disrupt markets in the Americas. CEO Dolf van den Brink welcomed the certainty brought by the trade deal clinched on Sunday, which reduced a threatened 30% U.S. tariff on EU goods to 15% - a rate that would still hit Heineken's U.S. profits. All options are being considered to mitigate tariffs long-term, including shifting manufacturing, he said, but added that such moves were capital intensive and would first need more consistency in policy. "We look at all options from ... continuing with our current setup, a more hybrid version, or otherwise," he told journalists on a call. "If and when we deem them financially to be more attractive in the mid- to long-term, we would for sure explore them." Heineken still faces U.S. tariffs of up to 30% on products it produces in Mexico unless the Mexican government can reach an agreement with Washington ahead of an August 1 deadline. Executives told journalists that since the first quarter, Heineken has also seen economic uncertainty hit spending and confidence in the U.S., Brazil and Mexico. In Mexico, remittances from the U.S. have fallen significantly, impacting beer industry sales. And U.S. Hispanic consumers were also spending less, van den Brink said. Heineken continues to expect annual profit growth of between 4% and 8%. The company also beat forecasts for second quarter revenue and volume, with growth in markets like Vietnam and India, and increased an annual cost-saving goal by a quarter to 500 million euros ($586 million). "They have slightly downgraded their volume everything going on in the to me doesn't feel like a terrible outcome," said Ryann Dean, global analyst at Heineken investor Aylett Fund Managers. Heineken's strong growth in markets like India and China, and consistent profitability, more than offset this, he continued, adding that emerging markets would drive Heineken's long-term volume growth. ($1 = 0.8535 euros)
Times
an hour ago
- Times
Tech titans Jeff Bezos and Bill Gates team up in race for minerals
A company backed by the billionaires Bill Gates and Jeff Bezos is to challenge China in the global race for the minerals that power modern technology. KoBold Metals is to begin mining in the Democratic Republic of Congo, which is estimated by the US to have up to $24 trillion of largely untapped resources. The firm has secured rights to mine one of the world's largest hard-rock lithium deposits, in a region that has been fought over for decades. The venture will be a test of President Trump's pro-business foreign policy and his pledge to restore peace to an area overrun with militia and troops from Congo's neighbours. A Rwanda-backed rebel group has seized a swathe of land there, including its biggest cities, displacing hundreds of thousands of people. A peace deal signed in Washington last month between the DRC and Rwanda to end the fighting was hailed as historic by Trump. Questions remain about its details, however, including the nature of any US security guarantees and which side will benefit most from US business investment. Despite its immense supplies of copper, cobalt, coltan, tin and uranium, the DRC is among the five poorest countries in the world. For years, US firms considered the challenges of operating in such an unstable and corrupt country too great, which has enabled Chinese firms to get ahead. However, Trump's new focus appears to have provided enough confidence for KoBold Metals to agree a 'large-scale minerals exploration programme' over 1,600 sq km in the DRC's most volatile region. Benjamin Katabuka, its director-general in the country, told the Financial Times that the firm was 'looking to go big in this country … investments could be in the billions'. KoBold Metals pledged to develop local talent and to 'create thousands of high-paying Congolese jobs for decades'. Another US consortium, including a company led by former US special forces staff, has emerged as the leading bidder for Chemaf Resources Ltd, a Congolese copper and cobalt producer, after Kinshasa blocked its sale to a Chinese state-owned firm. President Tshisekedi of the DRC has long sought to attract more western investment to counterbalance China's dominance. He approached the US in February with an offer of mining rights in exchange for security support and has since backed calls for Trump to win the Nobel peace prize. KoBold Metals' agreement to develop the Roche Dure lithium deposit at Manono is contingent on resolving a long-running dispute over rights to the site between the Congolese government, Australia-based AVZ Minerals and China's state-backed Zijin Mining. The US start-up will also face the challenge of operating in a sector fraught with reports of labour abuses and environmental harm, and being judged against its billionaire backers' humanitarian and green commitments. The Bezos Earth Fund has pledged $110 million in grants to protect the Congo basin and the Gates Foundation helps fund agricultural development in the region. Founded in 2018, KoBold Metals distinguishes itself from traditional mining companies by using artificial intelligence to 'scrape' geological archives and algorithms to identify potential mineral deposits. In 2024, it found Zambia's largest copper deposit in a century. The conflict in the eastern DRC stems from the aftermath of the 1994 genocide in neighbouring Rwanda when nearly two million Hutus, including those accused of the slaughter, fled into Congo fearing reprisals. Rwanda has repeatedly intervened, citing threats from Hutu militias, and an estimated six million people have died in fighting, famine and disease. Analysts say much of the violence is driven by competition over natural resources. Reports by the UN and a number of western governments, including the US and EU, have presented evidence that Rwanda is backing and arming the M23 rebel movement in part to loot minerals from the DRC and export them as their own. Rwanda denies the allegation.
Reuters
2 hours ago
- Reuters
WiseTech Global taps insider Zubin Appoo as new CEO, succeeding founder Richard White
July 28 (Reuters) - Australian logistics software maker WiseTech Global ( opens new tab on Monday said its chief of staff, Zubin Appoo, will take on the role of CEO effective immediately, succeeding billionaire founder Richard White. White, the company's long-serving chief executive, put down his papers last October, following a flurry of controversies, including media reports of allegations about his personal life. White's exit comes amid a broader crisis marked by boardroom exodus, corporate governance concerns, and share volatility that led to Australia's largest pension fund, AustralianSuper, selling its stake in WiseTech Global. Appoo previously spent 14 years at WiseTech from 2004 to 2018 as head of innovation and technology, and was part of the team that developed WiseTech's flagship CargoWise platform. He returned to the company earlier this year as the deputy chief innovation officer, reporting directly to White. "Zubin Appoo's appointment is a much-needed stabilising force" for WiseTech, said Josh Gilbert, market analyst with eToro. "His elevation to CEO allows the business to draw a line under recent boardroom drama and provides a clearer leadership structure moving forward." Shares of the company ended 0.3% higher at A$120.5. Andrew Cartledge, who served as the logistics tech firm's finance chief for nearly a decade, took over the interim CEO duties in October 2024. The company reiterated that Cartledge will retire at the end of the year as previously stated, but did not specify what role he will take on till his retirement. Last year in October, the Australian Financial Review and other media outlets reported that a woman who had had a sexual relationship with White made numerous allegations against him in late 2020, including claims of inappropriate behaviour. Initial findings of an external governance review started by the company largely cleared White of wrongdoing, though it acknowledged that his management style might be perceived by some employees as intimidating. The billionaire made a surprise return to the firm's top brass in February, appointed as its executive chair.
