Grindrod to retrench logistics staff
Business Live - Jun 25th 2012, 07:58
Grindrod, the logistics and shipping services company, has issued retrenchment notices to staff in its logistics business due to the underperformance of its trucking division.
Hylton Gray, CEO freight logistics services, said the trucking unit had lost money for three years so the group decided to rationalise it.
The group is uncertain how many of the unit's 50 or so people will be retrenched and the action is still in the proposal phase to staff.
One analyst, who wished not to be named, said while it was bad news for people about to lose their jobs it was a positive move for the group to clean up under-performing units.
In the previous year, Grindrod sold its furniture business. Earlier this year, it decided to offload its 50% stake in Cockett Marine Oil to Vitol, the world's largest independent energy-trading business.
On Monday, it finalised a transaction to buy a 75.5% interest in Botswana-based fuel-logistics company Petrologistics Botswana.
The group expects its interim earnings to rise 100%-110% and basic earnings a share to grow 55%-65%.
Grindrod said a number of material events contributed, including the profit of R415-million for the disposal of 35% of its investment in the Maputo Coal Terminal, Mozambique.
The impairment of ship values by R131-million, owing to the continued weakness in shipping markets, also affected earnings.
DionWired unveils multichannel retailing to meet shopping trends
05/12/2013 - 15:33
DionWired has embraced the multichannel retail concept with the launch of its brand new website, which was developed to give consumers a highly positive, symmetrical shopping experience between the web and the brick-and-mortar stores.
Double blow for Adcock suitor
03/12/2013 - 08:00
Johannesburg - A Chilean group's $1.2bn (R12.6bn) bid for drugmaker Adcock Ingram [JSE:AIP] was challenged on two fronts on Monday, as a group led by Bidvest [JSE:BVT] sought nearly a third of Adcock's shares and launched a court action against the bid.
Pick n Pay opens two premium stores as part of six month plan to open 64 stores
29/11/2013 - 10:27
After an improved performance at the half year, Pick n Pay is demonstrating its commitment to pursuing positive growth through focused, streamlined operations and an expanding store footprint, with plans to open over 60 new stores in the six months to end February 2014.
Zambia’s food security position is very strong
20/11/2013 - 10:50
Agriculture and Livestock Minister Bob Sichinga has disclosed that Zambia was on a strong position in terms of food security in the African region.
Manufacturing confidence low
15/11/2013 - 08:12
Business confidence in the manufacturing sector was weak in the third quarter of this year, according to a Manufacturing Circle survey.