Company News in Brief

Volkswagen must solve most of its problems alone, German minister says

Germany wants to support Volkswagen and help it avoid factory closures but the ailing car giant will have to fix most of its problems itself, Economy Minister Robert Habeck said Friday.
Volkswagen said earlier this month it needed significant restructuring to stay competitive, and was considering shutting sites in Germany for the first time in its 87-year history.
The announcement stunned employees and added to concerns about Germany's flagship car industry as it grapples with high costs, increased competition from China and weak demand for electric vehicles (EVs). "The majority of the tasks will have to be solved by Volkswagen itself," Habeck said during a visit to a VW plant in Emden in northwestern Germany. He refused to comment on media reports that thousands of jobs could be threatened at Volkswagen, saying he "cannot interfere" in company policy. But politicians could help the car sector by looking at ways to send the right "market signals", Habeck said, stopping short of mentioning any possible state aid for Volkswagen. He pointed in particular to efforts to boost demand for EVs, insisting that electric driving "is the future". Sales of battery cars have plummeted in Germany this year after the government phased out subsidies, dealing a blow to carmakers who have invested heavily in the transition away from fossil fuels.
-AFP-

Two-pot system to pumo R25bn into economy - Investec

Specialist bank and wealth manager Investec said on Friday it expects SA's two-pot system to inject about R35 billion into the economy, in particular providing a benefit for local retailers. It has also seen increased foreign investor interest in SA, with generally improved activity across its markets reflecting in its non-interest revenue growth. Pre-provision adjusted operating profit is expected to rise by between 6.7% to 12.9% to as much as £550 million (R12.8 billion) in the six months to end-September, the group said in a pre-close update on Friday. Headline earnings per share are expected to be in a range of between a 1.4% fall to a 3.5% increase, due to various strategic actions, including the merger of its UK wealth business with Rathbones.
-FIN24-

X online in Brazil again

Elon Musk's X social media platform went back offline in Brazil Thursday, a day after it resumed service in contravention of a judicial ban, internet providers said. Brazil's Supreme Court had earlier in the day ordered X to suspend access to the platform, finding the company had "unlawfully, persistently and intentionally" flouted judicial rulings and would risk a daily fine of more than $900 000 for non-compliance. The former Twitter was banned last month in Latin America's largest nation, but access to the phone app returned Wednesday in what the government slammed as a deliberate violation of the suspension. X said the return of its service was "inadvertent and temporary." On Thursday, the ABRINT association of internet providers said the network went offline again "just before 4:00 pm" local time and was once again "blocked." Judge Alexandre de Moraes in a court order Thursday called X "recalcitrant" and ordered state telecommunications agency Anatel to take the necessary measures to once again block access to the network. The high-profile judge has been engaged in a long feud with South African-born billionaire Musk as part of his drive to crack down on disinformation in Brazil. His suspension of X last month came after Musk refused to remove dozens of right-wing accounts accused of spreading fake news and then failed to name a new legal representative in the country as ordered.
-AFP-

China to import food from China again

China said Friday that it would "gradually resume" importing seafood from Japan after imposing a blanket ban last year over the release of water from the disabled Fukushima nuclear plant. In August 2023, Japan began discharging treated water from Fukushima into the Pacific Ocean in an operation it insists is safe, a view backed by the UN atomic agency. The release, however, generated a fierce backlash from China, which branded it "selfish" and banned all Japanese seafood imports. Beijing and Tokyo said Friday they had come to a consensus over the wastewater release that would allow China to phase them back in. "China will begin to adjust the relevant measures based on scientific evidence and gradually resume imports of Japanese aquatic products that meet the regulation requirements and standards," Beijing's foreign ministry said in a statement.
-AFP-