In a trading update for the year to end-December, aluminium products manufacturer Hulamin now expects headline earnings of R574 million, from a restated loss of R219 million in the previous year.
"The headline earnings for the comparative period were significantly impacted by the Covid-19 pandemic and the resultant lockdown measures. From this low base, the increase in headline earnings for the current period is mainly due to the recovery of the earnings of most of Remgro’s underlying investee companies," the company said. The group is due to release its results for the six months ended 31 March 2021, by 24 March.
Accordingly, Milpark is moving out of contact learning, and will vacate its current Milpark leased premises in Gauteng as it plans"to discontinue offerings on this site".Absa's headline earnings more than doubled to reach R18.6 billion in 2021.The bank's profits were already ahead of pre-pandemic levels in the first half of 2021, now, it says it is"well in excess" of 2019 earnings, where it recorded R16.3 billion in headline earnings.
Casino operations and gaming, which make up 80% of group’s revenue, grew its income by 22% over the past year as lockdown restrictions eased.“The effects of the achieved cost saving initiatives, reduced salaries and efficiencies were clearly evident,” the company said. Senior American and Chinese officials meet Monday as the U.S. seeks to enlist China to help end the invasion.
Global benchmark Brent remains deep in backwardation, a bullish structure where near-dated contracts are more expensive than later-dated ones, signaling tight supply. The prompt timespread was $3.62 a barrel in backwardation, compared with $1.39 at the start of last month. The selloff comes as part of a global retreat fuelled by Russia's invasion of Ukraine, which has sent oil prices soaring and is expected to light a fire under already elevated inflation.
Public transport has been suspended and officials have told all residents to stay at home, with the lockdown set to last until March 20 while three rounds of mass testing are carried out. Five companies have been ordered to comply with audit requirements by the US Securities and Exchange Commission or face delisting from Wall Street.
Work in hand grew by 15% to R29,1 billion on the back of McConnell Dowell winning new work particularly in Australia.Wheat is on track for a weekly loss after the biggest jump on record a week earlier as traders weigh the impact of the war in Ukraine and sweeping sanctions on Russia with the outlook for global production.
The US Department of Agriculture this week actually raised its estimate for world wheat stockpiles, with Australia reaping a record crop, and robust Indian exports continuing. In other crops, maize and soybean futures in Chicago held near the highest levels since 2012. Top soybean exporter Brazil is expected to see crops shrink even more because of a drought, which will put ever more importance on the outcome of the oilseed harvests in the U.S. and Canada this summer.Equities in Asia and futures fell Friday and Treasuries rose as a broad risk-off mood took hold amid hot U.S. inflation data and continued negative news out of Ukraine.
This latest evidence of inflationary pressure snapped fledgling rallies across global markets as hopes of progress in talks between Russia and Ukraine faded. The data compounded investors’ concerns about the risks to the global economy from the conflict-driven surge in commodity markets over the past couple of weeks.
Meanwhile, more firms are turning their back on Russia in response to the invasion of Ukraine. JPMorgan Chase & Co. joined Goldman Sachs Group Inc. in pulling back from Russia. Late in the U.S., the House voted to ban Russian energy imports and passed a long-delayed $1.5 trillion spending bill that would fund the U.S. government through the rest of the fiscal year and provide $13.6 billion to respond to Russia’s invasion of Ukraine.
These reversals are the latest twist in volatile markets as investors assess the risk of an inflation shock that could derail global growth, just as the Federal Reserve prepares what’s expected to be the first of several rate hikes next week.