Company News

• Kumba Iron Ore and ArcelorMittal have begun talks over a new pricing deal after Kumba terminated a cost-plus-3% iron-ore supply agreement with the steel producer. Any agreement will serve as an interim solution ahead of the arbitration hearing that will take place in the next few months.
• Banking group Absa has indicated that shareholders are unhappy with the decision made by CEO Maria Ramos to accept a position on the board of Richemont. There are questions whether she can adequately focus on her responsibilities at Absa where she is expected to lead the group out of its current situation.
• Telecommunications giant MTN has reported a 4% increase in subscribers in the three months ending March from the December quarter. This increases the group's total subscriber number to 147.2 million.
• The Competition Tribunal’s hearings over Walmart’s acquisition of Massmart will resume from today to May 13, with May 16 reserved for legal argument.
• Brewer SAB has denied any form of tax avoidance in its African operations. This comes after South Africa, Ghana, Zambia, Tanzania and Mauritius made the decision to investigate the company’s tax affairs.