Category Banking and Finance

On Monday, Resolute Mining’s shares nosedived by 32%, marking the company’s steepest single-day loss in over 16 years after three of its executives, including CEO Terence Holohan, were detained by Malian officials. Holohan and his team were in Bamako, Mali’s capital, to engage with mining and tax authorities, only to be unexpectedly held by government agents on Friday, the company reported.

This decline in shares saw Resolute’s stock plunge to as low as $0.30, recording its worst performance since October 2008, and stabilizing slightly at $0.31 by 02:42 GMT, down 30.6%. With more than 38.5 million shares traded—over double the average monthly volume of 14.8 million—the incident has triggered intensified trading and heightened market concerns.

The detentions reflect growing strain between Mali’s military-led government and international mining firms, following similar actions taken against four employees of mining giant Barrick Gold in late September. As one of Africa’s leading gold producers, Mali’s authorities push for greater control over mining revenue through a revised mining code. This policy shift aims to increase state stakes in lucrative gold projects.

Resolute’s Syama gold mine in Mali, one of only two operating mines under the company’s portfolio, provided nearly two-thirds of its 2023 output of 329,061 ounces. Resolute holds an 80% share in the project, with the remaining stake owned by the Malian government.

In an official statement, Resolute confirmed that it had adhered to all regulatory protocols and responded comprehensively to each claim presented by the authorities, maintaining that it had acted in full compliance with Malian law.

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Luxury brand Hermès has defied the downturn in the luxury retail sector, reporting a notable rise in third-quarter sales, which stands in stark contrast to competitors hit by China’s economic challenges.

The French company posted revenue of $4 billion for the quarter ending in September, marking an 11.3% increase at constant exchange rates, slightly surpassing analysts’ expectations. Despite facing a challenging economic and geopolitical climate, Hermès maintained its medium-term outlook for steady revenue growth.

Bernstein luxury goods analyst Luca Solca highlighted Hermès as the strongest option to safeguard portfolios during a challenging second half of the year, worsened by China’s structural issues and a global economic slowdown. Solca observed that all Hermès divisions, apart from watches, experienced higher-than-anticipated growth.

Executive Chairman Axel Dumas attributed this resilience to Hermès’ unique business model, which hinges on exclusivity and strict production and inventory control. This approach has allowed the company to maintain recruitment and invest strategically for the future. High-end items like the Birkin bag, priced at over $10,820, remain accessible only to the wealthiest consumers, who are generally unaffected by economic fluctuations. Hermès is also planning to open a new store in Beijing next year.

Regional sales results were strong across the board: Asia (excluding Japan) saw a 7% increase, while Europe (excluding France) experienced an 18% rise, driven by local demand and sustained tourist spending. In France, sales rose by 14%, despite slightly reduced footfall due to the Olympic Games. The American market continued its growth trajectory with a 13% increase.

Since the beginning of the year, Hermès shares have risen nearly 9%, outperforming competitors like LVMH, which is down 15%, Moncler down 3.3%, and Kering, which is working to revitalize Gucci, down 40%. Hermès shares closed up 1.07%, or around $24, reaching $2,25 in Paris.

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The Central Popular Bank (BCP) has announced a notable leadership transition, with Naziha Belkeziz taking on the role of Chief Executive Officer. The Board of Directors made the appointment official in a statement released today, confirming that Belkeziz would assume her new responsibilities immediately.

This decision sees Belkeziz stepping into the position following the retirement of Mohamed Karim Mounir, who requested to exercise his retirement rights. The board expressed its full confidence in her ability to drive BCP’s development, commending her for the extensive expertise and leadership qualities she has exhibited throughout her distinguished career.

In their statement, the board conveyed their support and optimism for the bank’s future under Belkeziz’s leadership, recognizing her as a professional noted for both her skills and her human qualities. They pledged to support her as she leads BCP forward and thanked Mounir for his three decades of dedication and his vital contributions to BCP’s growth, particularly during his tenure as CEO since 2018.

Additionally, the board underscored BCP’s pivotal role within Morocco’s economy and banking sector. They highlighted the bank’s achievements in financing the national economy, mobilizing savings, promoting financial inclusion, and its ambition to expand its influence across the African continent.

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On Thursday, Japanese conglomerate Seven & i Holdings unveiled its latest strategy, emphasizing the growth of its core 7-Eleven convenience store chain while sidestepping any discussion of the $47 billion acquisition proposal from Canada’s Alimentation Couche-Tard.

During an investor presentation, the company outlined its plan to divest underperforming segments and pursue international expansion, all while seeking to placate critics and maintain its independence. Despite longstanding shareholder concerns about capital allocation and business direction, CEO Ryuichi Isaka refrained from addressing the takeover bid or past criticisms, instead stating that the retailer’s restructuring efforts would create the necessary framework for future growth.

Isaka indicated that Seven & i is now poised to increase both corporate and shareholder value by capitalizing on global opportunities. The company aims to nearly double its sales to $197 billion by 2030, with a focus on expanding into markets such as Vietnam and Australia. The strategy includes replicating its domestic success in fresh food offerings to attract international customers and improve profit margins.

As part of the restructuring, Seven & i announced it would spin off its supermarket business along with around 30 other non-core subsidiaries into a separate holding company. However, investor response has been muted, with the company’s share price remaining largely unchanged since the initial reveal of the plan earlier this month.

Some international shareholders have been calling for a breakup of the conglomerate, which also operates restaurants and financial services. U.S. investment firm Artisan Partners, for instance, expressed dissatisfaction with the recent changes, describing them as insufficient and urging Seven & i to engage with Couche-Tard regarding the acquisition offer.

The investor briefing, which lasted three hours, did not mention Couche-Tard’s bid, and neither analysts nor shareholders raised the subject. Despite strong performance at its Japanese 7-Eleven stores, which boast an operating margin of 27%, the company continues to struggle with its supermarket division, including the Ito Yokado chain that has been a key part of the business for over two decades.

Internationally, 7-Eleven’s performance lags behind, with an operating margin of just 3.5% outside Japan. The company’s U.S. operations have faced additional challenges, as the North American market has been impacted by broader economic difficulties, according to Joseph DePinto, head of the region. Declining fuel revenue and reduced cigarette sales compared to pre-pandemic levels have taken a toll on profitability, although DePinto noted that the company is now focusing on fresh food to drive future sales.

DePinto acknowledged that the past year had been challenging, admitting dissatisfaction with the U.S. business performance.

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The Board of Directors of Airbus SE has announced plans to propose the renewal of Guillaume Faury’s role as Executive Board member and Chief Executive Officer at the 2025 Annual General Meeting.

Alongside this proposal, Airbus revealed an upcoming leadership transition in its Commercial Aircraft division. Lars Wagner, currently CEO of Munich-based MTU Aero Engines AG, will join the Airbus Executive Committee after concluding his tenure at MTU. Wagner has been designated as the successor to Christian Scherer, who currently serves as CEO of the Commercial Aircraft business.

Airbus CEO Guillaume Faury expressed enthusiasm for Wagner’s appointment, describing him as an outstanding industry leader returning to the Airbus family. Faury stated that Scherer would continue leading the Commercial Aircraft division until Wagner’s transition is complete, emphasizing that he and Scherer will maintain close collaboration to support Airbus’s objectives within a highly dynamic industry.

Christian Scherer also welcomed the transition, noting that he remains dedicated to the success of Airbus following his four-decade career with the company. He conveyed his strong support for Wagner’s nomination, stating that Wagner, a trusted colleague, is the ideal choice to lead the division. Scherer looks forward to working closely with Wagner as the transition progresses.

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US insurance brokerage TIH has announced that Dave Obenauer, its current President, will assume the role of Chief Executive Officer effective January 1, 2025, as current CEO John Howard transitions to Vice Chair. With over 35 years in the insurance industry and tenure at TIH dating back to 2007, Obenauer brings extensive experience to his new position.

In discussing the transition, Howard expressed full confidence in Obenauer, highlighting his industry expertise and their longstanding professional relationship. He emphasized Obenauer’s qualities as a trusted partner and leader as he prepares to guide the company’s future.

As President, Obenauer has been instrumental in driving TIH’s growth, focusing on strategic planning, effective execution, teamwork, and continuous improvement. Upon becoming Vice Chair, Howard will maintain his role on TIH’s Board of Managers, remain an investor, and continue supporting the company’s growth trajectory. He will also stay active on various industry boards and committees.

Obenauer, expressing enthusiasm for his new role, remarked that he was honored to follow in Howard’s footsteps. He looks forward to advancing the company’s insurance-focused strategy, which has been in place since TIH achieved full independence in May. Obenauer holds an MBA from Wharton and graduated with honors from Wake Forest University; he will continue to work from TIH’s Charlotte headquarters.

Dan Glaser, Chair of the TIH Board, recognized Howard’s accomplishments, noting his transformative leadership over two decades and his lasting contributions to the insurance industry. Glaser also expressed confidence in Obenauer’s leadership, emphasizing that TIH, fueled by its independence, has significant opportunities ahead to continue delivering exceptional results for clients.

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Domino’s Pizza Enterprises has announced the upcoming retirement of its long-serving CEO and managing director, Don Meij, effective November 6. After a nearly four-decade career with the company—22 years of which he held the CEO position—Meij plans to continue collaborating with the board and his successor, Mark van Dyck, over the next year to ensure a smooth transition.

Despite its global presence in Australia, Asia, and Europe, Domino’s reported a 1.2% decline in same-store sales for the first 17 weeks of the fiscal year, with Germany, France, and Japan contributing to the drop. Reflecting on his decision, Meij commented that while stepping down was difficult, he felt it was the right moment for a leadership change to propel the company’s future growth.

The company stated that van Dyck was selected following a global search. Most recently the Asia-Pacific leader at Compass Group, van Dyck also has extensive executive experience with Coca-Cola and serves as chair of the Food and Agriculture Taskforce. Domino’s chair, Jack Cowin, remarked that under Meij’s guidance, the company transformed from a Brisbane-based business into a leading global brand, achieving market dominance in each region where it has operated for over three years in Europe and the Asia-Pacific.

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Aliko Dangote, Africa’s wealthiest individual and a prominent industrialist, experienced a $35.8 million decrease in his net worth on Wednesday following the U.S. presidential election, bringing his total wealth to $27.7 billion as of Thursday. This change placed him 64th on the global list of the wealthiest individuals. Dangote’s fortune largely stems from his Lagos-based conglomerate, Dangote Group, which manages a range of industrial assets.

The most valuable asset in his portfolio is the Dangote Oil Refinery, Africa’s largest oil refinery, which commenced operations in early 2024. Dangote holds a 92.3% ownership stake in this $20 billion facility, valued according to its construction cost. Additionally, he owns a substantial fertilizer plant with an annual production capacity of 2.8 million tonnes of urea, appraised using a net present value calculation based on a 50% utilization rate.

Several Dangote Group companies are publicly listed on the Nigerian Stock Exchange. Dangote’s holdings include an 86% stake in Dangote Cement, Nigeria’s largest cement producer, as well as investments in Dangote Sugar, Nascon Allied Industries, and the United Bank for Africa. These shares are managed directly and through Dangote Industries, a core subsidiary of his Group. Dangote’s business interests also encompass privately held companies in sectors such as food manufacturing, agriculture, and packaging, which are valued based on their investment costs according to the Group’s 2023 audited financial statements.

The industrialist owns six residential and commercial properties in Lagos, valued using the capitalization method based on rental income estimates provided by his spokesman, Anthony Chiejina, and capitalization rates from CBRE Broll Nigeria.

The valuation of his cash reserves, held in both naira and U.S. dollars, is based on financial information disclosed by the Group in 2024.

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Australia’s Crown Resorts has confirmed David Tsai’s appointment as Group Chief Executive Officer following Ciarán Carruthers’s departure. Tsai, who assumed the role of Acting CEO in August, joined Crown as CEO of Crown Perth in December 2022, later advancing to President and Group COO in July. He has played an instrumental role in guiding the company through a pivotal period of transformation, including leading Perth’s reform and remediation efforts.

Crown Chairman John Borghetti described Tsai as a highly capable executive with a strong record in integrated resorts management, demonstrating both commercial acumen and strategic insight. Borghetti added that Tsai’s values aligned with Crown’s cultural and team-oriented approach, positioning him well to continue driving Crown’s transformation and growth. As CEO, Tsai is set to prioritize guest experience across all resorts, oversee refurbishments, and launch new entertainment offerings in 2025 and beyond while maintaining a focus on safe and responsible gaming. The board expressed confidence in Tsai’s leadership and enthusiasm for his appointment.

Tsai conveyed his eagerness to lead Crown Resorts into its next chapter, aiming to make Crown the premier entertainment destination across its locations, with support from a dedicated team to ensure long-term success.

Tsai’s appointment follows Crown’s recent return to regulatory suitability in Victoria and New South Wales, where its flagship properties, Crown Melbourne and Crown Sydney, are located. His extensive experience as a senior executive at U.S. casino leader MGM Resorts further underscores Crown’s commitment to transforming its operations and strengthening its position within the entertainment industry.

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Nissan Motor Co., grappling with intensifying industry challenges and internal issues, announced deep cuts to its workforce, production, and financial forecasts for the fiscal year. The automaker’s shares fell sharply in Tokyo on Friday, declining as much as 10% to their lowest level since October 2020, after the company revealed it would lay off 9,000 employees and reduce its manufacturing capacity by 20% following a 94% drop in net income for the first half of the fiscal year. Nissan also plans to reduce its stake in Mitsubishi Motors Corp. after depleting $2.9 billion in cash over the past six months.

Chief Executive Officer Makoto Uchida acknowledged that Nissan’s struggles stem not only from industry-wide pressures but also from internal missteps, including overly ambitious sales targets and the rapid rise of Chinese competitors. Uchida warned investors that meeting sales targets would be challenging and emphasized the need for Nissan to rebuild its resilience and steer toward recovery.

Nissan now projects its operating income to drop 70% from earlier expectations, reaching only $980 million by the end of the fiscal year in March. Additionally, revenue estimates have been cut by over 9%, reflecting an outlook of stagnant growth.

At the helm since 2019, Uchida has faced difficulty revitalizing Nissan amid stiff competition from Tesla Inc. and China’s BYD Co., leaving the automaker trailing its Japanese peers. Analyst James Hong of Macquarie Securities Korea described Nissan as “the weakest” among major Japanese carmakers, suggesting that price cuts might be the company’s only option for boosting sales.

To raise funds, Nissan will sell approximately a third of its stake in Mitsubishi Motors through the Tokyo Stock Exchange, a 10% holding valued at around $450 million at Thursday’s close. This move comes just eight months into Uchida’s three-year turnaround plan, during which Nissan had already downgraded its profit forecast to $3.3 billion in July, following disappointing sales in China, Japan, and North America.

The company reported a quarterly profit of $200 million for the period ending in September, missing consensus estimates of $430 million and well below last year’s $1.36 billion earnings.

Uchida’s roadmap for Nissan includes expanding its electric vehicle lineup, securing new partnerships, and increasing annual sales by 1 million units by 2027. However, analysts have expressed concerns that Nissan’s lineup lacks sufficient hybrid models at a time when EV demand is faltering. According to Macquarie’s Hong, hybrids are bolstering profitability for Toyota and Honda, indicating a need for Nissan to reconsider its strategy.

Like many legacy carmakers, Nissan has struggled to maintain its foothold in China, the world’s largest automotive market. In June, Nissan announced it would cease operations at its Changzhou plant due to declining sales.

The company has adjusted its production target to around 3.2 million vehicles for the fiscal year, representing a 7% decrease from the previous year. Retail sales projections have also been trimmed to 3.4 million units across key markets, including North America, China, Japan, and Europe.

In an attempt to improve efficiency, Nissan entered a collaborative agreement in March with Honda Motor Co. and Mitsubishi Motors for joint software development, batteries, and other EV components. This alliance places Nissan in direct competition with Toyota and its partnerships with Subaru Corp., Suzuki Motor Corp., and Mazda Motor Corp.

On Thursday, Uchida emphasized that Nissan’s strategic partnerships with Renault SA, Mitsubishi Motors, and Honda would enhance its investment efficiency and strengthen its product portfolio. The announced job cuts represent about 7% of Nissan’s workforce.

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