Flash Briefing: Summers warns against US inflation; mixed company results; Sibanye

  • Former US Treasury Secretary Lawrence Summers today sounded a warning against inflation. He was speaking to our partners at Bloomberg.
  • AVI says Covid-19 had a mixed impact on its business in the six months to December. Group revenue was marginally down, with I&J’s abalone business affected by export demand and price pressures. Headline earnings per share increased and the group declared an interim dividend and special dividend.
  • Retailer Massmart reported a R6bn decline in sales last year due to Covid-19 restrictions. However, the company says it has executed a strong turnaround with a focus on growth. No dividend was declared.
  • Old Mutual says it has been heavily impacted by the recessionary environment which has squeezed customers’ disposable income. The company adds that Covid-19 has had a significant impact on claims. Headline earnings per share are expected to fall by as much as 60 percent.
  • Sibanye-Stillwater spokesperson James Wellsted said AngloGold Ashanti and Gold Fields would both fit with the company’s acquisition strategy. He didn’t say whether Sibanye was preparing to make an offer for either company. CEO Neal Froneman has said that combining with AngloGold and Gold Fields would create a rival to the world’s largest producers, Newmont and Barrick Gold.
  • MacKenzie Scott, the philanthropist who divorced Amazon founder Jeff Bezos, has married again, according to our partners The Wall Street Journal. Ms. Scott, one of the world’s wealthiest women, has married Dan Jewett, a science teacher from Seattle. You can subscribe to BizNews.com for full access to The Wall Street Journal.

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