Company Updates

Google launches new ‘Google+ Stories’ feature

Google launches new ‘Google+ Stories’ feature

Google made several new changes which to its Google+ social network on Tuesday, including the launch of a new feature called Google+ Stories.

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Apple reportedly acquiring Beats Electronics in $3.2 billion deal

Apple reportedly acquiring Beats Electronics in $3.2 billion deal

According to media reports, including one from the Financial Times, tech giant Apple is apparently negotiating an acquisition deal with headphone maker and music-streaming service provider Beats Electronics.

It is being reported - on the basis of information shared by unidentified sources aware of the talks between Apple and Beats - that Apple's acquisition of Beats could be announced as early as next week. For the acquisition of Beats, Apple will pay approximately $3.2 billion (£1.9 billion).

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Samsung ordered to pay Apple only $119.6 million in patent-infringement damages

Samsung ordered to pay Apple only $119.6 million in patent-infringement damages

In a verdict which marks a symbolic win for Samsung in the company's high-profile patent-infringement battle with US tech giant Apple, an eight-member California jury has ordered the bigwig South Korean device maker to pay $119.6 million in damages to Apple, for violating two of Apple's patents. Apple was asking for $2.2 billion in damages.

The Friday ruling by the jury came after a month-long trial in the in U. S. District Court in San Jose.

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Ethos: New Shareholders of Universal Industries Corporation

Ethos: New Shareholders of Universal Industries Corporation

Ethos, a private equity firm, has taken a step further to make its position stronger in the market by acquiring South Africa’s Universal Industries Corporation for ZAR 1.3 billion.

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Trade Unions Warn Against Consequences of Wal-Mart Deal

Trade Unions Warn Against Consequences of Wal-Mart Deal

Ebrahim Patel, the Economic Development Minister, along with Rob Davies, the Trade and Industry Minister and Tina Joemat-Pettersson, the Forestry and Fisheries Minister have lodged an application in Competition Appeal Court, as an attempt to estimate and hold forecasted 51% Massmart overtake by Walmart's.

“Conditions must be imposed that address the pre-merger retrenchments, the impact of the merger on workers' conditions in the retail sector and its supply chain”, added Saccawu while briefing its main goal.

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Growthpoint and PIC Acquired V&A Waterfront

Growthpoint and PIC Acquired V&A Waterfront

Growthpoint CEO, Norbert Sasse along with Public Investment Corporation (PIC) declared the completion of its deal of acquiring V&A Waterfront. The company V&A Waterfront was going to receive an amount of R500m, from the Growthpoint and the Public Investment Corporation for its acquisition. The company also gained a profit of R9, 7bn from its Dubai World and London &Regional Properties. Bothe the companies GEPF and PIC were the largest asset holders in South Africa.

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Edcon Works to Reduce Debt from Company Cash Flow

Edcon Works to Reduce Debt from Company Cash Flow

According to an announcement by Edcon’s Chief Financial Officer (CFO), Steve Binnie yesterday, the tight control the company placed on their operating expenses their working capital and their debtors led to an increase in the sales in the year leading up to April.

“We have been less aggressive than our competitors with regard to opening new accounts and new space”, said Mr. Binnie. “In that context we are pleased with the results”. He went on to say, “With the refinancing of our debt and hedging liability we had to be a little more conservative”.

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SAB Dismisses Allegation of Illegal Trade

SAB Dismisses Allegation of Illegal Trade

There were allegations made against the huge liquor giant South African Breweries. It was said that they indulged in selling liquor at illegal outlets. The firm has come out in public to answer the questions of people was pouring at them. They are of the revelation that they have never sold liquor at illegal shebeens and that they have a good networking and computer system in order to prevent something like this from happening.

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Aquarius Withdraws Funding Efforts from Blue Ridge Platinum Mine

Aquarius Withdraws Funding Efforts from Blue Ridge Platinum Mine

It was declared by Aquarius Platinum that they are going to withdraw its funding efforts towards the Blue Ridge Platinum mine. It is the fourth largest platinum supplier in the world and has made it clear that they shall no more be funding the subsidiary Ridge mining programme.

These developments have been a result of the review that was conducted by the firm to measure the economic feasibility of its actions.

Vodacom Announcing Sipho Maseko as Managing Director of South Africa

Vodacom Announcing Sipho Maseko as Managing Director of South Africa

“Sipho has impressed us with his business acumen, leadership approach and track record in a multinational environment. We believe he will make a refreshing contribution to our business and we look forward to welcoming him on board”, said the Vodacom Group Chief Executive Officer, Pieter Uys, while the company had introduced Sipho Maseko as Managing Director of Vodacom South Africa, with effect from September 2011.

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