Africa’s biggest fund manager is seeking a buyer for Daybreak Foods (Pty) Ltd. , its wholly owned chicken business in South Africa that has been plagued by scandals and a business-rescue process. The Public Investment Corp. , which manages 3.7 trillion rand ($220 billion) in South African state-worker pension funds, plans to sell “more then 60%” of the company, Chairman David Masondo said in reply...
Africa’s biggest fund manager is seeking a buyer for Daybreak Foods (Pty) Ltd. , its wholly owned chicken business in South Africa that has been plagued by scandals and a business-rescue process. The Public Investment Corp. , which manages 3.7 trillion rand ($220 billion) in South African state-worker pension funds, plans to sell “more then 60%” of the company, Chairman David Masondo said in reply to questions. “We’ve got to exit it because we became a 100% shareholder by default,” he said earlier on Bloomberg Television. “We need to get an operational, strategic equity partner that will invest in the asset.” The PIC has invested 1.7 billion rand over the past decade and placed it in a business-rescue process in June last year. Allegations of mismanagement, financial distress, regulatory issues and incidences of animal cruelty have dogged the company, with Masondo saying the company has seen operational and financial improvements during the business-rescue process. Read more: Chicken Producer Owned by Top Africa Fund Manager Seeks New Debt Daybreak still supplies about 6% of the chicken market in South Africa, with the continent’s biggest economy producing close to 1.7 million tons of protein a year. The country is home to some of the largest chicken-producing companies in the region including Astral Foods Ltd. , of which the PIC also owns 24%, and Rainbow Chicken , majority-owned by South African billionaire Johann Rupert ’s Remgro Ltd. Daybreak forms part of the PIC’s unlisted portfolio business worth about 127 billion rand. “There are distressed assets, and we will have to get some specialists to work with with the PIC in order to turn around those assets,” said Masondo. Sign up here for the daily Next Africa newsletter, and subscribe to the Next Africa podcast on Apple , Spotify or anywhere you listen .
Getty Images Hope springs eternal on Wall Street. Despite the US and world economies being hit by an unusually serious oil, natural gas, and food price shock, over the past month, the S&P 500 index has declined by only 7.5 percent from its all-time high. That leaves equity valuations more than 50 percent above their long-term average. It also leaves the overall valuation of the stock market at clo...
Getty Images Hope springs eternal on Wall Street. Despite the US and world economies being hit by an unusually serious oil, natural gas, and food price shock, over the past month, the S&P 500 index has declined by only 7.5 percent from its all-time high. That leaves equity valuations more than 50 percent above their long-term average. It also leaves the overall valuation of the stock market at close to 200 percent of GDP, which is historically around double its post-Second World War average. One reason for surprise at the stock market’s complacency is that we are currently experiencing the largest oil and natural gas supply disruption on record. The closure of the Straits of Hormuz is currently depriving the world of around 20 million barrels of oil a day, or some 20 percent of the world’s oil supply. The supply of natural gas and refined petroleum products, like diesel and jet fuel, is being hit even harder by the closure of the Straits. No one knows how long the Straits of Hormuz will remain closed and how much further damage the Iranians will inflict on their Gulf neighbors’ oil and natural gas installations. However, we do know that the Gulf countries have been forced to curtail production for want of storage space, and that it will take several months for the Gulf countries to get their oil and gas fields restarted once the Straits are reopened. We also know that Qatar, the world’s largest exporter of liquefied natural gas, has had some 17 percent of its production damaged in a way that will take between three and five years to restore. Another reason that the stock market seems to be overly complacent about the energy price shock is that it appears to be overlooking the context in which that shock is occurring. Even before that shock, strains were emerging in both the $2 trillion private credit market and the $3 trillion real commercial real estate loan markets. The energy price shock, coupled with a lack of fertilizer-induced food price shock, is certain to k...
2025 Marked a Year of Consolidation, Platform Integration, and Strategic Foundation for Commerce-Led Growth in 2026 2025 Marked a Year of Consolidation, Platform Integration, and Strategic Foundation for Commerce-Led Growth in 2026
2025 Marked a Year of Consolidation, Platform Integration, and Strategic Foundation for Commerce-Led Growth in 2026 2025 Marked a Year of Consolidation, Platform Integration, and Strategic Foundation for Commerce-Led Growth in 2026
US Senators Unveil 'Mined In America Act' To Reshore BTC Mining, Codify Bitcoin Strategic Reserve Authored by Micah Zimmerman via BitcoinMagazine.com, Republican Senators Bill Cassidy and Cynthia Lummis introduced legislation Monday aimed at reshaping the U.S. digital asset mining sector, tightening supply chains, and embedding bitcoin into federal reserve strategy. The proposal, titled the “Mined...
US Senators Unveil 'Mined In America Act' To Reshore BTC Mining, Codify Bitcoin Strategic Reserve Authored by Micah Zimmerman via BitcoinMagazine.com, Republican Senators Bill Cassidy and Cynthia Lummis introduced legislation Monday aimed at reshaping the U.S. digital asset mining sector, tightening supply chains, and embedding bitcoin into federal reserve strategy. The proposal, titled the “Mined in America Act,” would establish a federal certification program for domestic crypto mining operations while phasing out reliance on foreign-manufactured hardware. It also seeks to codify Donald Trump’s executive order creating a Strategic Bitcoin Reserve, placing the policy on statutory footing, according to a release on the matter. “Digital asset mining is a big part of our economy. We should be doing it here in America,” Cassidy said in a statement, framing the bill as a supply chain and manufacturing initiative. Lummis tied the legislation to a broader push to position the United States as a global hub for digital assets. “The Mined in America Act brings this industry home through forward-thinking initiatives to secure our financial future,” she said. The bill directs the Department of Commerce to create a voluntary “Mined in America” certification for mining facilities and pools that meet security and sourcing standards. Certified operators would be required to transition away from hardware linked to foreign adversaries over a phased timeline, with the goal of full compliance by the end of the decade. Lawmakers and industry advocates have pointed to a stark imbalance in the current mining ecosystem. While the United States controls an estimated 38% of global bitcoin hash rate, roughly 97% of specialized mining hardware is produced by Chinese firms , including Bitmain and MicroBT. JUST IN: US Senators introduce the "Mined in America" bill to promote Bitcoin mining and codify President Trump's Strategic Bitcoin Reserve 🇺🇸 pic.twitter.com/0M478axSE3 — Bitcoin Magazine (@...
Huawei’s revenue growth slows Huawei Technologies Co. Ltd. reported a slowdown in sales revenue growth for 2025, constrained by limited expansion in its ICT (information and communications technology) infrastructure and consumer device businesses. The company generated 880.9 billion yuan ($127.6 billion) in sales revenue for the year, up 2.2% year-on-year, significantly lower than the 22.4% growth...
Huawei’s revenue growth slows Huawei Technologies Co. Ltd. reported a slowdown in sales revenue growth for 2025, constrained by limited expansion in its ICT (information and communications technology) infrastructure and consumer device businesses. The company generated 880.9 billion yuan ($127.6 billion) in sales revenue for the year, up 2.2% year-on-year, significantly lower than the 22.4% growth recorded in 2024. Net profit rose 8.7% to 68 billion yuan, rebounding from a 28% year-on-year decline in 2024.
New Zealand all-rounder Amelia Kerr hits an unbeaten 179 off 139 balls to inspire her side to chase down 346 against South Africa in the highest successful run chase in women's ODI history.
New Zealand all-rounder Amelia Kerr hits an unbeaten 179 off 139 balls to inspire her side to chase down 346 against South Africa in the highest successful run chase in women's ODI history.
(RTTNews) - Delaware-based biotechnology company Zymeworks Inc. (ZYME) Wednesday announced the appointment of Kristin Stafford as Chief Financial Officer.
(RTTNews) - Delaware-based biotechnology company Zymeworks Inc. (ZYME) Wednesday announced the appointment of Kristin Stafford as Chief Financial Officer.