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News in Brief

Economy

New Massmart stores to create 15 000 jobs

Walmart’s plans to keep opening new Massmart stores in South Africa might result in the creation of as many as 15 000 jobs in the country within the next five years, the companies said at the weekend. Massmart chief executive Grant Pattison told the Business Times there were no plans to open Walmart-branded shops as the local brands had “plenty of value”, and there were plans to open 40 of these outlets in the next financial year. Walmart began advertising price cuts and new business opportunities for South Africa at the weekend, six days after it acquired a controlling stake in Massmart. The advertising campaign, which started in print media yesterday, included a letter from “the people” of Massmart and Walmart announcing the merger and price cuts by the group’s retailers Game, DionWired, Makro and Builders’ Warehouse. Pattison said: “During that same period, we also intend to expand sourcing, most of which will be from local manufacturers, to approximately R60 billion of additional food and fast-moving consumer goods purchases.” – Dineo Matomela

Senwes grows annual profit 5%

Senwes’s fiscal full-year profit rose 5 percent, the grain storage company said on Friday, noting that trading conditions in the agricultural industry had improved “dramatically.” Net income rose to R219 million in the 12 months to April, compared with R209m a year earlier. Revenue declined 16 percent to R7.55 billion. The company declared a final dividend of 25c a share, compared with 15c a year earlier. – Bloomberg

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