Agriculture sale is ‘progressing well’

GLENCORE’S plans to sell a stake in its agriculture business are progressing well, according to the commodity trader’s spokesman. The statement came after Ning Gaoning, the chairman of Cofco, China’s largest food company, told Reuters that Glencore was not planning to sell a part of the unit. Glencore would provide an update at its investor call on December 10, spokesman Charles Watenphul said. The agriculture sale is part of a broader plan to reduce debt and raise money as commodity prices remain stuck at the lowest levels since the global financial crisis of 2008. – Bloomberg

TISO BLACKSTAR

TISO Blackstar Group is facing a revolt over pay by staff at South Africa’s biggest Sunday newspaper, the Sunday Times, and a sister publication after staff learnt they would not be getting annual bonuses. Employees at the weekly and the daily Times newspaper demanded that their cancelled bonus be reinstated and pay be raised by at least 8 percent in a letter sent to management on November 13. “Despondency is the enemy of productivity,” staff said in the letter. “Motivated and appreciated staff members are what every company needs,” they said, demanding a response by November 20. In a text message response, Andrew Bonamour, a director of Tiso Blackstar, said staff “didn’t meet criteria for bonuses.” Tiso Blackstar this year completed its acquisition of Times Media Group, which owns the two newspapers as well as Business Day and the Financial Mail. The Sunday Times’ profits slumped 42 percent and circulation dropped to 320 000 from more than 400 000, Bonamour said. Private equity company Tiso Blackstar is listed in London and its stock has declined 30 percent over the past six months. – Bloomberg