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Malawi has expelled four South Africans working for international tobacco firms for price cutting and sabotaging the economy, President Bingu wa Mutharika said Wednesday.
"They were sabotaging the economy and harming tobacco growers," Mutharika said in a strongly worded denounciation of the four, in a special live broadcast to the nation.
Calling the four "colonialists", Mutharika said he ordered the immigration department to revoke their work permits. The four were employed by international wholesalers which buy tobacco at auction.
"For a long time, they have been stealing from poor farmers. It's sabotage and an act of hostility to our country," Mutharika said.
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Malawi's President Bingu wa Mutharika has defended his decision to deport four senior foreign tobacco buyers for flouting minimum-price rules.
"For a long time I've been warning these exploitative colonialists to pay fair prices to farmers," he said.
The minimum prices were introduced for burley and flue-cured tobacco, Malawi's main export earners, last year.
But buyers have resisted them, saying the global economic crisis has made them unrealistic.
The four expatriates, who included two chief executives, worked for three of the largest tobacco-buying companies in the southern African country.
Malawi, the world’s largest burley tobacco producer, said it will deport officials of Alliance One Inc. and the local unit of Universal Corp. for paying below government-mandated prices for the leaf.
“This is the action I have taken,” President Bingu wa Mutharika said in a speech broadcast live on the state-owned Malawi Broadcasting Corp. radio station today. “They have been defying my orders to pay better prices and I have decided to chase them.”
The government yesterday revoked temporary work permits for officials of Alliance One, Universal-unit Limbe Leaf Tobacco, and Premium Tama Tobacco Co., and issued them with 24-hour deportation orders. . . .
Malawi started setting minimum prices for the various grades of tobacco two years ago after it accused merchants of putting farmers out of business. While dealers denied that they underpaid farmers, Wa Mutharika on April 6 threatened to deport buyers if prices didn’t improve.
Universal Corp., the world’s largest tobacco-leaf merchant, forecast global output of 4.277 billion kilograms (9.43 billion pounds) for the top grade of the leaf this year, below its previous estimate.
The forecast for flue-cured tobacco compares with an estimate of 4.296 billion kilograms, given on March 31, the Richmond, Virginia-based company said on its Web site. Global output of the tobacco last year was 4.175 billion kilograms.
So-called burley tobacco production will probably be 844 million kilograms this year, 2.4 percent less than the previous forecast. Burley production totaled 734 million kilograms last year, Universal said.
George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced strong results for the fiscal year that ended on March 31, 2009. Diluted earnings per share were $4.32, up nearly 17% from last year's $3.70 per diluted share, reflecting volume increases and improved margins in most regions, along with share repurchases. The benefits of those factors were partially offset by significant foreign currency related losses. Net income for fiscal year 2009 was $131.7 million, compared to $119.2 million last year. Performance for the prior fiscal year was reduced by restructuring charges of $12.9 million ($0.25 per diluted share after taxes) from employee separation costs related to rationalizing operations in or associated with Africa and Canada, as well as pension curtailment charges related to benefit plan design. Revenues for the latest fiscal year were $2.6 billion, which represented a 19% increase compared to last year. The increase in revenues was primarily caused by increased leaf prices, as higher costs related to both farmer prices and the then weak U.S. dollar were included in product pricing. Volumes shipped also increased as African burley crops recovered from the weather-reduced levels of fiscal year 2008. In addition, trading volumes improved in North America and Asia.
George C. Freeman, III, Chairman, President and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced today that the Company's Board of Directors declared a quarterly dividend of forty-six cents ($0.46) per share on the common shares of the Company, payable August 10, 2009, to common shareholders of record at the close of business on July 13, 2009.
Universal Corporation (NYSE: UVV) will webcast its conference call on May 21, 2009, following the release of its results for fiscal year 2009 after market close on that date. The conference call will begin at 5:00 p.m. Eastern Time and will be hosted by Karen M. L. Whelan, Vice President and Treasurer.
A live webcast of the conference call will be available online on a listen-only basis at www.universalcorp.com. A replay of the webcast conference call will be available at that site until August 3, 2009. A taped replay of the call will also be available from 8:00 p.m. Eastern Time on May 21st until June 11, 2009, at (800) 642-1687. The telephone replay identification number is 10770143.
Universal Leaf North America U.S., Inc. ("ULNA"), a subsidiary of Universal Corporation (NYSE: UVV), today announced that its U.S. facilities have been awarded ISO 14001:2004 certification in acknowledgment of the company's Environmental Management System. The ISO 14000 series of international environmental management standards, first introduced in 1996, provides a common framework for managing environmental issues including compliance with environmental regulations and continual improvement in the areas of environmental performance.
Universal Leaf North America U.S., Inc. ("ULNA"), a subsidiary of Universal Corporation (NYSE: UVV), today announced that its U.S. facilities have been awarded ISO 14001:2004 certification in acknowledgment of the company's Environmental Management System. The ISO 14000 series of international environmental management standards, first introduced in 1996, provides a common framework for managing environmental issues including compliance with environmental regulations and continual improvement in the areas of environmental performance
This environmental certification, which is integrated into the ULNA U.S. Quality Management System that was certified to ISO 9001 in February 2002, exemplifies ULNA's ongoing commitment to the highest standards of quality, environmental stewardship, and dedication to exceed the expectations of its customers and the community at large.
Universal Corporation - SWOT Analysis company profile is the essential source for top-level company data and information. The report examines the company's key business structure and operations, history and products, and provides summary analysis of its key revenue lines and strategy.
George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), announced today that the Company's Board of Directors declared a quarterly dividend of forty-six cents ($0.46) per share on the common shares of the Company, payable May 11, 2009, to common shareholders of record at the close of business on April 13, 2009.
FISCAL YEAR 2009 THIRD QUARTER HIGHLIGHTS
* Diluted earnings per share up 14% to $1.78 compared to $1.56 last year.
* Revenues up 22% to $699 million on higher volumes from larger crops and higher green tobacco costs.
* Operating income down $2 million to $77 million due to currency remeasurement losses as the U.S. dollar strengthened.
FISCAL YEAR 2009 NINE-MONTH HIGHLIGHTS
* Diluted earnings per share up 12%, to $3.78 per share versus $3.37 per share last year.
* Revenues up 19% to $2.0 billion.
* Operating income up slightly to $187 million.
Shares of Universal Corp. climbed Friday after its fiscal third-quarter profit climbed 5 percent partly because it was able to charge more for green tobacco and lower tax rates.
Late Thursday, the tobacco leaf producer reported earnings available to common stockholders rose to $49.4 million, or $1.78 per share, from $47 million, or $1.56 per share, a year ago.
George C. Freeman, III, Chairman, President, and Chief Executive Officer of Universal Corporation (NYSE: UVV), reported a 12% increase in earnings per diluted share to $1.38 for the Company's second fiscal quarter, which ended on September 30, 2008. These results represented net income of $41.8 million compared to $39.8 million, or $1.23 per diluted share, last year. The quarter reflected very strong operations in all of the Company's reported segments, but it also included the negative effects of currency remeasurement related to Brazilian net monetary assets that reduced operating income by $25 million. Revenues increased by 20% to $785.6 million, primarily due to increased costs of green leaf that were passed through in sales prices as well as to increased volumes after the very low African crops last year. Similar factors affected the six-month results. Net income for the first half of the year was $62.9 million, or $2.02 per diluted share, up from $58.5 million, or $1.80 per diluted share, reported last year. Revenues increased by 17% during the period.
Universal Corporation (NYSE: UVV) will host a live audio webcast of the Company's New York presentation to investors at http://www.universalcorp.com on Wednesday, November 12, 2008.
The webcast will air a presentation by George C. Freeman, III, Chairman, President, and Chief Executive Officer, and will be in listen-only mode. It will start when Mr. Freeman begins to address the audience, which is expected to be at 12:45 p.m., Eastern Time.