Company news

10 April 2018 | Business

De Beers, Botswana plan to expand Jwaneng diamond mine

Debswana, a joint venture between the Botswana government and De Beers, plans to expand its Jwaneng Mine extending its lifespan by eleven years to extract a further 50 million carats.

The project, known as Cut 9, follows a US$3 billion expansion of the mine in 2010 to uncover 100 million carats of diamond and extend the life of the mine to 2024.

If approved by Botswana environmental authorities, the project will deepen the mine to 855 metres from 650 metres, the company said in a regulatory environmental impact assessment notice.

-Nampa/Reuters



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Facebook suspends data firm

Facebook has suspended another data firm after allegations surfaced that it may have improperly handled users' information.

The social media giant said it suspended Cubeyou pending an investigation. CNBC reported the data-analytics company was misleading users by saying information it collected through quizzes was for academic research, even though it was in fact being shared with marketers.

“These are serious claims and we have suspended Cubeyou from Facebook while we investigate them,” said Ime Archibong, vice president of product partnerships at Menlo Park, California-based Facebook, in an emailed statement. “If they refuse or fail our audit, their apps will be banned from Facebook.

-Fin24



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Nigeria's FCMB sees flat loan growth

Nigerian mid-tier lender FCMB expects loan growth to be flat this year after it rose 5.4% last year as oil companies pay down debt, its chief executive said on Friday.

Ladi Balogun said the group was seeking a retail banking licence for its British-based unit, which offers wholesale banking to boost its balance sheet.

-Nampa/Reuters



Xiaomi to invest in India

China's Xiaomi said it wants its global smartphone component makers to set up base in India, in what could potentially bring as much as US$2.5 billion of investment to the South Asian nation and create as many as 50 000 jobs.

The move could boost Prime Minister's Narendra Modi's flagship 'Make in India' drive. Modi wants to turn India into a global manufacturing hub in a bid to boost job growth in Asia's third-largest economy.

-Nampa/Reuters



Union wants SAA under business rescue

Trade union Solidarity plans to go to court in an attempt to have embattled national carrier South African Airways placed under business rescue.

The union said it wrote on Friday to President Cyril Ramaphosa, finance minister Nhlanhla Nene and minister of public enterprises Pravin Gordhan to invite them to join the application.

As of 14:30 of Sunday, neither the president nor the two ministers had yet publicly responded.

-Fin24

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