Company news

30 April 2018 | Business

Former chairman Wiese sues Steinhoff for US$5 billion

South African businessman Christo Wiese has launched a US$5 billion lawsuit against crisis-hit Steinhoff, a retail company in which he was a board member and biggest shareholder until earlier this year, his company Titan Group said.

Wiese resigned as chairman in December last year, days after Steinhoff uncovered accounting irregularities that sent its shares crashing.

-Nampa/Reuters

Nigeria's state oil firm illegally paid US$707m in fuel subsidies

Nigeria’s state oil company illegally paid 216 billion naira (US$707.4 million) in fuel subsidies in 2017, according to a Senate probe, the findings of which were released on Thursday.

The investigation by the upper legislative house said that parliament had not approved those payments by the Nigerian National Petroleum Corporation last year, and any further spending on subsidies should be halted with immediate effect.

-Nampa/Reuters

Airbus cuts A330 output

Airbus bowed to weak demand for its A330 passenger jet on Friday, announcing a cut in production for 2019 after a series of bruising defeats to Boeing in contests for wide-body jets.

Europe’s largest aerospace group said it was reducing deliveries of the 250-300-seater to around 50 aircraft in 2019, without giving a figure for its previous plans.

Airbus delivered 67 of the jets in 2017, implying a cut of as much as 25% in output based on steady volumes this year - though some analysts see production starting to dip as early as this year as orders dry up.

-Nampa/Reuters

TSMC to invest US$14 billion in R&D

Taiwan Semiconductor Manufacturing Co , the world’s largest contract chipmaker, is planning a T$400 billion (US$13.50 billion) investment to expand its research and development capacity for future technologies, a company spokeswoman said on Friday.

The initial planned investment is a “ballpark figure” and is for several years down the line, Elizabeth Sun told Reuters in a phone call.

-Nampa/Reuters

T-Mobile, Sprint make progress in talks

US wireless carriers T-Mobile US Inc and Sprint Corp have made progress in negotiating merger terms and are aiming to successfully complete deal talks as early as next week, people familiar with the matter said on Thursday. The combined company would have more than 127 million customers and could create more formidable competition for the No.1 and No.2 wireless players, Verizon Communications Inc and AT&T Inc , amid a race to expand offerings in 5G, the next generation of wireless technology.

-Nampa/Reuters

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