Company news in brief

10 January 2019 | Economics

Congo miner leaves responsible-sourcing scheme

The Democratic Republic of Congo's biggest miner of coltan, an ore containing metals used in mobile phones, is leaving the ITSCI certification scheme relied on as a guarantee that minerals are free from human rights abuses.

Societe Miniere de Bisunzu (SMB) has given 30 days' notice to end its contract with the ITSCI supply chain initiative, its communications director Philippe Stuyck told Reuters, citing the scheme's rising costs.

In emailed statements, SMB later announced it was instead joining another scheme, the Better Sourcing programme, which was implemented by responsible-sourcing group RCS Global.

"The transparency of our supply chain remains our main priority, which is why we are doing everything we can to improve and modernise it," Stuyck said.

Many others in the industry have complained about ITSCI for several reasons, including cost, but have been reluctant to pull out because of concerns they will not be able to sell their minerals without ITSCI certification. ITSCI did not respond to requests for comment. - Nampa/Reuters

Deutsche Bank to cut 2018 bonus pool

Deutsche Bank's management board has decided to cut the lender's 2018 bonus pool by around 10% in an effort to cut costs while retaining talent, Bloomberg reported.

Bloomberg, citing unnamed people familiar with the matter, also reported on Tuesday that bonuses would be paid more selectively. The pool could change, depending on fourth-quarter earnings figures, the report said. A spokesman for Deutsche Bank declined to comment.

Germany's largest lender paid bonuses worth 2.3 billion euro (US$2.63 billion) for 2017, four times higher than the previous year, the bank said in its annual report.

Its top managers went without bonus payments for 2017 after the bank lost 735 million euro, the third annual loss in a row.

Deutsche Bank, which is expected to turn a profit for 2018, has vowed to pay competitive bonuses in an effort to keep staff from moving to rival firms. - Nampa/Reuters



Boeing delivers record 806 aircraft in 2018

Boeing Co delivered a record 806 aircraft in 2018 to retain the title of the world's biggest aeroplane maker for the seventh straight year, but missed its full-year target of 810-815 due to supplier woes that delayed shipments.

European rival Airbus SE, which will report its numbers later this week, met its own 800-jet target pending a final audit, but is certain to lag behind Boeing due to engine delays, industry sources said earlier.

Investors and analysts closely watch the number of planes Boeing turns over to airlines and leasing firms for hints on the company's cash flow and revenue.

Boeing also looked set to beat Airbus for aircraft orders on a like-for-like basis in 2018 after booking 893 net orders, excluding cancellations in the year.

Meanwhile, Airbus ended November with 380 net orders, to which it has since added confirmed deals for another 220 aircraft. - Nampa/Reuters



BP unlocks a billion oil barrels in Gulf of Mexico

BP said it has discovered two new oilfields in the Gulf of Mexico and has identified an additional billion barrels of oil at an existing field thanks to new seismic technology.

The British company, which has only recently turned the corner following the deadly 2010 Deepwater Horizon spill, also announced on Tuesday plans to expand production at its Atlantis oilfield in the Gulf of Mexico, consolidating its status as the largest oil producer in that region.

The company has put a heavy emphasis on technology and data processing capabilities in recent years in order to unlock new resources and cut costs.

The US$1.3 billion Atlantis Phase 3 development will include drilling eight wells and a new sub-sea production system that will boost BP's production by 38 000 barrels of oil equivalent per day (boed). It is scheduled to start production in 2020.

Together with the new discoveries, BP aims to grow its Gulf of Mexico production from over 300 000 boed at present to 400 000 boed by the mid-2020s. – Nampa/Reuters



Samsung Electronics flags first profit drop in two years

South Korea's Samsung Electronics Co Ltd on Tuesday estimated a 29% drop in quarterly operating profit, its first decline in two years, as it flagged tough memory chip and mobile phone markets in a rare commentary.

Weaker earnings at the world's biggest maker of smartphones and semiconductors adds to worries for investors already on edge after Apple Inc last week took the rare move of lowering its quarterly sales forecast, citing poor iPhone sales in China.

Samsung, in a regulatory filing, estimated profit at 10.8 trillion won (US$9.67 billion) for October-December last year, down 29% from the same period a year earlier. That compared with the 13.2 trillion won average of 26 analyst estimates in an I/B/E/S Refinitiv poll.

It also estimated an 11% on-year revenue decline at 59 trillion won.

The company does not usually explain the details behind its estimates, but on Tuesday issued a background statement along with its fourth-quarter earnings guidance to "ease confusion" among investors as its estimate was far below market forecasts. -Nampa/Reuters

Similar News

 

Local content top priority

1 day - 22 March 2019 | Economics

A 'buy local' policy with local content requirements will, in the long run, help smaller businesses to sell goods and services to government.This was the...

Elando lyiilongomwa yomoshilongo olya simana

1 day - 22 March 2019 | Economics

Omulandu gwokulanda iilongomwa yomoshilongo monakuyiwa otagu ka kwathela aanangeshefa aashona moshilongo opo ya landithe iilongomwa nomayakulo gawo kepangelo.Ngoka omaiyuvo gOminista yIipindi, Tjekero Tweya...

Millions unaccounted for at NDC, says AG

3 days ago - 20 March 2019 | Economics

The Namibia Development Corporation (NDC) has failed to submit documentary evidence to prove how it spent N$90.1 million between 2015 and 2017, the latest report...

Africa Briefs

3 days ago - 20 March 2019 | Economics

No end date for Eskom’s power cutsSouth Africa's public enterprises Minister Pravin Gordhan said yesterday he cannot say yet when rolling blackouts will end, as...

Authorities still can’t do own financials

4 days ago - 19 March 2019 | Economics

Despite being exempted from paying audit fees and to use this money to develop skills, the majority of local authorities still fail to draw up...

Ghana bets on rejuvenated railways for growth

4 days ago - 19 March 2019 | Economics

Stacey Knott - As Ghana's urban landscape gently slides by the train window, Shaibu Amoah swells with pride.The 37-year-old has been helping to renovate railway...

New Era pays millions in tax penalties

5 days ago - 18 March 2019 | Economics

The New Era Publication Corporation (NEPC) has attributed its insolvency to the debts it owes to the receiver of revenue, printing cost and escalation of...

Boost Africa investment to win climate fight

1 week ago - 15 March 2019 | Economics

Patrick Galey - Governments and business must help countries in Africa deal with the fallout of climate change, the head of the World Bank said...

Calle: ‘Nothing sinister about budget delay’

1 week ago - 14 March 2019 | Economics

Finance minister Calle Schlettwein told Market Watch this morning that the tabling of the 2019/20 national budget has been moved to 27 March purely for...

Overall inflation down, food rate up

1 week ago - 14 March 2019 | Economics

Annual overall inflation in February was 4.4%, down from 4.7% the previous month, according to the latest data released by the Namibia Statistics Agency (NSA)...

Latest News

Namibians first!

1 day - 22 March 2019 | Business

The Construction Industries Federation (CIF) of Namibia has proposed that bidders with less than 100% ownership by Namibian citizens should be disqualified from bidding for...

2019 ‘to-do’ lists for business...

1 day - 22 March 2019 | Columns

Getting your business off to a great start in a new year requires planning, critical thinking and dedication to executing your strategy.We asked Forbes Coaches...

A fierce corporate climber

1 day - 22 March 2019 | People

Carlota David-Howoses was born and grew up in Rundu.She attended Noordgrens Secondary School in Rundu, then moved over to Etosha Secondary School in Tsumeb and...

We are at a crossroads

1 day - 22 March 2019 | Opinion

I remember when I turned 29. The battle scars were starting to show. There were hard decisions. The hangovers of 'nice times' and the gay...

Pupkewitz Megaboards opens door

1 day - 22 March 2019 | Business

Pupkewitz Megabuild recently opened a new subsidiary, Pupkewitz Megaboards. “Pupkewitz Megabuild continues to expand its product and service offering in line with the Pupkewitz Group’s...

Satrix lists ETFs on local...

1 day - 22 March 2019 | Business

Satrix on Tuesday announced its secondary listing of its global exchange traded funds (ETFs) suite on the Namibian Stock Exchange (NSX).The listing is the first...

Corruption - A social disease...

1 day - 22 March 2019 | Columns

Johan Coetzee - One of the most popular indices used by investors to provide them with an indication of the level of corruption and governance...

Government pharmaceutical plant on hold

1 day - 22 March 2019 | Health

Government's plan to construct a pharmaceutical plant is on hold until various agreements are reached with private sector partners involved in the project.This is according...

Local content top priority

1 day - 22 March 2019 | Economics

A 'buy local' policy with local content requirements will, in the long run, help smaller businesses to sell goods and services to government.This was the...

Load More