Company news in brief

12 June 2018 | Business

Vodacom to increase black ownership

South Africa's Vodacom Group said yesterday it will increase the stake held by black shareholders by up to 6.25% in a R17.5 billion black empowerment transaction.

Vodacom said current black shareholders in Vodacom South Africa and a newly formed staff scheme will exchange their current shareholding for a stake of between 5.8% and 6.25% in Vodacom Group.

The new YeboYethu empowerment structure would acquire a 6.25% shareholding in Vodacom Group based on an illustrative price of R152.50 per Vodacom Group share.

Under black economic empowerment rules, South African companies are encouraged to meet quotas on black ownership, employment and procurement as part of a drive to reverse decades of exclusion under apartheid.

Meeting government rules on black ownership makes a company more likely to qualify for government tenders. – Nampa/Reuters

SAA’s catering unit to cut jobs

South African Airways' (SAA) catering arm plans to lay off 118 workers, the National Union of Metalworkers of South Africa (NUMSA) said, as the struggling airline implements a turnaround strategy to restore profitability.

NUMSA said it had received notice of the layoffs from the catering arm, called Air Chefs, and said it would oppose the planned job cuts.

SAA mapped out a turnaround strategy in March to make the struggling airline more competitive and cost-efficient after reporting a hefty annual loss.

SAA, which has not generated a profit since 2011, survives on state guarantees and is regularly cited by credit ratings agencies as a drain on the government purse. – Nampa/Reuters

Apple to make fewer new model iPhones

Apple Inc expects to ship 80 million new model iPhones this year, down 20% from what it had planned at the same time last year, Japanese financial daily Nikkei reported on Friday, citing industry sources.

The California-based firm has asked suppliers to make about 20% fewer components for the three new iPhones it plans to launch in the second half of 2018, compared to last year's plans for its iPhone X and iPhone 8 models, the paper reported.

The report added to concerns that consumer passion for new editions of the iconic smartphones may be cooling after years of scorching growth, sending shares in Apple and many of its major suppliers lower and weighing on global stock markets.

The company sold 217 million iPhones, including its older models, in the fiscal year ended Sept. 30. It does not break down the figures by model and is still manufacturing large numbers of earlier versions of the phone.

Some analysts said they already expected Apple to sell fewer phones this year than last as global demand for phones tightens and competitors eat into its sales. The company sold 129.5 million iPhones in the past two quarters, little changed from the same period a year earlier. – Nampa/Reuters

Chevron moves Brazil chief to lead Venezuela

US oil producer Chevron Corp permanently assigned its Brazil country chief to run its Venezuelan operations, three sources said, after the months-long detention of two executives escalated tensions between the OPEC-member nation and foreign oil firms.

Javier La Rosa, who had been president of Chevron Brazil since 2016 according to his LinkedIn page, this month was named to replace the company's Venezuela general manager, Christopher Whatley, said the sources.

La Rosa's appointment comes after a tense showdown between foreign oil companies and the government in recent months as Venezuela's political and economic meltdown deepened.

Venezuelan authorities last week released the two executives jailed since April as part of an ongoing graft probe into the oil sector, which has spooked other foreign companies operating in partnership with state oil company PDVSA.

The arrests, related to the executives' refusal to sign a supply contract for furnace parts for a PDVSA joint venture, were made public after some oil-service companies pulled back from Venezuela, writing off billions of dollars in assets.

La Rosa is leaving Brazil just as Chevron begins to flex its muscle in Latin America's largest crude producer. In a consortium with Petrobras and Royal Dutch Shell Plc, Chevron clinched its first block in Brazil's coveted offshore pre-salt oil play on Thursday. – Nampa/Reuters

Glencore faces additional legal challenge

A Congolese-American businessman is seeking more than US$1 billion in a Congo court from two Glencore executives and their ex-partner in a copper and cobalt mine, saying they defrauded him when he relinquished his shares, a court document showed.

In a statement on Friday, Glencore denied Charles Brown's allegations, made in a summons in March, against Glencore CEO Ivan Glasenberg and senior executive Aristotelis Mistakidis. It said the company had had "no interactions whatsoever with Mr. Brown" and that his accusations are "vexatious and baseless".

Glencore said it understands that Brown sold his indirect shares in the Mutanda copper and cobalt mine in southeastern Democratic Republic of Congo to Glencore's former partner on the project, the now-defunct Groupe Bazano, in 2004 and 2005. That was before Glencore purchased its initial stake in the mine in 2007. Glencore is now the sole owner of Mutanda.

Brown's claim says he sold it in 2012.

His suit is the latest legal headache in Congo for Glencore, which is also locked in disputes with state miner Gecamines over a copper and cobalt project and its former partner in Mutanda Israeli billionaire Dan Gertler. – Nampa/Reuters

Similar News

 

South Africa's PPC full-year profit doubles

18 hours ago | Business

PPC, which has operations in six countries, said its headline earnings per share for the full-year ended March 2018 surged to 15 cents from 7...

Company news in brief

18 hours ago | Business

Liberty Holdings suffers cyber attackSouth African insurer Liberty Holdings said on Sunday it had become the victim of a cyber attack, with an external party...

Company news in brief

1 day - 18 June 2018 | Business

Zara looks to technology to keep up with faster fashionThe pioneer of fast fashion isn't looking so fast anymore.Inditex, the world's largest clothing retailer and...

South Africa's Q2 business confidence falls

5 days ago - 14 June 2018 | Business

A South African business confidence index fell in the second quarter by 6 points, a survey showed on Wednesday, a sign the economy was struggling...

Underpricing costs Angola’s diamond gem millions

6 days ago - 13 June 2018 | Business

Stephen Eisenhammer – Angola's Catoca, the world's fifth largest diamond mine, estimates it lost US$464 million over the past six years due to a government-imposed...

Paris beats London as Europe's favourite investment destination

1 week ago - 12 June 2018 | Business

PARIS - An Ernst & Young survey shows Paris has overtaken London as Europe's most attractive destination for foreign investors for the first time since...

Namibia warms to deeper free trade

1 week ago - 12 June 2018 | Business

Namibia is taking steps to ensure it will not be left out of the Africa Continental Free Trade Agreement (AfCFTA) area which, when fully adopted,...

Company news in brief

1 week ago - 12 June 2018 | Business

Vodacom to increase black ownershipSouth Africa's Vodacom Group said yesterday it will increase the stake held by black shareholders by up to 6.25% in a...

Aiding increased development

1 week ago - 11 June 2018 | Business

The Public Procurement Act (PPA) is a catalytic instrument for local economic development which is embedded in the national policy plans, said the deputy minister...

Namdeb recognised for equity commitment

1 week ago - 08 June 2018 | Business

On the evening of the 5th June 2018, Namdeb received the prestigious Gender is My AgendaCampaign (GIMAC) award for the Private Sector category, through the...

Latest News

Kingon re-appointed as SARS commissioner

18 hours ago | Economics

South African Revenue Service (SARS) acting commissioner Mark Kingon’s time at the helm has been extended by another three months, after minister of finance Nhlanhla...

Support for refugees

18 hours ago | Economics

NDAMA NAKASHOLEA total of N$13.2 million has been allocated in 2018/19 financial year to the administration of refugees programme under the home affairs ministry.The programme...

Totem

18 hours ago | Economics

Quote of the day“The Minerals Council believes that much more work needs to be done to create a Mining Charter that promotes competitiveness, investment, growth...

Court reins in spies

18 hours ago | Justice

The flimsy fig leaf of national security and secrecy, used by government, especially the Namibia Central Intelligence Service (NCIS), to withhold information in a constitutional...

Phosphate judgment on Thursday

18 hours ago | Environment

Environment minister Pohamba Shifeta has reserved judgment until Thursday on whether the granting of an environmental clearance certificate to Namibian Marine Phosphate (NMP) will be...

Public grills ECN contenders

18 hours ago | Government

OGONE TLHAGEThe Electoral Commission of Namibia (ECN) has started interviewing candidates for the position of chief electoral officer.For the first time ever, the process, which...

Otjomuise shack fire claims two

18 hours ago | Crime

JANA-MARI SMITH A shack fire in Windhoek’s Otjomuise area killed two people over the weekend.The police reported that the two...

Katrina takes time into own...

18 hours ago | Education

The education ministry has issued a directive that schools may not start earlier than 07:30 or later than 08:30.This follows numerous directives issued by the...

Two in court after drug...

18 hours ago | Justice

Two men arrested in connection with a drug bust at the port of Walvis Bay on Friday made their first court appearance yesterday. Grant Noble...

Load More