Company news in brief

11 July 2018 | Business

Ethiopian Airlines to resume flights to Eritrea

Ethiopia’s state-owned airlines will resume flights to Eritrea’s capital Asmara next week, a state-affiliated news agency reported on Monday, hours after the neighbours and longtime foes declared their “state of war” over.

Fana television reported the news on its Twitter feed.

The restoration of diplomatic ties and trade links was agreed on Monday after a historic day in Asmara of talks between the leaders of Ethiopia and Eritrea.

The nations went to war in 1998 and cut ties then, but last month Ethiopia’s new reformist prime minister offered an olive branch to Eritrea, kicking off a rapid rapprochement that has stunned the region and delighted many citizens in both states.

-Nampa/Reuters

McKinsey's new boss apologises

McKinsey’s new global head will on Monday apologise to South Africans for work the firm did with friends of scandal-plagued former president Jacob Zuma, an ill-fated deal that tarnished the reputation of the world’s biggest consultancy.

McKinsey has lost most of its clients in South Africa since it emerged last year it had partnered with local consultancy Trillian in order to win a 1.6 billion rand (US$120 million) contract with state power utility Eskom in 2016.

Trillian was then controlled by the Guptas, three brothers who are under investigation over accusations that they used their friendship with Zuma to fraudulently win government contracts worth hundreds of millions of dollars.

-Nampa/Reuters

SoftBank tightens grip on Yahoo Japan

SoftBank Group is increasing its stake in Yahoo Japan through a US$2 billion, three-way deal with US firm Altaba to deepen ties with the internet heavyweight ahead of an IPO of its telecoms unit.

Under the deal, SoftBank will buy 221 billion yen (US$2 billion) of Yahoo Japan shares from Altaba, formerly internet giant Yahoo Inc. Yahoo Japan will then buy back 220 billion of stock from SoftBank.

As a result of the transaction SoftBank’s stake in Yahoo Japan will rise to 48.17% from 42.95% with just a US$9 million net investment. Altaba, Yahoo Japan’s second largest shareholder, will have about 27% and end a joint venture partnership.

-Nampa/Reuters

House Republicans query Apple, Alphabet on privacy, data practices

Four senior US House Republicans sent letters on Monday to the chief executives of Apple Inc and Google parent Alphabet Inc asking questions about location data and mobile phone privacy practices and the handling of customer data.

The chairman of the Energy and Commerce Committee, Greg Walden, along with three other senior Republicans on the panel, wrote the companies “to probe the companies’ representation of third-party access to consumer data, and the collection and use of audio recording data as well as location information via iPhone and Android devices.”

-Nampa/Reuters

Uber joins scooter wars with Lime investment

Uber made a move into electric scooters Monday, as the ride-service giant agreed to a strategic partnership with Lime, one of the major players in the fast-growing segment.

Lime announced the new US$335 million (about R4.5billion) investment to be led by GV - formerly Google Ventures - with additional funding from Google parent Alphabet and others including Uber.

Uber will make "a sizable investment," according to Lime co-founder and chief executive Toby Sun, and will enter into a partnership allowing users to rent scooters directly from the Uber app.

-Fin24

Similar News

 

Bitcoin sinks to new 13-month low

21 hours ago | Business

Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching US$5 173.23 on the Bitstamp platform. Bitcoin was last down 5.2%...

Capricorn excels at integrated reporting

21 hours ago | Business

Capricorn Group scooped the Best Regional Company Award at the Annual Integrated Reporting Awards 2018 hosted in Johannesburg by Chartered Secretaries Southern Africa in partnership...

Company news in brief

21 hours ago | Business

Rio Tinto, Nespresso join forcesNespresso, part of food giant Nestle, aims to use sustainable aluminum in all of its coffee capsules by 2020 under a...

Angola battles to revive oil exploration as output declines

1 day - 19 November 2018 | Business

Stephen Eisenhammer – Last Saturday, nearly two decades after securing the initial rights, Total's CEO Patrick Pouyanné was in Luanda to snip the ribbon on...

Thousands die yearly because of fake drugs

1 day - 19 November 2018 | Business

Sofia ­ChristensenWhen Moustapha Dieng came down with stomach pains one day last month he did the sensible thing and went to a doctor in his...

Oil rises on expected OPEC cuts

1 day - 19 November 2018 | Business

Henning ­GloysteinOil prices rose on Friday amid expectations of supply cuts from OPEC, although record US production dragged.Brent crude oil futures were at US$67.49 per...

Joining forces

4 days ago - 16 November 2018 | Business

This was confirmed by Andre Neethling, director of Noric Otavi. Nedbank will assist with the financial structuring of the project and the raising of both...

Green exhibits at AfricaCom

4 days ago - 16 November 2018 | Business

Green Enterprise Solutions was the only Namibian company to exhibit at AfricaCom 2018 in Cape Town this week.This was a significant step, as it shows...

Company news in brief

4 days ago - 16 November 2018 | Business

Uber posts US$1 bln lossUber Technologies Inc said on Wednesday that growth in bookings for its ride-hailing and delivery services rose 6% in the latest...

Owning a small business not for the faint of...

5 days ago - 15 November 2018 | Business

Laurence Theron, born in Swakop and living in Walvis Bay, says it's getting tougher for small and medium (SME) size businesses to survive.Theron would know.His...

Latest News

Everyone is struggling

21 hours ago | Social Issues

Poverty eradication minister Zephania Kameeta has slammed those who criticise the government's food bank initiative, saying even those critics with so-called good salaries are finding...

Kahimise, City showdown today

21 hours ago | Government

The Windhoek High Court is today set to hear arguments from twice-suspended Windhoek CEO Robert Kahimise, who is battling to be reinstated. Kahimise, who was...

China: ‘No developing country will...

21 hours ago | Economics

BEIJING - China's foreign ministry said on Sunday that no developing country would fall into a debt trap simply because of its cooperation with Beijing.Chinese...

Bitcoin sinks to new 13-month...

21 hours ago | Business

Bitcoin slumped to a new 13-month low on Monday, with the biggest cryptocurrency touching US$5 173.23 on the Bitstamp platform. Bitcoin was last down 5.2%...

A toast to success

21 hours ago | People

Tunohole Mungoba After completing her entrepreneurship and new venture management studies at the University of Namibia (Unam), 24-year-old Anna Shuuya started pondering different business ideas.I...

Huge wage bill unsustainable

21 hours ago | Columns

Bank of Namibia governor Iipumbu Shiimi has become the latest official to speak out against the rampant state wage bill, which currently stands at almost...

Date nights with yourself

21 hours ago | Opinion

Elizabeth JosephI know it sounds crazy; like who in their right mind would sit in a restaurant, order a three-course meal and eat it all...

Good Business

21 hours ago | Banking

The Development Bank of Namibia (DBN) held its annual Good Business Awards and Innovation Award ceremony in Windhoek on Thursday evening. The black-tie event saw...

Shack fires bring death, misery

21 hours ago | Accidents

Katrina Immanuel (9) and her brother Thomas (8) were burned beyond recognition after their shack caught fire during the early hours of Sunday morning at...

Load More