Company news in brief

Total plans new offshore Angola wellFrench oil company Total said on Saturday it plans to drill 13 wells on block 17, offshore Angola, in order to maintain production of 400 000 barrels per day of crude until 2023 in Africa's second largest crude producer.The wells, which will connect marginal fields to existing floating platforms, would be divided between two projects. CLOV 2 will involve drilling seven additional wells to produce 40 000 barrels of oil per day. First oil is expected in 2020.Dalia 3 will see six new wells drilled, producing 30 000 barrels per day, with oil coming onstream from 2021.The projects, along with the previously announced Zinia 2, will enable Total to maintain production from block 17 of more than 400 000 barrels per day, the company said. – Nampa/Reuters?SARB fines HSBC for lax controlsSouth Africa's central bank on Friday fined HSBC's local business R15 million for weaknesses in its processes meant to detect money laundering and terrorism financing, and ordered the bank to fix the problems.The Prudential Authority (PA), which sits within the South African Reserve Bank (SARB) and monitors the country's lenders, said HSBC's South African branch had already taken the measures required to address the issues. It added HSBC was not found to have facilitated any transactions involving money laundering or the financing of terrorism.While small, the South African fine highlights that HSBC still faces problems with compliance long after pledging to toughen up its controls and after paying billions of US dollars in fines for such failures.It drew a line under one of its most serious cases – failing to prevent Mexican drug cartels from laundering hundreds of millions of dollars - last year, when the US Department of Justice said it would end its deferred prosecution agreement over the matter, lifting the threat of further penalties. – Nampa/Reuters?SA state arms firm Denel fires CFOSouth African state-owned weapons manufacturer Denel has fired its chief financial officer Odwa Mhlwana after he was found guilty of all disciplinary charges relating to irregular expenditure, the firm said on Friday.The firm appointed Wim de Klerk, former chief executive of ArcelorMittal South Africa as acting CFO, adding that a formal process to recruit a permanent CFO will commence soon.Mhlwana had been put on suspension in June while Denel conducted a probe into allegations of misconduct by him. Denel also said it had selected a new CEO, after the previous one resigned in May.Earlier on Friday the National Union of Metalworkers of South Africa (NUMSA) said South Africa's government must urgently inject at least R7 billion into Denel in order for the firm to pay suppliers and implement its turnaround strategy efficiently.Denel reported a R1.7 billion loss for the 2017/18 financial year and is struggling to pay worker salaries and deliver on roughly R18 billion of outstanding orders. – Nampa/Reuters?Richemont flags slow progress in watch salesLuxury goods group Richemont struck a cautious note after reporting sales numbers hurt by moves to combat the grey market and efforts by the Chinese government to discourage consumers from spending overseas.The company known for Cartier jewellery and IWC watches attributed a weak performance in Europe in the six months to Sept. 30 to the disposal of its Lancel bag business and a drop in watch sales to third-party retailers to avoid unsold stock ending up on online platforms at big discounts.Sales growth has slowed for Swiss luxury watchmakers of late, with exports to their biggest markets, Hong Kong and the United States, turning negative in September.Richemont, the world's second-biggest luxury group, has recently made adjustments to its portfolio to gear it more towards the online sector and last month announced a strategic partnership with Chinese e-commerce giant Alibaba.Group sales grew 8% at constant currency in the six months to Sept. 30, down from 10% during the five-month period. Including the contribution of recently acquired online distributors Yoox Net-a-Porter (YNAP) and Watchfinder, first-half sales were up 24%. – Nampa/Reuters?Alibaba hits another 'Singles Day' recordChinese e-commerce giant Alibaba filled a record US$30.7 billion in orders on Sunday during its annual “Singles Day” shopping frenzy, but growth slowed from previous years.The world's biggest 24-hour shopping event, celebrating its tenth year, kicked off early Sunday and once again shattered its own sales mark as Chinese online buyers seized on promotions to snap up everything from electronics to clothing and housewares.Sales rose 27%, compared with 39% last year.Although retail sales in China have been steady, the outlook is uncertain as the economy slows and concerns rise over the impact of the trade war with the United States.Alibaba's share price, which doubled in 2017, is down 16% this year. – Nampa/AFP

Company news in brief

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Namibian Sun 2025-07-07

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Company news in brief

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Namibian Sun 2025-07-07

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