Company news in brief

18 December 2018 | Business

BHP announces stock buyback

BHP will issue a special dividend for shareholders after selling its US shale assets, the miner said yesterday as it completed a US$7.3 billion stock buyback.

The world's biggest miner recently sold its US shale oil and gas operations to British giant BP for US$10.5 billion, and said it would return the funds to shareholders. The special dividend of US$1.02 a share will be paid out in mid-January. The stock buyback was set at Aus$27.64 per share.

"Completion of this programme will bring total cash returned to shareholders to US$21 billion over the last two years," BHP chief financial officer Peter Beaven said in a statement.

BHP's sale of the US assets was at a heavy loss, after it had bought the operations in 2011 for US$20 billion. The impairment charges from the sale saw BHP post a 37% slump in annual net profit to US$3.7 billion in the year to June 30.

The Anglo-Australian firm has announced or completed more than US$18 billion of divestments over the last six years to focus on its most profitable core long-life operations - iron ore, copper, petroleum, coal and potash. – Nampa/AFP

Canada mine finds biggest-ever N.American diamond

A Canadian mining company says it has discovered the largest gem-quality diamond ever found in North America, a yellowish stone roughly the size of a small chicken egg.

The 552-carat stone, found in a mine in Canada's Northwest Territories near the Arctic Circle, is nearly three times the size of the previous record holder, an 187-carat gem called the Foxfire, Dominion Diamond Mines said in a statement Saturday.

"A diamond of this size is completely unexpected for this part of the world," said Dominion, 40% owner of the mine. It called the find "astonishing."

Dominion said the rough stone - with some abrasion markings on its surface due to "the difficult journey it underwent during recovery" - would be polished and cut by a master cutter before its ultimate value can be determined.

The Foxfire, which came from the same Diavik mine, was said to glow bright blue in the dark. – Nampa/AFP

Hitachi to buy majority stake in ABB's power grid arm

Japan's Hitachi yesterday announced plans to buy a majority stake in the power grid business of Swiss-Swedish engineering giant ABB for US$6.4 billion, in what would be its biggest ever buyout.

The deal would make Hitachi the world's largest power grid company, local media said.

Under the plan, ABB will spin off its power grid unit, for which Hitachi will buy an 80.1% stake for 704 billion yen in early 2020, the Japanese company said in a statement.

ABB's power grid unit makes and operates infrastructure including power transmission equipment and control systems in numerous countries.

The deal would also make Hitachi the world's second-largest heavy electrical equipment maker by revenue, behind only General Electric, according to local media. – Nampa/AFP

Henkel has no plans to breakup

Henkel has no plans to break up, its chief executive told a German newspaper, adding the German consumer goods group's current structure gave it enough flexibility to grow.

Industrials groups around the world are grappling with shareholder pressure to reduce their complexity to create value and get rid of conglomerate discounts, leading some, including General Electric and Thyssenkrupp, to restructure.

"These trends and debates come and go. But we are generally sticking to our three business areas," Hans Van Bylen told Sueddeutsche Zeitung in an interview.

More than 61% of Henkel's ordinary shares are owned by members of the Henkel family share-pooling agreement, making it less vulnerable to attempts by activist shareholders to push for change.

"We are very happy about that. The family is pursuing a long-term strategy. This provides us with stability to develop the group on a long-term basis," Van Bylen said. – Nampa/Reuters

Criminal charges against Goldman Sachs

Malaysia said yesterday it has filed criminal charges against Goldman Sachs and two of the US bank's former employees in connection with a corruption and money laundering probe at state fund 1MDB.

Goldman Sachs has been under scrutiny for its role in helping raise funds through bond offerings for 1Malaysia Development Bhd (1MDB), which is the subject of investigations in at least six countries.

Malaysia's attorney general Tommy Thomas said criminal charges under the country's securities laws were filed yesterday against Goldman Sachs, its former bankers Tim Leissner and Roger Ng, former 1MDB employee Jasmine Loo and financier Jho Low in connection with the bond offerings.

"The charges arise from the commission and abetment of false or misleading statements by all the accused in order to dishonestly misappropriate US$2.7 billion from the proceeds of three bonds issued by the subsidiaries of 1MDB, which were arranged and underwritten by Goldman Sachs," Thomas said in a statement. – Nampa/Reuters

Similar News

 

Company news in brief

1 day - 17 January 2019 | Business

Vedanta says pollution case belongs in ZambiaLawyers for Vedanta Resources told England's Supreme Court on Tuesday that a case raised against the mining company by...

Base metals rise as China spends

1 week ago - 08 January 2019 | Business

Nampa / Reuters and Fin24Base metals moved higher yesterday, led by steel-linked nickel and zinc, after top metals consumer China took measures to boost lending...

Copper recovers on fresh round trade talk plans

1 week ago - 07 January 2019 | Business

London copper rose more than 2% on Friday, recovering from an 18 month low hit in the previous session, as investor sentiment was bolstered by...

Apple's bombshell and the trillion-dollar question

1 week ago - 07 January 2019 | Business

Rob Lever - Apple's bombshell news - a sharply weaker revenue outlook and lower iPhone sales - has raised questions over the future of the...

Vendors ready for 2019

1 week ago - 07 January 2019 | Business

Vendors across Windhoek are waiting with baited breath for the school week to resume so that they can make some money owing to losses encountered...

Spotlight on role of automated trading amid Wall Street...

2 weeks ago - 04 January 2019 | Business

Juliette Michel - The recent tumult in financial markets has shined a light on the rising role of automated trading on Wall Street and whether...

Company news in brief

2 weeks ago - 04 January 2019 | Business

Total starts production at Nigerian oilfieldTotal SA said on Wednesday it had started production from the Egina oilfield off Nigeria's coast, part of a shift...

'Consider privatising SOEs'

2 weeks ago - 03 January 2019 | Business

The government has once again been urged to consider the privatisation of state-owned enterprises (SOEs) in an effort to help the economy back on its...

Big IPOs eyeing a brittle Wall Street in 2019

2 weeks ago - 03 January 2019 | Business

Ali Bekhtaoui and John Biers - Investors have been priming themselves for a potentially huge influx of companies selling stock to the public for the...

Barbie will soon be 60 - and is still...

2 weeks ago - 03 January 2019 | Business

Laurent Banguet - She is turning 60 this year and still doesn't have a single wrinkle.Blonde or brunette, slender or curvy, black or white, princess...

Latest News

NDF defies court order

9 minutes ago | Justice

Four days after the Namibian Defence Force was ordered to vacate a Rehoboth shooting range it had illegally occupied in December, the army's locks remain...

Pensioner loses N$400k in scam

9 minutes ago | Crime

A 60-year-old woman at Oshakati has lost N$405 000 in an extortion scam staged by fraudsters pretending to be police officers. The incident happened...

Ramaphosa implicated in corruption allegations

9 minutes ago | Economics

Democratic Alliance (DA) leader Mmusi Maimane on Thursday called on South African President Cyril Ramaphosa to cancel all existing government contracts with Bosasa and institute...

Retail industry records negative growth

9 minutes ago | Economics

The wholesale and retail trade sector in Namibia has recorded various degrees of negative growth for eight consecutive quarters, a policy analyst at the Namibia...

Not a walk in the...

9 minutes ago | People

Elizabeth Joseph Business and economics have always fascinated Danny Meyer, the founder of SMEs Compete.For as long as he can remember, Meyer has always harboured...

New year, new CV

9 minutes ago | Columns

In the modern era, the job market is fast and competitive and opportunities come in a blink of an eye. If you are not ready...

Parents angry about Andimba School...

9 minutes ago | Education

Some parents are accusing the Andimba Toivo ya Toivo Senior Secondary School at Ondangwa of denying grade 12 learners hostel accommodation. They complained to Namibian...

Vote to secure your destiny

9 minutes ago | Columns

The Electoral Commission of Namibia (ECN) announced this week it will start conducting supplementary registration for voters in July, ahead of the presidential and National...

Corruption - A social disease

9 minutes ago | Columns

How to create reckoning during the Year of Accountability?This article focuses on options to capitalise on the recently proclaimed ‘Year of Accountability’. Given the fact...

Load More