Company news in brief

25 March 2019 | Business

NYSE wins Uber, Pinterest listings

Uber Technologies Inc and Pinterest, two of the highest profile internet companies planning to go public this year, have picked the New York Stock Exchange as the venue for their stock listings, according to sources familiar with the matter.

The companies and the NYSE declined to comment.

NYSE has become the exchange of choice over NASDAQ for big technology companies in the past few years after NASDAQ famously bumbled the Facebook IPO with massive technology errors. The exchanges compete fiercely for listing fees, and much like investment banks, often begin courting large companies long before they are ready to list.

NASDAQ did score the IPO of ride hailing firm Lyft Inc, which could reach or exceed a US$23 billion valuation when it prices its shares March 28. Lyft will be the first internet player to kick off a string of hotly anticipated public debuts that will energise the IPO market after a quiet start to the year.

In a sign that investors crave newly issued stock, shares of Levi Strauss & Co surged 31% in their debut on Thursday, giving the jeans maker a market value of US$8.7 billion.

Uber, a global logistics and transportation company most recently valued at US$76 billion in the private market, is seeking a valuation as high as US$120 billion, although some analysts have pegged its value closer to US$100 billion based on selected financial figures it has disclosed.

Pinterest, which owns the image search website known for food and fashion photos, was valued at US$12 billion in its last fundraising round in 2017. – Nampa/Reuters

Nokia says it is not taking on new business in Iran

Finnish telecom equipment maker Nokia does not plan to take on any new business in Iran in 2019, it said in its annual report on Thursday, citing difficulties in dealing with conflicting US and European trade policies.

"The diverging EU and U.S. regulatory framework governing business activities in Iran will be far more complex in the future," Nokia said in its annual 20-F report.

Under the nuclear deal struck between Iran and six big powers in 2015, sanctions imposed by the United States, European Union and United Nations were lifted in return for Iran agreeing long-term curbs on a nuclear programme the West suspected was geared to developing an atom bomb.

Nokia made a total of 54.6 million euros (US$62 million) in sales to operators in Iran in 2018.

"Although we evaluate our business activities on an ongoing basis, we currently do not intend to accept any new business in Iran in 2019 and intend to only complete existing contractual obligations in Iran in compliance with applicable economic sanctions and other trade-related laws," it said. – Nampa/Reuters

PetroChina plans biggest capital expenditure in four years

PetroChina, Asia's largest oil and gas producer, plans to boost capital spending to 300 billion yuan (US$45 billion) in 2019, up 17% from last year, a company filing to the Hong Kong Stock Exchange showed.

The surge in expenditure to a near-record level came as PetroChina pledged to ramp up oil and gas production and reserves to answer Beijing's call for greater energy security.

The group expects crude oil output this year at 905.9 million barrels and gas output of 3 811.0 billion cubic feet, it said in its earnings statement, with the total oil and gas equivalent of 1 541.2 million barrels.

Its crude oil processing output will reach 1 170 million barrels, it said, up from 1 123 million barrels last year. But growth in crude runs slowed, reflecting competition from upcoming refineries.

PetroChina also plans to buy high-end chemical products and technical equipment from the United States, in addition to liquefied natural gas (LNG) imports already underway, and increase collaboration on oil and gas investment, company president Hou Qijun told reporters on Thursday. – Nampa/Reuters

Nigeria's NNPC plans to revamp refineries

Nigeria's state-oil firm NNPC said it plans to revamp its refineries to help Africa's biggest crude oil producer to save billions of dollars on fuel imports and has hired Italy's Maire Tecnimont to tackle the Port Harcourt plant.

Nigeria has 445 000 bpd of refining capacity across four separate facilities which operate well below capacity due to mismanagement and lack of investment, forcing the NNPC to import the bulk of the country's gasoline.

Maire Tecnimont said separately it had won a contract from NNPC worth about $50 million to carry out checks and equipment inspections for Port Harcourt in the Niger Delta. The work would last for six months starting from end of this month, NNPC said.

The overhaul of the 210,000 barrels per day (bpd) Port Harcourt refinery would be the first since the last revamp was carried out 19 years ago, the NNPC said late on Thursday.

NNPC said Nigeria's effort to ensure local sufficiency in refined petroleum products would be bolstered by the first phase of the rehabilitation of the Port Harcourt Refinery complex.

The corporation has been in talks with different consortiums to revamp its dilapidated refineries and has considered paying for the work via offtake of refined products rather than cash. – Nampa/Reuters

Similar News

 

Redesigning the business world

13 hours ago | Business

Ester KamatiFounded by Tuhafeni Kashe, a renovation, landscaping, décor and construction company in Windhoek is changing the construction scene one renovation at a time. Kake’s...

Valuing millennials

13 hours ago | Business

Ester KamatiAfter an unconventional recruitment process, including a series of interviews, ten millennials were officially welcomed on board as part of the Pupkewitz team on...

Construction still bleeding

1 day - 17 April 2019 | Business

Construction Industry Federation (CIF) vice-president Panashe Daringo has called on the government to assist the industry, which has been hit particularly hard by the country's...

A partnership for change

2 days ago - 16 April 2019 | Business

On 9 April, Hollard reached out once again and this time made a very generous donation towards the Pupkewitz Foundation.Hollard is an insurance company that...

Longrich illegal, says BoN

5 days ago - 12 April 2019 | Business

The Bank of Namibia has declared the activities of Longrich, a Chinese company that distributes a variety of household cleaning products and personal care products,...

Ohorongo's suitors in town

1 week ago - 11 April 2019 | Business

International Cement Group, the company rumoured to be interested in buying Schwenk Namibia's shareholding in Ohorongo Cement, is said to have sent a delegation to...

Thoughts on the National Budget 2019/20

1 week ago - 10 April 2019 | Business

Limit the deductibility of fees and interest for income tax if no WHT has been paidWe understand that the rationale for this as we are...

Geingob’s fixers under fire

1 week ago - 08 April 2019 | Business

OGONE TLHAGE President Hage Geingob’s announcement of an economic advisory panel, which he hopes will facilitate much-needed jobs and economic growth, is being met with...

Mining claims gobble up farm

1 week ago - 08 April 2019 | Business

Land reform minister Utoni Nujoma has acknowledged that the 15 160 hectare remaining extent of Portion A of Farm Okongava No 72 in the Erongo...

Thieme takes aim at 'illegal' NCCI northern branch

1 week ago - 05 April 2019 | Business

The president of the Namibia Chamber of Commerce and Industry (NCCI), Sven Thieme, says the NCCI northern branch under the chairmanship of Tomas Koneka Indji...

Latest News

Taking charge

13 hours ago | People

Mariselle Stofberg Anthea van Heerden decided to take a leap of faith to start her own company in Windhoek.She is the managing director and...

Chained worker 'joke' backfires

13 hours ago | Labour

Nic Kruger, the owner of Kruger Trading Enterprises (KTE) Custom Body Work in Windhoek, yesterday vehemently defended the honour of his foreman who had chained...

Gangster's paradise

13 hours ago | Government

President Hage Geingob has revealed that 329 red-flagged financial transactions, involving N$9.2 billion, have been referred by the Financial Intelligence Centre (FIC) for further investigation...

ACC probes Katiti

13 hours ago | Crime

Augustinus Katiti's attempts to have the Anti-Corruption Commission investigate his successor at the Namibia Institute of Pathology have backfired. The ACC is now investigating Katiti...

Kabajani blossoms at GIPF

13 hours ago | People

Michelline Nawatises Annette Likeleli Kabajani is a holder of a bachelor’s degree from the University of Namibia (Unam). She has also attained several management and...

Baking a name for herself!

13 hours ago | People

Ester Kamati At the age of 28, Alma Tangi Nakanduungileh is climbing the entrepreneurial ladder and adding sweetness to her clients’ lives. A qualified...

A passion to unlock potential

13 hours ago | People

Ester KamatiJustina Mulokoshi is a chartered accountant (CA) at PwC who has big dreams and is constantly on the lookout for new ways to improve...

Be safe this Easter

13 hours ago | Columns

Easter is always a busy period on our roads, as thousands embark on journeys to various destinations, so they can spend time with their loved...

Willa Brandt, a devoted worker...

13 hours ago | People

Evany van WykWilla Brandt is born and bred in Windhoek, and is the epitome of what we need in the workforce of today. Brandt attended...

Load More