Company news in brief

Petra Diamonds revenue slipsPetra Diamonds' first-half revenue fell 6%, dented by lower prices as the diamond industry grappled with soft demand from China and Hong Kong, but the African miner said it would meet or exceed its annual production target.The industry has been facing slowing demand due to anti-government protests in Hong Kong and the bruising trade dispute between China and the United States, while some analysts blame it on laboratory-grown diamonds.Revenue for the six months ended Dec. 31, came in at US$193.9 million compared with US$207.1 million last year, while production inched up 3% during the first half, the African diamond miner said.Petra said lower prices and poor quality diamonds from the Finsch mine in South Africa offset the sale of the exceptional blue diamond from its flagship Cullinan mine.The Cullinan mine, which was acquired by Petra in 2008, is the world's main source of rare blue diamonds, accounted for around a third of the company's diamond sales revenue in 2018.Petra's net debt stood at US$596.4 million, at the end of December, from US$592.8 million as of September-end. – Nampa/ReutersBoeing secures financing commitmentsBoeing Co has secured financing commitments for more than US$12 billion from over a dozen banks, a source familiar with the matter said on Monday, as financial pressures mount due to a production halt on its 737 MAX aircraft.The financing deal was not closed and not yet finalised, the source added. Boeing declined to comment.Reuters last week reported that Boeing was in talks to obtain up to US$12 billion in loans and that Citigroup was leading the transaction along with JP Morgan, Wells Fargo and Bank of America.Analysts estimate that Boeing has been losing around US$1 billion a month because of the grounding after two crashes involving the 737 MAX jetliner. The company reported an almost US$3 billion negative free cash flow for the third quarter. – Nampa/ReutersExxon's new discovery boosts Guyana oil estimateExxon Mobil Corp on Monday raised its Guyana oil estimates by 2 billion barrels with disclosure of a new discovery, as it continues to develop one of the world's most important new oil and gas blocks in the last decade.The new find continues an Exxon-led consortium's long string of discoveries in Latin America's newest crude producing nation and underscores the importance of Guyana to Exxon for increasing its future oil output.Exxon and partners Hess Corp and China's CNOOC started production at the Stabroek block ahead of schedule in December. The latest discovery, the 16th by the group, brings total recoverable oil and gas resources to more than 8 billion barrels.Recoverable oil is accessible by existing drilling technologies and is profitable to pump at current prices. The new discovery would be added to official resource estimates at a later date, Exxon said.Following Guyana's first-ever oil export earlier this month, another vessel - the Suezmax tanker Eagle San Antonio – is scheduled to approach Exxon's offshore producing vessel in coming days for loading the second cargo of Liza light sweet crude for exports, according to Refinitiv Eikon data. – Nampa/ReutersAirbus agrees to settle corruption probesEuropean planemaker Airbus said yesterday that it had agreed to reach a settlement with French, UK and United States' authorities regarding a probe into allegations of bribery and corruption."Airbus confirms that it has reached agreement in principle with the French Parquet National Financier, the UK Serious Fraud Office and the US authorities," Airbus said in a statement."These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the US International Traffic in Arms Regulations. They remain subject to approval by French and UK courts and US court and regulator," it added.Corona may disrupt Apple's production plansApple Inc's plan to ramp up iPhone production by 10% in the first half of this year may hit a roadblock as the coronavirus outbreak spreads across China, the Nikkei Asian Review reported yesterday.The company has asked its suppliers, many of whom have manufacturing centers in China, to make up to 80 million iPhones in the first half of 2020, the Nikkei reported, citing people familiar with the company's plans.Apple has booked orders for up to 65 million of its older iPhones and up to 15 million units of a new cut-price model that it plans to unveil in March, according to the report.However, the mass production which is due to start in the third week of February might be delayed due to the virus outbreak, the Nikkei reported.The coronavirus outbreak has so far killed more than 100 people and infected over 4 500 in China, stranded tens of millions during the Lunar New Year holiday and rattled global markets.Apple did not respond to a Reuters request for comment. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-06-20

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Company news in brief

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Namibian Sun 2025-06-20

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