Company news in brief

31 March 2020 | Business

Anglo cancels diamond sales event

Anglo American said yesterday its diamond unit De Beers Group will not hold its third sales event because of lockdowns in Botswana, South Africa and India, to contain the fast-spreading coronavirus pandemic.

The third sales cycle was scheduled to take place from March 30 to April 3.

The pandemic has placed new worries on the diamond industry, which faced slowing demand last year due to trade tensions and protests in Hong Kong.

The world's largest producer of rough diamonds by carats, Alrosa, this month had said it was considering options for online trade as global travel restrictions complicate traditional physical inspection of gemstones.

De Beers Group is enabling sightholders to defer 100% of their Sight 3 allocations to later in the year, Anglo added. Sights are held 10 times a year in Botswana, Namibia and South Africa. – Nampa/Reuters

EasyJet grounds entire fleet

British low cost airline easyJet said it had grounded its entire fleet of over 330 aircraft and had no visibility on when it could restart flights, highlighting the heavy strain on airlines trying to survive to fly again after coronavirus.

EasyJet also said on Monday that it would furlough its 4 000 UK-based cabin crew for two months, meaning they will not work from April 1 but will be paid 80% of their average pay under a government job retention scheme.

The health emergency has brought European air travel to a standstill, meaning airlines have no revenues and face a battle to survive.

EasyJet said it was focused on short term liquidity, including removing cost from the business and working with suppliers to defer and reduce payments where possible, including on aircraft expenditure, and was in ongoing discussions with liquidity providers.

"We are working tirelessly to ensure that easyJet continues to be well positioned to overcome the challenges of coronavirus," easyJet's CEO Johan Lundgren said in a statement. – Nampa/Reuters

Toyota plants won't restart until April 20

Toyota Motor Corp said yesterday that it would extend a suspension at all of its factories in Europe with the exception of Russia until further notice, with a restart expected no earlier than April 20.

With the spread of the coronavirus epidemic, Toyota had suspended production from around mid-March in France, Britain, the Czech Republic, Poland, Turkey and Portugal. Its Russian factory will be closed from March 30 to April 3, it said.

It has already halted production in all of North America. – Nampa/Reuters

Merc Formula 1 develops breathing aid

A new version of a breathing aid that can help coronavirus patients has been developed in less a week by a team involving Mercedes Formula One, and is being trialled at London hospitals.

Continuous Positive Airway Pressure (CPAP) devices have been used in China and Italy to deliver air and oxygen under pressure to patients' lungs to help them breathe without the need for them to go on a ventilator, a more invasive process.

The new breathing aid was developed by engineers and clinicians at UCLH teaming up with Mercedes-AMG High Performance Powertrains who worked at UCL's MechSpace hub to reverse engineer a device that can be produced quickly.

Mercedes can make 1 000 a day within a week, and if the tests go well they can be in the NHS by the end of this week.

Development of the new device took fewer than 100 hours from initial meeting to production of the first one. The team working on it also includes Oxford Optronix, a small company that will manufacture the oxygen monitors for the CPAP devices. – Nampa/Reuters

Barclays sets 'net zero' goal

Barclays bank has set a goal of becoming a 'net zero bank' in terms of its own carbon emissions and the activities it finances by 2050, the lender said yesterday.

The British bank said it would provide targets to judge its progress and report on them regularly, starting in 2021.

Barclays had faced criticism from investors ahead of its annual general meeting in May for having a weaker climate policy than some rivals.

Responsible investment lobby group ShareAction tabled a resolution ahead of the meeting aimed at cutting its lending to the fossil fuel industry.

Barclays said on Monday that it would table a resolution on its new climate policy and expected ShareAction and other investors behind its motion to back the board's resolution. – Nampa/Reuters

Juventus shares surge after pay cut

Shares in Italian football giants Juventus surged yesterday after the club's decision to cut their players' salaries in the midst of the coronavirus pandemic.

The Serie A champions announced on Saturday that they had cut their players' and coach Maurizio Sarri's salaries from March until June after all Italian sport was suspended.

The club's shares rose by 7.94% on the Milan Stock Exchange early yesterday in a market that has taken a major hit from the coronavirus crisis.

Juventus' highly-paid stars include five-time Ballon d'Or winner Cristiano Ronaldo and Wales midfielder Aaron Ramsey, who joined from Arsenal on a free transfer last year.

"The economic and financial effects of the understanding reached are positive for about 90 million euro (US$100.5 million) for the 2019/20 financial year," the club had said in a statement. – Nampa/AFP

Similar News

 

Renaissance Health: Your evergreen medical aid

7 hours ago | Business

Maintaining a healthy immune system is always important, but with Covid-19’s devastating toll, it has become critical.In these times, even age-old adages needed to evolve....

COMPANY NEWS IN BRIEF

7 hours ago | Business

Microsoft sees steady cloud growthMicrosoft Corp posted its most profitable quarter on Tuesday, beating Wall Street expectations for revenue and earnings, as PC sales declines...

Taxing ­rendering ­services outside ­Namibia

1 day - 28 July 2021 | Business

Stefan SwartzHave you and your employer been in a position where the services you perform, as part of your trade, had to be performed to...

COMPANY NEWS IN BRIEF

1 day - 28 July 2021 | Business

Aspen supplying Johnson & Johnson vaccine South Africa's Aspen Pharmacare started supplying the first batch of Johnson & Johnson Covid-19 vaccine to the country on...

Volkswagen improves year-on-year sales

1 day - 28 July 2021 | Business

The Volkswagen brand (passenger cars and commercial vehicles) sold a combined 32 603 vehicles in the first six months of 2021.The Volkswagen passenger car brand...

Managing risks during the pandemic

1 day - 28 July 2021 | Business

B7: What is the most important lesson businesses should learn from the pandemic?SK: The Covid-19 pandemic has shown us just how quickly our way of...

COMPANY NEWS IN BRIEF

2 days ago - 27 July 2021 | Business

Unifor starts strike at Rio Tinto Canadian union Unifor said on Sunday about 900 workers had started strike action at global miner Rio Tinto's operations...

US companies push Covid-19 shots for staff

3 days ago - 26 July 2021 | Business

Timothy Aeppel and Ben Klayman - Kevin Kelly is hitting his anti-vax workers where it may hurt them most: their paychecks.On Sept. 1, when regular...

Company news in brief

3 days ago - 26 July 2021 | Business

Global insurance recovery will be fasterThe global insurance industry is poised to recover more quickly and forcefully from the pandemic than it did after the...

O&L Leisure takes ‘urgent rescue measures’

6 days ago - 23 July 2021 | Business

Jo-Maré Duddy – The basic salaries of nearly 500 employees of O&L Leisure will be cut by between 25% and 50% for the next three...

Latest News

Govt caught with its pants...

7 hours ago | Economics

Jo-Maré Duddy – Government must open-up the import of Covid-19 vaccines to the private sector to fight the third wave, prevent a fourth and help...

Associates shun broke Fishrot crew

7 hours ago | Justice

MATHIAS HAUFIKU WINDHOEKThe accused persons in the Fishrot matter say they have racked up...

Sioka, Walters contempt battle continues...

7 hours ago | Justice

JANA-MARI SMITH WINDHOEKGender and child welfare minister Doreen Sioka continues to lock horns with Ombudsman John Walters over a contempt of...

Renaissance Health: Your evergreen medical...

7 hours ago | Business

Maintaining a healthy immune system is always important, but with Covid-19’s devastating toll, it has become critical.In these times, even age-old adages needed to evolve....

EDITORIAL: When state coffers run...

7 hours ago | Opinion

At different stages since our democracy was born 30 years ago, a coterie of the connected have feasted on the state largesse, as monies spent...

Zimbabwean driver in court for...

7 hours ago | Justice

ADOLF KAURE SWAKOPMUNDZimbabwean national truck driver Takudzwa Blessing Marimo (23) made his first appearance...

Public and private sector collaboration...

7 hours ago | Economics

The power of unity cannot be overemphasised. Indeed, Namibia has experienced, and is still experiencing the effects of a people united towards a common goal...

Namibia rejects Israel’s AU observer...

7 hours ago | International

STAFF REPORTER The Namibian government has rejected the African Union Commission’s decision to grant...

Another vaccination site for Walvis...

7 hours ago | Health

LEANDREA LOUW WALVIS BAYWalvis Bay now boasts another permanent Covid-19 vaccination site at the Narraville Lutheran church hall.The site was officially opened...

Load More