Company news in brief

MTN faces new allegations in US complaintSouth African telecoms firm MTN faces new allegations of aiding militant groups in Afghanistan, including paying protection money, in an amended lawsuit filed on behalf of hundreds of families of US soldiers.The original lawsuit was aimed at least eight multinational companies - including MTN, security firm G4S, US infrastructure group Louis Berger and consultancy Janus Global - that operated in Afghanistan and Iran between 2009 and 2017.The suit, filed in December 2019 in the United States District Court in the District of Columbia, alleges the companies violated the US Anti-Terrorism Act by paying protection money to al-Qaeda and the Taliban.The new, amended complaint, filed on Friday by Washington-based law firms, alleges MTN violated the Anti-Terrorism Act by paying protection money of more than US$100 million to al-Qaeda and the Taliban so its cellular towers would not be targeted for destruction. MTN, Africa's largest mobile operator by subscribers, has denied the allegations. IT said on Saturday it was considering filing another motion to counter the fresh allegations. – Nampa/ReutersTraditional owners furious with Rio TintoRio Tinto Ltd knew the cultural and historical significance of two caves in Western Australia years before it blew them up last month as part of an iron ore mine expansion, traditional owners said on Friday.However, Rio, which won state government approval to destroy the caves in 2013, has said it believed it had consent from the traditional owners of the caves, the Puutu Kunti Kurrama and Pinikura People (PKKP), because they had not explicitly asked that the site not be mined.The world's biggest iron ore miner in late May destroyed the sacred Aboriginal caves in the Juukan Gorge in the Pilbara that showed evidence of continual habitation dating back 46 000 years.Rio apologised and said it would urgently review its plans for other sites in the area."We have obviously had some misunderstanding. We thought we had a shared understanding of the future of the caves, that were going to be mined as part of our normal mine sequence," Rio Tinto's chief of iron ore Chris Salisbury told the ABC. – Nampa/ReutersJaguar Land Rover secures Chinese loanJaguar Land Rover (JLR), owned by India's Tata Motors, has entered into agreements with lenders in China for an unsecured 3-year term loan facility of 5 billion yuan (US$704.50 million), marking its first debt financing in China, it said.Arthur Yu, JLR's vice president and China chief financial officer, said the Chinese banks that would provide it with the three-year revolving loan include Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.The fundraising comes as the coronavirus pandemic has hit global automakers' supply chains and sales. Sales from China used to account for 25% to 30% of JLR's global sales, but over the past two months make up 50%, Yu said.The loan facility "can help JLR China better manage cash flow amid the coronavirus epidemic", Yu told reporters on Friday.JLR, which imports cars and also has a manufacturing partnership in the Chinese eastern city of Changshu with Wuhu-based Chery Automobile, said its China sales in April were level with same period last year, and it saw sales growth in May. – Nampa/ReutersJD files for second Hong Kong listingChina's second largest e-commerce company JD.com on Friday filed to list its shares in Hong Kong in a major win for the financial hub despite swirling fears over Beijing's plan to impose a national security law on the city.The listing comes a day after fellow Chinese tech giant NetEase announced plans to raise US$2.7 billion in an IPO in the semi-autonomous city.Bloomberg News previously reported that JD.com hopes to raise US$2 billion from its Hong Kong share sale.JD.com raised US$1.78 billion when it listed on the Nasdaq in New York in 2014 and now has a market capitalisation of US$64 billion.The dual listing would help the company better compete with e-commerce rivals including Amazon and Chinese titan Alibaba, which raised a whopping US$12.9 billion in secondary Hong Kong IPO last year. – Nampa/AFPEmirates, Etihad extend salary cuts to SeptGulf carriers Emirates and Etihad Airways are extending the period of reduced pay for their staff until September as they try to preserve cash during the global coronavirus pandemic.Dubai's Emirates told employees yesterday it would extend a three month wage cut due to end this month until September 30, according to an internal email seen by Reuters.In some cases, pay cuts will also be deepened, with some basic salaries reduced by 50%, the email to Emirates Group employees said.The decision was made after reviewing all possible options to preserve its cash position, it said.Abu Dhabi's Etihad Airways has extended its salary cuts of between 25% to 50% to September, a spokeswoman said, as it considers all options to protect jobs and preserve cash. – Nampa/Reuters

Company news in brief

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Namibian Sun 2025-12-15

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Company news in brief

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Namibian Sun 2025-12-15

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