COMPANY NEWS IN BRIEF

30 June 2020 | Business

British Airways sacks 350 pilots

British Airways, which has said it needs to cut 12 000 jobs and proposed pay cuts for cabin crew, has reached a deal with its pilots that will see 350 laid off and another 300 put in a 'pool' for rehiring when needed.

Captains and first officers placed in the pool do not currently have an aircraft to operate and will remain on half-pay, the report said, while all other operating flight crew will take a 15% pay cut.

Once 'pooled' pilots return, operating flight crew members will get 7.5% of their deducted pay back, while the rest of the pay cut will be lost, the report added. The majority of pilots being 'pooled' will be Boeing 747 jumbo jet first officers.

British Airways, owned by International Consolidated Airlines Group, which also owns Aer Lingus, Iberia and Vueling, said in an emailed statement that "constructive talks are ongoing with (UK pilots union) BALPA to save as many jobs as possible

Reuters reported last week that British Airways has made a proposal to its cabin crew on pay cuts. The airline plans to lay off a quarter of its pilots. – Nampa/Reuters

Biotec Group sees promise in vaccine

China National Biotec Group (CNBG) said on Sunday that early human test results for a coronavirus vaccine candidate suggested it could be safe and effective, the second vaccine candidate from the firm to show encouraging results in a clinical trial.

The experimental shot, developed by a Beijing-based unit of CNBG, has induced high-level antibodies in all the inoculated participants in a Phase 1/2 clinical trial involving 1 120 healthy people, according to preliminary data of the trial, CNBG said in a posting on the social media platform WeChat.

Chinese companies and researchers have been allowed to test eight vaccine candidates in humans at home and abroad, making China a major front-runner in the race to develop a shot against the virus that has killed nearly 500 000 people globally.

CNBG, affiliated to the state-owned China National Pharmaceutical Group (Sinopharm), said earlier this month that another vaccine candidate produced by its Wuhan-based unit also triggered high-level antibodies safely in clinical trial participants based on preliminary results.

A vaccine has to prove its effectiveness in "Phase 3" human test where thousands of participants are recruited in order to be cleared for sale. – Nampa/Reuters

Sony sees software subscription as future

Sony Corp's image sensor business aims to replicate PlayStation's success to address its reliance on a handful of manufacturers in the fickle smartphone market.

Transforming the light-converting chips into a platform for software essentially akin to the PlayStation Plus video games service amounts to a sea change for the US$10 billion business, which built its dominance through hardware breakthroughs.

The effort chimes with Sony's pursuit of recurring revenue after years of loss in the volatile consumer electronics sector. Success, analysts said, could serve as a rejoinder to activist investor Daniel Loeb's calls for the business to be spun off.

"We have a solid position in the market for image sensors, which serve as a gateway for imaging data," said Sony's Hideki Somemiya, who heads a new team developing sensor applications.

Analysis of such data with artificial intelligence (AI) "would form a market larger than the growth potential of the sensor market itself in terms of value," Somemiya said in an interview. – Nampa/Reuters

Nissan denies corporate conspiracy

Nissan Motor Co Ltd blasted suggestions in media reports of a conspiracy within the company to oust former chairman Carlos Ghosn.

Ghosn's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault SA.

"I know that in books and the media there has been talk about a conspiracy but there are no facts whatsoever to support this," Motoo Nagai, chairman of Nissan's auditing committee, told shareholders at the company's annual general meeting.

Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms.

Monday's meeting lasted almost two hours - twice as long as planned, as shareholders grilled chief executive Makoto Uchida on how he planned to restore trust in the company following the Ghosn scandal, and revive sales in the United States and China. – Nampa/Reuters

Rio Tinto reaches power supply deal

Rio Tinto said that Mongolia would build a coal-fired plant that would supply power to its giant Oyu Tolgoi copper mine in the country, with construction set to start by this time next year.

The Mongolian state owns 34% in the Oyu Tolgoi project, while Rio's majority-owned Turquoise Hill Resources has a 66% stake.

The mining giant said in a statement it will amend its current power supply agreement with the Mongolian government by March 2021, under which the government will begin construction of a coal-fired power plant at Tavan Tolgoi by July 2021.

The notice confirms that Rio will not have to build its own 300 MW coal power plant, which it had earlier estimated could cost US$924 million. The Rio statement doesn't disclose details of its power purchase arrangement with the government.

The plant is expected to come on stream within the next four years. Until then, power supply to the mine and the underground project, which is sourced from China, will continue under the current terms, it said. – Nampa/Reuters

Similar News

 

Paratus announces solid annual financial results

1 day - 30 September 2020 | Business

PHILLEPUS UUSIKUListed telecommunications operator, Paratus Namibia Holdings Ltd (PNH), announced its annual financial results yesterday for the period ended 30 June 2020.PNH delivered commendable revenue...

Karasburg small business owners remain hopeful

1 day - 30 September 2020 | Business

It was a life lesson for me. Many of us with small businesses do not save. Felicity Isaaks, Business owner: Karasburg

Sanlam donates two isolation units

1 day - 30 September 2020 | Business

Sanlam Namibia unveiled two isolation units adapted to cater for Covid-19 patients and handed it over to the Ministry of Health and Social Services at...

Employee experience during Covid-19

1 day - 30 September 2020 | Business

Lisa Matomola - Covid-19 has changed the way organisations operate and the world of work has gone through a massive shift when it comes to...

Nam's tourism sector optimistic about recovery

1 day - 30 September 2020 | Business

Ndalimpinga Iita - Bruised by Covid-19 outbreak, the Namibian tourism enterprises and traders are optimistic about business revival as the country open its borders to...

COMPANY NEWS IN BRIEF

1 day - 30 September 2020 | Business

Huawei rises investment in ChinaHuawei Technologies has built up stakes in Chinese semiconductor companies and other tech businesses as the world’s largest telecoms equipment maker...

Investing in a stronger tomorrow

1 day - 30 September 2020 | Business

In pursuit of the FirstRand Namibia Foundation’s strategy to be the foremost corporate social investor and knowledge collaborator committed to contributing to the development of...

COMPANY NEWS IN BRIEF

2 days ago - 29 September 2020 | Business

ArcelorMittal in talks to merge ArcelorMittal SA, the world's largest steelmaker, is exploring a deal to merge its US operations with Cleveland-Cliffs Inc, the...

Nedbank Namibia launches IdentityToday

3 days ago - 28 September 2020 | Business

PHILLEPUS UUSIKU Nedbank Namibia, in collaboration with the Today Group, the homegrown fintech company, which introduced PayToday, has announced the introduction of IdentityToday. It is...

COMPANY NEWS IN BRIEF

3 days ago - 28 September 2020 | Business

Kioxia to scrap IPO plan Kioxia Holdings Corp, the world's second-largest memory chipmaker, will scrap plans for an initial public offering (IPO) as tensions between...

Latest News

Uutoni has final say on...

5 hours ago | Government

KENYA KAMBOWERUNDUUrban and rural development minister Erastus Uutoni will have the last say as to whether 83.1738 hectares of land at Divundu in the Kavango...

Govt spends N$2.3bn to buy...

5 hours ago | Agriculture

ELLANIE SMITWINDHOEKThe government has spent N$2.3 billion on the acquisition of 558 farms measuring 3.4 million hectares to resettle landless Namibians to date.The government started...

Youth must stand up and...

5 hours ago | Opinion

Young Namibians have historically been the torchbearers of every revolution we have come to experience.In fact, that’s the story everywhere in Africa. Nelson Mandela, Yoweri...

Snared Etosha elephant calf rescued

5 hours ago | Environment

FRANCOISE STEYNBERGWINDHOEKAn elephant calf that was spotted near Namutoni in the Etosha National Park with a wire snare cutting deep into the flesh of its...

Six arrested for wildlife crimes

5 hours ago | Crime

ELLANIE SMITWINDHOEKSix suspects have been arrested in connection with wildlife crimes and two new cases were registered last week.Three of the suspects were arrested for...

Swapo processes under fire

5 hours ago | Politics

OTIS FINCKWALVIS BAYAccording to an aggrieved group, Swapo leaders assigned to the Erongo Region baffled members in the districts by pushing through disputed candidate nominations...

A shared future for the...

5 hours ago | Opinion

ZHANG YIMINGToday marks the 71st anniversary of the founding of the People’s Republic of China as well as the Chinese traditional Mid-Autumn Festival (Moon Festival)....

Matjila, Fillemon crowned gaming kings

5 hours ago | Sports

Jesse Jackson Kauraisa WINDHOEK Namibian gamers Rashaad Matjila and Matias Fillemon have been selected as the country's e-sports national team players...

BA's power tussles continue

5 hours ago | Sports

Limba Mupetami WINDHOEK Infighting within Black Africa's (BA) ranks continues, with the interim committee and supporters of the community club clashing on whether...

Load More