COMPANY NEWS IN BRIEF

14 July 2020 | Business

NOC accuses UAE

Libya's National Oil Corp (NOC) accused the United Arab Emirates of instructing eastern forces in Libya's civil war to reimpose a blockade of oil exports after the departure of a first tanker in six months.

The UAE, along with Russia and Egypt, supports the eastern-based Libyan National Army (LNA) of Khalifa Haftar, which on Saturday said the blockade would continue despite it having let a tanker load with oil from storage.

"NOC has been informed that the instructions to shut down production were given to (the LNA) by the United Arab Emirates," it said in a statement, resuming force majeure on all oil exports.

Haftar has been on the back foot after Turkish support helped the internationally recognised Government of National Accord (GNA) turn back his 14-month assault on the capital Tripoli.

After the GNA gained ground, NOC also tried to restart production at the Sharara oilfield, but said this effort was quickly shut down and accused Russian mercenaries fighting alongside the LNA of deploying there. – Nampa/Reuters

Volkswagen to replace head of software

Volkswagen is replacing its head of software development, newspaper Handelsblatt reported on Sunday, as the German carmaker wrestles with the transition to electric vehicles.

The software post is one of the most important in the development of new-generation electric vehicles, which are far more reliant on computer power than the combustion engine that have been Volkswagen's mainstay.

A management purge has already seen Andreas Renschler, a former Mercedes-Benz manager leave his post as head of the Traton Trucks unit, and Stefan Sommer, a former chief executive of auto supplier ZF, leave his post at VW.

Senger was also leaving his post as a member of the board of Volksagen's core VW brand, the newspaper said, although it added that chief executive Herbert Diess was hoping he would stay with the company.

Volkswagen's powerful staff council, led by Bernd Osterloh, have forced out cost-cutters at the company in the past. Wolfgang Bernhard, a former VW brand chief and Bernd Pischetsrieder, a former head of the Volkswagen Group, quit following clashes with labour leaders. – Nampa/Reuters

Tesla cut Model Y SUV price

Tesla Inc cut the price of its sport utility vehicle Model Y by US$3,000, just four months after its launch, as the US electric carmaker seeks to maintain sales momentum in the Covid-19 pandemic. The reduction follows price cuts in May on Tesla's Model 3, Model X and Model S.

The company headed by Elon Musk this month posted a smaller-than-expected fall in car deliveries in the second quarter, resilient results despite the pandemic that hit the global auto industry.

The Model Y now starts at US$49,990, down nearly 6% from its previous price of US$52,990, according to the carmaker's website. Tesla did not immediately respond to a Reuters request for comment.

The company started deliveries of the Model Y in March, promising a much-awaited crossover that will face competition from European carmakers like Volkswagen AG rolling out their own electric rivals.

In April, Tesla had said the Model Y was already profitable, marking the first time in the company's 17-year history that one of its new vehicles turned a profit in its first quarter. - Nampa/Reuters

Huawei to request 5G removal delay

China's Huawei Technologies has requested a meeting with UK prime minister Boris Johnson to work out a deal to delay its potential removal from the country's 5G phone network, the Sunday Times newspaper reported.

The Chinese telecoms equipment maker is seeking to delay its removal from the from the country's 5G telecoms networks until after elections in June 2025, in the expectation that the new government may reverse the decision, the newspaper reported.

Huawei will in return pledge to maintain its equipment in the UK, which is also used in the 2G, 3G and 4G networks, the report added.

Britain granted Huawei a limited role in its future 5G networks in January, but ministers have since said the introduction of US sanctions on the company means it may no longer be a reliable supplier.

Johnson has faced intense pressure from the United States and some British lawmakers to ban the telecommunications equipment maker on security grounds. A government update on the Chinese company is expected to be published before July 22, according to a government minister and official. – Nampa/Reuters

Essity Q2 sales drop

Swedish hygiene products group Essity on Monday reported a marginal rise in its second-quarter core earnings as the initial bulk-buying of toilet paper and other products eased as countries emerged from the lockdown.

Operating profit before amortisation and items affecting comparability grew 1% to 3.78 billion crowns (US$412.1 million) from last year, despite 11% sales drop as lower pulp and energy costs and efficiency measures boosted the gross margin.

"Sales were negatively affected by the Covid-19 pandemic and related lockdowns as well as inventory adjustments following the stockpiling that took place among consumers and distributors in March 2020," the company said.

Essity is the world's second-biggest maker of toilet paper and handkerchiefs with brands such as Lotus, Edet, Tempo and Vinda. It is the global leader in hygiene products for businesses under the Tork brand, and in incontinence products with TENA.

Essity had warned in April that bulk-buying of toilet paper and other products, which heavily boosted its first-quarter profit, could slow sales ahead and that the pandemic caused uncertainty about future earnings. – Nampa/Reuters

Similar News

 

Tough times for mines in Nam

19 hours ago | Business

Jo-Maré Duddy – Of the 16 operating mining companies included in the latest annual review of the Chamber of Mines of Namibia, six last year...

Street vendors return to normal

19 hours ago | Business

Street vendors that sell fruit and vegetables at Outjo and Khorixas said that business has returned to normal and customers are received in numbers as...

SA drops court challenge on mining BEE

19 hours ago | Business

JOHANNESBURG - South Africa’s mines minister has withdrawn an appeal of a court ruling that held that mining companies did not have to maintain at...

COMPANY NEWS IN BRIEF

19 hours ago | Business

Oil major Chevron invests Oil major Chevron Corp said it is investing in Zap Energy Inc, joining Italy's ENI and Norwegian state oil company Equinor...

Jaguar ready to seduce SA

19 hours ago | Business

The new Jaguar F-TYPE has arrived in South Africa with an even more dramatic design, improved dynamics and increased focus on driver engagement.Available in both...

Business for vendors return to normal

1 day - 13 August 2020 | Business

KHORIXAS – Street vendors selling fruit and vegetables at Outjo and Khorixas say business has returned to normal and customers are received in numbers similar...

Fuel prices, virus brake taxi industry

1 day - 13 August 2020 | Business

Long-distance drivers in the south of Kunene say their business has been negatively affected by the recent increases in fuel prices and by the current...

COMPANY NEWS IN BRIEF

1 day - 13 August 2020 | Business

Tesla sets 5-1 stock split Tesla Inc on Tuesday announced a five-for-one stock split, sending the electric carmaker's recently high-flying shares up 7% in extended...

COMPANY NEWS IN BRIEF

2 days ago - 12 August 2020 | Business

Nutrien cuts profit forecast Canadian fertilizer maker Nutrien Ltd cut its annual adjusted profit forecast as weaker-than-normal industrial demand held back prices for ammonia and...

Boost business to boost growth

3 days ago - 11 August 2020 | Business

Erongo governor Neville Andre-Itope has called on business owners to explore new ways in order to reignite their respective businesses and the country’s economy.Andre-Itope made...

Latest News

Thought leadership

19 hours ago | People

NDANGI KATOMAIn a very short time, the coronavirus has changed so much about our lives.It is easy to think you’ll never get ahead when you...

Marketing through the lens of...

19 hours ago | People

ESTER KAMATIAs part of the DOLOLO group of entrepreneurs and a 2019 alumnus of the Africa Pathfinders Leadership initiative, Andreas Elifas’s objective is to attain...

Price monster hungry

19 hours ago | Economics

Although annual overall inflation in Namibia last month stayed unchanged at 2.1%, annual overall food inflation increased to 6.2% - up from 4.9% in June...

Tough times for mines in...

19 hours ago | Business

Jo-Maré Duddy – Of the 16 operating mining companies included in the latest annual review of the Chamber of Mines of Namibia, six last year...

Fishing quota auction storm grows

19 hours ago | Fishing

OGONE TLHAGEWINDHOEKGovernment's decision to auction off its fishing quota, and then use the proceeds to finance its efforts to fight the Covid-19 pandemic is continuing...

Samherji begs for release of...

19 hours ago | Fishing

OGONE TLHAGEWINDHOEKIcelandic firm Samherji, which is at the centre of the Fishrot bribery scandal, has asked Namibian authorities to release its fishing vessel Heinaste, which...

Education kneecapped by shortage of...

19 hours ago | Education

KENYA KAMBOWERUNDUEducation minister Anna Nghipondoka says Namibia has a backlog of over 5 000 classrooms, which has made it a challenge to comply with the...

Growing hip-hop in the north

19 hours ago | Art and Entertainment

MICHAEL KAYUNDE WINDHOEKSkipper Wills' breakthrough came in 2017 when he was selected to take part in the Old & New hip-hop documentary. He has since...

Kay-Z Bearens on his 2020...

19 hours ago | Art and Entertainment

MICHAEL KAYUNDE WINDHOEK Rapper Kay-Z Bearens released his first single in 2015, and though on the underground scene, he's pushed his music over the years.In...

Load More