Company news in brief
SAA gets bail-out billions
The South African government on Wednesday announced the release of R10.5 billion needed to fund a rescue plan for struggling state-owned South African Airways.
The payment is funded through cuts in spending elsewhere in other public entities and conditional grants.
The latest allocation expected to save the limping airline, is in addition to R16.4 billion doled out in February this year to settle guaranteed debt and interest.
The decision to fund SAA has incensed opposition parties who argue that the country cannot afford to continue pouring money into underperforming state-owned companies at a time it is battling a huge budget crisis.
Finance minister Tito Mboweni in his mid-term budget said government was borrowing at a rate of R2.1 billion per day. – Nampa/AFP
Total makes 2nd offshore SA gas find
French energy giant Total has made a second "significant" gas discovery off South Africa's southern coast, months after a similar finding in 2019.
The gas deposit was found 175 km offshore on the Luiperd prospect in the Outeniqua Basin.
This discovery follows the adjacent play opening Brulpadda discovery in 2019, which proved a significant new petroleum province in the region.
Total exploration and production president Arnaud Breuillac said the second discovery showed "the world-class nature of this offshore gas play". – Nampa/AFP
Toyota recalls millions of cars
Toyota Motor Corp said Wednesday it has expanded a worldwide fuel pump recall to a total of 5.84 million vehicles for a defect that could cause the part to fail.
Toyota said the vehicles that have a fuel pump that may stop operating and could result in a vehicle stall, and the vehicle may be unable to be restarted. Dealers will replace the fuel pump with an improved version.
The recalls cover vehicles including the 2013-2015 Lexus LS 460 and GS 350, 2017-2019 Highlander and 2017-2020 Sienna and Lexus RX 350 and 2018-2020 Toyota Avalon, Camry, Corolla, Sequoia, Tacoma, Tundra as well as the 2019-2020 RAV4. – Nampa/Reuters
Boeing posts quarterly loss again
Boeing reported its fourth straight quarterly loss on Wednesday as the coronavirus crisis and the 737 MAX jet grounding hurt sales, while reaffirming its expectation that US deliveries of the aircraft would resume before year-end.
The planemaker said sales in the defense business dipped 2% to US$6.85 billion, while commercial jet revenue slumped 56% to US$3.60 billion.
Excluding items, Boeing lost US$1.39 per share in thethird-quarter ended Sept. 30. – Nampa/Reuters
Exxon Mobil keeps dividend flat
Exxon Mobil Corp has kept its fourth-quarter dividend flat at 87 US cents a share, signalling 2020 will be the first year since 1982 that the US oil producer has not raised its shareholder pay-out.
Exxon this year has pledged deep cost and jobs cuts that could be announced as early as today, and the decision to hold the dividend stable could indicate it expects the cost-cutting will allow it to continue making the hefty pay-out.
The company posted its first back-to-back quarterly losses this year and is projected to report a full-year US$2 billion loss, Refinitiv estimates show, excluding asset sales or write downs. – Nampa/Reuters
The South African government on Wednesday announced the release of R10.5 billion needed to fund a rescue plan for struggling state-owned South African Airways.
The payment is funded through cuts in spending elsewhere in other public entities and conditional grants.
The latest allocation expected to save the limping airline, is in addition to R16.4 billion doled out in February this year to settle guaranteed debt and interest.
The decision to fund SAA has incensed opposition parties who argue that the country cannot afford to continue pouring money into underperforming state-owned companies at a time it is battling a huge budget crisis.
Finance minister Tito Mboweni in his mid-term budget said government was borrowing at a rate of R2.1 billion per day. – Nampa/AFP
Total makes 2nd offshore SA gas find
French energy giant Total has made a second "significant" gas discovery off South Africa's southern coast, months after a similar finding in 2019.
The gas deposit was found 175 km offshore on the Luiperd prospect in the Outeniqua Basin.
This discovery follows the adjacent play opening Brulpadda discovery in 2019, which proved a significant new petroleum province in the region.
Total exploration and production president Arnaud Breuillac said the second discovery showed "the world-class nature of this offshore gas play". – Nampa/AFP
Toyota recalls millions of cars
Toyota Motor Corp said Wednesday it has expanded a worldwide fuel pump recall to a total of 5.84 million vehicles for a defect that could cause the part to fail.
Toyota said the vehicles that have a fuel pump that may stop operating and could result in a vehicle stall, and the vehicle may be unable to be restarted. Dealers will replace the fuel pump with an improved version.
The recalls cover vehicles including the 2013-2015 Lexus LS 460 and GS 350, 2017-2019 Highlander and 2017-2020 Sienna and Lexus RX 350 and 2018-2020 Toyota Avalon, Camry, Corolla, Sequoia, Tacoma, Tundra as well as the 2019-2020 RAV4. – Nampa/Reuters
Boeing posts quarterly loss again
Boeing reported its fourth straight quarterly loss on Wednesday as the coronavirus crisis and the 737 MAX jet grounding hurt sales, while reaffirming its expectation that US deliveries of the aircraft would resume before year-end.
The planemaker said sales in the defense business dipped 2% to US$6.85 billion, while commercial jet revenue slumped 56% to US$3.60 billion.
Excluding items, Boeing lost US$1.39 per share in thethird-quarter ended Sept. 30. – Nampa/Reuters
Exxon Mobil keeps dividend flat
Exxon Mobil Corp has kept its fourth-quarter dividend flat at 87 US cents a share, signalling 2020 will be the first year since 1982 that the US oil producer has not raised its shareholder pay-out.
Exxon this year has pledged deep cost and jobs cuts that could be announced as early as today, and the decision to hold the dividend stable could indicate it expects the cost-cutting will allow it to continue making the hefty pay-out.
The company posted its first back-to-back quarterly losses this year and is projected to report a full-year US$2 billion loss, Refinitiv estimates show, excluding asset sales or write downs. – Nampa/Reuters
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