COMPANY NEWS IN BRIEF

08 October 2021 | Business

Nestle launching plant-based substitutes

Nestle is launching plant-based substitutes for egg and shrimp that closely mirror the taste, nutrition and performance of the originals, the food group said on Wednesday, extending its range in the fast-growing vegan market.

The egg substitute, branded Garden Gourmet vEGGie in Europe, contains soy protein and omega-3 fatty acids. It can be scrambled or used in a frittata or as an ingredient in cakes and cookies, Nestle said.

The vegan shrimp, called Vrimp, follows the launch of its tuna substitute last year.

Chief Executive Mark Schneider said the Swiss company's vegan products such as plant-based burgers and sausages were seeing double-digit sales growth.

"It's also not limited to one particular age group or one particular demographic group," he told reporters in London. "This is really getting mainstream and broad based."

Last year, Nestle's sales from plant-based products were just 200 million Swiss francs (US$216 million), a tiny fraction of its total sales of 84 billion francs. -Nampa/Reuters

Tesla faces investor test

A contract worker has won a US$137 million jury award over workplace racism against Tesla Inc, raising pressure on the electric vehicle maker whose shareholders will vote on a proposal to review how it addresses similar complaints for full-time employees.

The nonbinding shareholder resolution asks Tesla's board to study the impact of the company's current use of mandatory arbitration to resolve complaints of harassment and discrimination in its workplace. Tesla opposes the plan.

On Monday, a San Francisco federal jury made the award to former Tesla worker Owen Diaz. “The verdict sends a message to corporate America that you need to make sure that racist conduct is not occurring,” Lawrence Organ, his attorney told Reuters.

Diaz was able to face a public trial because contract workers were not subject to Tesla's mandatory arbitration, which forces employees to resolve disputes outside judiciary courts.

Tesla advised against the resolution because, it said, arbitration "benefits both parties with a fair resolution and a speedier return to their respective priorities without miring them in lengthy litigation."-Nampa/Reuters

Dow aims to boost core earnings

Dow unveiled on Wednesday plans to boost its core earnings by US$3 billion a year over the next decade, with investments that include building a new net-zero carbon emissions ethylene and derivatives facility in Alberta, Canada.

The chemicals maker, once part of DowDupont, joins a growing list of companies that have announced plans to cut emissions and reduce carbon footprint following pressure from investors.

Calling the new project, a "no-regrets" move, Dow's Chief Executive Officer Jim Fitterling said he expects the facility to deliver about US$1 billion of additional earnings before interest, tax, depreciation and amortization (EBITDA) per year by 2030.

Near-term investments to expand manufacturing capacity of chemicals and materials used in packaging, specialty plastics, coatings and other businesses are expected to generate about US$2 billion of EBITDA, the company said.

The new facility would more than triple Dow's ethylene and polyethylene capacity from its Fort Saskatchewan, Alberta site, and the company expects to allocate about $1 billion of capital spending annually for the project. -Nampa/Reuters

BMW invests in lithium technology

BMW said on Wednesday it will invest in lithium technology start-up Lilac Solutions Inc to support more-efficient ways to produce the electric vehicle battery metal.

Privately-held Lilac is part of a growing number of technology developers seeking to extract lithium from saltwater brines faster, cheaper and with less water than evaporation ponds, which have long been the industry standard.

BMW, which already buys lithium from China's Ganfeng Lithium Co and other traditional lithium producers, said it sees Lilac's technology as a way to boost global production of the white metal as demand grows from the EV market.

"This holds the promise of becoming a new extraction technology that allows access to more green lithium," said Kasper Sage of BMW i Ventures, BMW's venture capital fund.

The German automaker is participating in Lilac's Series B funding round alongside SK Materials Co, Sumitomo Corp investment arm Presidio Ventures and others. -Nampa/Reuters

Nvidia offers EU concessions

Nvidia has offered concessions in a bid to secure EU antitrust approval for its US$54 billion acquisition of British chip designer Arm, a European Commission filing showed on Wednesday.

The deal announced by world's biggest maker of graphics and AI chips last year has sparked concerns in the semiconductor industry over whether Arm could remain a neutral player licensing intellectual property to customers and rivals.

The EU competition enforcer, which did not provide details of the concessions in line with its policy, set an Oct. 27 deadline for its decision.

It will now seek feedback from rivals and customers before deciding whether to accept the concessions, demand more or open a four-month long investigation.

Nvidia has said it would maintain Arm as a neutral technology supplier as it aims to allay concerns from customers such as Qualcomm Inc, Samsung Electronics Co Ltd and Apple Inc.-Nampa/Reuters

Similar News

 

Heimstädt steering road safety

1 day - 22 October 2021 | Business

Rivaldo KavangaHorst Heimstädt is the CEO of the Namibia Road Safety Forum, a private organisation which does extensive work in the Southern African Development Community...

FNB to strengthen its support to MSMEs

1 day - 22 October 2021 | Business

PHILLEPUS UUSIKUProparco, a private sector financing arm of Agence Française de Développement Group (AFD Group), granted a EURIZ portfolio guarantee of N$ 68 million to...

Rising like a phoenix

1 day - 22 October 2021 | Business

Mariselle StofbergWilhelmine Mutorwa has used every opportunity she is given to become the best version of herself. For Wilhelmine Mutorwa, giving up has never been...

Digital marketing training underway countrywide

1 day - 22 October 2021 | Business

Michelline Nawatises The Namibia University of Science and Technology (NUST), through the Centre for Enterprise Development (CED) and in collaboration with the Deutsche Gesellschaft für...

COMPANY NEWS IN BRIEF

1 day - 22 October 2021 | Business

ABB lowers sales guidanceABB lowered its full-year sales outlook on Thursday, as the Swiss engineering and technology group became the latest company to flag shortages...

Startup Leo Canopus digitalising communities

2 days ago - 21 October 2021 | Business

STAFF REPORTERLeo Canopus was among the seven startups selected in early March, for an initiative by the Namibia Business Innovation Institute (NBII) titled the NBII...

Kapana Cook-Off competition winners crowned

2 days ago - 21 October 2021 | Business

STAFF REPORTERWindhoek resident, Kristy Shomongula, became the seventh winner of the Nedbank Kapana Cook-Off competition. The final which took place at Shanghai Park Lounge on...

COMPANY NEWS IN BRIEF

2 days ago - 21 October 2021 | Business

Halliburton posts Q3 profitUS oilfield firm Halliburton Co on Tuesday posted its third consecutive quarterly profit and said customer spending in the United States could...

Challenges ahead on ICT highway

3 days ago - 20 October 2021 | Business

Jo-Maré Duddy – Always on the look-out for a solid home for at least 45% of their assets under management, Namibian institutional investors will likely...

Understanding double taxation agreements

3 days ago - 20 October 2021 | Business

Anneri Lück - In my previous articles I gave an overview of some of the important considerations when operating across jurisdictions. One of the...

Latest News

Heimstädt steering road safety

1 day - 22 October 2021 | Business

Rivaldo KavangaHorst Heimstädt is the CEO of the Namibia Road Safety Forum, a private organisation which does extensive work in the Southern African Development Community...

FNB to strengthen its support...

1 day - 22 October 2021 | Business

PHILLEPUS UUSIKUProparco, a private sector financing arm of Agence Française de Développement Group (AFD Group), granted a EURIZ portfolio guarantee of N$ 68 million to...

Learners don maize sacks for...

1 day - 22 October 2021 | Education

TUYEIMO HAIDULA OSHAKATI Learners at Omuthiyagwiipundi Combined School in Omuthiya are forced to wear maize sacks each time they misbehave at...

Itula changed, says suspended Smith-Howard

1 day - 22 October 2021 | Politics

Staff Reporter WINDHOEKSuspended Independent Patriots for Change (IPC) Swakopmund constituency councillor Ciske Smith-Howard says her party leader, Dr Panduleni Itula, has become...

The face of the southern...

1 day - 22 October 2021 | People

Michelline Nawatises Victoria Ndemupa Muhuura was born in Wavis Bay. She attended at Andimba Toivo ya Toivo Secondary School in the Oshana Region, and...

Zozo’s Leather: Your dream product

1 day - 22 October 2021 | People

Rivaldo Kavanga Celesty Cupido worked in the tourism industry and realised over the years that many Namibian accommodation establishments do not showcase or sell...

Rising like a phoenix

1 day - 22 October 2021 | Business

Mariselle StofbergWilhelmine Mutorwa has used every opportunity she is given to become the best version of herself. For Wilhelmine Mutorwa, giving up has never been...

Africa calls for climate finance...

1 day - 22 October 2021 | Economics

ALESSANDRA PRENTICEAfrican countries want a new system to track funding from wealthy nations that are failing to meet a US$100-billion annual target to help the...

EDITORIAL: We are guilty of...

1 day - 22 October 2021 | Opinion

A lot needs to be discussed in our country – from race and sexual rights to abortion. The country can’t stop talking, even when such...

Load More