COMPANY NEWS IN BRIEF

04 January 2022 | Business

J&J booster slashes hospitalisations

A booster dose of Johnson & Johnson Inc's single-dose Covid-19 vaccine was 84% effective at preventing hospitalisation in South African healthcare workers who became infected as the Omicron variant spread, researchers said on Thursday.

The real-world study, which has not been peer-reviewed, was based on a second dose of the J&J vaccine administered to 69 092 workers between Nov. 15 and Dec. 20.

An initial course of inoculation has been shown to offer only greatly reduced protection against infection by Omicron, which is spreading quickly through many countries after first being identified in southern Africa and Hong Kong in late November.

However, several studies have suggested that a booster dose provides significant protection against severe illness from the variant.

The South African study showed the J&J vaccine's effectiveness at preventing hospitalisation rose from 63% shortly after a booster was administered to 84% 14 days later. Effectiveness reached 85% at one to two months post-boost. -Nampa/Reuters

Tesla delivers almost 1 mln cars

Tesla said Sunday it delivered nearly one million vehicles in 2021, almost twice as many as in the previous year, results that were better than expected despite global supply challenges.

The US electric carmaker delivered more than 936 000 cars of all models in 2021, an increase of 87 percent over the previous year, the company said in a statement.

Tesla had announced last January that it was aiming to increase deliveries by 50 percent per year over several years, so Sunday's results far exceeded that goal.

The group, which recently moved its headquarters from Palo Alto, California to Austin, Texas, sold 911,208 Model 3 and Model Y vehicles as well as 24 964 vehicles of its luxury S and X models at a price of US$90 000 and US$100 000 respectively.

In the fourth quarter alone, Tesla delivered 308 600 cars. Tesla has managed to overcome global logistics issues that have plagued the auto industry. Its chief Elon Musk previously said he was able to get around much of the semiconductor shortage by using new chip designs and rewriting software. -Nampa/AFP

Evergrande suspends share trading

Embattled Chinese property giant Evergrande announced Monday it was once again suspending trading of its shares with no reason stated.

Drowning in US$300 billion in liabilities, the firm has struggled to repay bondholders and investors after becoming ensnared in Beijing's deleveraging crackdown on China's bloated property sector.

"Trading in the shares of China Evergrande Group will be halted at 9:00 a.m. today," the group said in a short statement on the Hong Kong stock exchange. It previously saw a period of suspended share trading back in October.

The troubled developer was already labelled as being in default by international ratings firms last month, after it failed to repay liabilities on time.

Earlier struggles to pay suppliers and contractors due to the debt crisis led to sustained protests from homebuyers and investors at the group's Shenzhen headquarters in September.

Last week, Evergrande momentarily cheered investors by insisting it would be able to deliver tens of thousands of units this month, and pay off some debts. -Nampa/AFP

Morgan Stanley to pay US$60 mln

Morgan Stanley agreed to pay US$60 million to settle a lawsuit by customers who said the Wall Street bank exposed their personal data when it twice failed to properly retire some of its older information technology.

A preliminary settlement of the proposed class action on behalf of about 15 million customers was filed on Friday night in Manhattan federal court, and requires approval by US District Judge Analisa Torres.

Customers would receive at least two years of fraud insurance coverage, and each can apply for reimbursement of up to US$10 000 in out-of-pocket losses.

Morgan Stanley denied wrongdoing in agreeing to settle, and has made "substantial" upgrades to its data security practices, according to settlement papers.

Customers accused Morgan Stanley of having in 2016 failed to decommission two wealth management data centers before the unencrypted equipment, which still contained customer data, was resold to unauthorized third parties. -Nampa/Reuters

LG Energy Solution opens books

Korean battery maker LG Energy Solution has opened the books to investors to raise up to $10.8 billion in the country's largest initial public offering (IPO), according to a term sheet seen by Reuters.

The shares will be sold in a price range of 257 000 won to 300 000 won (US$216.19-US$252.36) apiece to raise between US$9.2 billion and US$10.8 billion, the term sheet showed.

The IPO will beat the previous South Korean record held by Samsung Life Insurance's 4.9 trillion won (US$4.12 billion) offering in 2010.

LG Energy Solution (LGES) will be valued at US$51 billion to US$59 billion. The company said on Monday it was continuing to "execute remaining processes to launch a successful IPO".

Cash raised will be mostly used to expand the company's current production facilities and debt repayment, according to the term sheet. The company will sell 34 million primary shares and its parent company will sell 8.5 million secondary shares in the IPO.

Demand from investors is expected to be high with the pricing, due to be finalised on Jan. 14, already likely to be at the top of the range, according to sources Reuters spoke to last month. -Nampa/Reuters

Similar News

 

COMPANY NEWS IN BREIF

16 hours ago | Business

TotalEnergies withdraws from MyanmarFrench energy group TotalEnergies said on Friday it had decided to withdraw from Myanmar because of the worsening human rights situation there,...

22.3% market share for VWSA in 2021

16 hours ago | Business

Volkswagen Group South Africa (VWSA), which consists of Audi and Volkswagen, ended 2021 with a combined market share of 22.3%. This means around one in...

One foot in front of the other

3 days ago - 21 January 2022 | Business

Elizabeth Joseph During the pandemic, many people had to be strong while their loved ones succumbed to the virus and had to deal with burying...

Renewable energy is imperative for Namibia’s future

3 days ago - 21 January 2022 | Business

Staff reporter The United Nations has identified 17 Sustainable Development Goals that we should try to achieve. All are noble, all are essential, but some...

COMPANY NEWS IN BRIEF

3 days ago - 21 January 2022 | Business

Jewellery helps Richemont sales jumpStrong demand for its jewellery and watches in the Americas and Europe in a post-pandemic rebound helped quarterly sales at Cartier...

COMPANY NEWS IN BRIEF

4 days ago - 20 January 2022 | Business

ExxonMobil targets 'net zero' emissions ExxonMobil pledged Tuesday to reach "net zero" greenhouse gas emissions in its operations by 2050, but stopped short of extending...

Buying, selling a business as going concern

5 days ago - 19 January 2022 | Business

Audrey van Antwerpen – Many entrepreneurs at one stage or another consider buying or selling a business, especially in these challenging economic times.Where a business...

COMPANY NEWS IN BRIEF

5 days ago - 19 January 2022 | Business

Unilever faces a dilemmaUnilever faces a dilemma after its 50-billion-pound (US$68 billion) offer for GlaxoSmithKline's consumer healthcare assets was rejected.The bid for GSK's assets, including...

World's 10 richest men doubled wealth

6 days ago - 18 January 2022 | Business

The world's 10 wealthiest men doubled their fortunes during the first two years of the coronavirus pandemic as poverty and inequality soared, a report said...

COMPANY NEWS IN BRIEF

6 days ago - 18 January 2022 | Business

BBVA to pay billions to shareholdersSpain's BBVA expects to distribute more than 7 billion euros (US$8 billion) to shareholders in 2021 and 2022, around a...

Latest News

U/20 trials an important starting...

16 hours ago | Sports

ANDREW POOLMANNewly appointed head coach Chrysander Botha accepted the challenge of putting together the strongest possible Namibian under-20 rugby team after the trials held in...

Desert Storm, Tugstsogt settle for...

16 hours ago | Sports

ATLANTIC CITY, N.J. — Sakaria (Desert Storm) Lukas stepped in to the opening bout of a Showtime Championship Boxing card, replacing the COVID-compromised Vic Pasillas in a...

Low volumes of cargo during...

16 hours ago | Economics

PHILLEPUS UUSIKUDuring the month of November 2021, exports amounting to N$5 billion, representing 56.6% of total exports left the country by sea, according to the...

NSFAF sticks to guns on...

16 hours ago | Justice

JEMIMA BEUKESThe Namibia Students Financial Assistance Fund (NSFAF) says the trust relationship between itself and its chief executive officer (CEO) Hilya Nghiwete has irretrievably broken...

Not our tradition – Onesi...

16 hours ago | Cultural

TUYEIMO HAIDULAONESIThe community of Onesi in the Omusati region is not in favour of legalising abortion because their tradition does not allow it.Speaking at the...

Churches condemn mandatory vaccination

16 hours ago | Health

ESTER KAMATIWINDHOEKThe Association of Christian Churches in Namibia (ACCN) has condemned the mandatory vaccination after some companies publicly implied that unvaccinated employees could lose their...

Corporates, don’t give up on...

16 hours ago | Sports

JESSE JACKSON KAURAISAWhen a child is misbehaving at home, as parents, our role is not to chase them away but to mentor them into becoming...

Five spots available for cyclists...

16 hours ago | Sports

NAMPA – The national coach at the cycling federation, Hans du Toit, says the Namibia Cycling Federation (NCF) will use upcoming races to select riders...

Poor nations to receive Merck...

16 hours ago | Economics

FRANCESCO GUARASCIONearly 30 generic drugmakers in Asia, Africa and the Middle East will make cheap versions of Merck & Co's Covid-19 pill, under a landmark...

Load More