Company News in Brief
MTN Uganda reports climb in revenue
MTN Uganda, Africa's largest mobile operator's fourth-biggest market by revenue, reported a 20% climb in service revenue and a 13.3% rise in mobile subscribers to 21.6 million for its nine months to end-September. Profit after tax rose 29.6% to 459.4 billion Ugandan shillings (about R2.2 billion). A favourable macroeconomic backdrop helped the group which also increased 4G LTE coverage to 87.9% from 83.7% while 5G population coverage climbed to 15.3% from 0% before. The group also said it strategically extended its fibre network with a key focus on metropolitan areas. -REUTERS
Anglo American reaches terms on Australian mines
Diversified mining giant Anglo American announced it had reached terms for the sale of its 33.3% minority interest in Jellinbah Group, a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia. The sale is to Zashvin, which already owns a third of Jellinbah, for cash proceeds of A$1.6 billion (R18.5 billion). "We are delighted to have agreed terms with our JV partner, Zashvin, for the sale of our minority interest in Jellinbah," CEO Duncan Wanblad said in a statement. "The cash proceeds of A$1.6 billion reflect the exceptional quality of the Jellinbah business. Our process to sell the rest of our steelmaking coal business – being the portfolio of steelmaking coal mines that we operate in Australia – is now at an advanced stage and we are on track to agree terms in the coming months." -REUTERS
Boeing employees to vote on seven-week strike
Striking workers at Boeing, will vote Monday on the aerospace giant's latest contract proposal to end a bruising walkout that has dragged on for more than seven weeks. The vote by some 33 000 machinists in the Pacific Northwest could pave the way for production to resume at two Seattle-area factories that build the 737 MAX and 777 aircraft after workers voted down two previous offers. Chief Executive Kelly Ortberg has implored strikers to ratify the deal. "I know the strike has been difficult for you as well as for our customers, suppliers, communities and all who work at Boeing," Ortberg said Friday in a message to employees. "It's time we all come back together and focus on rebuilding the business and delivering the world's best airplanes. There are a lot of people depending on us." The International Association of Machinists and Aerospace Workers (IAM) District 751 has been on strike since 13 September, adding to Boeing's woes amid heightened regulatory scrutiny of production and quality control following safety lapses. Facing a cash crunch, the aviation giant also launched a stock offering last week that raised more than $20 billion. Boeing's latest proposal for its workers includes a 38% wage increase over the four years of the contract, up from a 35% hike in the prior proposal and closer to the 40% initially sought by the union. -AFP
US tech companies fret over Vietnam's draft data laws
US tech companies have warned Vietnam's government that a draft law to tighten rules on data protection and limit data transfers abroad would hamper social media platforms and data centre operators from growing their businesses in the country. The Southeast Asian nation with a population of 100 million is one of the world's largest markets for Facebook and other online platforms and is aiming to exponentially increase its data centre industry with foreign investment in coming years. The draft law "will make it challenging for tech companies, social media platforms and data centre operators to reach the customers that rely on them daily," said Jason Oxman, who chairs the Information Technology Industry Council (ITI), a trade association representing big tech companies, including Meta, Google and data centres operator Equinix. The draft law, being discussed in parliament, is also designed to ease authorities' access to information and was urged by the ministry of public security, Vietnamese and foreign officials said. -REUTERS
Eni expects volatile oil market in 2025
Italian energy group Eni expects oil and gas markets to remain volatile next year, creating a challenging environment for investments, Eni CEO Claudio Descalzi said on Monday. Speaking at the Adipec event in Abu Dhabi, Descalzi also said Opec is having a significant impact on the oil market. -AFP
TotalEnergies exited South Africa offshore due to lack of gas market, says CEO
TotalEnergies recently divested from its South African offshore blocks due to the difficulty in generating a return on gas at the sites, CEO Patrick Pouyanne told analysts on Thursday after the French company reported its third quarter results.
He said there was no gas market to be able to monetise any gas found. -REUTERS
MTN Uganda, Africa's largest mobile operator's fourth-biggest market by revenue, reported a 20% climb in service revenue and a 13.3% rise in mobile subscribers to 21.6 million for its nine months to end-September. Profit after tax rose 29.6% to 459.4 billion Ugandan shillings (about R2.2 billion). A favourable macroeconomic backdrop helped the group which also increased 4G LTE coverage to 87.9% from 83.7% while 5G population coverage climbed to 15.3% from 0% before. The group also said it strategically extended its fibre network with a key focus on metropolitan areas. -REUTERS
Anglo American reaches terms on Australian mines
Diversified mining giant Anglo American announced it had reached terms for the sale of its 33.3% minority interest in Jellinbah Group, a joint venture that owns a 70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia. The sale is to Zashvin, which already owns a third of Jellinbah, for cash proceeds of A$1.6 billion (R18.5 billion). "We are delighted to have agreed terms with our JV partner, Zashvin, for the sale of our minority interest in Jellinbah," CEO Duncan Wanblad said in a statement. "The cash proceeds of A$1.6 billion reflect the exceptional quality of the Jellinbah business. Our process to sell the rest of our steelmaking coal business – being the portfolio of steelmaking coal mines that we operate in Australia – is now at an advanced stage and we are on track to agree terms in the coming months." -REUTERS
Boeing employees to vote on seven-week strike
Striking workers at Boeing, will vote Monday on the aerospace giant's latest contract proposal to end a bruising walkout that has dragged on for more than seven weeks. The vote by some 33 000 machinists in the Pacific Northwest could pave the way for production to resume at two Seattle-area factories that build the 737 MAX and 777 aircraft after workers voted down two previous offers. Chief Executive Kelly Ortberg has implored strikers to ratify the deal. "I know the strike has been difficult for you as well as for our customers, suppliers, communities and all who work at Boeing," Ortberg said Friday in a message to employees. "It's time we all come back together and focus on rebuilding the business and delivering the world's best airplanes. There are a lot of people depending on us." The International Association of Machinists and Aerospace Workers (IAM) District 751 has been on strike since 13 September, adding to Boeing's woes amid heightened regulatory scrutiny of production and quality control following safety lapses. Facing a cash crunch, the aviation giant also launched a stock offering last week that raised more than $20 billion. Boeing's latest proposal for its workers includes a 38% wage increase over the four years of the contract, up from a 35% hike in the prior proposal and closer to the 40% initially sought by the union. -AFP
US tech companies fret over Vietnam's draft data laws
US tech companies have warned Vietnam's government that a draft law to tighten rules on data protection and limit data transfers abroad would hamper social media platforms and data centre operators from growing their businesses in the country. The Southeast Asian nation with a population of 100 million is one of the world's largest markets for Facebook and other online platforms and is aiming to exponentially increase its data centre industry with foreign investment in coming years. The draft law "will make it challenging for tech companies, social media platforms and data centre operators to reach the customers that rely on them daily," said Jason Oxman, who chairs the Information Technology Industry Council (ITI), a trade association representing big tech companies, including Meta, Google and data centres operator Equinix. The draft law, being discussed in parliament, is also designed to ease authorities' access to information and was urged by the ministry of public security, Vietnamese and foreign officials said. -REUTERS
Eni expects volatile oil market in 2025
Italian energy group Eni expects oil and gas markets to remain volatile next year, creating a challenging environment for investments, Eni CEO Claudio Descalzi said on Monday. Speaking at the Adipec event in Abu Dhabi, Descalzi also said Opec is having a significant impact on the oil market. -AFP
TotalEnergies exited South Africa offshore due to lack of gas market, says CEO
TotalEnergies recently divested from its South African offshore blocks due to the difficulty in generating a return on gas at the sites, CEO Patrick Pouyanne told analysts on Thursday after the French company reported its third quarter results.
He said there was no gas market to be able to monetise any gas found. -REUTERS
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