company briefs
NTSB sanctions Boeing over release of 737 MAX investigation details, flags to DOJ
The National Transportation Safety Board said early on Thursday it was sanctioning Boeing for disclosing non-public details of the ongoing investigation into a 737 MAX mid-air emergency and referring its conduct to the Justice Department.
The NTSB said Boeing had "blatantly violated" the agency's investigative regulations by providing "non-public investigative information to the media" and speculating about possible causes of the January 5 Alaska Airlines' door plug blowout.
The move by Boeing has further deepened the strain between the crisis-hit planemaker and government agencies at a time when it is trying to avoid criminal charges being brought by the U.S. Department of Justice (DOJ) ahead of a July 7 deadline.
The NTSB said Boeing would retain its status as a party to the investigation into the Alaska Airlines incident, but it would no longer have access to the information the agency produces during its probe.
The planemaker will not be allowed to ask questions of other participants at an investigative hearing on August 6-7, whereas other participants at the hearing will be allowed to do so.
"As a party to many NTSB investigations over the past decades, few entities know the rules better than Boeing," the NTSB said.
The NTSB said Boeing had violated an agreement with the agency during a media briefing about quality improvements at its commercial airplanes division on Tuesday in Washington state.
"A Boeing executive provided investigative information and gave an analysis of factual information previously released," the agency said. "Both of these actions are prohibited by the party agreement that Boeing signed."
The NTSB, which will subpoena Boeing to appear at the investigative hearing in August, also said it would refer Boeing's recent conduct to the DOJ.
Boeing did not respond immediately to a request for comment outside normal business hours.
-REUTERS-
Mercedes-Benz spending more than previously planned on combustion engines - Wiwo
Mercedes-Benz is investing more than previously planned in combustion engine technology, including 14 billion euros ($15 billion) this year on its passenger cars, its chief executive told German publication Wirtschaftswoche.
The premium carmaker was investing in factories and in research and development, reworking the drive train of its hybrid cars so that it "lasts well into the next decade", Ola Kaellenius said in comments published on Thursday.
It had also spent "much more" than it usually would on a facelift of the combustion engine version of its flagship S-Class, due to hit the market in mid-2026.
"Our engines will always be at the very highest technological level. Otherwise, we would suddenly stall our combustion engine business in 2027/28," he added.
Kaellenius' comments come after the executive told investors in February that the company would keep sprucing up combustion engine models amid slower demand for electric cars.
The carmaker had long said it was preparing for 100% of sales to be all-electric by 2030 "where market conditions allowed", but Kaellenius said earlier this year the company now expected just 50% of sales to be electrified vehicles, including hybrids, by the end of the decade.
-REUTERS-
Pick n Pay sees recap progress, De Beers suffers another diamond sales dip
Pick n Pay shareholders on Wednesday overwhelmingly passed all resolutions at its annual general meeting, including the creation of additional shares as it pushes ahead with a two-stage recapitalisation. This entails an up to R4 billion rights issue, expected to take place in mid-2024, followed by a proposed share offering and subsequent listing of its Boxer business, which is expected to take place towards the end of 2024. Pick n Pay was up marginally on Wednesday afternoon and has fallen by over a third in the past year.
Anglo American subsidiary De Beers reported that sales dipped almost 18% to $315 million (about R5.7 billion) in its fifth sales cycle of 2024 relative to the fourth, also falling almost 31% year on year. "The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales," CEO Al Cook said in a statement. "The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers' interest in natural diamonds in the United States, but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand."
Steinhoff's former chief financial officer, Ben la Grange, has been arrested and appeared in court, where he was granted R150 000 bail. The 49-year-old appeared in the Pretoria Specialised Commercial Crimes Court following his arrest on Wednesday morning. La Grange, who worked closely with Steinhoff's late CEO Markus Jooste, has been charged with two counts of racketeering, five counts of fraud, one count of corruption and three counts of the contravention of the Financial Markets Act in relation to the state's ongoing Steinhoff investigation. La Grange appeared in court alongside his co-accused, Steinhoff's former legal head, Stéhan Grobler, who handed himself over to the Hawks in late March.
Nedbank, SA's fifth largest bank by market value, said late on Tuesday that it suffered a bit from a muted consumer environment in the few months of its 2024 year, though it is optimistic the country's recent election result will result in an improved picture for clients in time. In a pre-close update for its six months to end-June on Tuesday, Nedbank reported headline earnings growth for the first five months of around mid-single digits, referring to about 5%, driven by softer net interest income and non-interest revenue growth when compared to its full-year guidance. It also saw lower levels of associate income, but also a decline in the impairments charge and good expense management. Nevertheless, the bank said the peaceful national elections on 29 May, in which the ANC lost its outright majority for the first, has boosted investor confidence even though Cabinet details of the planned government of national unity (GNU) are yet to be finalised. This was reflected in gains for SA assets, such as the rand, equities, and bonds after the poll. Nedbank was down about 2% on Wednesday afternoon but has still gained about 13% in the past year.
-NEWS24-
The National Transportation Safety Board said early on Thursday it was sanctioning Boeing for disclosing non-public details of the ongoing investigation into a 737 MAX mid-air emergency and referring its conduct to the Justice Department.
The NTSB said Boeing had "blatantly violated" the agency's investigative regulations by providing "non-public investigative information to the media" and speculating about possible causes of the January 5 Alaska Airlines' door plug blowout.
The move by Boeing has further deepened the strain between the crisis-hit planemaker and government agencies at a time when it is trying to avoid criminal charges being brought by the U.S. Department of Justice (DOJ) ahead of a July 7 deadline.
The NTSB said Boeing would retain its status as a party to the investigation into the Alaska Airlines incident, but it would no longer have access to the information the agency produces during its probe.
The planemaker will not be allowed to ask questions of other participants at an investigative hearing on August 6-7, whereas other participants at the hearing will be allowed to do so.
"As a party to many NTSB investigations over the past decades, few entities know the rules better than Boeing," the NTSB said.
The NTSB said Boeing had violated an agreement with the agency during a media briefing about quality improvements at its commercial airplanes division on Tuesday in Washington state.
"A Boeing executive provided investigative information and gave an analysis of factual information previously released," the agency said. "Both of these actions are prohibited by the party agreement that Boeing signed."
The NTSB, which will subpoena Boeing to appear at the investigative hearing in August, also said it would refer Boeing's recent conduct to the DOJ.
Boeing did not respond immediately to a request for comment outside normal business hours.
-REUTERS-
Mercedes-Benz spending more than previously planned on combustion engines - Wiwo
Mercedes-Benz is investing more than previously planned in combustion engine technology, including 14 billion euros ($15 billion) this year on its passenger cars, its chief executive told German publication Wirtschaftswoche.
The premium carmaker was investing in factories and in research and development, reworking the drive train of its hybrid cars so that it "lasts well into the next decade", Ola Kaellenius said in comments published on Thursday.
It had also spent "much more" than it usually would on a facelift of the combustion engine version of its flagship S-Class, due to hit the market in mid-2026.
"Our engines will always be at the very highest technological level. Otherwise, we would suddenly stall our combustion engine business in 2027/28," he added.
Kaellenius' comments come after the executive told investors in February that the company would keep sprucing up combustion engine models amid slower demand for electric cars.
The carmaker had long said it was preparing for 100% of sales to be all-electric by 2030 "where market conditions allowed", but Kaellenius said earlier this year the company now expected just 50% of sales to be electrified vehicles, including hybrids, by the end of the decade.
-REUTERS-
Pick n Pay sees recap progress, De Beers suffers another diamond sales dip
Pick n Pay shareholders on Wednesday overwhelmingly passed all resolutions at its annual general meeting, including the creation of additional shares as it pushes ahead with a two-stage recapitalisation. This entails an up to R4 billion rights issue, expected to take place in mid-2024, followed by a proposed share offering and subsequent listing of its Boxer business, which is expected to take place towards the end of 2024. Pick n Pay was up marginally on Wednesday afternoon and has fallen by over a third in the past year.
Anglo American subsidiary De Beers reported that sales dipped almost 18% to $315 million (about R5.7 billion) in its fifth sales cycle of 2024 relative to the fourth, also falling almost 31% year on year. "The northern summer is generally a quieter period for rough diamond sales, and this was reflected in our cycle 5 sales," CEO Al Cook said in a statement. "The recent annual JCK jewellery show in Las Vegas confirmed a resurgence in retailers' interest in natural diamonds in the United States, but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand."
Steinhoff's former chief financial officer, Ben la Grange, has been arrested and appeared in court, where he was granted R150 000 bail. The 49-year-old appeared in the Pretoria Specialised Commercial Crimes Court following his arrest on Wednesday morning. La Grange, who worked closely with Steinhoff's late CEO Markus Jooste, has been charged with two counts of racketeering, five counts of fraud, one count of corruption and three counts of the contravention of the Financial Markets Act in relation to the state's ongoing Steinhoff investigation. La Grange appeared in court alongside his co-accused, Steinhoff's former legal head, Stéhan Grobler, who handed himself over to the Hawks in late March.
Nedbank, SA's fifth largest bank by market value, said late on Tuesday that it suffered a bit from a muted consumer environment in the few months of its 2024 year, though it is optimistic the country's recent election result will result in an improved picture for clients in time. In a pre-close update for its six months to end-June on Tuesday, Nedbank reported headline earnings growth for the first five months of around mid-single digits, referring to about 5%, driven by softer net interest income and non-interest revenue growth when compared to its full-year guidance. It also saw lower levels of associate income, but also a decline in the impairments charge and good expense management. Nevertheless, the bank said the peaceful national elections on 29 May, in which the ANC lost its outright majority for the first, has boosted investor confidence even though Cabinet details of the planned government of national unity (GNU) are yet to be finalised. This was reflected in gains for SA assets, such as the rand, equities, and bonds after the poll. Nedbank was down about 2% on Wednesday afternoon but has still gained about 13% in the past year.
-NEWS24-
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