Company news in brief
MTN shakes up Nigeria board
MTN Nigeria has appointed former telecoms regulatory chief Ernest Ndukwe as chairman-designate in a board shake-up following its debut stock market listing on the Nigerian bourse.
Majority owned by South Africa's MTN Group, MTN Nigeria listed in Lagos in May in a 2 trillion naira (US$6.54 billion) debut, in part to settle a long-running dispute in Nigeria, its biggest market.
That listing turned the telecoms company into the exchange's second-largest stock by market value.
In addition to Ndukwe, MTN has appointed former Nigerian pension regulatory chief Muhammad Ahmad, ex-minister for communication Omobola Johnson and ex-banker Andrew Alli who once represented the International Finance Corporation to MTN Nigeria's board.
"[The] combination of extensive experience across the worlds of technology, finance, regulatory and policy development and corporate governance offers a hugely synergistic set of skills that will be of great benefit to us as we move into a new phase of growth," MTN Nigeria chief executive Ferdinand Moolman said. – Nampa/Reuters
Boeing posts biggest loss in a decade
Boeing Co reported a nearly US$3 billion quarterly loss on Wednesday, its largest in a decade, as the world's largest planemaker struggles with the prolonged grounding of its best-selling 737 MAX jet, sending its shares down slightly in premarket trading.
Chicago-based Boeing has been unable to deliver any 737 MAX aircraft since the single-aisle plane was grounded worldwide in March after two fatal crashes in Ethiopia and Indonesia killed 346 people in a span of five months.
The total cost so far of the 737 MAX crisis now exceeds US$8 billion after Boeing disclosed a US$4.9 billion charge last week that includes compensation the planemaker will have to pay airlines for the delayed deliveries.
Boeing's net loss for the first full quarter of operations since 737 MAX commercial flights were halted was US$2.94 billion, compared with a profit of US$2.20 billion, a year earlier.
Sales slipped 35% to US$15.75 billion and also came in below the average expectation of US$18.55 billion, according to Refinitiv data. – Nampa/Reuters
Facebook revenue beats estimates
Facebook Inc beat analysts' estimates for revenue on Wednesday, even as the world's largest social network agreed to pay a US$5 billion fine over data privacy and announced a US antitrust investigation.
Monthly active users rose 8% to 2.41 billion in the second quarter, in line with estimates of 2.41 billion, according to IBES data from Refinitiv.
Ad sales jumped 27.5% to US$16.62 billion, above analysts' average estimate of US$16.28 billion.
Net income attributable to Facebook shareholders fell to US$2.62 billion, or 91 US cents per share, in the three months ended 30 June, from US$5.11 billion, or US$1.74 per share, a year earlier.
Total revenue rose about 28% to US$16.9 billion, beating analysts' average estimate of US$16.51 billion. – Nampa/Reuters
Ford results dented by restructuring
Ford Motor Co on Wednesday reported a lower-than-expected profit, weighed down by charges to restructure its units in Europe and South America, and the automaker gave a full-year earnings forecast that fell short of analysts' expectations.
Virtually all of Ford's second-quarter pre-tax profit came from North America - its most lucrative market – where highly-profitable pickup trucks drive margins for the Dearborn, Michigan-based automaker and its Detroit rivals, General Motors Co and Fiat Chrysler Automobiles NV .
The automaker also posted a small profit in Europe and a far smaller loss in China compared with the second quarter of 2018 as better pricing and new luxury models helped offset a poor performance in that market.
The automaker's ongoing restructuring includes cutting costs and overhauling its product lineup in key global markets like China and Europe. The company said Wednesday it had so far only recorded US$2.2 billion of the projected US$11 billion in charges it previously said it would take for the global restructuring.
For the first half of the year, Ford reported a pre-tax profit of US$4.1 billion, meaning that the automaker will, at best, deliver a weaker pre-tax profit of US$3.4 billion for the second half of 2019. – Nampa/Reuters
Samsung to launch Galaxy Fold in Sept
Samsung Electronics Co Ltd's first foldable smartphone, the Galaxy Fold, will go on sale from September in selected markets after the launch was delayed by screen problems earlier this year, the company said yesterday.
Samsung is hoping its highly anticipated foldable phone will revive flagging smartphone sales but its rollout has been hampered by defects in samples reported in April.
The South Korean tech giant said in a statement it had made improvements to the nearly US$2 000 phone and was conducting final tests. Changes included strengthening hinges which early reviewers had found to be problematic.
The world's top smartphone maker has hailed the folding design as the future in a segment that has seen few surprises since Apple Inc's groundbreaking iPhone was released in 2007.
Chinese rival Huawei Technologies Co Ltd has also announced a folding handset, the Mate X, which is expected to go on sale in September. – Nampa/Reuters
MTN Nigeria has appointed former telecoms regulatory chief Ernest Ndukwe as chairman-designate in a board shake-up following its debut stock market listing on the Nigerian bourse.
Majority owned by South Africa's MTN Group, MTN Nigeria listed in Lagos in May in a 2 trillion naira (US$6.54 billion) debut, in part to settle a long-running dispute in Nigeria, its biggest market.
That listing turned the telecoms company into the exchange's second-largest stock by market value.
In addition to Ndukwe, MTN has appointed former Nigerian pension regulatory chief Muhammad Ahmad, ex-minister for communication Omobola Johnson and ex-banker Andrew Alli who once represented the International Finance Corporation to MTN Nigeria's board.
"[The] combination of extensive experience across the worlds of technology, finance, regulatory and policy development and corporate governance offers a hugely synergistic set of skills that will be of great benefit to us as we move into a new phase of growth," MTN Nigeria chief executive Ferdinand Moolman said. – Nampa/Reuters
Boeing posts biggest loss in a decade
Boeing Co reported a nearly US$3 billion quarterly loss on Wednesday, its largest in a decade, as the world's largest planemaker struggles with the prolonged grounding of its best-selling 737 MAX jet, sending its shares down slightly in premarket trading.
Chicago-based Boeing has been unable to deliver any 737 MAX aircraft since the single-aisle plane was grounded worldwide in March after two fatal crashes in Ethiopia and Indonesia killed 346 people in a span of five months.
The total cost so far of the 737 MAX crisis now exceeds US$8 billion after Boeing disclosed a US$4.9 billion charge last week that includes compensation the planemaker will have to pay airlines for the delayed deliveries.
Boeing's net loss for the first full quarter of operations since 737 MAX commercial flights were halted was US$2.94 billion, compared with a profit of US$2.20 billion, a year earlier.
Sales slipped 35% to US$15.75 billion and also came in below the average expectation of US$18.55 billion, according to Refinitiv data. – Nampa/Reuters
Facebook revenue beats estimates
Facebook Inc beat analysts' estimates for revenue on Wednesday, even as the world's largest social network agreed to pay a US$5 billion fine over data privacy and announced a US antitrust investigation.
Monthly active users rose 8% to 2.41 billion in the second quarter, in line with estimates of 2.41 billion, according to IBES data from Refinitiv.
Ad sales jumped 27.5% to US$16.62 billion, above analysts' average estimate of US$16.28 billion.
Net income attributable to Facebook shareholders fell to US$2.62 billion, or 91 US cents per share, in the three months ended 30 June, from US$5.11 billion, or US$1.74 per share, a year earlier.
Total revenue rose about 28% to US$16.9 billion, beating analysts' average estimate of US$16.51 billion. – Nampa/Reuters
Ford results dented by restructuring
Ford Motor Co on Wednesday reported a lower-than-expected profit, weighed down by charges to restructure its units in Europe and South America, and the automaker gave a full-year earnings forecast that fell short of analysts' expectations.
Virtually all of Ford's second-quarter pre-tax profit came from North America - its most lucrative market – where highly-profitable pickup trucks drive margins for the Dearborn, Michigan-based automaker and its Detroit rivals, General Motors Co and Fiat Chrysler Automobiles NV .
The automaker also posted a small profit in Europe and a far smaller loss in China compared with the second quarter of 2018 as better pricing and new luxury models helped offset a poor performance in that market.
The automaker's ongoing restructuring includes cutting costs and overhauling its product lineup in key global markets like China and Europe. The company said Wednesday it had so far only recorded US$2.2 billion of the projected US$11 billion in charges it previously said it would take for the global restructuring.
For the first half of the year, Ford reported a pre-tax profit of US$4.1 billion, meaning that the automaker will, at best, deliver a weaker pre-tax profit of US$3.4 billion for the second half of 2019. – Nampa/Reuters
Samsung to launch Galaxy Fold in Sept
Samsung Electronics Co Ltd's first foldable smartphone, the Galaxy Fold, will go on sale from September in selected markets after the launch was delayed by screen problems earlier this year, the company said yesterday.
Samsung is hoping its highly anticipated foldable phone will revive flagging smartphone sales but its rollout has been hampered by defects in samples reported in April.
The South Korean tech giant said in a statement it had made improvements to the nearly US$2 000 phone and was conducting final tests. Changes included strengthening hinges which early reviewers had found to be problematic.
The world's top smartphone maker has hailed the folding design as the future in a segment that has seen few surprises since Apple Inc's groundbreaking iPhone was released in 2007.
Chinese rival Huawei Technologies Co Ltd has also announced a folding handset, the Mate X, which is expected to go on sale in September. – Nampa/Reuters
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