LAGOS (Reuters) &#8211; Nigerian energy company Lekoil Ltd needs to raise around $100 million before it can start drilling in its Ogo oilfield, its chief executive told Reuters.



Lekoil reached a deferred payment deal earlier this year to keep its stake in OML 310, where Ogo sits, after it discovered a $184 million loan it wanted to use for the purchase was fraudulent.



Chief Executive Lekan Akinyanmi said the company was able to finance much of the Ogo preparation work with cash from its producing field, Otakikpo, and will drill once it raises the money.



Lekoil is in talks for a mix of direct investment into the asset and vendor financing, which Akinyanmi said is the most cost-effective way to raise money for drilling. He expects to spend $1 billion developing Ogo through its life cycle.



“We want Ogo to raise its own capital so that we can actually start to build cash&#8230;and maybe in a few years start to pay dividends,” he said, adding that Otakikpo, which produced an average of 5,305 barrels per day (bpd) last year, yielded $15-$16 million in free cash.



Shares in London-listed Lekoil plunged in January after it revealed the loan that it thought was from the Qatar Investment Authority (QIA) was a “complex facade”.



Shares traded at 2.46 pence on Friday, compared with as much as 11.14 pence in January before the loan fraud was revealed.



In results published this week, Lekoil posted a $12 million loss in 2019, compared with a $7.8 million loss in 2018. Its cash balances dropped to $2.7 million from $10.4 million.



Lekoil is also targeting a 40% reduction in annual general and administrative expenses due to this year’s oil price crash.

rig-drilling-drilling-rig-oil

Nigeria’s Lekoil seeks $100 mln for Ogo oilfield drilling

FREETOWN/JOHANNESBURG (Reuters) &#8211; Sierra Leoneans seeking damages for alleged environmental degradation around a diamond mine have applied for a freezing order on the assets of Octea, a subsidiary of Israeli billionaire Beny Steinmetz’s BSG Resources (BSGR).



In an affidavit to the high court of Sierra Leone, seen by Reuters, the lawyer for the plaintiffs said there was a “clear and present risk” the defendants could expatriate funds in order to avoid having to pay out if the court rules against them.



Sierra Leone’s High Court discussed the application for a freezing order on Tuesday and will continue on Wednesday, a lawyer for the plaintiffs and a court clerk said. A spokesman for BSGR said the company would not comment until there was a legal ruling.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="910" height="569" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background.jpg" alt="" class="wp-image-378169" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background.jpg 910w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-820x513.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-768x480.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-696x435.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/diamonds-black-background-600x375.jpg 600w" sizes="(max-width: 910px) 100vw, 910px" /></figure>



Octea has described the accusations in the case as “baseless and without merit.”



A lawsuit was filed against Octea subsidiary Koidu Limited and related companies in April last year by 73 plaintiffs who are identified in the complaint as part of an association that says it is made up of individuals who live or lived within 500 metres of the mine at the relevant times. In other court documents, plaintiffs say they have suffered respiratory infections and headaches from living near the mine.



The complaint seeks damages of an unspecified amount.



The affidavit said that without a freezing order, plaintiffs might have to seek execution of a possible judgment in their favour in as many as seven separate jurisdictions, because most of the 12 defendants are not domiciled in Sierra Leone, and BSGR is in administration proceedings.



BSGR and Octea Limited are registered in Guernsey.



Britain’s High Court issued a freezing order in December 2019 against Steinmetz and the seven other defendants in an ongoing case against Brazilian iron ore miner Vale (<a href="https://www.reuters.com/companies/VALE3.SA">VALE3.SA</a>), freezing assets including a yacht and two Bombardier aircraft held by BSGR parent company Nysco Management Corporation, court documents show.



Sierra Leone’s mines minister Timothy Musa Kabba did not reply to a request for comment.

diamonds-4040800_1280

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

JOHANNESBURG (Reuters) &#8211; South Africa has endured its worst power cuts on record this year, research by the country’s national science council showed on Friday.



The power cuts by ailing state utility Eskom are one of the biggest challenges facing President Cyril Ramaphosa as he tries to revive investor confidence in Africa’s most industrialised economy.



Analysis by South Africa’s Council for Scientific and Industrial Research (CSIR) found that 1,498 Gigawatt hours (GWh) of energy had been shed so far in the first eight months of 2020, more than 1,352 GWh in the whole of last year and 1,325 GWh in 2015, the previous two worst years on record.



The CSIR estimates planned power cuts, known locally as load-shedding, cost the economy up to 120 billion rand ($7.2 billion) last year.



Eskom generates more than 90% of South Africa’s power but has struggled to meet demand for years because of faults at its coal-fired power stations. Some of these stations have not been properly maintained and two new ones have been hobbled by design flaws.



Ramaphosa has promised to break up Eskom to make it more efficient and has granted it a series of mammoth bailouts to stabilise its finances, but its problems have persisted.



Eskom last implemented planned power cuts last week.



The CSIR predicts load-shedding will continue for two to three years, depending on the actions the government takes to address the electricity shortfall.



($1 = 16.7032 rand)

Candle In The Dark Ali Light

South Africa sees worst power cuts on record in 2020, research shows

HARARE (Reuters) &#8211; Western diplomats in Zimbabwe expressed deep concern on Friday over a deteriorating political and economic crisis, and said the government should stop using the COVID-19 pandemic to curtail freedoms.



Zimbabwe is suffering inflation over 800%, which has revived memories of the hyperinflation more than a decade ago during Robert Mugabe’s rule. Nurses are on strike and a series of arrests of political opponents have raised the alarm about a crackdown on dissent.



Heads of mission from the United States, Britain, Germany, Canada, Netherlands, Norway and Poland said in a statement that President Emmerson Mnangagwa’s initial promises of uniting the country and reforming the economy when he came to power had given hope of a break with Mugabe’s rule — then proceeded to list ways in which it seems not to have.



“The heads of mission express deep concern with the current political, economic, social and health crisis that Zimbabweans are facing today,” the diplomats said.



It is relatively rare for diplomatic missions to club together and publicly criticise their host country.



A government spokesman did not immediately respond to a request for comment. Mnangagwa accuses the West of sponsoring the opposition to destabilise his government.



African leaders often bristle at criticism from the West, which they say can be selective &#8211; vilifying some and keeping silent on others when it suits their strategic interests.



“COVID-19 must not be used as an excuse to restrict citizens fundamental freedoms,” the statement said.



The diplomats urged “the government to address corruption and the illicit extraction of Zimbabwe’s wealth for personal gain, which continue to undermine Zimbabwe’s development.”



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="748" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-748x1024.jpg" alt="" class="wp-image-375030" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-748x1024.jpg 748w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-219x300.jpg 219w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-584x800.jpg 584w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-768x1052.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-696x953.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15-600x822.jpg 600w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/Emmerson_Mnangagwa_2019-01-15.jpg 790w" sizes="(max-width: 748px) 100vw, 748px" /></figure>



It has been two years since Mnangagwa won a disputed election. As economic conditions worsen, critics say his government is reverting to the authoritarian tactics used by his predecessor.



“The government also has a responsibility to investigate and prosecute those responsible for violating human rights,” the diplomats said.



Activists say the government is abducting, torturing and arresting critics, including a freelance journalist and opposition politician who have spent more than a month in detention over anti-government protests.



The government denies the charges.

Zimbabwe tightens coronavirus lockdown in capital Harare as cases hit 203

Western diplomats express deep concern over Zimbabwe crisis

JOHANNESBURG (Reuters) &#8211; South Africa’s former president Jacob Zuma, facing trial for graft, lashed out at his successor Cyril Ramaphosa on Friday, accusing him of betraying the ruling African National Congress (ANC) with his stance against corruption.



In an unprecedented attack, Zuma, whose decade in power was marked by multiple corruption scandals that are still being investigated, accused Ramaphosa of bringing the party into disrepute &#8211; a sign of growing divisions within the ANC ahead of its national executive committee conference this weekend.



Zuma himself faces multiple investigations for corruption, including a trial relating to a $2 billion arms deal before he took office in 2009, but he retains considerable support from a powerful faction within the ANC. He denies all charges.



Ramaphosa has ordered investigations into reports of corruption in the government’s COVID-19 response, including the diversion of funds meant for protective equipment for COVID-19 medics, as well as food handouts.



Many scandals have involved junior ANC members conspiring with family-owned businesses to defraud COVID-19 funds.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1.jpg" alt="" class="wp-image-374814" width="692" height="1034" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1.jpg 397w, https://cms.cnbcafrica.com/wp-content/uploads/2020/06/gettyimages-1006175054-594x594-1-201x300.jpg 201w" sizes="(max-width: 692px) 100vw, 692px" /><figcaption>South African President Cyril Ramaphosa addresses a media conference at the end of the BRICS Summit in Johannesburg on July 27, 2018, as the heads of the BRICS group &#8212; Brazil, Russia, India, China and South Africa &#8212; met in Johannesburg for an annual summit dominated by the risk of a US-led trade war. &#8211; Five of the biggest emerging economies on July 26, stood by the multilateral system and vowed to strengthen economic cooperation in the face of US tariff threats and unilateralism. (Photo by Themba Hadebe / POOL / AFP) (Photo credit should read THEMBA HADEBE/AFP via Getty Images)</figcaption></figure>



This week Ramaphosa wrote a letter to ANC members saying its “leaders stand accused of corruption” and that the ANC “does stand as accused number one.”



Zuma, who has so far desisted from making explicit public attacks on his successor, said in response:



“You are the first president of the ANC to stand in public and accuse the ANC of criminality &#8230;. This is a devastating statement &#8230; I view your letter as a diversion by which you accuse the entire ANC in order to save your own skin.”



Divisions within the ANC could make it harder for Ramaphosa &#8211; whose presidency has been dogged by opposition from factions in the party since he took office 2-1/2 years ago &#8211; to push through economic reforms needed to revive South Africa’s struggling economy.



Since taking power after winning its struggle against white minority rule in 1994, the ANC has been a broad coalition of groups whose disagreements often make it impossible to push through policies.

Malcolm_Turnbull_and_Jacob_Zuma_in_Jakarta_2017_11_cropped

South Africa’s ex-leader Zuma, accused of graft, hits out at successor

Africa&#8217;s biggest airport is revving back into life as COVID-19 restrictions ease.



South Africa&#8217;s OR Tambo International Airport, near Johannesburg, expects 210,000 flights to take to the spring skies over Africa, in September, as the country eases the lockdown to level two. This is merely 12% of the pre-COVID-19 traffic at the airport; in May a mere 575 passengers left OR Tambo International Airport on repatriation flights. 



Airlines &#8211; many of them on their knees as COVID-19 restictions virtually shut down international travel &#8211; have booked 2500 slots for planes to take off and land in September. 



“We believe that we are on the road to recovery and that demand will accelerate with Spring weather and growing trust that we are applying health protocols rigorously and consistently,”says General Manager of OR Tambo International fBongiwe Pityi-Vokwana







<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/hqdefault-100-e1598559389559.jpg" alt="" class="wp-image-369765" width="695" height="958" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/hqdefault-100-e1598559389559.jpg 249w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/hqdefault-100-e1598559389559-218x300.jpg 218w" sizes="(max-width: 695px) 100vw, 695px" /><figcaption>How Airlines Park Thousands Of Planes</figcaption></figure>



Ninety-five per cent of flights are taking off on time, but the few delays are largely down to passengers forgetting to complete their pre-flight health checks.



“We have found that about 30% of travellers arrive at the airport without having completed the required health questionnaire. This can cause unnecessary delays while people fill in the questionnaire. We appeal to passengers to ensure that they complete the form before they leave for the airport,” says Bongiwe Pityi-Vokwana



The airport’s response to the pandemic included mass screening of 6 000 employees in April and May, which was made possible by the collaboration of the National Department of Health. Since Level 5 of the lockdown, a total of 110 employees out of 38 000 normally working around the airport have tested positive for Covid-19. The airport ecosystem, which has had a 100% recovery rate,currently has six active cases where the individuals are in isolation.



Despite the rigours of the lockdown, OR Tambo International Airport saw 1 555 repatriation and evacuation flights that carried more than 50 000 passengers since April.

396×276(8)

How Africa’s biggest airport is revving up on the runway

GENEVA (Reuters) &#8211; Wealthier countries that join the World Health Organization’s COVID-19 vaccine plan are being offered a new option to pick and choose which shots they get while reserving a right to receive their “full share” of doses, documents seen by Reuters show.



The change appears aimed at convincing governments which have negotiated their own bilateral deals securing experimental vaccines to also sign up for the global COVAX facility by Monday’s deadline for submitting expressions of interest.



“They are trying to be more flexible for self-financing countries to make it more interesting&#8230; There are some advantages to incentivise you to pay upfront,” said a Western diplomat familiar with the terms.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="887" height="1024" src="https://www.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-887x1024.jpg" alt="" class="wp-image-367526" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-887x1024.jpg 887w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-260x300.jpg 260w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-693x800.jpg 693w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-768x887.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-1330x1536.jpg 1330w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-scaled.jpg 1774w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-696x804.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-1068x1233.jpg 1068w, https://cms.cnbcafrica.com/wp-content/uploads/2020/04/Dr-Matshidiso-Moeti-WHO-Regional-Director-for-Africa-1920x2217.jpg 1920w" sizes="(max-width: 887px) 100vw, 887px" /></figure>



The United States, Japan, Britain and the European Union have struck their own deals to secure millions of COVID-19 vaccine doses for their citizens, ignoring the WHO’s warnings that “vaccine nationalism” will squeeze supplies.



The WHO did not respond to a request for comment. Reuters could not determine if the documents were the final offer. The document with the new terms and conditions was dated Aug. 5.



The offer is the latest sign of concern in the U.N. agency about its effort to unite the world behind its vaccine as it struggles to get wealthier countries on board beyond pledges of funding and warm words about donating surplus vaccines.



It’s not clear if the new terms will be enough to win back the European Union, which has told member states they can help fund the programme but can’t seek to buy vaccines via both schemes.



The latest WHO plan, circulated to its 194 member states in the last days, promises to “negotiate the best possible pricing from manufacturers” and to establish a “marketplace” for trading or selling doses.



The deadline for confirming commitment is Sept. 18, with upfront payment due by Oct. 9.



<h3 class="wp-block-heading">‘OPTIONAL PURCHASE’</h3>



The COVAX facility, launched in late April, is designed to serve as an “invaluable insurance policy to secure access to safe and effective COVID-19 vaccines” through a portfolio of experimental vaccines using a broad range of technologies, the WHO said. For now it relies on nine experimental vaccines.



It aims to deliver at least 2 billion doses of approved vaccines by the end of 2021 and to ensure “equitable access”.



Through the WHO’s standard “Committed Purchase” arrangement already on offer, self-financing states are to make a lower upfront payment of an estimated $1.60 per dose, plus a $8.95 financial guarantee per unit, but have to make firm guarantees to buy doses, it said.



If the final price exceeds double that total of $10.55 per dose, or $21.10, countries are allowed to drop out, it said.



Under the new “Optional Purchase” arrangement, their higher upfront payment is $3.10 per dose. This covers their full pro-rata share of the investments required by the COVAX facility to enter into agreements with manufacturers and accelerate scale of production and access, it said, adding that the estimated all-inclusive cost per dose might still be $10.55.



“These participants have the possibility to opt out of vaccine allocations while still reserving their ‘options’ to receive doses of a subsequent vaccine being provided through the Facility,” the WHO said.



“This option may be more attractive for countries that already have bilateral deals in place and may not be interested in acquiring more of those vaccines.”



While a country exercising this option retains an ability to receive its full share of doses, it should recognise that opting out of a particular vaccine “may delay the time until a country receives doses, particularly in the initial phase where there may only be one or two vaccines and the quantities will be limited”.



The optional scheme would cost an estimated $262.8 million based on a country with a 60-million population electing to cover 20% of that and a 2-dose regimen, the WHO document said. The standard one would cost $253.2 million.



So far some 172 countries have registered expressions of interest, including 92 low- and middle-income countries eligible to secure doses through the GAVI vaccine alliance which covers much of their cost.



Some 80 potentially self-financing countries have submitted expressions of interest.



“No self-financing participant will receive doses of vaccine to cover greater than 20% of its population until all self-financing participants have either also been offered doses in an amount to achieve 20% coverage or hit their elected quantity (if lower than 20%),” the WHO said.

Dr Matshidiso Moeti – WHO Regional Director for Africa

Exclusive: WHO sweetens terms to join struggling global COVAX vaccine facility – documents

NEW YORK (Reuters) &#8211; Shares of Apple Inc (<a href="https://www.reuters.com/companies/AAPL.O">AAPL.O</a>) and Tesla Inc (<a href="https://www.reuters.com/companies/TSLA.O">TSLA.O</a>) will be less costly on Monday as pre-announced stock splits take effect, in theory making them more accessible to retail investors, but as more brokers offer fractional shares, some in the market question the need.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/03/hqdefault-25.jpg" alt="" class="wp-image-361704" width="693" height="521" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/03/hqdefault-25.jpg 480w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/hqdefault-25-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/hqdefault-25-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2020/03/hqdefault-25-265x198.jpg 265w" sizes="(max-width: 693px) 100vw, 693px" /><figcaption>Which Automakers Can Seriously Challenge Tesla?</figcaption></figure>



Investors cheered the Apple and Tesla announcements, helping extend a rally in the companies’ shares, which along with many other technology firms, have soared in value as the market emerged from its pandemic-induced depths in March.



That made owning a piece of these companies seem out of reach of many Main Street investors. Apple closed at over $500 a share on Thursday, while Tesla continued its meteoric rise on Thursday to above $2,200 a share.



Both Apple and Tesla said their actions, a 4-1 and 5-1 split respectively, would let more investors access their shares.



But in the past year, online brokerages like Robinhood, Charles Schwab Corp (<a href="https://www.reuters.com/companies/SCHW.N">SCHW.N</a>), and Fidelity, along with several smaller shops, have begun offering slices of individual shares.



“Fractional share ownership, all else equal, really does render the price of a stock irrelevant,” said Julian Emanuel, chief equity and derivatives strategist at BTIG.



That, combined with commission-free trading at most brokerages, has made it easier for anyone with a mobile device to own a piece of a company.



“People my age grew up with technology and we like to invest in technology-related companies, like Tesla and Amazon (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>) and Google (<a href="https://www.reuters.com/companies/GOOGL.O">GOOGL.O</a>), and if it weren’t for fractional shares we wouldn’t really be able to take advantage of that,” said Jaidan Craig, a support technician.



Craig, 23, said he has been investing for two or three years, first on Robinhood, which lets people invest as little as $1 in any listed company, and then moved to a broker called M1, which emphasizes diversifying your investments. He said that without fractional investing, he could not have built as well-rounded a portfolio.



<h3 class="wp-block-heading">FIRST INNING</h3>



While fractional shares have been used for years by mutual funds, they have not as been widely available for stocks until recently, and not every brokerage offers them, helping maintain the appeal of stock splits on some platforms.



TD Ameritrade, a online trading pioneer that is being bought by rival Schwab for $26 billion, does not offer fractional shares, but said it is looking at them.



It noted that in past years, when companies, such as Apple, Google, Mastercard Inc (<a href="https://www.reuters.com/companies/MA.N">MA.N</a>) and Visa Inc (<a href="https://www.reuters.com/companies/V.N">V.N</a>), split their shares, retail trading volumes tripled.



“We have historically seen that our retail investors use stock splits as trading opportunities, accessing popular names that may have gotten too expensive pre-split,” said JJ Kinnahan, TD Ameritrade’s chief market analyst.



Robinhood, which was founded in 2013 and is now valued at $11.2 billion, said that while from a psychological perspective, a stock trading in the thousands appears much more prohibitive than a stock trading in the low hundreds, perceptions are shifting.



“As fractional shares trading becomes more popular at retail brokerages, the importance and need for stock splits diminish,” said Rebecca Moretti, a writer at Robinhood Snacks.



Just three S&amp;P 500&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;members have announced splits in 2020, compared with an average of 10 a year over the past decade, according to S&amp;P Dow Jones Indices.



Those companies that have split their shares in the past year have, in fact, underperformed the broader S&amp;P 500, said BTIG’s Emanuel, who likened the current state of fractional investing to the beginning of a baseball game.



“The fact that we’re in the first inning of it, and yet you have seen a relative underperformance of split shares versus the S&amp;P 500 in 2020, really points to the powerful nature of it,” he said.

How Spotify Dominates Apple

Apple and Tesla are splitting their shares, but does it matter?

(Reuters) &#8211; Silicon Valley entrepreneur Elon Musk’s net worth topped $100 billion on Friday, according to the Forbes real-time billionaires list, as the shares of electric-car maker Tesla Inc (<a href="https://www.reuters.com/companies/TSLA.O">TSLA.O</a>) see a more than five-fold surge in value this year.



A large chunk of his wealth comes from the 21% stake in Tesla, according to Forbes. Tesla shares, which went public at $17 a piece in 2010, rose as much as 3.5% in morning trade to a record high of $2,318.49.



The company became the world’s most valuable carmaker by market capitalization on July 1 when it overtook front runner Toyota Motor Corp (<a href="https://www.reuters.com/companies/7203.T">7203.T</a>) and has over the last 10 years made many of its retail investors millionaires.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1155740300-594x594.jpg" alt="Billionaire Elon Musk: I am not Warren Buffett’s biggest fan" class="wp-image-351991" width="704" height="486" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1155740300-594x594.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1155740300-594x594-300x207.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1155740300-594x594-100x70.jpg 100w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-1155740300-594x594-218x150.jpg 218w" sizes="(max-width: 704px) 100vw, 704px" /><figcaption>Billionaire Elon Musk: I am not Warren Buffett’s biggest fan (Photo by Charley Gallay/Getty Images for E3/Entertainment Software Association)</figcaption></figure>



Musk is now part of an elite club of just four others with twelve digit net worth. His nearly $100 billion, however, is just about half the net worth of the world’s richest man and Amazon.com Inc (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>) CEO Jeff Bezos, according to Forbes.



Musk, who co-founded and sold Internet payments company PayPal Holdings Inc (<a href="https://www.reuters.com/companies/PYPL.O">PYPL.O</a>), now leads some of the most futuristic companies in the world.



Besides Tesla, he heads rocket company SpaceX and Neuralink, a startup that is developing ultra-high bandwidth brain-machine interfaces to connect the human brain to computers.



He set up the Boring Company to make affordable tunnels below busy city streets to for an all-electric public transportation system to avoid the nasty traffic jams in U.S. cities.

Elon Musk At SpaceX Headquarters

South African born Elon Musk’s net worth tops $100 billion: Forbes

(Reuters) &#8211; The S&amp;P 500 rose on Friday, extending a six-day rally led by technology stocks as the prospect of super-low interest rates for a prolonged period and bets on a medical solution to the COVID-19 pandemic spurred risk appetite.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/wall-street.jpeg" alt="" class="wp-image-378590" width="683" height="510"/></figure>



The tech sector’s 0.7% rise provided the biggest boost to the benchmark index. Energy stocks advanced 0.6% as hurricane Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage to refineries.



The Federal Reserve on Thursday unveiled a plan to support inflation and restore the U.S. economy from its biggest downturn since the Great Depression.



Data on Friday showed U.S. consumer spending increased more than expected in July, though momentum is likely to ebb as the COVID-19 pandemic lingers and fiscal stimulus dries up with no sight of the next round of coronavirus relief package.



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-global-markets-themes-graphic/take-five-sayonara-abenomics-idUSKBN25O1SD">Take Five: Sayonara Abenomics?</a></li></ul>



“There’s no question consumer spending is going to be under some stress until we get additional fiscal support,” said Albert Brenner, director of asset allocation strategy at People’s United Advisors in Bridgeport, Connecticut.



The S&amp;P 500 and the Nasdaq have scaled record highs and the benchmark is on track for its best August in 34 years, partly powered by a rally in technology stocks, while the blue-chip Dow traded above the break-even level for 2020.



“We’d like to see a sort of a broadening of (stocks in the rally); that would indicate to us some greater confidence of market participants in the economic recovery,” Brenner said.



Progress in the race to develop treatments and vaccines for COVID-19 have also added to the cheer. Johnson &amp; Johnson’s Janssen unit said it would expand testing for its experimental coronavirus vaccine to Spain, the Netherlands and Germany next week.



Meanwhile, the U.S. election campaign entered its final stretch with U.S. President Donald Trump’s Republican nomination for a second term. Analysts expect market volatility to increase again ahead of voting in November.



At 9:57 a.m. ET, the Dow Jones Industrial Average was up 77.58 points, or 0.27%, at 28,569.85, the S&amp;P 500 was up 8.77 points, or 0.25%, at 3,493.32. The Nasdaq Composite was up 63.60 points, or 0.55%, at 11,688.94.



United Airlines rose 1.9% as it prepared for the biggest pilot furloughs of its history, a day after announcing the need to cut 21% jobs this year.



Coca-Cola Co gained 0.8% as it announced plans to nearly halve its operating units and offer voluntary separation to 4,000 workers.



In the latest sign that technology companies are booming in the pandemic, business software provider Workday Inc jumped 13.2% after raising its annual subscription forecast and Dell Technologies Inc gained 6.9% after reporting a quarterly profit beat.



Advancing issues outnumbered decliners by a 2.19-to-1 ratio on the NYSE and by a 1.65-to-1 ratio on the Nasdaq.



The S&amp;P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and nine new lows.

wall street

Tech stocks extend S&P 500’s rally to seventh straight session

(Reuters) &#8211; President Donald Trump accepted the Republican nomination on Thursday for a second term with an attack on rival Joe Biden, asserting that a Democratic victory in November would exacerbate the racial strife and coronavirus pandemic besieging the nation.



Following are excerpts from the speeches on the last day of the Republican National Convention, much of which was pre-recorded due to the coronavirus pandemic.



<h3 class="wp-block-heading">U.S. PRESIDENT DONALD TRUMP:</h3>



On the pandemic:



“The entire planet has been struck by a new and powerful invisible enemy. Like those brave Americans before us, we are meeting this challenge. We’re delivering life-saving therapies. And we’ll produce a vaccine before the end of the year, or maybe even sooner.”



On the election:



“At no time before have voters faced a clearer choice between two parties, two visions, two philosophies, or two agendas. This election will decide whether we save the American dream, or whether we allow a socialist agenda to demolish our cherished destiny. This election will decide whether we protect law-abiding Americans, or whether we give free rein to violent anarchic agitators and criminals who threaten our citizens.”



“If the left gains power, they will demolish the suburbs, confiscate your guns, and appoint justices who will wipe away your Second Amendment and other constitutional freedoms.”



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg" alt="" class="wp-image-352573" width="711" height="524" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1.jpg 594w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-300x221.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-80x60.jpg 80w, https://cms.cnbcafrica.com/wp-content/uploads/2019/12/gettyimages-642093036-594x594-1-570x420.jpg 570w" sizes="(max-width: 711px) 100vw, 711px" /><figcaption>WASHINGTON, DC &#8211; FEBRUARY 16: U.S. President Donald Trump stands during a news conference announcing Alexander Acosta as the new Labor Secretary nominee in the East Room at the White House on February 16, 2017 in Washington, DC. The announcement comes a day after Andrew Puzder withdrew his nomination. (Photo by Mario Tama/Getty Images)</figcaption></figure>



On Joe Biden:



“Joe Biden is not a savior of America’s soul. He is the destroyer of America’s jobs. And if given the chance, he will be the destroyer of American greatness.”



“Biden is a Trojan horse for socialism. If Joe Biden doesn’t have the strength to stand up to wild-eyed Marxists like Bernie Sanders and his fellow radicals &#8230; then how is he ever going to stand up for you? He’s not.”



On public safety:



“Make no mistake, if you give power to Joe Biden, the radical left will defund police departments all across America. They will pass federal legislation to reduce law enforcement nationwide. &#8230; No one will be safe in Biden’s America.”



<h3 class="wp-block-heading">IVANKA TRUMP, DAUGHTER OF DONALD TRUMP:</h3>



“Donald Trump did not come to Washington to win praise from the Beltway elites. Donald Trump came to Washington for one reason and one reason alone, to make America great again.”



<h3 class="wp-block-heading">U.S. SENATE MAJORITY LEADER MITCH MCCONNELL OF KENTUCKY:</h3>



“Today’s Democratic Party doesn’t want to improve life for middle America. They prefer that all of us in flyover country keep quiet. And let them decide how we should live our lives. They want to tell you when you can go to work. When your kids can go to school. They want to tax your job out of existence, and then send you a government check for unemployment. They want to tell you what kind of car you can drive, what sources of information are credible, and even how many hamburgers you can eat.”



“I’m immensely proud of the work the Republican Senate has done, acting as a firewall against Nancy Pelosi’s agenda.”



JEFF VAN DREW, U.S. REPRESENTATIVE FROM NEW JERSEY WHO SWITCHED FROM THE DEMOCRATIC TO THE REPUBLICAN PARTY:



“Joe Biden is being told what to do by the radicals running my former party, the same radicals trying to install him as their puppet president.”



PATRICK LYNCH, PRESIDENT OF THE NEW YORK CITY POLICE BENEVOLENT ASSOCIATION:



“The radical left doesn’t really want better policing. They don’t really care about making the justice system fairer. What they want is no policing.”Slideshow&nbsp;(4 Images)



RUDY GIULIANI, DONALD TRUMP’S PERSONAL LAWYER AND FORMER NEW YORK MAYOR:



“These continuous riots in Democratic cities, gives you a good view of the future under Biden.”



DAN SCAVINO, WHITE HOUSE DEPUTY CHIEF OF STAFF FOR COMMUNICATIONS:



“While they call it chaos, President Trump calls it change.”



<h3 class="wp-block-heading">U.S. HOUSE MINORITY LEADER KEVIN MCCARTHY OF CALIFORNIA:</h3>



“Four years ago, President Trump promised to be your voice. He kept that promise. But there’s still so much more to do. The choice before you could not be clearer. Forward in freedom or backward in socialism. Forward in prosperity, or backward in poverty. Forward in personal liberty or backwards in more government control.”



BEN CARSON, U.S. SECRETARY OF HOUSING AND URBAN DEVELOPMENT:



“We have a choice: Do we want big government that controls our lives from cradle to grave? Or do we believe in the power and wisdom of the people and their ability to self-govern with help from a limited federal government?”



DANA WHITE, PRESIDENT OF MIXED MARTIAL ARTS PROMOTION COMPANY, THE ULTIMATE FIGHTING CHAMPIONSHIP:



“Make no mistake about it. We still have a long way to go. And that is why we need a leader, with President Trump’s unique attributes, at this critical time.”

396×2765

Quotes from last day of Republican National Convention themed ‘Land of Greatness’

WASHINGTON (Reuters) &#8211; A defiant President Donald Trump accepted the Republican nomination for a second term on Thursday with a scathing attack on rival Joe Biden, asserting that a Democratic victory in November would only exacerbate the racial strife and coronavirus pandemic besieging the nation.



Speaking from the White House South Lawn despite criticism he was using the executive residence as a political prop, Trump portrayed Biden, a career politician with a long record as a moderate, as a far-left extremist who would usher in a lawless, dangerous America.



“This election will decide whether we protect law-abiding Americans, or whether we give free rein to violent anarchic agitators and criminals who threaten our citizens,” Trump said on the fourth and final night of the Republican National Convention in a speech that lasted more than an hour.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/396x2765.jpg" alt="" class="wp-image-380109" width="704" height="491" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-300x209.jpg 300w" sizes="(max-width: 704px) 100vw, 704px" /></figure>



<h4 class="wp-block-heading">RELATED COVERAGE</h4>



<ul class="wp-block-list"><li><a href="https://www.reuters.com/article/us-usa-election-convention-quotes-factbo/quotes-from-last-day-of-republican-national-convention-themed-land-of-greatness-idUSKBN25N33S">Quotes from last day of Republican National Convention themed &#8216;Land of Greatness&#8217;</a></li><li><a href="https://www.reuters.com/article/us-usa-election-convention-tariffs/trump-promises-tariffs-on-companies-that-leave-u-s-to-create-jobs-overseas-idUSKBN25O0B4">Trump promises tariffs on companies that leave U.S. to create jobs overseas</a></li></ul>



“No one will be safe in Biden’s America.”



Despite the pandemic that has killed more than 180,000 Americans, Trump delivered his remarks before a crowd of more than 1,000 people, standing in front of dozens of American flags and basking in chants of “Four more years!” and “U.S.A.!”



His language was evocative of his 2016 convention acceptance speech, which also came at a time of racial tension after eight police officers were killed in Texas and Louisiana amid protests following shootings of Black men.



“Americans watching this address tonight have seen the recent images of violence in our streets and the chaos in our communities,” he said then, vowing to end the turmoil.



But Trump, who ran successfully as an insurgent four years ago, is now in control at the White House, complicating his assertion once again that only he can solve the problem.



Republicans on Thursday sought to advance that message after days of civil unrest and violence in Kenosha, Wisconsin, where on Sunday police shot a Black man, Jacob Blake. They inaccurately asserted that Biden would “defund the police.” Biden has rejected that position.



As the night unfolded, Biden struck back on Twitter, writing, “When Donald Trump says tonight you won’t be safe in Joe Biden’s America, look around and ask yourself: How safe do you feel in Donald Trump’s America?”U.S. President Donald Trump delivers his acceptance speech as the 2020 Republican presidential nominee during the final event of the Republican National Convention on the South Lawn of the White House in Washington, U.S., August 27, 2020. REUTERS/Kevin Lamarque



In trying to paint Biden as a tool of the “radical left,” Trump also distorted the Democrat’s policy positions on a host of other issues, including immigration, guns, law enforcement, abortion and energy production.



“If given the chance, he will be the destroyer of American greatness,” Trump warned.



The made-for-television scene &#8211; befitting the first reality TV host to serve as president &#8211; stood in marked contrast to Biden’s acceptance speech last week, which was broadcast live from a largely empty arena in a nod to the disease.



Following the speech, fireworks exploded over the nearby Washington Monument as the president and his family looked on, giving Trump and the convention a powerful closing image.



The crowd, seated in white chairs inches apart, showed little evidence of social distancing or face masks despite health experts’ recommendations. But the Trump campaign said it had taken appropriate health precautions in arranging the South Lawn event.



In a reminder of the country’s divisions, attendees could hear anti-Trump protesters sounding horns near the White House as he spoke, a noise that occasionally was audible on the live broadcast.



<h3 class="wp-block-heading">SHIFTING BLAME</h3>



Trump, a former New York real estate developer, is seeking to turn around a re-election campaign that has been largely overshadowed by a health crisis that has put millions of Americans out of work and killed more people than in any other country, according to a Reuters tally.Slideshow&nbsp;(4 Images)



His campaign comes against the backdrop of a fresh wave of protests over the latest high-profile police shooting of a Black American. In Kenosha, relative calm returned after three nights of civil strife ending on Tuesday, including arson, vandalism and deadly shootings.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/396x2767.jpg" alt="" class="wp-image-380245" width="704" height="491" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2767.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2767-300x209.jpg 300w" sizes="(max-width: 704px) 100vw, 704px" /></figure>



In his speech on Thursday, Trump again blamed China for the pandemic and promised in his second term to levy tariffs on any company that left America to create jobs overseas, one of the rare concrete policy proposals of the night.



He also promised to rebuild what Republicans have called the “greatest economy” in history and attacked Biden for saying he would shut down the country if necessary to slow the spread of the disease. Many health experts blame a resurgence of coronavirus cases on states that reopened businesses too soon.



“Joe Biden’s plan is not a solution to the virus, but rather a surrender,” Trump said.



While Trump’s popularity among Republican voters remains high, dissent is mounting within the party.



In three open letters published on Thursday and Friday, Biden won endorsements from more than 160 people who worked for Republican former President George W. Bush or for past Republican presidential candidates Mitt Romney and John McCain, the New York Times and Politico reported.



Thursday’s program aimed to counterbalance those defections with a video showcasing former Democratic voters who say they now support Trump and remarks from U.S. Representative Jeff Van Drew, who abandoned the Democratic Party to join the Republicans.



Trump kicked off the week on Monday by accusing Democrats of seeking to steal the election by advocating for mail-in voting. His previous high-profile speeches have also emphasized grim themes, including his inaugural address in January 2017 that described “American carnage.”



With both parties’ conventions now complete, the campaign enters a final, frenetic stretch. Biden, who has largely eschewed in-person events since March because of the pandemic, said at a Thursday fundraiser he expects to travel to several battleground states after early September, albeit in a manner he described as responsible.



Trump, who has visited several battleground states during the pandemic, also plans to increase his campaign travel.

396×276(5)

Trump assails rival Biden in White House speech accepting nomination

JOHANNESBURG (Reuters) &#8211; South African state defence firm Denel is not planning to seek new government equity injections despite a liquidity crunch aggravated by the coronavirus crisis, its interim chief executive told Reuters.



Denel, which makes military equipment for South Africa’s armed forces and clients around the world, is one of several troubled state-owned companies in the country that have been kept afloat by government bailouts in recent years.



It has struggled to pay salaries this year amid export restrictions and declining revenue. Last week the government said Denel made a 1.7 billion rand ($100 million) loss in the 2019/20 financial year.



“At this stage it is not in our plan,” Talib Sadik said in an interview, when asked whether Denel would approach the government for further bailouts. “Our view is that we also need to fix our own house, because what we have is a bit of moral hazard happening.”



Sadik became interim CEO this month after his predecessor Danie du Toit resigned, without giving reasons.



Du Toit had told Reuters in a July interview that Denel’s survival could be at stake if conditions attached to an earlier bailout &#8211; which was earmarked to pay down government-guaranteed debt &#8211; were not eased.



Denel received 1.8 billion rand from the state in 2019 and in this year’s budget was promised another 576 million rand, which it is receiving in instalments.



Sadik said that although Denel was not asking for more money from taxpayers beyond what was promised in this year’s budget, it was talking to the defence ministry about a retainer to help it maintain some capabilities the government considers strategic.



Denel, which makes equipment ranging from armoured vehicles to attack helicopters and missiles, does not need to enter a local form of bankruptcy protection called “business rescue” despite speculation in local media, he said.



State-owned airline South African Airways entered business rescue last year.



Sadik said Denel had started discussions with the Public Investment Corporation and other bondholders about rolling over more than 2.6 billion rand of debt maturing next month.



“In the past we have successfully rolled over,” he said.



Executives are trying to reach a settlement with labour unions about salary payments owed to some staff and hope to conclude one or two equity partnerships by April next year as part of a turnaround strategy.



($1 = 16.9239 rand)

Rooivalk_in_flight_10_November_2007_2

South Africa’s Denel not planning to seek further bailouts

(Reuters) &#8211; U.S. presidential nominee Joe Biden’s running mate Kamala Harris on Thursday denounced the looting and acts of violence that followed the police shooting of a Black man, as Republicans sought to paint the two Democrats as weak on crime.



Hoping to win a second term in November and trailing Biden in opinion polls, President Donald Trump has used this week’s Republican National Convention to promise a “law and order” response to protests against racial injustice.



In Kenosha, Wisconsin, relative calm returned after multiple nights of looting and two violent deaths in response to an officer who on Sunday fired seven shots at the back of 29-year-old Jacob Blake, paralyzing him.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-4.jpg" alt="" class="wp-image-380235" width="641" height="446" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-4.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-4-300x209.jpg 300w" sizes="(max-width: 641px) 100vw, 641px" /></figure>



Harris, a U.S. senator who previously served as California’s attorney general, said she supported peaceful protesters.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-2.jpg" alt="" class="wp-image-380234" width="702" height="936" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-2.jpg 540w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/540px-Senator_Harris_official_senate_portrait-2-225x300.jpg 225w" sizes="(max-width: 702px) 100vw, 702px" /></figure>



“We should not confuse them with those looting and committing acts of violence, including the shooter who was arrested for murder. And make no mistake, we will not let these vigilantes and extremists derail the path to justice,” Harris said in a speech from a university auditorium in Washington streamed online.



Protests drew an array of rifle-toting civilians, among them 17-year-old Kyle Rittenhouse, who was arrested on Wednesday on homicide charges in connection with Tuesday night’s shootings in which the two people were killed.



Trump said on Wednesday he was sending federal law enforcement and the National Guard to Kenosha. He planned to attack Biden at Thursday’s final night of the convention.



Biden countered by saying Trump was to blame for the way the coronavirus pandemic and racial strife had spread across the United States.



“These guys are rooting for violence. That’s what it’s all about,” Biden said on CNN. “To prove the issue ‘be scared of Joe Biden,’ they’re pointing to what’s happening in Donald Trump’s America.”

540px-Senator_Harris_official_senate_portrait

Kamala Harris condemns looting, violence in wake of police shooting

CHICAGO (Reuters) &#8211; United Airlines (<a href="https://www.reuters.com/companies/UAL.O">UAL.O</a>) is preparing for the biggest pilot furloughs of its history after announcing on Thursday the need to cut 2,850 pilot jobs this year, or about 21% of the total, without further U.S. government aid.



Airlines, reeling from the devastating impact of the novel coronavirus pandemic on air travel, have asked the U.S. government for another $25 billion to cover employee payroll through March.



The first tranche, which banned any job cuts until Oct. 1, expires at the end of September, but talks in Washington have stalled as Congress has struggled to reach agreement on a broader coronavirus assistance package.



United’s planned cuts, released in a memo to employees and shared with the media, would run between Oct. 1 and Nov. 30. They are significantly higher than the 1,900 announced earlier this week by Delta Air Lines (<a href="https://www.reuters.com/companies/DAL.N">DAL.N</a>) and 1,600 by American Airlines (<a href="https://www.reuters.com/companies/AAL.O">AAL.O</a>).



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/396x27612.jpg" alt="" class="wp-image-380110" width="696" height="485" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x27612.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x27612-300x209.jpg 300w" sizes="(max-width: 696px) 100vw, 696px" /></figure>



Facing a shrinking industry in the years ahead, airlines have generally tried to mitigate the number of forced job cuts by offering early retirement or voluntary departure deals, but some carriers’ packages have been more attractive than others.



“While other airlines have chosen to reduce manpower through voluntary means, it is tragic that United has limited those options for our pilots and instead has chosen to furlough more pilots than ever before in our history,” the union representing United’s 13,000 pilots said in a statement.



United said the numbers were based on current travel demand for the remainder of the year and its anticipated flying schedule, which it said “continues to be fluid with the resurgence of COVID-19 in regions across the U.S.”



Chicago-based United is more exposed than its peers to international travel, which is expected to take longer to rebound from the pandemic.







United, which has warned that 36,000 jobs are on the line across the company, has not yet provided final furlough numbers for other work groups.



American said on Tuesday it was cutting 19,000 jobs in addition to voluntary reductions that will see the company’s workforce shrink by about 30%.



United’s announcement comes on the final day of the Republican National Convention, where President Donald Trump will try to regain momentum against the backdrop of a pandemic that has killed over 180,000 Americans and produced a recession that has resulted in the loss of millions of jobs.

United Airlines announces biggest pilot job cut in its history

NEW YORK (Reuters) &#8211; Manhattan’s top prosecutor told a U.S. court on Thursday he should be able to obtain President Donald Trump’s tax returns, saying Trump cannot immunize himself from a criminal probe of his business practices by pursuing an appeal that has “no chance of success.



Cyrus Vance, the Manhattan district attorney, urged the 2nd U.S. Circuit Court of Appeals in Manhattan in a filing to reject Trump’s emergency bid to block a subpoena to the president’s accounting firm, Mazars USA, for eight years of tax returns.



Trump has until Monday to respond in writing. Oral arguments are scheduled for Sept. 1.



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-3.jpg" alt="" class="wp-image-380229" width="672" height="468" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-3.jpg 396w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/396x2765-3-300x209.jpg 300w" sizes="(max-width: 672px) 100vw, 672px" /></figure>



The Republican president has been fighting to block Vance’s subpoena for a year, including at the U.S. Supreme Court, which last month rejected his argument that he has immunity from criminal probes while in the White House.



Trump later claimed that Vance’s subpoena was “wildly overbroad” and issued in “bad faith,” largely mirroring similar subpoena issued by congressional Democrats.



He has also called Vance’s subpoena part of a “witch hunt,” saying the case will likely head back to the Supreme Court.



But in Thursday’s filing, Vance said that by continuing to litigate, Trump had effectively obtained “temporary absolute immunity,” a claim “rejected at every level of the federal courts,” by keeping a grand jury from seeing his tax returns.



He also said handing over the returns would not irreparably harm Trump, citing the confidentiality of grand jury proceedings, and noted that the past six U.S. presidents publicly released their tax returns.



On Aug. 20, U.S. District Judge Victor Marrero, who had rejected Trump’s broad immunity argument last October, again refused to block the subpoena.



“Justice requires an end to this controversy,” Marrero wrote, and which Vance repeated in his filing.



It is unlikely that Trump’s tax returns will become public before the Nov. 3 election.



Vance agreed not to enforce the subpoena until two days after the appeals court rules on Trump’s request for a stay.

Trump must turn over tax returns, does not deserve immunity, Manhattan’s top prosecutor says

(Reuters) &#8211; China’s ByteDance told engineers of its popular short-video app TikTok this week to make contingencies should it need to shut down its U.S. operations, even as it works toward divesting them, people familiar with the matter said on Thursday.



ByteDance has been ordered by President Donald Trump to divest TikTok in the United States, amid security concerns over the personal data it handles. Microsoft Corp and Oracle Corp are among U.S. companies vying to acquire the assets of TikTok, which claims about 100 million monthly active users in the U.S. ByteDance is expected to pick a bidder to enter into exclusive talks as early as Friday, according to the sources.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="755" height="425" src="https://www.cnbcafrica.com/wp-content/uploads/2020/08/1_th.jpg" alt="" class="wp-image-380226" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1_th.jpg 755w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1_th-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1_th-696x392.jpg 696w, https://cms.cnbcafrica.com/wp-content/uploads/2020/08/1_th-600x338.jpg 600w" sizes="(max-width: 755px) 100vw, 755px" /></figure>



Trump issued an executive order on Aug. 6 that would ban transactions with TikTok and its Chinese parent in 45 days. While TikTok has filed a lawsuit challenging the order, it is preparing for the possibility that it will have to shut down if it has not reached a deal with an acquirer by mid-September, the sources said. It hopes that any shutdown would be temporary, the sources added.



A sale would have to be greenlighted by both the United States and Chinese governments. The shutdown contingencies are also aimed at preparing TikTok’s global operations for the possibility that one of the two countries blocks any deal, the sources said.



ByteDance told TikTok engineers in a memo this week to draw up plans for shutting down the app in the United States, the sources said.



ByteDance is also making separate plans for TikTok U.S. employees and vendors to be compensated in the event of a shutdown, one of the sources added. TikTok has already implemented a hiring freeze in the U.S. for most open positions because of the uncertainty, bringing in only 5% of the staff it planned to recruit, according to the source.



ByteDance views the shutdown preparations as a back-up plan, and is working toward a deal that would keep TikTok operating in the United States without interruption, the sources said.



The sources requested anonymity as the shutdown preparations are confidential. ByteDance did not immediately respond to a request for comment, while TikTok declined to comment.



While TikTok is best known for its anodyne videos of people dancing that go viral among teenagers, U.S. officials have expressed concerns that information on users could be passed on to China’s communist government. In addition to cutting off access for TikTok’s U.S. users, shutting down TikTok could deprive “influencers,” who have built large followings on the app, from income they receive from advertisers for promoting products and services.



While shutting down TikTok in the United States would prevent new users from downloading the app, it is not clear whether those who have already downloaded the app in the United States would lose access.



ByteDance has been in talks to sell TikTok’s North American, Australian and New Zealand operations, which could be worth $25 billion to $30 billion, since the beginning of this month.



Walmart Inc said on Thursday it was joining Microsoft in its bid for TikTok’s U.S. assets, revealing its plans hours after the app’s recently named chief executive, Kevin Mayer, said he would step down.



Oracle, whose Chairman Larry Ellison is one of the technology world’s few supporters of Trump, has partnered with some of ByteDance’s investors, including General Atlantic and Sequoia, on its bid for the TikTok assets.

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Nigeria’s Lekoil seeks $100 mln for Ogo oilfield drilling

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

South Africa sees worst power cuts on record in 2020, research shows

Western diplomats express deep concern over Zimbabwe crisis

South Africa’s ex-leader Zuma, accused of graft, hits out at successor

How Africa’s biggest airport is revving up on the runway

Exclusive: WHO sweetens terms to join struggling global COVAX vaccine facility – documents

Apple and Tesla are splitting their shares, but does it matter?

South African born Elon Musk’s net worth tops $100 billion: Forbes

Tech stocks extend S&P 500’s rally to seventh straight session

Quotes from last day of Republican National Convention themed ‘Land of Greatness’

Trump assails rival Biden in White House speech accepting nomination

South Africa’s Denel not planning to seek further bailouts

Kamala Harris condemns looting, violence in wake of police shooting

United Airlines announces biggest pilot job cut in its history

Trump must turn over tax returns, does not deserve immunity, Manhattan’s top prosecutor says

Exclusive: ByteDance asks TikTok to draw up U.S. shutdown contingencies – sources

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Newsletter

Nigeria’s Lekoil seeks $100 mln for Ogo oilfield drilling

Plaintiffs in Sierra Leone diamond mine lawsuit request freeze of Steinmetz subsidiary’s assets

South Africa sees worst power cuts on record in 2020, research shows

Western diplomats express deep concern over Zimbabwe crisis

South Africa’s ex-leader Zuma, accused of graft, hits out at successor

How Africa’s biggest airport is revving up on the runway

Exclusive: WHO sweetens terms to join struggling global COVAX vaccine facility – documents

Apple and Tesla are splitting their shares, but does it matter?

South African born Elon Musk’s net worth tops $100 billion: Forbes

Tech stocks extend S&P 500’s rally to seventh straight session

Quotes from last day of Republican National Convention themed ‘Land of Greatness’

Trump assails rival Biden in White House speech accepting nomination

South Africa’s Denel not planning to seek further bailouts

Kamala Harris condemns looting, violence in wake of police shooting

United Airlines announces biggest pilot job cut in its history

Trump must turn over tax returns, does not deserve immunity, Manhattan’s top prosecutor says

Exclusive: ByteDance asks TikTok to draw up U.S. shutdown contingencies – sources

News Tips

Advertise With Us

Newsletters