Latest news with #StateOwned
Bloomberg
01-08-2025
- Business
- Bloomberg
Indian Refiner Snaps Up US Oil After Trump's Russia Threats
India's largest oil refiner has snapped up millions of barrels of crude from the US and UAE, with the South Asian nation facing mounting pressure from US and Europe over its purchases from Russia. State-owned Indian Oil Corp, bought at least 5 million barrels US crude, on top of two million barrels of supplies from Abu Dhabi, according to traders who asked not to be identified as they aren't authorized to speak publicly. The purchases were both large and for relatively immediate delivery by the company's usual standards. State-owned processors were told to come up with plans for buying non-Russian crude earlier this week.
Bloomberg
14-07-2025
- Business
- Bloomberg
Zimbabwe's Top Diamond Miner Cuts 400 Jobs as Prices Slump
Zimbabwe's biggest diamond miner is cutting 400 jobs, weighed down by a global downturn in the market for natural gems, a company representative said by phone. State—owned Zimbabwe Consolidated Diamond Co. had to make the cuts to avoid shutting down operations, the representative said.
CTV News
08-07-2025
- Business
- CTV News
Committee to look into Chinese ferry contract
Committee to look into Chinese ferry contract A controversial decision to contract a Chinese state-owned firm to build new BC Ferries vessels is facing additional scrutiny.
Irish Times
03-06-2025
- Business
- Irish Times
More than 150 staff at airport operator Daa earned over €150,000 last year
A total of 152 staff at the State-owned airport operator Daa earned above €150,000 each last year, figures show. Official figures also reveal the chief executive at the group, which runs Dublin and Cork airports and other subsidiaries, is not the organisation's highest-paid staff member in 2024. Last year one unnamed person had total remuneration of between €475,000 and €500,000. The company's chief executive Kenny Jacobs received a total package of €374,830. In a statement, Daa said it was a commercial business that received no public funding. It said it had to compete internationally for key personnel. READ MORE Eamon Ryan , then minister for transport, set out remuneration levels for the top earners at Daa in an appendix to a submission sent last summer to a government-appointed pay review for chief executives of commercial state companies. Mr Ryan's submission, which has been released by the Department of Transport , were based on figures for 2023. Those figures showed three staff were paid more than the chief executive, who that year received total remuneration of €347,457. The three were paid between €350,000 and €375,000. The document showed 137 personnel received total remuneration of more than €150,000 each in 2023. Mr Ryan's submission to the senior posts remuneration committee said that 3,864 personnel at Daa group earned less than €50,000, although this included part-time staff. He said remuneration for CEOs varied across international competitors in the aviation sector. Mr Ryan noted the head of Fraport, which runs Frankfurt Airport and has contracts at 30 others worldwide, had a total package of €1.65 million while the head of Aena, the state company that manages 46 airports in Spain, was paid €186,575 in 2023. Daa's annual report for 2024 showed 152 people received €150,000 or more last year. In addition, 88 employees were paid between €125,000 and €150,000, while 187 earned between €100,000 and €125,000. The company said: 'The State does not fund the remuneration of Daa staff, as Daa operates as a commercial business and receives no public funding. 'Aviation is a global industry and Daa competes for talent against other international airports and aviation businesses, as well as international retailers. 'Daa is a multinational commercial enterprise with operations in 14 countries across four continents, with several CEOs and management teams.' The annual report said Mr Jacobs received total remuneration of €374,830 last year – up from €347,457 the previous year. It said this figure included basic salary of €284,235 and pension contributions and other taxable benefits of €90,595 . It said Mr Jacobs did not receive a director's fee. Last month the Cabinet accepted many of the recommendations of the senior post remuneration committee. Minister for Public Expenditure Jack Chambers said the upper limit on any proposed package would be the market rate . However, there would be no backdating of any increases to May 1st of last year, another committee recommendation, and no reintroduction of performance-related bonuses worth up to 25 per cent of salaries, which was also proposed.
Reuters
22-05-2025
- Business
- Reuters
South Africa's Transnet gets $2.8 billion government guarantee
JOHANNESBURG, May 22 (Reuters) - South Africa's government has agreed to give ailing state-owned logistics group Transnet a 51 billion rand ($2.8 billion) guarantee facility, the transport ministry said on Thursday. Transnet has struggled to provide adequate freight rail and port services for years because of equipment shortages and maintenance backlogs linked to under-investment, with cable theft and vandalism also damaging the rail network. The support package comprises a 41 billion rand guarantee for Transnet's funding requirements in the 2025/26 and the 2026/27 financial years and a 10 billion rand guarantee to help it service debt and make capital investments. Transnet said in a statement that the support would allow it to build on progress with strategic rail and port reforms. ($1 = 18.0252 rand)
