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New Era Newspaper Wednesday July 26, 2017

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10 Inside BUSINESS

10 Inside BUSINESS Wednesday, July 26 2017 | NEW ERA 2,600 jobs on the line at Bokoni Platinum, says NUM JOHANNESBURG NEW YORK Airlines will need 637,000 new pilots over the next 20 years to keep pace with the growth of global air traffic, Boeing reported Tuesday in an annual report on the subject. Its latest estimate of the pilot requirements is up 3.6 percent from last year’s report. Airlines in the Asia-Pacific region alone will need 253,000 new pilots, a third of the total, according to the report, which The National Union of Mineworkers (NUM) said on Monday that it received a Section 189 notice from Bokoni Platinum in Limpopo to retrench 2,651 workers, in a bid to achieve profitability by restructuring the mine through shaft closures and other measures. The NUM said this number excluded contractors and it could be much higher. Bokoni Platinum is a joint-venture between Anglo American Platinum and AtlaSA Resources, which is a 51-percent majority shareholder. The mine’s operations remain cash negative after capital expenditure, and the mine has incurred negative cash flow of approximately R500 million for the first six months of 2017. The NUM said it was served with a Section 189 notice of the Labour Relations Act by the company saying that it had the intention of placing the mine under care and maintenance. The NUM said it was opposing the retrenchment notice because the company had not engaged with the union on the process pf embarking on a cost saving mechanism, and the union was not convinced that it needed to close the mine. NUM north east regional secretary, Phillip Mankge, said that the union was also not sure whether the company had informed the minister of mineral resources as per mining legislation. “The decision by Bokoni Platinum will lead to a high rate of unemployment in surrounding communities and dozens of families would be plunged into poverty. We call on Bokoni Platinum to return the mining licence to the department of mineral resources so that interested companies must take over,” Mankge said. It accused the company of not having the was prepared by Boeing’s Global Services Division. It put North America’s requirement at 117,000 new pilots and Europe’s at 106,000 for the period from 2017 to 2036. The report also projects a need for 648,000 new aircraft maintenance technicians, a 4.6 percent dip from last year’s estimate due mainly to a reduction in maintenance hours required by the Boeing 737 MAX. As for flight crews, it said 839,000 flight interests of the workers and the surrounding communities at heart. “They only care about profit.” Mankge said they were requesting the company to reconsider their position and to deal with the issues raised by the union in the proper structural meeting. Bokoni Platinum was not immediately available for comment on Monday afternoon. Announcing the restructuring plan last week, the mine said Amplats would fund all costs associated with the care and maintenance process and suspend servicing and repayment of all current and future debt owing by Atlatsa Group up until 31 December 2019. Amplats would also be acquiring and including into its adjacent mining rights the resources specified in the Kwanda North and Central Block prospecting rights, other mines owned by AtlaSA, for a cash consideration of R300 million. – Nampa/ANA Airlines will need 637,000 new pilots over next 20 years: Boeing MARKET OVERVIEW attendants will need to be recruited through 2036, including 308,000 in the Asia-Pacific region, 173,000 in Europe, 154,000 in North America and 96,000 in the Middle East. A study published last month by CAE, a company that specializes in civil aviation training, found that airlines will need 255,000 more pilots over the next 10 years. Many experts have warned that airlines face a looming pilot shortage. –Nampa/AFP Money Market Change Latest Selected NSX Stock 3 months 0.00% 7.08% Symbol Stock Name Spot % Move 6 months 0.00% 7.48% CGP CAPRICORN INVESTMENT GROUP 1800 0.00% 9 months 0.00% 7.63% NBS NAMIBIA BREWERIES LTD 3350 0.00% 12 months 0.00% 7.78% BVN BIDVEST NAMIBIA LTD 787 0.00% Bonds Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4678 -0.02% GC17 (R203 : 7.02%) -0.06% 7.69% ORY ORYX PROPERTIES LTD 2071 0.00% GC18 (R204 : 7.13%) -0.01% 8.04% NAM NAMIBIAN ASSET MANAGEMENT 72 0.00% GC21 (R208 : 7.47%) 0.02% 8.29% NHL NICTUS NAMIBIA 200 0.00% GC24 (R186 : 8.54%) 0.02% 9.76% BMN BANNERMAN RESOURCES LTD 30 0.00% GC27 (R186 : 8.54%) 0.02% 10.15% DYL DEEP YELLOW LTD 287 -1.71% GC30 (R2030 : 9.13%) 0.01% 10.80% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC32 (R213 : 9.21%) 0.01% 10.92% FSY FORSYS METALS CORP 129 -7.19% GC35 (R209 : 9.54%) 0.03% 10.97% TUC TRUSTCO GROUP HOLDINGS LTD 429 0.00% Commodities %Change Latest B2G B2GOLD CORP 3481 -0.74% Gold -0.25% $ 1,252.16 Platinum -0.51% $ 926.21 Copper 0.00% $ 6,027.00 Brent Crude 1.62% $ 49.01 Main Indices %Change Latest NSX (Delayed) 0.97% 1077.25 JSE All Share 0.14% 54,445.14 SP500 -0.11% 2,469.91 FTSE 100 0.87% 7,442.19 Hangseng 0.02% 26,852.05 DAX 0.47% 12,266.73 JSE Sectors %Change Latest Financials -0.51% 15,165.26 Resources 3.28% 32,808.40 Industrials -0.66% 74,424.69 Forex %Change Latest N$/US dollar 0.48% 13.0247 N$/Pound 0.62% 16.9939 N$/Euro 0.84% 15.2227 US dollar/ Euro 0.40% 1.1688 Namibia Monthly Data Latest Previous Namibia Inflation (Jun 17) 6.1 6.3 Bank Prime 10.75 10.75 BoN Repo Rate 7.00 7.00 25-Jul-17 SK Hynix posts ‘best-ever’ quarterly profit SEOUL South Korean chipmaker SK Hynix posted record profits in the second quarter of the year, the company said Tuesday, as strong demand for computer-server memory chips drove up prices. The company’s net profit for the April to June period leapt 763 percent from a year ago to 2.47 trillion won (.21 billion) while operating profit also jumped 574 percent to 3.05 trillion won – both “best-ever” quarterly figures. Shipments of DRAM chips used in PCs and computer servers rose three percent from the previous quarter with chip prices up 11 percent, thanks to strong demand from the server sector, the firm said in a statement. Demand for NAND flash memory chips used in smartphones and other mobile devices slowed due to “sluggish demand growth in smartphones”, SK Hynix said, adding it expects performance to pick up in the latter half of the year. “The launch of new smartphones using high capacity NAND flash memory chips will boost demand,” it said. The firm’s overall sales jumped 70 percent from a year ago to 6.69 trillion won, also a record-high. Despite the strong figures, SK Hynix shares were down 1.2 percent in early morning trade on the Seoul stock market. The company is the world’s second-biggest maker of DRAM chips after Samsung Electronics. SK Hynix is currently seeking to take over the semiconductor unit of troubled Japanese tech giant Toshiba, with a consortium led by the firm reportedly offering to pay more than billion. If the deal goes through, it could make SK Hynix the global number two maker of NAND memory chips, up from its current fifth place. - Nampa/AFP 086-111-777-1 042-2830-981

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