Celebrity News

Glencore: Court orders miner to pay $180m

A mining company based in Switzerland, called Glencore said it would pay $180 million to DR Congo to settle corruption charges.

From 2007 to 2018, 11 years are covered by the contract.

It’s the latest case of corruption, for which it has already agreed to pay over $1.6 billion in fines this year.

In May, it admitted that it had paid bribes to officials in DR Congo and other African countries (DRC).

It happened after the US, UK, and Brazilian authorities looked into corruption claims in Latin America.

Even with the fines, Glencore will make record profits of around $3.2 billion this year.

During different investigations of the miner’s work in the DRC from 2007 to 2018, they found evidence of bribery.

In May, the US Justice Department said Glencore had agreed to pay about $27.5 million to third parties through a corrupt scheme. Use money as bribes in the DRC to get “illegal business advantages.”

Assets across DR Congo

Glencore owns a number of assets in the country, including the Mutanda copper-cobalt mine. As well as a controlling stake in KCC, a large copper-cobalt investment.

The mining company said the deal with the Congolese government would include “all present and future claims. That could be the result of any wrongdoing “by the Glencore Group between 2007 and 2018.

The chairman of Glencore, Kalidas Madhavpeddi, said, “Glencore has been investing in the DRC for a long time and is glad to have come to this agreement to deal with the consequences of its past actions.”

In May, Glencore admitted to giving government officials in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, South Sudan, Brazil, and Venezuela millions of dollars in bribes.

Courts have fined Glencore more than once. And because of bribes in Africa, a UK court told the company to pay more than £285 million. Last month, authorities linked the company’s commodities trading desk in London to the bribes.

People talk about the way of life they grew up in at Glencore. For example, Mr. Justice Fraser said that bribes were a normal part of the business at the West Africa desk.

The chairman of Glencore said that there were “unacceptable practices.” But that the company is “not the same as it was.”

Glencore is one of the largest companies that sell commodities around the world. About 135,000 people work for it in more than 35 countries.

Glencore to pay damages for taking bribes for oil deals in Africa

In November, a UK branch of the mining company Glencore was told to pay more than £275 million. Simply because it had bribed officials in African countries to access oil.

Between 2011 and 2016, the company paid $26 million to agents and officials of crude oil companies in Nigeria, Cameroon, and the Ivory Coast.

Prosecutors said that Glencore Energy UK employees and agents used private jets to move money to pay bribes.

In June, Glencore Energy UK pleaded guilty to seven corruption crimes and said they were wrong.

At Southwark Crown Court, Judge Peter Fraser told the company it had to pay a fine of £182.9 million and that £93.5 million could be taken from it.

Although, the subsidiary admitted that it didn’t do enough to stop Equatorial Guinea and South Sudan agents from taking bribes to get oil contracts. In addition to the five other bribery charges.

Foxconn: COVID rules affects iPhone maker

Foxconn, an Apple supplier, says its November sales were down 11% from the same month in 2021. This is because of problems at the world’s largest iPhone factory.

It says coronavirus restrictions at its plant in Zhengzhou, China, are to blame for the drop.

Even though it made a record 5.9 trillion New Taiwan Dollars (£160bn) from January to November, its sales were down 29% from October.

Compared to the same time in 2021, that is a 13.5% rise.

The electronics company, which also makes game consoles like the PlayStation 5, grew because of “strong sales” and “better component supply.” However, coronavirus restrictions caused the drop in November, the company said.

Protests causes slowdown

Foxconn’s factory workers were unhappy, so the company tried to find new workers by giving a 1,000 yuan (£117) bonus to anyone who got a friend or family member to work there.

In November, a viral video showed angry protests at the factory. The video came simultaneously with large-scale protests in China against the country’s “zero-COVID” policy.

Since then, China has changed its mind about COVID and moved to loosen some virus restrictions, even though the number of daily cases is still high.

At the beginning of December, authorities have suspended the lockdown in dozens of areas in Guangzhou and Shanghai.

The country’s vice-premier also said that the country was in a “new situation.”

Foxconn offers payment for new workers

After protests at the biggest iPhone factory in the world, Apple supplier Foxconn is doing more to find new workers.

Employees who get a friend or family member hired at the company’s plant in Zhengzhou, China, will get a reward of 1,000 yuan.

It comes after videos of angry factory protests went viral last week.

Apple has said that shipping of the new iPhone 14 will be delayed because of COVID rules.

Employees of Foxconn who bring in a new worker will get 500 yuan if that person stays with the company for 15 days. If the new person stays in the job for a month, they will get another 500 yuan.

Foxconn said it was sorry for a “technical error” in its payment system last month. After protests at the factory over COVID restrictions and claims of late payments.

The announcement came after videos of many workers fighting with security staff were shared on social media.

The video showed people jumping a fence outside Foxconn at the end of October. After a COVID outbreak, the facility had to be locked down because of the danger.

The company then hired more people by promising them big bonuses.

Some analysts have said that the protests and lockdowns at COVID have hurt production at “iPhone City.” Before the busy shopping season of the holidays.

Apple still needs to figure out how the problems at the Zhengzhou plant will affect the company. It said it may ship the iPhone 14 Pro and the iPhone 14 Pro Max later than usual.

More cases of COVID recorded

On Tuesday, China’s National Health Commission reported 37,828 new cases of COVID-19. On Wednesday, that number went down to 36,061 new cases.

Read Also: iPhone factory in Zhengzhou hit by protests

China’s zero-COVID policy has hurt its economic growth and slowed the global economy.

In November, factory work in the world’s second-largest economy dropped more than expected. Because of this, the Purchasing Managers’ Index (PMI) dropped from 49.2 in October to 48 in November.