
Adcock Surges to Record as India's Natco Agrees to Acquire Stake
Hyderabad-based Natco is offering 75 rand per share for about 35.75% of stock not already owned by Adcock's biggest holder, Bidvest Group Ltd., the Johannesburg-based firm said in a statement Wednesday. Adcock will de-list from the Johannesburg Stock Exchange.
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CNBC
an hour ago
- CNBC
'The era of quantum supremacy is just around the corner,' IonQ CEO says
IonQ CEO Niccolo de Masi told CNBC's Jim Cramer on Thursday that major advances in quantum computing are fast-approaching. "The era of what's called quantum supremacy is just around the corner," De Masi said. "It's coming in quarters and very low single-digit years, and that's getting people, obviously, pretty excited about the fact that we'll be able to do things to help every area of applied science." IonQ is one of the major players in the quantum computing space, along with Rigetti Computing, D-Wave Quantum and Quantum Computing. The company is developing both quantum computers and quantum networking equipment, De Masi said. Wall Street's interest in quantum computing is growing as tech titans like Alphabet, Microsoft, Amazon and IBM, as well as the U.S. government, spend millions to the develop quantum computers. The technology aims to solve problems that are too complex for classical computers using quantum mechanics. Investors were particularly excited by Nvidia CEO Jensen Huang's bullish comments on quantum computing last month. Huang said quantum computing is "reaching an inflection point" and indicated that practical uses cases are coming faster than he previously expected. De Masi described the way quantum computing could lead to breakthroughs in the healthcare and pharmaceutical fields. He touted his company's partnership with Nvidia, AWS and AstraZeneca for a research project related to drug development. Looking at molecules through a quantum lens will lead to breakthroughs in drug discovery, he suggested. IonQ is part of the global race to advance quantum computing, De Masi said. He said his company is a major player in cracking RSA, a widely-used encryption algorithm. "We are racing China, we believe, almost single handedly, for the Western world, if you will, to be the RSA cracker," De Masi said. "And, of course, when that happens, everybody's going to need our quantum networking equipment to make sure that the world as we know it, and civilization as we know it, goes on." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club Charitable Trust owns shares of Alphabet, Microsoft, Amazon and Nvidia.


News24
7 hours ago
- News24
Ramaphosa warns Trump's tariffs highlight urgency to diversify vehicle exports
@PresidencyZA/X Ramaphosa urges the auto sector to reduce reliance on US exports. BMW's new hybrid model aligns with green mobility priorities. Government pledges incentives for electric vehicles (EVs) production and mineral processing. President Cyril Ramaphosa has warned that the newly announced tariffs by the US could pose significant risks to SA's automotive exports, urging the sector to diversify its markets and increase domestic value creation. A 30% tariff on SA's exports to the US is set to be implemented on 1 August. Speaking at the launch of BMW's new X3 plug-in hybrid electric vehicle at its Rosslyn plant in Pretoria on Thursday, Ramaphosa praised the company's continued investment in the country but cautioned that reliance on a few export destinations, such as the US and Europe, could leave the local industry exposed. 'The recent announcement on tariffs by the US, of course, has a huge impact on all of us,' said Ramaphosa. It further underscores the need for us to diversify our export base and to accelerate domestic value creation as well. President Cyril Ramaphosa He said while BMW's decision to export the new X3 to Europe was welcomed, SA must also expand its footprint across the continent, particularly within the Southern African Development Community. 'We need to open our eyes and our ears and see where else our vehicles can go,' the president said. SA's automotive sector contributes 4.9% to the country's GDP and supports more than 115 000 direct jobs. Ramaphosa described the industry as the 'lead spine' of the country's industrial strategy and said the BMW Group's role in its development was both longstanding and crucial. He said BMW's decision to produce hybrid vehicles locally aligns with the country's transition to a low-carbon economy and the global push towards green mobility. 'We are committed and determined to ensure that there is an enabling regulatory and policy environment to make it easier for companies like BMW to continue to innovate,' he said. This includes support through the Automotive Production and Development Programme, the Electric Vehicle White Paper, and targeted incentives for battery cell production, clean mobility research and critical mineral beneficiation. Ramaphosa also praised the company's broader economic contribution, including its training academy, the Youth Employment Service programme and its investment in digital skills through its IT hub. He said BMW's continued presence and reinvestment, including its R4.2 billion pledge at the SA Investment Conference, was a sign of trust in local workers, who the company refers to as 'associates'. 'You are now going to be producing a high-end vehicle for the world market,' he said to the BMW staff at the plant. It will come from your hands, as associates of this company. The Rosslyn plant was BMW's first production facility built outside Germany and has operated in the country for more than 50 years. Ramaphosa described the plant as a model of industrial transformation, job creation and inclusive growth.
Yahoo
8 hours ago
- Yahoo
Chevron tells Hess staff to focus on safety as they await job updates
By Sheila Dang HOUSTON (Reuters) -Chevron leaders told Hess employees to stay focused on safe operations and that they will hear next week if they will continue to have jobs following the oil producer's acquisition, according to two Hess employees who spoke with Reuters. Chevron, the second-largest U.S. oil producer, closed its $55 billion acquisition of Hess on Friday after prevailing in a landmark legal fight against Exxon Mobil that delayed the closing by over a year. The deal was critical to Chevron CEO Mike Wirth's strategy to improve the business as it sought to cut costs and faced investor concerns about future growth prospects. The company will lay off 575 Hess employees in Houston effective September 26, according to a notice filed with the Texas Workforce Commission, or about 32% of staff based on Hess' headcount at the end of last year. During town hall meetings at Hess' Houston office on Tuesday, Chevron representatives presented a slide that showed safety incidents have risen during volatile periods historically, cautioning them to continue prioritizing safety, according to the two employees, who declined to be named to discuss an internal meeting. Hess staff were told they will be notified next week if they have a full-time position with the company moving forward or a short-term role to help with the transition. "These are difficult decisions which we do not make lightly," a Chevron spokesperson said, adding the company will offer severance and other support. The emphasis on safety comes after Wirth warned Chevron employees earlier this year that the company saw an increase in close calls that could have resulted in serious injuries or fatalities. Chevron and Hess staff were asked not to contact each other until the integration is complete, according to the two Hess employees and an internal Chevron message that Reuters reviewed. "We need them to focus on safe operations and on navigating the complex changes that result from this merger," said the internal Chevron message. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data