Company Briefs

Egypt's Suez Canal offers 15% discount for big container ships to win back tradeEgypt's Suez Canal will offer a 15% discount on transit fees for container ships with net tonnage of at least 130 000 metric tons, to encourage trade back now the security situation has eased and help ships offset rising insurance costs, its authorities said on Tuesday.The discounts will be applied from May 15 for 90 days on container ships that meet the standards, whether full or empty, Suez Canal Authority said in a statement.Revenue from the Suez Canal, a key source of foreign currency for Egypt, plunged to $880.9 million in the fourth quarter of last year from $2.4 billion a year earlier, following attacks on shipping by Yemen's Houthis in the Red Sea and Bab Al-Mandab Strait. The Iran-backed Houthis say they are trying to shut off cargo bound for Israel in support of Palestinians in Gaza, but they are also chasing ships away from the canal.Last week, Suez Canal Authority chief Osama Rabie met with representatives from shipping agencies who called for temporary incentives that would help offset increased insurance costs for vessels operating in the Red Sea, which they deemed a high-risk zone.-REUTERSSierra Leone's largest diamond miner shuts down, laying off more than 1 000 workersKoidu Limited, Sierra Leone's largest diamond producer, has halted operations and laid off nearly its entire local workforce of more than 1,000 employees following a protracted dispute over pay and working conditions.Workers at the mine went on strike in December 2024 but suspended their walkout to allow negotiations. They then walked out again in early March.Charles Kainessie, president of the Koidu Limited Workers' Union, told Reuters that only a small number of workers were still employed at the company's head office in Freetown.Sierra Leone's labour ministry has received copies of summary dismissal letters for more than 1,000 employees, it said in a statement on May 6.-REUTERSSamsung unveils the ultra-slim Galaxy S25 EdgeSamsung Electronics on Tuesday made public its slimmest flagship model to date, complete with enhanced artificial intelligence features, as it seeks to get ahead of rival Apple in the premium market. The S25 Edge launch is designed to tap increasing demand, especially from consumers in their 20s and 30s, for more portable smartphones.“The feedback was clear – users wanted something slimmer and easier to carry without sacrificing performance,” said Samsung, which made structural changes to reduce the thickness of internal components, including the printed circuit board and thermal systems.Analysts said the launch was strategically timed to pre-empt Apple, which is expected to launch a thinner iPhone in the second half of this year.“By releasing the product a few months ahead, Samsung could inflict some impact on Apple and attract consumers looking for thinner smartphones. It appears to be a calculated decision to capture that segment of demand,” said Ryu Young-ho, a senior analyst at NH Investment & Securities.The S25 Edge will go on sale in South Korea on 23 May and in the US on 30 May, Samsung said, adding it will roll it out to about 30 countries, including China and in Europe. There was no immediate word about a potential South African launch.-TECHCENTRAL

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