COMPANY NEWS IN BRIEF

BHP views on decarbonisation

The global markets will need four times the nickel and double the copper in the next 30 years to facilitate a decarbonised world, a BHP Group executive said on Wednesday.

"Some of the modelling that we have done showed that in, let's say a decarbonised world, the world will need almost double the copper in the next 30 years than in the past 30," said Vandita Pant, BHP's Chief Commercial Officer, at the FT Commodities Asia Summit.

"And for a commodity like nickel, that quadruples. So, four times nickel needed for the next 30 years than the past 30 years and all to be done as sustainably as possible," Pant added.

Both nickel and copper are poised for strong consumption as a result of the transition away from fossil fuels. Nickel is used in electric vehicle (EV) batteries while copper is needed for wiring in the EVs, their charging stations and other renewable energy infrastructure.

On Tuesday, Trafigura's chief executive warned of possible significant deficits for copper, nickel and cobalt as global demand rises. -Nampa/Reuters

Baidu quarterly results top estimates

China's Baidu Inc beat Wall Street estimates for quarterly revenue and adjusted profit on Wednesday, helped by stronger advertising sales and demand for its artificial intelligence and cloud products.

A recovering domestic economy encouraged higher marketing spending, helping Baidu's ad sales, even as it faces tough competition from e-commerce giant Alibaba and ByteDance. Baidu's foray into artificial intelligence (AI), cloud and autonomous driving has also helped its growth.

"Baidu Core delivered another solid quarter, powered by our AI cloud revenue growing 73% year-over-year," said Rong Luo, chief financial officer of Baidu.

In a bid to expand its portfolio, the company last year introduced robotaxi services in Beijing and entered into a partnership with Chinese auto manufacturer Geely to develop electric vehicles, a fast-evolving sector where many tech companies are looking to make a mark.

Baidu expects current-quarter revenue to be between 31 billion yuan and 34 billion yuan, largely in line with analysts' expectation of 32.60 billion yuan, according to Refinitiv IBES data. -Nampa/Reuters

Volkswagen to take on Tesla

Volkswagen plans to double staff numbers at its charging and energy division, roll out new payment technology next year and strike more alliances to take on Tesla in a key electric vehicle (EV) battleground.

By ensuring there are enough fast-charging plugs and enough power for the EVs it wants to sell, Europe's biggest carmaker hopes to convince drivers worried about battery ranges that they can ditch their fossil fuel cars for good.

Underlining its electric ambition, Volkswagen has drafted in power industry veteran Elke Temme, who spent nearly two decades at German energy companies RWE and Innogy, to help the carmaker get in better shape to take on Tesla.

In the job since January, Temme, 53, has been tasked with bundling the carmaker's various power activities such as procuring energy, enabling customers to charge their cars at home, and on the road, and selling the electricity required.

Getting this done will require a bigger workforce and Temme plans to double the staff at Volkswagen's European charging and energy division, known as Elli, to about 300 in 2022, having already tripled it this year, she told Reuters in an interview. -Nampa/Reuters

Deere workers to vote on contract

About 10 000 striking workers at Deere & Co will vote again on Wednesday to approve or reject a modified contract proposed by the company, as the longest strike in more than three decades forces the world's largest farm equipment maker to consider other options.

Deere has not publicly commented on changes to its second contract offer, which was rejected earlier this month, but the United Auto Workers (UAW) union, which represents the striking workers, said on Friday the company had made a "last, best and final offer" that included "modest modifications", without elaborating.

Workers at facilities in Illinois, Iowa and Kansas have been on strike since the middle of October after having turned down Deere's attempts to tie them down to a new deal, prompting the company to say "all options are on the table".

The workers are demanding better pay from Deere, which has forecast a record net income of US$5.7 billion to US$5.9 billion this year, to claw back concessions they made on some benefits in the past.

The striking workers are getting a good amount of community support, which further reinforces their push, UBS analyst Steven Fisher, citing a professor of labour relations, wrote in a research note. -Nampa/Reuters

Continental replaces finance chief

Germany's Continental will replace Wolfgang Schaefer as Chief Financial Officer after an investigation by prosecutors into the illegal use of defeat devices in diesel engines, the automotive supplier said on Wednesday.

The company's supervisory board made the decision at an extraordinary meeting and agreed that Nikolai Setzer, Chairman of the executive board, would take over Schaefer's responsibilities.

"These changes have been taken in the context of the already known investigations by the public prosecutor's office in Hanover, regarding the illegal use of defeat devices in diesel engines and shortcomings in the ongoing investigation by Continental," Continental said in a statement.

"Continental is investigating the case rigorously and thoroughly and is cooperating unconditionally with the public prosecutor's office," it added.

The company's premises in Hanover and Regensburg were searched last year as part of an ongoing probe into emissions cheating devices. -Nampa/Reuters