Carats and sticks: De Beers and Botswana have agreed to a new deal

7/4/23 8:00PM

What’s mined is yours

Botswana is set to increase its share of diamond extraction in the country’s joint venture with mining conglomerate De Beers, rising from 25% to 50% over the next decade in a new deal struck over the weekend.

Founded in 1888 by Cecil Rhodes, De Beers quickly gained a monopolistic and controversial position in the global diamond industry, controlling a staggering 80% of supply as recently as the 1980s. Meanwhile, the company's savvy marketing also helped shape demand. With famous campaigns like “A Diamond is Forever”, the company successfully associated diamonds with love, commitment and high prices in the minds of consumers.

‍Carats and sticks

‍Botswana’s diamond mines — including the world’s largest open pit mine, Orapa, discovered by De Beers in 1967 just one year after the nation's independence — have helped catapult the country from one of the poorest in the world, to one with a per-capita GDP 4x the sub-Saharan Africa average. That growth, however, has come with mutual dependence — diamonds account for a staggering 90% of the country’s exports, while Botswana’s mines represent 70% of the De Beers portfolio.

After Botswana took a 24% stake in another diamond manufacturer earlier this year to diversify its route to market, and with ongoing pressure from increasingly high-quality lab-grown diamonds, this latest deal suggests that De Beers may continue to lose some of its luster.

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Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

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The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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