GE stock falls to lowest level in 19 months after report shows 12% drop in revenue
Businessam Staff
July 21, 2017
General Electric stock skid Friday to its lowest level in 19 months after the company saw a 12 percent drop in revenue from a year earlier. It was GE’s final quarterly earnings report before John Flannery replaces Jeff Immelt as CEO next month. Share prices were down as much as 5 percent after GE’s earnings […]
Wema bank plans equity raise next year to bolster capital ratio
Businessam StaffJuly 20, 2017
Wema Bank Nigeria plans to raise equity next year to bolster its capital ratio and cut its operating costs as its new digital strategy gains traction, a senior executive said Thursday. According to Reuters’ report, The mid-tier lender said it cut loan growth this year to between one to two percent of total loans, down […]
Morgan Stanley predicts Nike shares will rally nearly 20% on new sneakers
Businessam StaffJuly 20, 2017
It has been a difficult year for Nike shareholders. But now a prominent Wall Street firm is saying the company’s financial results will improve and investors should buy the shoe maker’s stock. Morgan Stanley analyst Jay Sole believes Nike sales will rise in the coming months due to hot new sneaker offerings. As a result, he raised […]
Morgan Stanley claims another trading victory over rival Goldman Sachs
Businessam StaffJuly 19, 2017
Morgan Stanley beat Wall Street’s profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs Group Inc, a rare feat. The sixth-largest U.S. bank by assets reported an 11 percent rise in second-quarter profit, generating more revenue from giving corporations advice, underwriting securities, trading equities […]
Aggressive debt recovery seen to put back Nigeria’s Skye Bank on track
Businessam StaffJuly 18, 2017
Skye Bank’s renewed commitment to debt recovery and profitability is paying off as the bank has reportedly raked in over N60 billion from its debtors through aggressive and robust debt recovery efforts in the last one year. The Management of the Bank made this disclosure in a statement issued to update stakeholders of milestones recorded […]
Lloyds seeks new London office in $100 million cost push
Businessam StaffJuly 18, 2017
Lloyds Banking Group Plc is in talks to lease a new London office with room for about 1,000 workers in an effort to consolidate its locations in the capital and help save 100 million pounds ($130 million), two people familiar with the plan said. The U.K. bank is in discussions with law firm CMS Cameron […]
Netflix surges on strong subscriber growth
Businessam StaffJuly 18, 2017
Netflix on Monday announced adding more than 5 million subscribers in the June quarter, bringing its total subscriber base to about 104 million. According to CNN, the vast majority of new subscribers — more than 4 million — came from its overseas markets. In fact, Netflix’s international subscriber base is now larger than the U.S. […]
Oracle set to add 1,000 employees in European cloud push
Businessam StaffJuly 18, 2017
Oracle Corp. is hiring 1,000 employees in Europe, the Middle East and Africa as it expands its cloud computing services in the region. The company is looking for workers with between two to six years of experience to staff sales, management, finance, recruitment, marketing and human resources roles for its cloud computing service, Oracle said […]
BlackRock, world’s biggest asset manager, reels in cash but earnings disappoint
Businessam StaffJuly 17, 2017
BlackRock Inc’s second-quarter results failed to impress Wall Street on Monday as the world’s biggest asset manager cut fees to lure a wave of investor cash into its exchange-traded funds, sending shares down 3 percent. Investors of all types have been piling into ETFs and dumping more expensive alternatives, and BlackRock’s fees have raced toward […]
Trian launches public fight to add Peltz to P&G’s board
Businessam StaffJuly 17, 2017
Trian Fund Management LP said on Monday it was seeking a seat for its billionaire chief executive on Procter & Gamble Co’s board, as it looks to push the company to take more drastic steps to revive sales and profits. Trian’s announcement marks the official launch of the largest proxy fight ever, with the activist fund […]