Shareholders clear former Shoprite CEO’s $135m shares for buy-back

Businessam StaffSeptember 5, 2017

Shareholders of Shoprite Holdings Ltd., the company with a number of outlets in Nigeria, have voted in favour of the purchase of about R1.75 billion ($135 million) of shares from former chief executive officer, Whitey Basson, enabling Africa’s largest food retailer to buy at a discount to the current share price. The decision enables the […]

United Tech to buy Rockwell Collins for $30 billion

Businessam StaffSeptember 5, 2017

Aerospace supplier United Technologies Corp has struck a $30 billion agreement to buy avionics and interiors maker Rockwell Collins Inc, the companies said on Monday, in a deal that bulks up UTC’s power with plane makers by creating one of the world’s largest makers of civilian and defense aircraft components. Farmington, Connecticut-based United Technologies will […]

Ethiopian Airlines plot takeover of Nigeria’s Arik Air

Businessam StaffSeptember 1, 2017

Nigeria’s Arik Air would soon be under a new management as Ethiopian Airlines have submit formal offer to take charge of the troubled carrier, Arik Air, which accounts for more than half of Nigerian air passenger traffic. According to a CNN reports monitored by businessamlive.com, Esayas WoldeMariam, Ethiopian airlines managing director of international services, said […]

Heidelbergcement’s Tanzanian unit posts 46% profit fall

Businessam StaffAugust 31, 2017

Tanzania Portland Cement Company (TPCC), majority owned by Germany’s Heidelbergcement, on Thursday posted a 45.6 percent drop in first-half profit after an output glut in east Africa’s second-biggest economy forced down cement prices. Annual cement production in Tanzania is about 10 million tonnes, roughly twice the level of demand, with the surplus exported to eastern […]

New Uber CEO hints at 2019 IPO as he rakes over troubled startup

Businessam StaffAugust 31, 2017

Dara Khosrowshahi

One of Dara Khosrowshahi’s first tasks at Uber Technologies Inc. will be coming up with a new set of core principles. Uber’s board ripped up parts of the original list of 14 corporate values, authored years ago by co-founder Travis Kalanick, after they were used by employees to justify malicious behavior around the office. Rewriting […]

Nike losing core customers to Adidas- Morgan Stanley

Businessam StaffAugust 31, 2017

With competition in the North American sports apparel marketplace at a fever pitch, Nike Inc.’s (NKE) once-dominant hold on the region is slipping amid an industry-wide “price war” and the resurgence of German brand Adidas, according to a top Wall Street firm. Nike’s iconic Jordan brand has struggled in recent quarters amid a shift in […]

Uber officially welcomes Expedia’s Dara Khosrowshahi as CEO

Businessam StaffAugust 30, 2017

Dara Khosrowshahi

Uber Technologies Inc officially welcomed its new Chief Executive Dara Khosrowshahi, who has led online travel business Expedia Inc for 12 years, in a note sent to employees of the world’s biggest ride-services company late Tuesday. The board had already selected Khosrowshahi as Uber’s next CEO in a vote Sunday, two sources told Reuters. But […]

Alibaba, Tencent show how companies can get around Beijing’s crackdown on foreign deals

Businessam StaffAugust 30, 2017

Alibaba and Tencent are showing how companies can get around Beijing’s massive crackdown on foreign deals. The firms, among China’s most important tech giants, are overseeing the merger of two companies they back. Chinese delivery firm 58 Suyun is combining with Hong Kong logistics company GoGoVan — both have raised funds from Alibaba, and Tencent backs New York-listed 58.com, […]