Dongfeng Motor reshuffles top-level management
Businessam Staff
June 9, 2017
Chinese carmaker Dongfeng Motor Corp. has reshuffled its senior management, affecting top-level executives at its Chinese subsidiaries and joint ventures with foreign firms, an insider told Yicai Global. Liu Weidong, chairman of Dongfeng Peugeot Citroen Automobile Co. and Dongfeng Hongtai Holdings Group, will move to oversee development of Dongfeng passenger cars and technology, the source […]
Unprofitable subsidiaries becoming new tax haven for multinational corporations
Businessam StaffJune 9, 2017
Multinational corporations are moving income from their profitable, high-tax subsidiaries into unprofitable ones to save money on taxes, a University of Waterloo study has found. The study’s findings shed light on a tax planning strategy that is not currently focused on by governments, which tend to focus their efforts on firms who move their money […]
Fitch assigns final ‘B’ rating to UBA $500m notes
Niyi JacobsJune 8, 2017
Fitch Ratings has assigned United Bank for Africa Plc’s $500 million 7.75% senior unsecured notes maturing 8 June 2022 a final ‘B’ rating. Fitch said its assessment was based on expected recoveries in a liquidation scenario. It also assigned a final recovery rating of ‘RR4 (EXP)’ to the notes, implying average recovery prospects. The final […]
Sterling Bank increases social impact investment, signs Olamide brand ambassador
Businessam StaffJune 8, 2017
Sterling Bank has intensified its social impact investment with its environmental sustainability campaign where Olamide Adedeji, popularly called Olamide Baddo, was unveiled as brand ambassador. The Sterling Environmental Makeover (STEM) is the bank’s corporate social responsibility initiative, which seeks to promote practices that contribute to the quality of environment on a long-term basis. Olamide is […]
Amazon lent $1 billion to merchants to boost sales on its marketplace
Businessam StaffJune 8, 2017
Amazon.com Inc has stepped up lending to third-party sellers on its site who are looking to grow their business, a company executive said in an interview on Wednesday. The e-commerce giant has doled out more than $1 billion in small loans to sellers in the past 12 months, compared with more than $1.5 billion it […]
INTBREW in merger talks with Intafact Beverages, Pabod Brewer
Niyi JacobsJune 7, 2017
International Breweries PLC (INTBREW) has given notice of a proposed merger with Intafact Beverages Limited and Pabod Breweries Limited. The merger, which has since been approved by the board of International Breweries PLC is pending regulatory approvals. The merger between the three Anheuser Busch Inbev subsidiaries is expected to provide additional competition in the beverage […]
Lafarge, Unicem in business combination for size, competition
Niyi JacobsJune 7, 2017
The shareholders of Lafarge Africa Plc, coming out of the company’s 58th Annual General Meeting (AGM) in Lagos Wednesday approved the proposed business combination with Unicem that would see the size of the company increase to position it for market competition. They also approved the payment of N1.05 as dividend per share presented by the […]
91 percent businesses in India believe IT complexities put their companies at risk- Citrix
Businessam StaffJune 7, 2017
Ninety one percent of Indian businesses believe that their company is at risk because of organisational and IT complexities, higher than the APJ average of 85% and the global average of 83%. About 72% said that it’s time for a new security framework. These were some of the key findings in a global study carried […]
Google, Apple, Microsoft, Amazon and Facebook top most valuable global brands list
Businessam StaffJune 7, 2017
U.S. tech giants Google, Apple, Microsoft, Amazon and Facebook are the five most valuable global brands, according to rankings released on Tuesday by WPP and Kantar Millward Brown. The BrandZ Top 100 Most Valuable Global Brands ranking saw Google retain its top spot with a brand value of more than $245 billion. Amazon rose three […]
Ikeja Electric taps Deloitte to manage whistle-blowing platform
Businessam StaffJune 6, 2017
Ikeja Electric Plc, the electricity distribution company with coverage across parts of Lagos and Ogun states, has engaged the services of Deloitte, a leading Nigerian professional service firm, to manage a new platform it is dedicating to whistle-blowing by customers who have information that could help reveal illegal and unethical activities in its network. The […]