Fitch downgrades Nestle issuer-default rating to AA- with stable outlook
Businessam Staff
June 30, 2017
Fitch Ratings has downgraded Nestle SA’s (Nestle) long-term issuer default ratings (IDR) and senior unsecured ratings to ‘AA-‘ from ‘AA’, and affirmed the company’s short-term IDR at ‘F1+’. However, the company’s outlook on the long-term IDR remains stable. The downgrade follows Nestle’s announcement of a CHF20 billion share buy-back programme commencing from 4 July 2017. […]
Arik Air resumes Abuja-Accra flights July 17
Kelvin EgerueJune 30, 2017
Effective July 17, Arik Air, Nigeria’s largest carrier, will resume daily flight operations between Abuja and Accra bringing to six, the number of airlines that shuttle the route. Arik’s Chief Executive Officer, Capt. Roy Ilegbodu, said Friday in Lagos that the resumption of flights between the two countries was part of efforts to satisfy the […]
Airbus CEO to take control of plane sales in new shake-up
Businessam StaffJune 30, 2017
Airbus is launching a reorganization of its commercial aircraft sales operations in a move likely to focus fresh attention on a delicate balance of power at Europe’s largest aerospace company, according to Investing.com’s report. From July, the globe-trotting sales team, best known for contesting leadership of the jetliner market with Boeing (NYSE:BA), will report directly […]
Emirates set to implement new U.S. travel security measures ‘as soon as possible’
Businessam StaffJune 29, 2017
Emirates, the Middle East’s largest airline, said on Thursday it would work with authorities to implement new security measures on flights to the United States “as soon as possible,” Reuters reports. U.S. authorities want increased security protocols around aircraft and in passenger areas, expanded canine screening and additional places where travelers can be cleared by […]
Etihad allows passengers from U.S. ban countries to board flights
Businessam StaffJune 29, 2017
Etihad Airways is allowing nationals from six Muslim-majority countries on a U.S. travel ban list to board flights to the United States if they have valid travel documents, the Abu Dhabi-based airline said on Thursday. The U.S. Supreme Court ruled on Monday to allow part of the ban which applies to citizens and refugees from […]
Ecobank’s $400m convertible bond to include 6.7bn share option
Businessam StaffJune 28, 2017
Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, is billed to issue about 6.7 billion ordinary shares under a $400 million convertible bond issue already authorized by its shareholders. Businessamlive gathered that the convertible bond issue will include equities option that allows unit holders to convert their bonds […]
Afreximbank issues $750m notes under Euro medium-term note programme
Businessam StaffJune 26, 2017
The African Export-Import Bank (Afreximbank) has successfully closed a $750 million note under its Euro Medium Term Note programme, according to a release by the bank at the weekend. The Cairo-based bank closed the seven-year Regulation S (Reg S) only notes on 13 June, priced at a spread of 220 basis points (bps) over mid-swaps […]
Lasvit insignia of excellence bestowed on Nestoil
Businessam StaffJune 26, 2017
Lasvit, the UK-based global leader in glass-to-light transformation and design experience, has bestowed on the architecture masterpiece of Nestoil Limited headquarters in Lagos, Nestoil Tower, its insignia of excellence. The building is adorned with the Black Gold Chandelier by Lasvit, but the award represents the investiture of Lasvit’s aesthetic tradition and craft on the Tower. […]
Abu Dhabi’s Mubadala fund pulls out of Etisalat Nigeria
Businessam StaffJune 26, 2017
Abu Dhabi state investment fund Mubadala has pulled out of Etisalat Nigeria after the telecoms firm failed to renegotiate a $1.2 billion loan taken out four years ago with 13 Nigerian banks, the central bank said on Friday. It gave no details on what it meant by “pulled out” but said it had intervened in […]
Etihad to allow flyers bid to keep adjacent seats empty
Businessam StaffJune 26, 2017
*A move considered sensible with some drawbacks There are few things that airlines will not now put a price on. Even so, Etihad Airways has come up with an intriguing idea. The Abu Dhabi-based carrier is offering flyers the chance to bid to keep adjacent seats on a flight empty. Passengers can suggest the price […]