Nigeria naira outlook positive this week on 5.1% rise in FX reserve levels, CBN interventions

Businessam StaffSeptember 4, 2017

The Nigerian naira is projected to trade positive this week on growing reserves and central bank continued intervention, according to Ecobank Research analysts. At close of trade last week, the naira at N353.4/$ strengthened against the U.S dollar, a development, analysts at Ecobank Research say would continue this week. Specifically, the Nigerian naira strengthened 0.6 […]

American conglomerates, Dow Chemical, DuPont complete a $130bn mega-merger

Businessam StaffSeptember 2, 2017

Dow Chemical Co. and DuPont Friday completed their $130 billion merger, which was originally announced in December 2015. Each company’s shares stopped trading at the close Friday August 31 with the combined DowDuPont listing under ticker symbol “DWDP”. “The true value of this merger lies in the intended creation of three industry powerhouses that will […]

The budget bank rattling South Africa’s financial sector

Businessam StaffAugust 31, 2017

A budget bank is booming in South Africa’s economic slump, challenging the decades-long dominance of the “big four” lenders and prompting a price war that is driving down banking costs in a country where many people can’t afford an account. Capitec Bank has doubled its customer numbers over the past five years and quadrupled in […]

Amazon officially seals up deal to own Whole Foods

Businessam StaffAugust 28, 2017

Amazon has officially sealed the deal with Whole Foods, and the promised price cuts are already hitting grocery stores. Bananas for 49 cents a pound, anyone? Marked down from 79 cents, that’s more comparable to other supermarket chains. The organic variety goes for 69 cents a pound in a Manhattan store, down from Sunday’s price of 99 […]

South Africa’s Kumba Iron Ore, union reach wage deal

Businessam StaffAugust 25, 2017

South Africa’s Kumba Iron Ore, a unit of Anglo American, and a major union have signed a three-year wage deal giving workers an increase of as much as a 10 per cent a year, the National Union of Mineworkers (NUM) said Friday. NUM, which is the majority union at all of Kumba’s operations, said workers […]

BoI partners FCMB to finance 80-tonne vessel in Lagos

Businessam StaffAugust 24, 2017

Kayode Pitan, BOI Managing Director, and Adam Nunu, the Managing Director of FCMB

The Bank of Industry (BoI), in partnership with First City Monument Bank (FCMB) Thursday unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd. As reported by News Agency of Nigeria, Kayode Pitan, BOI Managing Director, said at the inauguration of the vessel tagged: “MV Bello’’ in Lagos, that the joint financing demonstrated […]

LeapFrog, Prudential associate company, invests $180m in Ghanaian insurer

Businessam StaffAugust 24, 2017

LeapFrog Investments, the emerging markets impact investment firm whose tagline is “profit with purpose”, has made its largest investment to date in a Ghanaian insurer. The $180m cheque was the largest ever written by LeapFrog, and came from the firm’s $350m Strategic African Investments fund in which global insurance firm Prudential is the primary investor. […]

EY snaps up BHP Billiton audit from 2019, after beating competition

Businessam StaffAugust 24, 2017

After an audit tendering process conducted by global industry giant, BHP Billiton, Big Four accounting and advisory firm, EY (formerly known as Ernst & Young) has beaten off competition to snap up the auditing of the company from 2019, it has emerged. EY’s lucrative victory will see it replacing KPMG as the mining giant’s auditor […]