Ford set to fire CEO Mark Fields as shares founder: source
Businessam Staff
May 22, 2017
Ford Motor Co is expected to announce the departure of Chief Executive Mark Fields in a broad management shake-up, a company source said – a move that reflects growing investor unease over the company’s stock market performance and outlook. Forbes and the New York Times reported that James Hackett, 62 and chairman of the Ford […]
CIBN received N27.6bn claims from bank customers in 2016
Businessam StaffMay 20, 2017
*Rakes in N439.6m from corporate subscriptions, levies The Ethics and Professionalism Division, of the Chartered Institute of Bankers of Nigeria (CIBN) says its received 136 petitions with claims that amounted to N27.6 billion from bank customers in 2016. The institute disclosed this in its 2016 Annual Reports and Accounts released on Saturday in Lagos. It […]
How Nigerian oilman Igho Charles Sanomi II built a commodities trading giant
Businessam StaffMay 20, 2017
As we sit down for dinner in downtown Dubai, Nigerian oilman Igho Sanomi is upbeat. Alternating between sips of water and bits of mixed nuts he picks out of an espresso-sized nut cup, Sanomi is telling jokes at the table to a dozen guests, mostly his own employees. He then continues to engage, in very […]
Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital
Businessam StaffMay 20, 2017
The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. “The next stage of the Information Revolution is under way, and building the businesses that will make […]
A decade after debt forgiveness, Africa still hooked on dollars
Businessam StaffMay 19, 2017
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt […]
Insurers get a new global accounting regime
Businessam StaffMay 19, 2017
Comparing like with like Insurers get a new global accounting regime The rules will change how profits are reported, giving investors greater transparency Listed firms in over 120 countries, including all large economies bar America, issue financial statements according to international financial reporting standards (IFRS) set by the International Accounting Standards Board (IASB). One industry, […]
Japan government investors tell Toshiba of plan to join chip unit bidding: sources
Businessam StaffMay 19, 2017
Two Japanese government-backed investors have formally informed Toshiba Corp (6502.T) of their intention to take part in bids for its prized flash memory chip business, sources familiar with the matter said. State-backed fund Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) told the conglomerate of their intention on Friday, said […]
Dealmakers aplenty, SoftBank’s Son looks for wonks
Businessam StaffMay 19, 2017
Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google’s mobile phone business and grow LinkedIn’s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 […]
European Union to fine Facebook 110m euro for deceit
Businessam StaffMay 18, 2017
European Union (EU) antitrust regulators on Thursday said they would fine Facebook 110 million euros (122.4 million dollars) for providing misleading information over its purchase of messaging service WhatsApp in 2014. Calling it a “proportionate and deterrent fine,” the European Commission, which acts as the EU’s competition watchdog, said Facebook had said it could not […]
U.S. stocks slump, bonds rally amid Trump turmoil: Markets wrap
Businessam StaffMay 17, 2017
Risk off sentiment grips markets with Washington on edge Stocks fall as volatility indexes, bonds gain; oil rises Assessing President Trump’s Fallout on the Markets The turmoil engulfing President Donald Trump’s administration spilled into financial markets as U.S. stocks fell the most since March, measures of volatility spiked higher and Treasuries rallied with gold. The […]