IMF growth outlook for Nigeria stays flat as global economy’s upgraded by 0.1%
Businessam Staff
October 10, 2017
The International Monetary Fund (IMF) has maintained its growth outlook for Nigeria at flat 0.8 percent this year and 1.9 percent in 2018, just as it upgrades its earlier outlook for the global economy by 0.1 percent. In its October World Economic Outlook released Tuesday, the IMF reaffirmed its July projection that Nigeria will see its […]
Africa’s air traffic accounts for just 5% of world total as Lagos airport handles 7.3m passengers in 2016
Businessam StaffOctober 10, 2017
Africa’s air passenger traffic accounts for a meager five percent of world total, which stood at 3.7 billion in 2016, according to Jumia Travels, Nigeria’s online booking portal. In its aviation infographics seen by businessamlive, Jumia ranked Nairobi tops in domestic air traffic capacity by African cities. Nairobi is reported to have 22 percent handling […]
Japan’s steelmaker, Kobe Steel, admission to faking data for metal used in cars, aircraft raises safety concerns
Businessam StaffOctober 10, 2017
Japan’s steel maker, Kobe Steel, admission to faking data for metal used in cars and aircraft is raising concerns about safety, just as it has stunned Japanese manufacturers and global users of its products. Kobe Steel Inc. had admitted to falsifying of inspection data of aluminum and copper products that may have gone to around […]
Marriott International to invest $8.5m in African markets as it strengthens presence in Nigeria, others
Businessam StaffOctober 10, 2017
Marriott International Tuesday announced a further $8.5 million expansion plan in Africa with seven new hotel signings, just as it strengthens presence in Nigeria, Ethiopia and Ghana. The company specifically said it has signed on Renaissance Landmark Lagos Hotel and Marriott Executive Apartments, Victoria Island, Lagos, Nigeria into its global chain of hotels. The expansion plans announced […]
Nigerian equities trade positive in fourth consecutive session as benchmark index expands 1.41%
Businessam StaffOctober 9, 2017
The Nigerian equities market closed positive Monday as benchmark index appreciated by 1.41 percent to settle at 36,831.93 basis points, thus sustaining uptrend for the fourth consecutive session. Consequently, market year-to-date (YTD) gain berthed at 37.1 percent just as market capitalization gained N175.9 billion to close at N12.7 trillion. The major drivers of Monday’s performance were DANGCEM (+2.9%), GUARANTY […]
NNPC says non-transparency allegations are baseless as due process followed in the award of contracts
Foster ObiOctober 9, 2017
Nigeria’s state oil company Monday said allegations by Emmanuel Ibe Kachikwu, minister of state for oil, that the conduct of its group managing director lacked transparency and due process in the awards of contracts were baseless, adding that nothing was hidden from the minister. Emmanuel Ibe Kachikwu, in a letter to the president dated Aug. […]
Trump’s business empire in the UK suffers backlash on environmental, political controversies
Businessam StaffOctober 9, 2017
American President, Donald Trump’s, businesses overseas may be losing huge sums of money as he gets enmeshed in countless controversies, ranging from politics to the environment. Reports indicate that some of his suffering business outlets include two golf resorts, near Aberdeen and Turnberry in Scotland. According to accounts filed in the U.K. the combined losses […]
Outlook for Nigerian naira stable amid increased demand for CBN dollars on Christmas inventory build-up
Businessam StaffOctober 6, 2017
Demand for Central Bank of Nigeria (CBN) dollars has been projected to increase this month as Christmas inventory build-up. However, rising external reserves due to stable oil prices at an average of $55 per barrel has given the Naira a stable outlook in the near to medium term. Research analysts at Lagos-based Financial Derivatives Company […]
Nigeria’s Dangote withdraws bid for South Africa’s cement maker, PPC
Businessam StaffOctober 6, 2017
Nigeria’s Dangote has withdrawn his takeover bid of South Africa’s cement maker PPC. PPC said Friday that Nigeria’s Dangote Cement had withdrawn its interest in a tie-up with the South African firm, sending its shares more than 13 percent lower. Africa’s richest person Aliko Dangote joined the race to buy South Africa’s biggest cement producer in September. […]
America’s 3rd and 4th largest wireless networks in final merger talks, deal announcement likely before end-October
Businessam StaffOctober 6, 2017
America’s Sprint and T-Mobile are currently ironing out final deal details that would bring together the third (T-Mobile) and fourth (Sprint) largest wireless carriers in the nation, creating a stronger competitor to Verizon Wireless and AT&T. The merger likely to be announced with quarterly earnings at end of month could, theoretically, with their combined wealth […]