America’s 3rd and 4th largest wireless networks in final merger talks, deal announcement likely before end-October
Businessam Staff
October 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 […]
Nigeria releases N100bn realised from sukuk bonds for 25 road projects
Businessam StaffOctober 5, 2017
Nigeria’s federal government has released N100 billion to road contractors to facilitate the construction and rehabilitation of 25 priority road projects across the six geopolitical zones, News Agency of Nigeria (NAN) reports. The Federal Government raised the funds through the issuance of Sukuk bonds. Sukuk bonds are Islamic bonds, structured in such a way as […]
Nigerian equities extend gains as benchmark index improves by 1.2%
Businessam StaffOctober 5, 2017
Nigerian equities Thursday maintain gains of previous session to close all-share index (ASI) higher by 1.2 percent. The benchmark index settled at 35,773.98 points while year-to-date gain advanced to 33.1 percent. Accordingly, market capitalization rose by N142.9 billion to N12.3 trillion. Thursday’s positive close is buoyed by price appreciations in DANGCEM (+2.4%), NIGERIAN BREWERIES (+1.2%) and WAPCO (+4.0%). […]
DHL, MallforAfrica in deal to grow cross-border e-commerce between African businesses, U.S consumers
Businessam StaffOctober 5, 2017
DHL Express, global logistics leader, is partnering an e-commerce company, MallforAfrica to facilitate selling made-in-Africa products to consumers in the United States of America. Businessamlive learnt that the partnership would ensure Africans sell their local products in the United States through an eBay platform powered by MallforAfrica with DHL locations serving as drop-off and pick-up […]
Nigeria needs $16bn to construct, modernise rail lines – minister
Businessam StaffOctober 5, 2017
The Nigerian government needs about $16 billion to construct and modernise major rail lines. Rotimi Amaechi, minister of transportation disclosed this Thursday while speaking with State House correspondents after emerging from a meeting with President Muhammadu Buhari, adding that between now and December 2017, the ministry will ensure efficiency in the rail system. Amaechi who […]
Gold loses bullish momentum as prices tumble to nearly two-month lows on waning investor anxiety
Businessam StaffOctober 5, 2017
International prices for gold, once among this year’s best-performing commodities, has tumbled to nearly two-month lows, hurt largely by waning investor anxiety and expectations for a steady pace of interest-rates hikes, according to reports. This is so because the destabilizing events that gold bugs were betting on earlier this year haven’t yet materialized, thereby dousing […]
Nigeria’s NNPC, other NOCs urged to transform into energy companies to avoid economic trap of lower oil prices
Businessam StaffOctober 5, 2017
African countries that have for decades depended on their national oil companies as a key source of revenue will need to rethink business models and strategies to avoid being captive to a single energy source and to allow them to rebalance budgets. These are some of the highlights from an analysis and report by PricewaterhouseCoopers […]
Nigeria equities market rebounds on bargain hunting in banking stocks as benchmark index gain 0.15%
Businessam StaffOctober 4, 2017
Nigerian equities market rebounded Wednesday as bargain hunting in relatively low-priced quality banking stocks pushed up index by 0.15 percent to close at 35,358.6 points, while year-to-date (YTD) gain increased to 31.6 percent. ZENITH (+1.6%), UBA (+2.4%) and STANBIC (+1.2%) were the major drivers of today’s performance. However, activity level softened as volume and value traded fell […]
Why I‘m so skeptical about bitcoin – Axel Weber, UBS chairman
Businessam StaffOctober 4, 2017
Another top banker has expressed scepticism about bitcoin fulfilling important functions of currency. Axel Weber, UBS chairman and former Bundesbank President, said on Wednesday bitcoin does not fulfil some of the most important functions of currency, according to reports by Reuters. Weber thus becomes the latest senior banker to express scepticism about the cryptocurrency. “I get often […]
Nigeria’s GTBank’s $400m debt-repurchase offer records 30.77% success
Businessam StaffOctober 4, 2017
Nigeria’s Guaranty Trust Bank’s (GTBank) offer to repurchase its $400 million 6 percent notes due 2018 has recorded 30.77 percent success as only $123.066 million in aggregate principal amount of the offer was validly tendered before the deadline. In a notice released to the Nigerian Stock Exchange (NSE) Wednesday, the bank indicated that it still has […]