Unilever involved in bidding war for Reckitt Benckiser’s £2bn-valued food business

Anglo-Dutch conglomerate Unilever is involved in a £2bn bidding war to buy Reckitt Benckiser’s food business. The London and Amsterdam-listed firm is among a handful of companies understood to be competing for the operation behind French’s mustard. Reckitt Benckiser, which makes Durex condoms and Nurofen, confirmed in April that it had initiated a strategic review of its food […]

U.S.-China trade talks sputtering at 100-day deadline

Bilateral talks aimed at reducing the U.S. trade deficit with China have yielded some initial deals, but U.S. firms say much more needs to be done as a deadline for a 100-day action plan expires on Sunday. The negotiations, which began in April, have reopened China’s market to U.S. beef after 14 years and prompted […]

Corruption can hurt growth and ruin people’s economic chances, warns IMF

*Estimates global cost of bribery at $2trn annually…. A research by the International Monetary Fund (IMF) shows that in countries with greater levels of corruption, infant mortality and dropout rates are especially high, partly due to less spending on health and education. It says that reduced investment in health and education tends to hurt poor […]

US go after $144m bribe related assets linked to Diezani, former OPEC  president

The United States Department of Justice (DOJ) has made a court filing seeking to retrieve assets worth about $144 million said to be related to a bribery scheme that is linked to former Organisation of Petroleum Exporting Countries (OPEC) and Nigerian immediate past oil minister, Diezani Alison-Madueke, who is believed to be living presently in London, where she relocated after […]

Nigerian stocks closed trading on positive note, records 2.47% gain week-on-week

Nigerian stocks closed trading on a positive note Friday as the bourse’s all-share index rose marginally by 0.04 percent to close at 33,261.66 basis points against 0.80 percent appreciation recorded Thursday. Friday’s performance thus capped a week of rally with 2.47% gain week-on-week as year-to-date (YTD) returns stood at 23.77 percent, the highest so far […]

Nigeria ranks 21 in world’s most powerful economies in 2030

PricewaterhouseCoopers, one of the world’s largest professional-services firms, just released its predictions for the most powerful economies in the world by 2030 and Nigeria is ranked 21 with $1.794 trillion gross domestic product by purchasing power parity (PPP). By the ranking, Nigeria is second in Africa, coming behind Egypt ($2.049 trillion) at 19th position, while […]