Ian Narev, Commonwealth Bank head to step down amid money laundering claims
Businessam Staff
August 14, 2017
Ian Narev, Chief Executive of Australia’s Commonwealth Bank will step down by the middle of next year, the firm has said. The Bank’s head will retire after six years at the helm of Australia’s biggest mortgage lender, after pressure from regulators over 53,700 alleged breaches of anti-money laundering laws. The board said it brought forward details […]
Mitchell Ng’s Thessalus Capital targets healthy returns
Businessam StaffAugust 13, 2017
Investing in healthcare ventures and stocks remains one of the most lucrative and popular money streams on Wall Street. Fund managers deem it to be bankable and insulated from the macroeconomic volatility we have become so accustomed to in recent years. It is hardly surprising that those managing the most successful healthcare funds possess specialist […]
Bezos falls to no. 3 after sell-off erases $2 billion of his fortune
Businessam StaffAugust 11, 2017
Global tensions sparked a market sell-off Thursday that drained $42.7 billion from the net worth of the world’s 500 richest people and knocked Amazon.com Inc. founder Jeff Bezos from his spot as the world’s second-richest person. The rout in U.S. stocks, the worst since May, lopped $2 billion from Bezos’s fortune, according to the Bloomberg Billionaires Index, as shares […]
Nigeria’s Bala Usman appointed VP, International Association of Ports and Harbors
Aderemi OjekunleAugust 9, 2017
Nigeria’s Hadiza Bala Usman, currently managing director of Nigerian Ports Authority (NPA), has been appointed vice president (Africa Region) of the International Association of Ports and Harbours (IAPH), the Tokyo, Japan based trade association for seaports. Usman joins five other vice presidents from around the world on the governing body of the 62 years-old organisation. Other vice presidents are Guimara Tunon Guerra from Central […]
When Richard Branson’s airline won $945,000 from a lawsuit, he gave it all to his employees
Businessam StaffAugust 4, 2017
Billionaire entrepreneur Richard Branson started his airline Virgin Atlantic in 1984 when his flight from Puerto Rico to the Virgin Islands was cancelled. Rather than waiting for the next available flight, “I hired a plane, borrowed a blackboard and as a joke, I wrote ‘Virgin Airlines’ on the top of the blackboard, ‘$39 one way […]
Standard Bank’s new man, Munro, at Liberty ready for tough decisions
Businessam StaffAugust 4, 2017
David Munro, the new chief executive officer of Liberty Holdings Ltd., said he’s prepared to make tough decisions to improve the insurer’s performance after first-half profit dropped 15 percent. “We will not shirk from the necessary decisions needed to equip Liberty to do better in this difficult and highly competitive environment,” Johannesburg-based Munro said in an email […]
The oil trader known as ‘God’ is closing down his main hedge fund
Businessam StaffAugust 3, 2017
Andy Hall, the oil trader sometimes known in markets as “God,” is closing down his main hedge fund after big losses in the first half of the year, according to people with knowledge of the matter. The global crude market has “materially worsened” and prices may be stuck around $50 a barrel or below, Hall […]
Jarana: Man on mission to turn around South African Airways
Businessam StaffAugust 3, 2017
South Africa’s National Treasury confirmed the appointment of Vodacom Group Ltd. executive Vuyani Jarana as the first permanent chief executive officer of the state-owned carrier since November 2015. Jarana will take the helm at South African Airways when Vodacom releases him of his duties, the Treasury said in an emailed statement on Thursday. The debt-laden […]
Nigeria’s minister, Enelamah, elected vice-chair, Africa, World Trade Organisation ministerial conference
Businessam StaffJuly 31, 2017
Okechukwu Enelamah, Nigeria’s minister of industry, trade and investment, has been elected the vice-chairperson representing Africa, for the 11th World Trade Organisation (WTO) Ministerial Conference. Nigeria’s election was decided at the meeting of the WTO General Council on July 26th. The General Council acts on behalf of the Ministerial Conference on all WTO affairs. It […]
Okonjo-Iweala to speak at Aspen’s ‘exceptional individual’ event
Businessam StaffJuly 31, 2017
Ngozi Okonjo-Iweala, Leading Nigerian and African Economist, would deliver Aspen Institute’s fifth annual Madeline K. Albright Global Development Lecture on Wednesday, 2nd August 2017. The lecture series recognizes an exceptional individual who has contributed immensely to tackling the challenges of global development. Okonjo-Iweala served as a two time Finance Minister of Nigeria from 2003 to […]