African leader son’s multimillion-euro splurge on $80,000 a year

Businessam StaffJune 22, 2017

The son of Equatorial Guinea’s president bought real estate, a Bugatti Veyron, a Cartier watch and bottles of prestigious Romanee Conti wine on his $80,000-a-year position as a government minister. French prosecutors are demanding he account in court for these and other purchases, which total more than 100 million euros ($112 million). Teodoro Nguema Obiang […]

Billionaires, spies, oil men: Meet the board of a Russian giant

Businessam StaffJune 21, 2017

A combative billionaire commodity trader and a nation at the center of a political storm in the Middle East are about to join the board of Russia’s largest oil producer. They’ll feel right at home. The current directors of Rosneft PJSC, which pumps more oil than any other traded company, are already well versed in political […]

Meet the four men charged over Barclays’s Qatar fundraising

Businessam StaffJune 21, 2017

Barclays Plc and four former executives were charged by the U.K. Serious Fraud Office with conspiracy to commit fraud during the bank’s 2008 effort to raise capital from Qatar. Barclays was seeking to avoid a bailout amid one of the most turbulent periods in financial history. The four men are the most senior U.K. banking executives charged since […]

Jeff Bezos searches for philanthropic ideas

Businessam StaffJune 17, 2017

“I’ve got over $80 billion. Now what?” Jeff Bezos, the world’s second richest person is asking the public for philanthropy ideas. In a tweet Thursday afternoon, the Amazon founder called on people to respond with their thoughts. An hour later, the tweet has already received more than 2,700 comments, including pitches to fund women’s healthcare […]

Richest black South African Motsepe eyes more than 3 billion rand in IPO

Businessam StaffJune 15, 2017

African Rainbow Capital Ltd., a South African financial-services firm started by Patrice Motsepe, the richest black South African, plans to raise more than 3 billion rand ($234 million) in an initial public offering of its investment-holding unit, according to people familiar with the matter. According to Bloomberg report, ARC, as it’s known, will fold its non-financial […]

Pics: AFRIMA and tourism meeting

Businessam StaffJune 14, 2017

L-R Head of Culture, African Union Commission, Ms. Angela Martins; Minister of Tourism, Republic of South Africa, Ms. Tokozile Xasa and President/Executive Producer, All Africa Music Awards, AFRIMA, Mr. Mike Dada during a strategic meeting on AFRIMA and Tourism in Africa held at The Parliament,Capetown,South Africa recently.

Hedge fund billionaire Paul Singer’s ruthless strategies include bullying CEOs, suing governments and seizing their navy’s ships

Businessam StaffJune 10, 2017

Hedge fund managers are rarely the quiet, retiring type, but few are as boldly bare-knuckled as Paul Singer, the founder of Elliott Management. Singer, who took home $400 million last year, makes his fortune through activist investing. While other investors are content to buy shares or bonds, and wait for them to accumulate value, Elliott […]

Seven Nigerians elected into UK parliament

Businessam StaffJune 9, 2017

The winners are: Chuka Umunna representing Streatham; Bim Afolami, Hitchin and Harpenden; Fiona Onasanya, Peterborough; Chi Onwurah, Newcastle; Kate Osamor, Edmonton; Kemi Badenoch, Saffron Walden; and Helen Grant, Maidstone and The Weald.