Mercedes plots Tesla attack with $1bn U.S. Electric Push
Businessam Staff
September 22, 2017
Daimler AG plans to spend $1 billion to start production of Mercedes-Benz electric vehicles at its Alabama factory, setting the world’s largest luxury-car maker up to battle with battery-car specialist Tesla Inc. on its home turf The German automaker will build its fifth battery plant globally and create more than 600 jobs in the region, the company said […]
Uber stripped of London license
Businessam StaffSeptember 22, 2017
London stripped Uber Friday of its license to operate from the end of September in a huge blow to the taxi app that will affect more than 40,000 drivers in one of the world’s biggest cities. Regulator Transport for London (TfL) said Uber’s conduct posed risks to public safety and it would not renew its […]
Western Digital takes fresh legal action against Toshiba after latest chip unit bid rebuffed
Businessam StaffSeptember 21, 2017
Western Digital Corp. said Wednesday it has taken legal steps against Toshiba Corp.’s investment in a new production site at their joint-venture chip plant, just hours after the Japanese firm rejected the California-based company’s bid to acquire its semiconductor unit. Western Digital filed an arbitration request with the International Court of Arbitration, seeking to prevent […]
Delta hits milestone on Lagos-Atlanta route, records 1-millionth passenger
Businessam StaffSeptember 20, 2017
The lucrative Lagos, Nigeria – Atlanta, United States non-stop air passenger route operated by Delta Airlines recorded its first one millionth passenger at the weekend when Gbemisola Abudu boarded the flight bound for Atlanta, after a short recognition ceremony at the Murtala Muhammed International Airport in Lagos. Bobby Bryan, Delta’s commercial director for East and […]
Whyte Cleon says staff recall from First Bank followed global outsourcing best practice
Businessam StaffSeptember 19, 2017
Whyte Cleon Limited (WCL), the company that outsourced staff to First Bank Limited, has said the withdrawal of some of its personnel from the bank followed laid down procedure in the engagement, deployment and withdrawal such staff around the world. The company said it had to respond to media reports that it allegedly ordered mass […]
Alibaba-backed Best Inc cuts expected price range for U.S. IPO
Businessam StaffSeptember 19, 2017
Alibaba Group-backed Chinese logistics firm Best Inc on Tuesday slashed the expected price range of its U.S. initial public offering, one day before its market debut, suggesting tepid investor enthusiasm. Best expects its offering of 45 million American depository shares (ADS) to be priced at $10 to $11 per ADS, it said in a filing […]
British Airways set to power fleet with fuel converted from household waste
Businessam StaffSeptember 19, 2017
British Airways Monday announced that it has entered a partnership to design a series of waste plants that convert household waste into renewable jet fuel to power its fleet. The first plant will take hundreds of thousands of tons of household waste per-year, destined for landfill or incineration, including nappies, plastic food containers, and chocolate […]
U.S. investor moves to acquire Football Club West Bromwich Albion
Businessam StaffSeptember 15, 2017
The owners of West Bromwich Albion Football Club have been approached by a U.S. investor interested in buying the English soccer club, according to people familiar with the situation. Yunyi Guokai Shanghai Sports Development, which agreed to buy an 88 percent stake in the English Premier League club in 2016, according to Bloomberg has rejected […]
South Africa’s PPC expects higher offer from Canada’s Fairfax
Businessam StaffSeptember 15, 2017
PPC, South Africa’s biggest cement producer, said Friday it expected Canada’s Fairfax Africa Investments to raise its 9.2 billion-rand ($700 million) takeover offer. The all-share offer from AfriSam and Fairfax on Sept. 4 valued PPC shares at 5.75 rand but expectations of a higher bid, either from Fairfax or others such as Nigeria’s Dangote Cement, […]
Nigeria’s Stanbic IBTC offers scrip dividend option for three years
Businessam StaffSeptember 14, 2017
Nigeria’s Stanbic IBTC Bank said Thursday it will offer shareholders the option to receive scrip dividends in lieu of cash dividends over the next three years after it declared an interim dividend. The mid-tier lender, which is part of South Africa’s Standard Bank, did not provide a reason for the move. The bank declared a […]