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 […]

PPC’s largest shareholder supports Fairfax-AfriSam offer

Businessam StaffSeptember 12, 2017

PPC Ltd.’s biggest shareholder is supporting a joint offer for South Africa’s biggest cement maker from domestic rival AfriSam Group Pty Ltd. and Canadian insurer Fairfax Financial Holdings Ltd. as the tie-up would create a national champion, according to people familiar with the matter. The Public Investment Corp., Africa’s biggest money manager, sees the three-way […]

Citigroup sees q3 trading revenue declining 15% due to subdued volatility

Businessam StaffSeptember 11, 2017

Citigroup Inc.’s trading revenue is on pace to drop 15 percent in the third quarter from a year earlier as volatility remains “somewhat subdued,” John Gerspach,Chief Financial Officer said. Last year’s performance benefited from a boost in activity as clients wagered on prospects for the U.S. election, while this quarter has seen no comparable catalyst, […]

Spanish data watchdog fines Facebook ‎€1.2mn for breaking data protection law

Businessam StaffSeptember 11, 2017

Facebook has been fined 1.2 million euros ($1.4 million) for allegedly collecting personal information from users in Spain that could then be used for advertising, the national data protection watchdog said on Monday. The fine stemmed from an investigation into the social network company conducted alongside similar probes in Belgium, France, Germany and the Netherlands, […]

Insurers ache for qualified inspectors after U.S. hurricanes damage

Businessam StaffSeptember 11, 2017

Insurers are scrambling to find inspectors in Texas and Florida after fierce hurricanes battered the states one after the other, causing tens of billions of dollars’ worth of property damage in less than two weeks. Although insurers maintain some number of inspectors, known as claims adjusters, across the U.S. year-round, they must redeploy staff from […]

Drugmaker Eli Lilly cuts 3,500 jobs to save $500 million from 2018

Businessam StaffSeptember 7, 2017

Eli Lilly & Co. plans to cut 8.5 percent of its workforce and close some facilities as the drugmaker deals with pressure on the price of some of its biggest products. According to Bloomberg report, some of the 3,500 job cuts will come from early retirements. Lilly also plans to close a research facility in […]