Ford boosts its drive for electric cars in China with Zotye Venture
Businessam StaffAugust 23, 2017
Ford Motor Co. said it will explore setting up a joint venture to produce electric vehicles in China with Anhui Zotye Automobile Co. as manufacturers step up their investments in lower-emission cars in the world’s biggest auto market. The proposed equally owned joint venture will sell EVs under a new local brand, with details to […]
Chevron CEO Watson to step down, Wirth likely successor, source reveals
Businessam StaffAugust 23, 2017
John Watson, Chevron Corp Chief Executive will step down by the end of next month, September and Mike Wirth, Vice Chairman, likely to replace him, Reuters reports. on Tuesday. A source familiar with the matter told Reuters Tuesday, as it is expected that in Wirth, Chevron would pivot to a leader with experience in refining, […]
Delta takes over Arik’s Lagos-New York route, becomes sole carrier from Nigeria to US
Businessam StaffAugust 22, 2017
Delta Air Lines Monday announced it was introducing three weekly nonstop flights from Lagos to New York-JFK, starting March 25, 2018, effectively taking over a route that was previously operated by Arik Air, the Nigerian operator currently under receivership following debts owed Nigeria’s bad bank, the Asset Management Corporation of Nigeria (AMCON). Delta already runs […]
Goldman said to name AlDossari Saudi investment banking head
Businessam StaffAugust 22, 2017
Goldman Sachs Group Inc. has hired Eyas AlDossari as head of investment banking for Saudi Arabia as the U.S. bank looks to expand in the kingdom, according to people familiar with the matter, who asked not to be identified because the appointment isn’t yet public, Bloomberg reports. AlDossari was most recently an associate director for […]
Shoprite records rise in profit as South Africa stores prove resilient
Businessam StaffAugust 22, 2017
Shoprite Holdings Ltd. reported full-year earnings in line with analyst estimates as Africa’s largest food retailer boosted market share in South Africa ahead of a partial tie-up with clothing and furniture specialist Steinhoff International Holdings NV. According to Bloomberg’s report, headline earnings per share, which exclude one-time items, rose 12 percent to 10.07 rand in […]
Botswana grants Tlou Energy licence for coal-bed methane project
Businessam StaffAugust 21, 2017
Botswana has granted Tlou Energy a mining licence for its Lesedi coal-bed methane (CBM) project, Tony Gilby, the company’s Managing Director said Monday. The grant paves way for what would be the Southern African nation’s first gas-to-power plant. “The awarding of the mining licence by the ministry is a major milestone for the company. “Furthermore, […]
Nigeria Access Bank rewards customers in family fortune promo
Businessam StaffAugust 18, 2017
Nigeria Access Bank has rewarded 120 of its loyal customers in its family fortune promo – Save Today, Take Tomorrow – instituted to stimulate a saving culture in the family and among Nigerians. The promo which equally promotes financial inclusion had 50 customers rewarded with DSTV decoders; 30 getting N50,000 worth of shopping vouchers; 20 […]
Lenovo posts surprise loss as PC sales crater, costs climb
Businessam StaffAugust 18, 2017
Lenovo Group Ltd. posted a surprise quarterly loss after losing its grip on the global personal computer market, while its smartphone unit continues to bleed money. China’s largest PC maker reported a net loss of $72 million in the three months ended June — its first in six quarters and well below projections for income […]
Unilever $6bn spreads business auction gets hotter as Singaporean fund backs KKR bid
Businessam StaffAugust 17, 2017
Competition over Unilever’s spreads business is hotting up as Singapore’s wealth fund has entered the fray. The Sinagaporean state’s Government Investment Corporation (GIC) has agreed to back KKR, one of the world’s biggest buyout firms, in its bid for the operation according to Sky News monitored by City A.M. Unilever’s spreads include some of the […]
Wal-Mart’s comparable sales rise for 12th straight quarter
Businessam StaffAugust 17, 2017
Wal-Mart Stores Inc reported its 12th consecutive rise in quarterly comparable sales Thursday, driven by an increase in the number of shoppers who visited stores and made purchases online. Sales at U.S. stores open at least a year rose 1.8 percent, excluding fuel, in the second quarter ended on July 31. Analysts polled by research […]