McDonald’s ends Olympics sponsorship deal after 41 years
Businessam Staff
June 17, 2017
McDonald’s deal would have run through the Tokyo Olympics in 2020, and bowing out will likely to save it hundreds of million of dollars if it had continued into the next four-year Olympics cycle and beyond. McDonald’s has been trying to hold down costs as it invests in improving food quality, restaurant service and online […]
Berger Paint explains gratuity, pension policy to NSE over staff demonstration
Niyi JacobsJune 16, 2017
Fired up by a near shutdown following staff dispute over gratuity and pension issues, Berger Paints Plc has assured stakeholders and the Nigerian Stock Exchange (NSE) in particular that the peaceful demonstration by some sections of its staff on deadline for the end of gratuity payments would not have adverse effects on the company’s business […]
Rolls-Royce sees demand for a new mid-market jet
Businessam StaffJune 16, 2017
Engine maker Rolls-Royce (RR.L) believes there is a market for a new mid-priced jet such as the one Boeing (BA.N) is currently exploring and would consider working with Boeing on it, an executive said on Friday. Boeing is studying a gap in the market between narrow-body jets and long-haul aircraft for a potential new airplane […]
Nigeria’s newest airline prepares for take off as storm clouds gather
Businessam StaffJune 16, 2017
Nigeria’s aviation industry has suffered a prolonged spell of violent turbulence. The nation’s leading carrier was recently taken over by the government to prevent it collapsing. A crumbling runway closed the capital’s international airport for six weeks. The whole sector has been battered by Nigeria’s recession that has driven up costs and made foreign currency […]
FBN Holding cleans books to achieve single digit non-performing loan portfolio
Niyi JacobsJune 15, 2017
FBN Holdings has said it is cleaning its books to achieve single digit non-performing loan portfolio. Urum Kalu Eke, group managing director of FBN Holdings, said Thursday that the group is aiming to achieve a single digit NPL before 2019 business year-end, adding that the first step to achieving the target the restructuring of the […]
PZ Cussons’ Nigeria operations expected to make positive contributions to 2017 global results
Businessam StaffJune 15, 2017
Ahead of a July 25, 2017 release of its final results for the year ended 31 May 2017, PZ Cussons Plc, the Manchester, UK based global conglomerate Thursday announced that its Nigerian business operations were trading relatively well. Analysts who immediately took a liking to this suggested that the PZ Cussons business units in Nigeria […]
Daar Communications posts 47% decline in revenue, earnings
Niyi JacobsJune 14, 2017
Daar Communications Plc has recorded a net loss of N2.139 billion in 2016 as against a loss of N1.510 billion in year 2015. According to a notice posted on the Nigerian Stock Exchange on Tuesday, the company’s total revenue for the year under review was N3.732 billion in contrast with N7.089 billion it recorded in […]
UBA‘s $500m Eurobond oversubscribed by 240%
Niyi JacobsJune 13, 2017
… Reflects strong global investor appetite The United Bank for Africa Plc (UBA) has announced that it has successfully raised $500 million though a debut Eurobond, which was 240 per cent oversubscribed. The bank, in a statement, said the significant investor demand reflected the strong global investor appetite for UBA’s credit and support for the […]
Arik Air in talks with Dubai based investor to settle N375bn local, foreign debts
Businessam StaffJune 13, 2017
Four months after it was taken over by Assets Management Company of Nigeria (AMCON), over huge debt amounting to N375 billion, shareholders of Arik Air may have started discussions with a major investor to partner with the airline in a move to offset the debts it owed both local and international creditors. Businessamlive.com learnt from […]
Safaricom expands mobile-money service into Nigeria, Angola after Vodafone stake sale
Businessam StaffJune 12, 2017
Safaricom Ltd., a leading communications company in Kenya is set to expand its popular mobile-banking service M-Pesa into Nigeria and Angola, it grapples with regulatory scrutiny in its home market. The expansion of the mobile-banking service would be Safaricom’s first significant move since Vodacom’s $2.6 billion stake purchase last month and will enable the company to examine […]