Nike losing core customers to Adidas- Morgan Stanley
Businessam Staff
August 31, 2017
With competition in the North American sports apparel marketplace at a fever pitch, Nike Inc.’s (NKE) once-dominant hold on the region is slipping amid an industry-wide “price war” and the resurgence of German brand Adidas, according to a top Wall Street firm. Nike’s iconic Jordan brand has struggled in recent quarters amid a shift in […]
Toshiba misses a self-imposed chip sale deadline, increasing future risks
Businessam StaffAugust 31, 2017
Toshiba (TOSBF, +0.07%) failed to seal a deal to sell its prized chip business by a self-imposed deadline of Thursday, raising doubts about whether it can plug a balance sheet hole in time to avoid a delisting and keep the chips unit competitive. The board of the embattled Japanese conglomerate met earlier in the day […]
Uber officially welcomes Expedia’s Dara Khosrowshahi as CEO
Businessam StaffAugust 30, 2017
Uber Technologies Inc officially welcomed its new Chief Executive Dara Khosrowshahi, who has led online travel business Expedia Inc for 12 years, in a note sent to employees of the world’s biggest ride-services company late Tuesday. The board had already selected Khosrowshahi as Uber’s next CEO in a vote Sunday, two sources told Reuters. But […]
Alibaba, Tencent show how companies can get around Beijing’s crackdown on foreign deals
Businessam StaffAugust 30, 2017
Alibaba and Tencent are showing how companies can get around Beijing’s massive crackdown on foreign deals. The firms, among China’s most important tech giants, are overseeing the merger of two companies they back. Chinese delivery firm 58 Suyun is combining with Hong Kong logistics company GoGoVan — both have raised funds from Alibaba, and Tencent backs New York-listed 58.com, […]
Access Bank redeems $350 million eurobond
Businessam StaffAugust 29, 2017
Access Bank Plc. has announced the final redemption of the $350,000,000.00 eurobond Notes due July 25, 2017. The Securities were issued in 2012 by Access Finance B.V. – a direct, wholly owned subsidiary of the Bank – on the back of an unconditional and irrevocable guarantee of the Bank. In October 2016, holders of $113 […]
Major shake-up in NNPC as Roland Ewubare becomes head NAPIMS
Businessam StaffAugust 29, 2017
The ongoing restructuring of the Nigerian National Petroleum Corporation (NNPC) received fresh impetus on Tuesday with the appointments and deployments of top executives across the value chain of its operations. Maikanti Baru, group managing director of the corporation, said the new appointments would not only help to position NNPC for the challenges ahead but would […]
United Bank for Africa grows H1:2017 profit by 66%, declares interim dividend
Businessam StaffAugust 29, 2017
United Bank for Africa (UBA) Plc (the Group) has announced its audited half-year financial results ended June 30, 2017, indicating a profit before tax (PBT) of N57.5 billion, representing a significant growth of 65.5 percent over N34.8 billion recorded in the corresponding period of June 2016. The results equally show that UBA shareholders’ funds grew […]
Qatar cut to AA- by Fitch with no end in sight to Gulf dispute
Businessam StaffAugust 28, 2017
Qatar’s sovereign rating was cut to AA- by Fitch Ratings, which cited little progress toward ending a Saudi Arabia-led embargo of the emirate. Fitch lowered the Gulf state’s sovereign long-term debt rating by one notch, putting it on par with Belgium and South Korea. The outlook is negative, the New York-based firm said in a […]
Khosrowshahi becomes Uber’s new CEO
Businessam StaffAugust 28, 2017
Expedia boss Dara Khosrowshahi has been chosen to replace Travis Kalanick as Uber Chief Executive Officer (CEO), ending months of speculation in the firm’s search for a new leader. The decision was made by Uber’s board late on Sunday, a source told the BBC, but the company has made no official announcement. Kalanick resigned in […]
UBA makes U-turn, lifts ban on Bank’s debit, prepaid cards usage for all sites
Businessam StaffAugust 25, 2017
Nigeria’s United Bank for Africa (UBA), Friday lifts the earlier restriction on its cards usage for transactions with online jewellery merchants, gambling or access any pornography sites. Contrary to the circular sent to customers through E-mail Thursday, the pan-African financial institution today released another circular signed by Chukwuma Nweke, its Executive Director/Group COO, stating the reversal […]