Alibaba, Tencent show how companies can get around Beijing’s crackdown on foreign deals
Businessam Staff
August 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 […]
UBA restricts customers on Bank’s debit, prepaid cards usage for dating, betting, jewellery sites
Businessam StaffAugust 25, 2017
Nigeria’s United Bank for Africa (UBA), Thursday, says it has restricted its customers from using its debit and prepaid cards for transactions with online jewellery merchants, gambling or access any pornography sites. In a newsletter to customers titled “we want you to transact safely,” the bank, which is one of the biggest in the country, said […]
Uber narrows loss to $645 million, boosts revenue amid turmoil
Businessam StaffAugust 24, 2017
Even as Uber Technologies Inc.’s investors mounted a revolt against the then-chief executive officer over a string of self-inflicted scandals, the ride-hailing company’s financial performance continued to improve in the second quarter of the year, based on financial results provided by the company. Uber generated $1.75 billion in adjusted net revenue in the second quarter […]
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 […]