Euro rebounds to six-month high on Merkel while dollar steadies
Businessam Staff
May 22, 2017
The euro climbed to a six-month high, rebounding from an early decline, after Chancellor Angela Merkel said the common currency was “too weak.” The dollar stabilized in a narrow range following the biggest weekly slump since July. Europe’s common currency rose as much as 0.3 percent to $1.1236, its strongest level since Nov. 9, after […]
Shareholders take Akzo Nobel to court to oust Chairman Burgmans
Businessam StaffMay 22, 2017
Akzo Nobel (AKZO.AS) shareholders angered by the Dulux owner’s rejection of a 26.3 billion euro ($29.5 billion) takeover offer from U.S. rival PPG Industries (PPG.N) took their fight to an Amsterdam court on Monday. Activist hedge fund Elliott Advisors, supported by several long-term institutional investors, asked the Amsterdam Enterprise Chamber to order an investigation into […]
Ford set to fire CEO Mark Fields as shares founder: source
Businessam StaffMay 22, 2017
Ford Motor Co is expected to announce the departure of Chief Executive Mark Fields in a broad management shake-up, a company source said – a move that reflects growing investor unease over the company’s stock market performance and outlook. Forbes and the New York Times reported that James Hackett, 62 and chairman of the Ford […]
CIBN received N27.6bn claims from bank customers in 2016
Businessam StaffMay 20, 2017
*Rakes in N439.6m from corporate subscriptions, levies The Ethics and Professionalism Division, of the Chartered Institute of Bankers of Nigeria (CIBN) says its received 136 petitions with claims that amounted to N27.6 billion from bank customers in 2016. The institute disclosed this in its 2016 Annual Reports and Accounts released on Saturday in Lagos. It […]
How Nigerian oilman Igho Charles Sanomi II built a commodities trading giant
Businessam StaffMay 20, 2017
As we sit down for dinner in downtown Dubai, Nigerian oilman Igho Sanomi is upbeat. Alternating between sips of water and bits of mixed nuts he picks out of an espresso-sized nut cup, Sanomi is telling jokes at the table to a dozen guests, mostly his own employees. He then continues to engage, in very […]
Softbank-Saudi tech fund becomes world’s biggest with $93 billion of capital
Businessam StaffMay 20, 2017
The world’s largest private equity fund, backed by Japan’s Softbank Group and Saudi Arabia’s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. “The next stage of the Information Revolution is under way, and building the businesses that will make […]
A decade after debt forgiveness, Africa still hooked on dollars
Businessam StaffMay 19, 2017
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt […]
Insurers get a new global accounting regime
Businessam StaffMay 19, 2017
Comparing like with like Insurers get a new global accounting regime The rules will change how profits are reported, giving investors greater transparency Listed firms in over 120 countries, including all large economies bar America, issue financial statements according to international financial reporting standards (IFRS) set by the International Accounting Standards Board (IASB). One industry, […]
Japan government investors tell Toshiba of plan to join chip unit bidding: sources
Businessam StaffMay 19, 2017
Two Japanese government-backed investors have formally informed Toshiba Corp (6502.T) of their intention to take part in bids for its prized flash memory chip business, sources familiar with the matter said. State-backed fund Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) told the conglomerate of their intention on Friday, said […]
Dealmakers aplenty, SoftBank’s Son looks for wonks
Businessam StaffMay 19, 2017
Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google’s mobile phone business and grow LinkedIn’s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 […]