Oil down as U.S.-China trade fears outweigh inventory drop
Businessam StaffMay 9, 2019
Oil prices fell on Thursday as investors worried the United States and China could fail to reach a trade deal ahead of a Friday deadline, resulting in higher U.S. tariffs on Chinese imports that could hit economic growth and crimp crude demand. The escalating trade battle between the world’s two biggest economies has clouded the […]
US blocks China Mobile bid to provide telecom services
Businessam StaffMay 9, 2019
US regulators on Thursday denied a request by China Mobile to operate in the US market and provide international telecommunications services, saying links to the Chinese government pose a national security risk. The Federal Communications Commission said that because of China Mobile USA’s ownership and control by the Chinese government, allowing it into the US […]
MTN Nigeria sees improved Q1 2019 results, gains 2.1m subscribers
Businessam StaffMay 9, 2019
MTN Nigeria Communications Plc (MTN Nigeria) on Thursday announced its unaudited results for the quarter ended March 31. Ferdi Moolman, the chief executive officer of MTN, said that in 2019, MTN Nigeria adopted the International Financial Reporting Standard (IFRS)16 accounting standards in line with global best practice. Moolman said service revenue increased by 13.4 per […]
Power outage mounts as grid collapses twice in 18 hours
Businessam StaffMay 9, 2019
The national electricity grid has collapsed again on Thursday morning at 5:30am, sources in the industry have said. This is coming less than 18 hours after a similar collapse on Wednesday afternoon. While the previous collapse was restored gradually on Wednesday evening, the latest collapse has left many states without power completely. A source privy […]
Facebook co-founder says it is time to break-up the company
Businessam StaffMay 9, 2019
Facebook Inc co-founder and former Mark Zuckerberg roommate, Chris Hughes, has called for the break-up of the social network in an opinion piece in the New York Times. “We are a nation with a tradition of reining in monopolies, no matter how well-intentioned the leaders of these companies may be. “Mark’s power is unprecedented and […]
Unilever shareholders applaud 2018 performance, N1.50 dividend
Businessam StaffMay 9, 2019
Shareholders of Unilever Nigeria Plc on Thursday hailed the board and management of the company for the impressive performance recorded in 2018, as well as the dividend payout of N1.50 per share. The shareholders gave the commendation at the 94th annual general meeting in Lagos. Unilever posted profit after tax (PAT) of N9.1 billion for […]
Emefiele’s second term: Continuation of development activism or a new paradigm?
Businessam StaffMay 9, 2019
Godwin Emefiele, Central Bank of Nigeria (CBN) governor and exponent of development activism in the operation of the apex bank, has just be re-appointed for another term of five years by President Mohammadu Buhari. In line with the CBN Act, the president has forwarded a letter to the senate for the confirmation of Emefiele’s appointment. […]
Nigeria revenue from deep water operations exceeds $180b
Businessam StaffMay 8, 2019
Nigeria’s deep water operations have generated revenue exceeding $180billion following industry players’ capital investment in excess of $65billion with the potentials for growth amidst untapped abundant opportunities in the sector. Maikanti Baru, the group managing director of the Nigerian National Petroleum Corporation (NNPC), made this disclosure while delivering a paper entitled: “Deepwater Operations in Nigeria: […]
GenCos release 4,426 MW of electricity to national grid – Report
Businessam StaffMay 8, 2019
Electricity generation companies (GenCos), comprising gas-fired and hydro stations in Nigeria released an average of 4,426 Mega Watts (MW) of electricity into the national grid on Tuesday, a daily energy report has said. The report, which was compiled by the Advisory Power Team, Office of the Vice-President, was made available to Newsmen on Wednesday in […]
Shell accused of insincerity in MoU implementation by Nigeria’s sub-national Rivers State governor
Ben EguzozieMay 8, 2019
…as Netherlands shows interest in Ogoni clean-up The governor of Nigeria’s sub-national government of Rivers State, Nyesom Wike, has accused Royal Anglo-Dutch oil giant, Shell Petroleum Development Company (SPDC) of insincerity in implementation of memorandum of understanding (MoU), entered with its host communities, a key reason the oil company faces strong agitations in its operational areas. “Shell doesn‘t […]