Nigeria internet users decrease in June
Agency Report
August 1, 2018
The Nigerian Communications Commission (NCC) says Internet users in the country decreased to 102,805,122 million in June from the 103,152,726 million recorded in May. The NCC made this disclosure in its Monthly Internet Subscribers Data for June 2018 on its website on in Abuja. The data showed a decrease 347,604 subscribers in the country. The […]
Tesla to invest $5bn in Chinese car factory
Businessam StaffAugust 1, 2018
Tesla Inc. Chief Executive Elon Musk signs agreements with Chinese authorities to invest $5 billion building a factory in China as the trade war with the U.S. makes establishing production in the world’s fastest-growing auto market more imperative for the electric-car pioneer, a person familiar with the matter said. The factory would have an annual […]
Contribution of Islamic finance to African development still limited, says S&P
Adesola AfolabiAugust 1, 2018
The lack of conducive Economic and regulatory environment for Islamic finance in most African countries will for the next few years limit contribution to the development of the continent, says credit analysts at Standards and Poor (S&P). According to the analysts, conducive economic and regulatory environment are the first steps towards the development of Islamic […]
Asian factories slow as China-U.S. trade conflict intensifies
Businessam StaffAugust 1, 2018
Manufacturing activity across Asia slowed in July, deepening concerns about the region’s economic outlook as an intensifying trade conflict between the United States and China sent shudders through their trading partners. A survey of purchasing managers released on Wednesday showed China’s manufacturing sector grew at its slowest pace in eight months in July, with new […]
Nigerian equities sustain gains on release of impressive H1 results, All-Share Index up 0.2%
Adesola AfolabiJuly 31, 2018
Nigeria’s equities market sustained its positive momentum Tuesday on the backdrop of bargain hunting driven by impressive half-year results recently released to the Nigerian Stock Exchange. Specifically, price appreciation in NESTLE (+6.5%), SEPLAT (+2.4%) and NIGERIAN BREWERIES(+0.5%) drove the All Share Index (ASI) 0.2 percent higher to 37,017.78 points. Consequently, the year-to-date loss improved to […]
Shell decides on Nigeria’s Bonga oilfield in 2019
Businessam StaffJuly 31, 2018
Royal Dutch Shell and its partners will make the final investment decision on the development of Nigeria’s Bonga Southwest offshore oilfield next year, an official of the company said on Tuesday, according to a monitored report. The project which is one of the country’s largest with an expected production of 180,000 barrels per day will […]
Former AFC chief ranks corporation’s position as Africa’s second highest financial institution biggest achievement
Businessam StaffJuly 31, 2018
Andrew Alli, the immediate past president and chief executive officer of Africa Finance Corporation (AFC) has said his biggest milestone achieved during his terms at the corporation was getting it to rank as the second highest rated financial institution on the continent after the African Development Bank. Alli disclosed this in a monitored television interview […]
Nestle Nigeria share price rises on 29.6% half year PAT growth
Afolabi OluwaseunJuly 31, 2018
The share price of Nestle Nigeria Plc, a major fast moving consumer goods company in the country, rose by 6.52 percent on Tuesday following the release of its half-year financial results showing a profit after tax growth of 29.6 percent at N21.4 billion and a revenue growth of 10.9 percent at N135 billion. The announcement, […]
Oil to hold steady into 2019 as OPEC, U.S. compensate for supply hitches
Businessam StaffJuly 31, 2018
Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the U.S. meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday. A survey of 44 economists and analysts forecast Brent crude LCOc1 to average […]
Kenya’s economy to expand by 6.2%, says Apex bank
Businessam StaffJuly 31, 2018
Kenya’s economy is likely to expand by 6.2 per cent this year, the central bank’s governor, Patrick Njoroge, said on Tuesday. Njoroge told a news conference the forecast was based on the economy’s performance in the first quarter, a stronger agriculture sector and a jump in tourists’ forward bookings. “We have a very favourable outlook […]