Balance of risks to world economy tilted to the downside, says IMF
Businessam StaffJuly 17, 2018
*Urges developing economies to focus on preserving, rebuilding buffers Global growth is projected to reach 3.9 percent in 2018 and 2019, in line with the forecast of the April 2018 World Economic Outlook (WEO), but the expansion is becoming less even, and risks to the outlook are mounting, says the International Monetary Fund (IMF). […]
World Bank’s approved 540mw Nigeria power plant gets underway in Akwa Ibom
Ben EguzozieJuly 17, 2018
…to cost $1.1bn The World Bank’s approved $150 million partial risk guarantee and environmental impact assessment (EIA) in 540 megawatts (MW) Nigeria power plant is set to begin construction in Akwa Ibom, Nigeria’s oil-rich south-south state, said BlackRhino group, operators of the project. Known as the Qua Iboe Power Plant (QIPP), the project expected to […]
Goldman Sachs’ 2Q profits rise by 44%
Businessam StaffJuly 17, 2018
Goldman Sachs says profits jumped 44 percent in the second quarter compared with a year ago, driven by the investment bank’s core franchises: advising companies on mergers, acquisitions and other deals, and its trading business. The New York-based bank said Tuesday that earnings reached $2.35 billion in the second quarter, up 44 percent from a […]
Warren Buffett donates $3.4 billion to 5 foundations
Businessam StaffJuly 17, 2018
Warren Buffett has donated roughly 3.4 billion dollars of Berkshire Hathaway Inc stock to five charities, the billionaire’s largest contribution in his longstanding plan to give away his fortune. Buffett’s 13th annual donation comprised about 17.7 million Class “B” shares of Berkshire, valued at 192 dollars each as of Monday’s market close. The largest block […]
Oando not party to Ansbury’s London arbitration case, says company
Adesola AfolabiJuly 17, 2018
Oando Plc has stated that they are in no way connected to media reports claiming an order for a $680 million payment to Ansbury Inc by the London Court of International Arbitration (LCIA). The oil firm’s position was made clear in a statement it issued via the Nigerian Stock Exchange late Monday stating “Oando Plc […]
Global debt rises 318% in Q1 as emerging markets turn epicentre of worries on strong dollar
Businessam StaffJuly 16, 2018
Global debt grew 318 percent in relation to GDP, to more than 318 percent in the first quarter of 2018, the first of such increase since the third quarter of 2016, according to theInstitute of International Finance (IIF), an industry association and data gatherer. The IIF data flow also shows that emerging markets are becoming […]
Brent drops to 1 month low of $72 on increased supplies concerns
Businessam StaffJuly 16, 2018
Oil bulls looking for a respite from last week’s sell-off were left disappointed as crude remained under pressure on Monday, with both Brent and the West Texas Intermediate down more than 3.5 percent on supply worries. According to an FT report, Brent shed $2.89, or 3.8 percent, to trade at a four-week low of $72.43 […]
China trade surplus with US hits record high in June
Businessam StaffJuly 16, 2018
China’s monthly trade surplus with the US hit a record high of nearly $29 billion (£22bn) in June as exports to America remained strong. The figures come a week after the trade war between the two began, with the US imposing tariffs on $34 billion of Chinese goods, and China retaliating. Last week, Washington threatened to […]
Indorama, Dangote new urea manufacturing plants primed as game-changers in how fertilizer trade is organised in Nigeria
Ben EguzozieJuly 16, 2018
….. potential to churn out 3 million metric tonnes for export market Indorama Eleme Fertiliser and Chemicals, the Rivers state based manufacturing game changer is forging ahead with its second urea plant project; and so is Dangote Fertilizer, with a plant being built on the same site as the gigantic Dangote Refinery and Petrochemical complex […]
AfDB, Afreximbank sign strategic factoring project to support African SMEs
Businessam StaffJuly 16, 2018
The African Development Bank (ADB), through its trade finance operations, and Africa Export-Import Bank (Afreximbank) Friday signed a grant agreement to support the development of factoring (a form of debtor finance in which a business sells its accounts receivable (invoices) to a third party (called a factor) at a discount) on the continent. The signing […]