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 […]
MTN’s $500m IPO foot-dragging linked to pre-election year jitters
Businessam StaffJuly 16, 2018
*Analysts say listing should be in Q2 2019 With the second quarter of 2018 gone and the impending electioneering period, any official move by MTN Nigeria on initial public offering (IPO), which is a requirement to list on Nigerian Stock Exchange (NSE) will tantamount to an unwise business decision, according to analysts. This explains the […]
Deutsche Bank shares rose by 9.1%, higher than analysts expected
Businessam StaffJuly 16, 2018
German investment bank, Deutsche Bank shares rose by twice what analysts had expected in the second quarter of the year, Bloomberg reported. The bank which is based in Frankfurt sees net income of about €400 million euros ($468 million) and income before income taxes of about €700 million euros, “considerably” above estimates. Preliminary results – […]
Nigeria tax agency grows revenue by 42% to N2.53trn in H1 2018
Businessam StaffJuly 13, 2018
Nigeria’s Federal Inland Revenue Service (FIRS) has announced that it realized a total of N2.529 trillion in six months ending June 2018 from various taxes, representing a 42 percent increase over the N1.783 trillion realized in the corresponding period in 2017. The revenue performance of the tax agency shows that the it has realized 75 […]
Euro, yuan fall as U.S.-China trade war concern boosts dollar
Businessam StaffJuly 13, 2018
The euro on Friday fell to a nine-day low after data showing a record Chinese trade surplus stirred worries about a deeper United States-China trade conflict, encouraging investors into the safety of the dollar, Reuters reports. The Chinese yuan, which has suffered in the past six weeks on concern that U.S. tariffs on Chinese goods will […]
Bosch must hand over emails in Volkswagen emissions suit – regional court
Businessam StaffJuly 13, 2018
A Stuttgart regional court had ruled on Friday that supplier Robert Bosch must hand over emails in connection with lawsuits brought by investors against Porsche SE linked to Volkswagen Group’s diesel scandal Investors in two separate suits claimed that Porsche SE, which controls 52.2 percent of VW’s voting rights, had not disclosed the financial risks of […]
Telecoms industry pays N450b taxes annually – ATCON chairman
Businessam StaffJuly 13, 2018
The telecom industry annually contributes N450 billion in form of taxes to Nigeria’s economy, Mr Olusola Teniola, President, Association of Telecommunications Companies of Nigeria (ATCON), has said. Teniola told the News Agency of Nigeria (NAN) in Lagos on Friday that the industry had been paying the sum in the last five years to the three […]
Nigerian stocks extend bearish run as losses in banking stocks pare NSEASI 0.07%
Adesola AfolabiJuly 12, 2018
The Nigerian equities market extended its bearish run to the third consecutive trade Thursday with sell-offs in banking stocks – ZENITH (-1.6%), GUARANTY (-0.9%), ACCESS (-3.4%) and UBA (-2.0%) – dragging benchmark index, the NSEASI, down 0.07 percent to close 37,226.44 points. Consequently, year-to-date (YTD) loss worsened to 2.7 percent. Market capitalization fell by N9.7 […]