Nigeria, South Africa score high on risk, losing investment appeal to militancy, political instability, others – Report
Businessam Staff
September 14, 2017
Despite recent recovery in Nigeria and South Africa, a newly released Africa Risk-Reward Index developed by Control Risks and Oxford Economics, says the two African economic giants, together with Egypt, have stumbled recently and may face increasing competition for investment from Kenya and Ethiopia. “Africa’s economic giants, Nigeria, South Africa and Egypt, have been stumbling […]
Nigeria’s Dangote Cement officially confirms takeover interest in South Africa’s largest cement maker, PPC
Businessam StaffSeptember 14, 2017
Nigeria’s Dangote Cement has officially communicated its interest in buying over South Africa’s largest cement company, PPC Group Limited. In a press statement signed by Mahmud Kazaure, its company secretary, which was released late Wednesday to the Nigerian Stock Exchange, Dangote Cement Plc (DCP) confirmed that its board of directors “has merely communicated its interest […]
Nigeria-based Interswitch sees delayed IPO concluded by end-2019
Businessam StaffSeptember 14, 2017
Interswitch Ltd., a Nigeria-based payments-processing company, expects to complete its delayed dual listing in London and Lagos before the end of 2019. The initial public offering to raise as much as $1 billion had been scheduled for 2016 and was delayed because equity markets were not as “favorable as we would have liked,” Akeem Lawal, […]
Oil trades near five-week high as IEA, OPEC boost projections for global consumption
Businessam StaffSeptember 14, 2017
Oil traded near a five-week high after the International Energy Agency and OPEC boosted their forecasts for crude demand. Futures were steady in New York after rising 3.8 percent in the previous three sessions. Global demand will climb this year by the most since 2015, the IEA said Wednesday. OPEC on Tuesday raised estimates for the amount […]
Nigerian bourse: Bearish sentiments persist in fourth consecutive trading session as stock prices fall 0.5%
Businessam StaffSeptember 13, 2017
The bullish sentiments, which rode the Nigerian equities market in the aftermath of the signing of the 2017 budget and release of Q2 earnings results by corporates, appears to have been overtaken by the bears as market traded negative in four straight trading sessions as at Wednesday, September 13, 2017. Market performance Wednesday indicates that […]
Nigeria records positive trade balance in Q2 despite exports falling 29.6% q-on-q
Businessam StaffSeptember 13, 2017
Nigeria recorded a positive trade balance in the second quarter of 2017 despite the value of exports falling 29.6 percent when compared to the preceding quarter, according to trade figures released by the nation’s statistical agency, the National Bureau of Statistics, Wednesday. The total value of Nigeria’s merchandise trade at the end of Q2, 2017 […]
Bitcoin is a ‘fraud’ that will eventually blow up, says JPMorgan CEO,
Businessam StaffSeptember 13, 2017
Jamie Dimon, chief executive officer at JPMorgan Chase has taken a shot at bitcoin, saying the cryptocurrency “is a fraud”. Dimon spoke Tuesday in New York at the Delivering Alpha conference organized by CNBC and Institutional Investor. Dimon’s criticism comes at a time when well-known figures around the globe, including influential Nigerians and financial executives […]
Global food trader to boost Nigeria’s agribusiness with $150m investment
Businessam StaffSeptember 13, 2017
Olam International Ltd. invested $150 million in animal-feed mills and poultry farms in Nigeria as it seeks to boost its agribusiness venture in Africa’s biggest food market by population. According to Bloomberg’s report, these include bird- and fish-feed mills with the capacity for 360,000 metric tons each, located in the northern Kaduna and western Kwara […]
GE signs $25m partnership with Hewlett Packard on cyber-related digital solutions across Africa, Middle East, Turkey
Businessam StaffSeptember 13, 2017
GE, the digital industrial company, has signed a $25 million strategic partnership agreement with Hewlett Packard Enterprise (HPE) that will bring its breakthrough digital industrial solutions at scale to Africa, the Middle East, and Turkey. The three-year agreement with HPE is the first collaboration of this scale and scope in the region and will focus […]
Decision on oil-cuts extension may be in March 2018, says Kuwait
Businessam StaffSeptember 13, 2017
Minister Issam Almarzooq, Kuwait’s oil minister said OPEC and allied oil producers will keep reviewing options for their agreement to cut output, and a final decision on extending the deal beyond March could be postponed until the first quarter of 2018. The Organization of Petroleum Exporting Countries will consider all its alternatives if the market […]