UK competition watchdog seeks shake-up at KPMG, Deloitte, PwC, EY
Businessam Staff
April 18, 2019

The world’s big four audit firms, KPMG, Deloitte, PricewaterhouseCoopers (PwC) and Ernst and Young (EY), which also have strong presence in Nigeria, could be heading for a shake-up in the United Kingdom if that country’s Competition and Markets Authority (CMA) have their way. The CMA has, indeed, called for a major shake-up at the auditing firms, stopping short of an […]
World stocks eke out gains ahead of ECB meeting
Businessam Staff
April 10, 2019

World stocks inched up on Wednesday but were still below the six-month high they reached earlier this week as the prospect of the European Central Bank issuing fresh multi-year loans to banks helped offset concerns about U.S. President Donald Trump threatening more tariffs against the European Union. The ECB is expected to keep borrowing costs […]
Breaking: Bank of America to raise minimum wage to $20 per hour
Businessam Staff
April 9, 2019

Bank of America Corp said on Tuesday it would raise its minimum wage to 20 dollars (about N7,200) per hour over a two-year period. On May 1, the minimum hourly wage will rise by 2 dollars to 17 dollars, the bank said. “The increase will occur in increments. On May 1, 2019, the minimum hourly […]
US-China trade deal may not come until May or June, expert says
Businessam Staff
March 27, 2019

The U.S. and China may reach some understanding in their ongoing trade talks in May or June, said Charles Dallara, a former managing director and CEO at the Institute of International Finance. Dallara said the talks would be “the first step in a new phase of the economic relationship between China and the U.S.,” and […]
Trump scraps trade privilege for India; Delhi plays down impact
Chris Ikosa
March 5, 2019

U.S. President Donald Trump looked set to open a new front in his trade wars on Monday with a plan to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States. India played down the impact, saying it was keeping retaliatory tariffs […]
Honda to close UK car plant with the loss of 3,500 job
Businessam Staff
February 18, 2019

Japanese carmaker Honda is set to announce the closure of its only British car plant in 2022 with the loss of 3,500 jobs, a lawmaker told Reuters, in the latest blow to the UK car industry as Brexit approaches. Honda built just over 160,000 vehicles at its Swindon factory in southern England last year, where […]
Top U.S. officials arrive in China for trade talks as deadline looms
Businessam Staff
February 12, 2019

Top U.S. officials arrived in the Chinese capital on Tuesday ahead of high-level trade talks as the world’s two largest economies attempt to hammer out a deal ahead of a March 1 deadline and avoid another escalation of tariffs. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are scheduled to hold talks on […]
Mercedes-Benz fourth-quarter profits hit by trade war
Businessam Staff
February 6, 2019

Daimler, the parent company of Mercedes-Benz, reported its fourth-quarter operating profit fell 22 percent. The German automaker said the trade war and ballooning costs for developing electric and self-driving cars hit profits at Mercedes-Benz cars. Mercedes-Benz said increased tariffs on vehicles imported from the United States to China and delivery stoppages for individual diesel models […]
U.S.-China tariff hike would trigger downturn, trade diversion: U.N
Businessam Staff
February 5, 2019

A U.S. plan to hike tariffs on China next month could trigger an economic downturn and let other countries take over about $200 billion of China’s exports, a study by the U.N. trade and development agency UNCTAD said on Monday. The United States levied additional duties of between 10 percent and 25 percent on $250 […]
Walmart, Amazon scrambling to comply with India’s new e-commerce rules
Businessam Staff
January 31, 2019

Walmart Inc-owned Flipkart and Amazon.com Inc’s Indian unit are rushing to rejig ownership structures and rework some key vendor relationships, as they seek to comply with new Indian e-commerce curbs without disrupting their businesses. In late December, India modified rules around foreign direct investment (FDI) in e-commerce, creating additional hurdles for the retail giants. The […]