Argentina’s central bank chief, Caputo, resigns amid currency crisis
Agency Report
September 25, 2018
The governor of Argentina’s central bank, Luis Caputo resigned on Tuesday for personal reasons, the bank said in a statement, a surprise announcement in the midst of the country’s talks with the IMF that sent the peso tumbling. Former finance minister Caputo has only held the role since June and is the second Argentine central […]
Trump says he’s ready to hit China with another $267 billion in tariffs
Businessam StaffSeptember 10, 2018
US president Donald Trump has threatened to intensify his trade war with China, warning he could impose tariffs on almost all its imports. Trump told reporters on Air Force One Friday that he was “ready to go” on tariffs for another $267 billion in Chinese goods “if he wants,” which would come on top of […]
Facebook going green, to be powered 100% on renewable energy by 2020
Justice OkamgbaAugust 28, 2018
Bukola Odufade and Justice Okamgba Facebook is aiming to source only renewable energy for its energy needs by the end of 2020, joining other companies ranging from Samsung to Ikea in embracing similar green targets. The social media giant has a rapidly growing demand for electricity because its data centers have to run nonstop daily and […]
Coca-Cola acquires stake in Kobe Bryant backed US sports drink BodyArmor
Businessam StaffAugust 15, 2018
Coca-Cola has announced that it will be acquiring a stake in sports drink brand BodyArmor, in order to challenge PepsiCo’s Gatorade. Coca-Cola noted that it will become the company’s second-largest shareholder, after co-founder and Chairman Mike Repole, while basketball star Kobe Bryant remains its third-largest shareholder. Dr Pepper Snapple also has a 15.5% stake in […]
Facebook requests customer information from U.S. banks
Justice OkamgbaAugust 7, 2018
Facebook Inc., the social media giant, has requested large U.S. banks to share comprehensive financial information about their customers, as part of strategies to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter. The financial information asked from the banks include card transactions and checking account […]
T-Mobile, Nokia sign $3.5bn deal to boost 5G in US
Bukola OdufadeAugust 2, 2018
T-Mobile and Nokia have announced a $3.5 billion agreement to accelerate the deployment of 5G network in United States. According to the agreement, Nokia will provide T-Mobile with its complete end-to-end 5G technology, software and services portfolio, assisting the Un-carrier in its efforts to bring its 5G network to market for customers in the critical […]
Per capita beer consumption in the US falls as drinkers now prefer wine, cocktails
Businessam StaffAugust 1, 2018
U.S. drinkers, particularly young ones, are having relationship problems with the national beverage, beer as for the first time, Americans reaching for a drink more often chose a glass of wine or a cocktail. According to the Beer Institute, a trade group, drinkers chose beer just 49.7 percent of the time last year, down from […]
Goldman Sach’s CEO Blankfein to retire, Solomon to replace him
Anthony OgboJuly 17, 2018
Goldman Sachs said on Tuesday that Lloyd Blankfein, the firm’s chief executive officer and chairman for the last 12 years, will step down as the chairman at the end of the year. Blankfeing will be succeeded by David Solomon, a long-time Goldman executive, to lead the storied Wall Street investment bank. Solomon’s stature as the […]
US Fed hikes rates 0.25% amid rising inflation, drops pledge to keep rates low
Businessam StaffJune 13, 2018
The United States Federal Reserve Wednesday raised benchmark overnight lending rate a quarter of a percentage point (0.25%) to a range of between 1.75 percent and 2 percent, dropping its pledge to keep rates low enough to stimulate the economy “for some time”, according to reports monitored by businessamlive. It also signaled it would tolerate […]
Trade fears deepen on US steel, aluminum tariffs
Businessam StaffJune 4, 2018
Trade tensions between the United States and some of its biggest trading partners continue to escalate on the imposition of steel and aluminum tariffs. China said Donald Trump’s plan to impose tariffs on $50 billion of Chinese exports threatens to wipe out recent progress made in trade talks between Beijing and Washington. The latest round […]