Category: INTERNATIONAL
-
Exports prop up Japan fourth quarter GDP growth, U.S. protectionist risks loom
Japan’s economy grew for a fourth straight quarter in the final three months of last year as a weaker yen supported exports, but tepid private consumption and the risks of rising U.S. protectionism cast doubts over a sustainable recovery. Data on Monday showed the world’s third-largest economy grew an annualized 1.0 percent in October-December, roughly…
-
Toshiba prepares to unveil nuclear hole, other perils threaten
Toshiba Corp (6502.T) will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group’s efforts to fix that and other balance sheet headaches. The TVs-to-construction conglomerate warned of a potential multi-billion dollar nuclear writedown in December, a year after…
-
‘Trump trades’ on boost to economic growth come back with a bang
World stocks and bond yields rose on Monday, lifted by a re-emergence of so-called “Trump trades” as investors bet that the U.S. president’s tax reform plans will boost economic growth and corporate profits. Following on from Friday’s record high closes on Wall Street, Asian stocks rallied to 1-1/2-year peaks and European stocks rose for the…
-
Nigeria: Arik Air Was ‘Huge Mess’, Very Poorly Managed – Amcon
The Asset Management Corporation of Nigeria, AMCON, on Sunday said it had discovered deep-rooted rot at embattled airline, Arik Air. AMCON said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations to its regular routes across the country and beyond. The asset…
-
Nigeria: N’Delta Stakeholders Warn Against Open Destruction of Illegal Refineries
Niger Delta stakeholders, including oil-producing communities, regulators, and civil society groups, yesterday warned against the open destruction of illegal refineries by the security forces operating in the region. In a communique released at the end of the quarterly meeting of the Multi-stakeholder Platform (MSP) on Oil Spill in the Niger Delta, the concerned groups said…
-
Nigeria: Senate to Hold Public Hearing On 2017 Budget, Despite Maintaining Secret Finances
The Nigerian Senate will on Monday hold a public hearing to enable citizen-participation in the approval of the N7.28 trillion proposed 2017 budget – presented by President Muhammadu Buhari last year. Described as “a first-of-its-kind”, the convocation of the public hearing on the budget proposal was disclosed by the spokesperson for the Senate, Aliyu Abdullahi,…
-
East Africa: 500 petrol stations face ERC closure in safety crackdown
More than 500 petrol stations across the country are facing closure after they were found in breach of safety and quality standards set by the Energy Regulatory Commission (ERC). The petrol stations have failed to meet the prescribed construction specifications and have irregularly incorporated additional businesses such as eateries, car wash sheds, and offices in…
-
East Africa: Ecobank’s quest for 100 mln customers by 2020
Pan-African group Ecobank Transnational plans to increase its customers to 100 million by 2020 from 10 million now, using technology to hit that goal, the chief executive said on Thursday. Speaking at the launch of the group’s new mobile banking technology in Kenya, Ade Ayeyemi told Reuters this would help the group reach more users…
-
Nigeria aims to present reform plan for $1 bln World Bank loan
Nigeria wants to borrow at least $1 billion from the World Bank to help haul it out of recession and plans to present the required economic reform proposals to the lender this month, officials and diplomats told Reuters. The oil producer, which has been hit hard by a sharp fall in crude prices since 2014,…
-
S.A’s biggest cement maker PPC in merger talks
South Africa’s biggest cement maker PPC Ltd is in merger talks with its nearest rival Afrisam Group, it said on Monday, seeking to overcome valuation squabbles that sunk previous tie-up efforts. Majority owned by pension fund, the Public Investment Corporation, Afrisam first proposed merger in 2014, swooping in at a time when PPC’s share price…