US stocks extends losses on Fed concerns
United States stocks fell for a third straight day on Wednesday on growing concerns over the longevity of the Federal Reserve’s stimulus policy, which has been widely credited with fueling the market’s...
View ArticleChina fines infant formula companies for price-fixing
BEIJING: China has levied a record fine of 670m yuan ($109m; £71m) on six producers of infant formula for price-fixing, state media say. The British Broadcasting Corporation reported on Wednesday...
View ArticleWe lost only $250m in Nigeria –Shell
Royal Dutch Shell has denied the claim that it lost $700m in the second quarter of the year due to oil theft and other operational challenges in Nigeria. Instead, it said the situation in the country...
View ArticleAOL to buy video ad platform for $405m
NEW YORK: AOL Inc said on Wednesday it would buy Adap.tv, which helps businesses buy and sell ads for online video electronically, for $405m, its largest acquisition since the 2011 purchase of the...
View ArticleEzion profits up on higher rig deployment
Singapore-listed Ezion Holdings saw net profits rise 28.8 per cent to $36.2m in the second quarter, backed by an 80.9 per cent jump in revenue, upstreamonline.com reported on Wednesday. The offshore...
View ArticleCBN plans to reduce remittance charges
The Central Bank of Nigeria on Wednesday said it was considering a new guideline that would help improve remittance service delivery in the country. The CBN Governor, Mr. Lamido Sanusi, stated this...
View ArticleFlaring $2.2bn worth of gas is criminal –Ezigbo
The Managing Director, Falcon Petroleum Limited, Prof. Joseph Ezigbo, in this interview with DAYO OKETOLA, speaks on the challenges facing the oil and gas industry, among other issues What do you think...
View ArticleNairobi airport closes as fire crews tackle blaze
NAIROBI: A huge fire has ravaged the main international airport in the Kenyan capital, Nairobi, the British Broadcasting Corporation reported on Wednesday. Jomo Kenyatta International Airport — a key...
View ArticleVaalco hires Emas for $120m job off Gabon
Houston’s Vaalco Energy has chartered the Emas deep-water offshore construction vessel Lewek Constellation on a $120m job at the Etame Marin field off Gabon, www.upstreamonline.com reported on...
View ArticleGuinea to buy electricity from UK’s Aggreko
Guinea will buy emergency electricity from British power provider Aggreko in a bid to stem rolling power cuts that have led to street protests, the West African nation’s electricity firm said. The...
View ArticleSiemens empowers independent power investors
Siemens, which seeks to play greater role in the country’s emerging private sector-led power sector, is partnering with the Federal Ministry of Power to tackle challenges facing Independent Power...
View ArticleChina policy mantra signals privatisation, securitisation — Official
SHANGHAI: Ever since Chinese Premier, Li Keqiang, used the cryptic phrase “revitalize the stock” in an official policy statement in June, market watchers have pondered what policies it entails, Reuters...
View ArticleIHS Nigeria to double assets after raising $1bn
IHS Nigeria Plc, which operates telecommunications infrastructure in three African countries, is set to more than double its assets after raising $1bn for investment, Chief Executive Officer Issam...
View ArticleTime Warner’s profit rises on films, advertising
NEW YORK: Time Warner Inc reported a higher second-quarter profit on Wednesday, as hit movies “The Great Gatsby” and “Man of Steel” boosted revenue in the film unit and basketball games drove up cable...
View ArticleEmerging stocks rebound from four-week low
Emerging-market stocks rose from the lowest level in four weeks and currencies strengthened after exports rebounded in Germany and China, adding to signs that the global economy is recovering....
View ArticleChivita, Hollandia, others win generation awards
CHI Limited, a beverage manufacturing company, received award of excellence in the recently-staged ‘Generation Next Awards, 2013.’ The company, in a statement on Tuesday, said the awards were the...
View ArticleEmerging markets boost Old Mutual’s first-half earnings
Old Mutual Plc, Africa’s largest insurer, said profit from continuing operations in the first half of the year rose 14 per cent on higher emerging-market sales. Old Mutual has operations in Europe, the...
View ArticleSoulcomm clinches new accounts
Nigerian marketing and communications agency, Soulcomm, has added new accounts to its portfolio. Some of the new accounts, according to a statement by the company on Tuesday include Chi Limited, Ado...
View ArticleSugar policy will save Nigeria N90.52bn annually —FG
The implementation of the Nigeria Sugar Master Plan will save the country about $565.8m (N90.528bn) in foreign exchange annually, the Federal Government has said. This was contained in a document...
View Article‘Move containers to bonded terminals to decongest ports’
Maritime experts on Thursday urged a port concessionaire, APM Terminals Limited, Apapa, Lagos, to move containers into bonded terminals across the country in a bid to decongest the Lagos ports. A...
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