Business

KIA Shuts Two Assembly Plants

KIA Shuts Two Assembly Plants

April 23, 2020 7:18 am
Kia Motors said Thursday it will shut two of its eight plants in South Korea due to the coronavirus impact.

Operations will be suspended at the Sohari plant in Gwangmyeong, from April 27 to May 10 and again from May 22-25.

The Sohari plant is south of Seoul, the Korean capital

The company is also in shutdown talks with the union on its plant in Gwangju, a spokesman said.

Read Also: Weststar to Introduce Mercedes new GLE in Nigeria

The shutdown will enable Kia to keep inventories at manageable levels.

It is also aimed at flexibly responding to lower overseas …

Facebook Takes $5.7bn Stake In India's Jio Platforms

Facebook Takes $5.7bn Stake In India’s Jio Platforms

April 22, 2020 6:25 pm

Facebook has taken a $5.7 billion stake in the Jio digital platforms business of India’s richest man, Mukesh Ambani, in one of the country’s biggest foreign investments, the companies said Wednesday.

The deal will give the US social media giant a 10 percent stake in Jio Platforms, part of Ambani’s oil-to-telecoms Reliance Industries empire.

Facebook, which has about 400 million users in India, said it wanted to connect the “power of WhatsApp”, its messaging subsidiary, with the Indian platform, which has grown on the back of a massively successful telecom venture.

In four years Ambani has turned his Jio telecoms …

20 April - Unforgettable Day For Global Crude Oil Prices

20 April: Unforgettable Day For Global Crude Oil Prices

April 21, 2020 6:37 am

U.S. crude oil futures collapsed below $0 on Monday, 20 April for the first time in history. amid a coronavirus-induced supply glut.

The day ended at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.

Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.

While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically see lower oil prices translate into cheaper gasoline at the pump.

As …

Virgin Australia Enters Admin As Deloitte Takes Over

Virgin Australia Enters Admin As Deloitte Takes Over

April 21, 2020 6:27 am

After being battered by the coronavirus crisis and a high debt load. Virgin Australia Holdings Ltd said on Tuesday it entered voluntary administration.

The aim was to recapitalise the business and emerge in a stronger financial position.

Deloitte has been appointed as the administrator, the airline said in a statement.

It said it had been unable to secure a A$1.4 billion ($887.60 million) loan from the federal government.

Virgin said the current management team led by chief executive Paul Scurrah would continue to run the business.

It would still operate scheduled domestic and international flights to help transport essential …

Netflix Overtakes ExxonMobil In Stock Value

Netflix Overtakes ExxonMobil In Stock Value

April 18, 2020 6:48 am
Netflix, the online movie streaming giant is now more valuable than ExxonMobil, the American oil giant.

Netflix soared above the oil company because of the coronavirus pandemic, which has sent its share value to new highs.

According to Business Insider, Netflix stock gained 3% on Thursday to roughly $439 per share, bringing its market capitalisation to about $183 billion at market close.

Read Also: Netflix Commits $100m To Help Out Of Work Actors, Crews

In contrast ExxonMobil fell more than 3% to $39.15 per share, bringing its market value to about $175 billion at the end of the trading day.…

G20 Reacts To Bill Gate’s Call To Fund COVID-19 Battle

G20 Reacts To Bill Gate’s Call To Fund COVID-19 Battle

April 16, 2020 5:59 am

The Group of 20 (G20) leading economies have agreed to grant temporary debt relief for the world’s poorest countries.

Billionaire Business mogul, Bill Gates has urged leaders of the Group of 20 (G-20) of major economies to provide more funds which will help in developing a vaccine that can curb the spread of the coronavirus disease.

Reacting, the G20 finance ministers and central bank governors, after a virtual meeting on Wednesday, said they would support a time-bound suspension of debt service payments for the poorest countries that request forbearance.

The leaders said, ”The suspension period will start on May 1,

…
Pandemic Causing Deep Recession, And It Could Get Worse

Pandemic Causing Deep Recession, And It Could Get Worse

April 14, 2020 6:29 pm

The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday.

The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook.

If the virus is contained and economies can begin operating again, 2021 should see a rebound of 5.8 percent, according to the IMF.

But the authors acknowledged the difficulty in making an accurate forecast amid the rapidly …

Nigeria To Experience Worse Recession In 31 Years – IMF

Nigeria To Experience Worse Recession In 31 Years – IMF

April 14, 2020 1:04 pm
The International Monetary Fund, IMF has projected that Nigeria’s economy will face the worst recession in 30 years.

IMF stated further that Nigeria’s economy will recede by 3% in 2020 due to the Coronavirus pandemic, which has disrupted global supply chains.

It noted that this would be the worst recession in 30 years for the West African giant after a negative economic growth of 1.51% in 2016.

Read Also: IMF Appoints Okonjo-Iweala Into Advisory Group

Recall that Nigeria’s economy receded in 1987, by -10.87 and -0.6 in 1991.

The projection was part of IMF’s April 2020 World Economic Outlook report

…
Oil Producers Agree Record 9.7m Barrels Output Cut

Oil Producers Agree Record 9.7m Barrels Output Cut

April 13, 2020 7:03 am

Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.

Mexico’s involvement in the deal led to a compromise being reached.

Mexico’s Energy Minister Rocio Nahle said the oil producers agreed to a cut of 9.7 million barrels per day from May.

The deal was down slightly from 10 million barrels per day envisioned …

Kia Motors Set To Shut Korean Plants Over Virus

Kia Motors Set To Shut Korean Plants Over Virus

April 13, 2020 6:58 am

Kia Motors told its labour union in South Korea that it wants to suspend operations at three of its factories.

The operations would be suspended from April 23 to April 29.

Read Also: Weststar to Introduce Mercedes new GLE in Nigeria

The company opted for shutdown as the coronavirus outbreak weighs on exports to Europe and the United States.

A union official said on Monday the union has not decided whether to accept the plan.

He said there is need to negotiate over pay.

He did not elaborate.

 

AFRICA DAILY NEWS, NEW YORK…

South Asia Pandemic A 'Perfect Storm' For South Asia - World Bank

Pandemic A ‘Perfect Storm’ For South Asia – World Bank

April 12, 2020 6:36 pm

South Asia is on course for its worst economic performance in 40 years, with decades of progress in the battle against poverty at risk, because of coronavirus, the World Bank said Sunday.

India, Bangladesh, Pakistan, Afghanistan and other smaller nations, which have 1.8 billion people and some of the planet’s most densely populated cities, have so far reported relatively few coronavirus cases but experts fear they could be the next hotspots.

The dire economic effects are already much in evidence, with widespread lockdowns freezing most normal activity, Western factory orders cancelled and vast numbers of poor workers suddenly jobless.

“South …

IMF Appoints Okonjo-Iweala Into Advisory Group

IMF Appoints Okonjo-Iweala Into Advisory Group

April 11, 2020 6:08 am
Nigeria’s former finance minister, Dr Ngozi Okonjo-Iweala was named by the IMF on Friday as a member of its External Advisory Group.

She is the only one from Africa in the 12-member group that included Mr Kevin Rudd, former Prime Minister of Australia.

IMF’s Managing Director, Kristalina Georgieva, named the team on Friday in a statement.

She said the advisory group will provide perspectives from around the globe on key developments and policy issues, especially as the world faces the economic challenges of COVID-19.

Read Also: Harvard Awards Ngozi Okonjo-Iweala

“Even before the spread of COVID-19 and the dramatic health,

…

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