Business

PSA And Fiat Chrysler Poised To Announce Merger MOU

December 18, 2019 3:27 pm

French carmaker PSA and Fiat Chrysler will on Wednesday announce a memorandum of understanding for a mega-merger to create the world’s fourth-largest auto producer, a source close to their talks said.

The MOU announcement is set to come before the Paris and Rome stock exchanges open for trading, the source added.

Earlier Tuesday another informed source said that PSA’s supervisory board had approved the deal under which shareholders in the two groups would split the capital of the merged firm on a 50/50 basis, without any plant closures.

“PSA’s supervisory board has approved the merger agreement,” the source told AFP …

US, Mexico, Canada To Sign Deal Finalizing Trade Agreement

December 10, 2019 3:35 pm

The United States, Mexico and Canada will sign an “initial deal” Tuesday finalizing the USMCA trade agreement, Mexican President Andres Manuel Lopez Obrador said.

“There is an initial deal between the governments,” the leftist leader told his daily news conference, as negotiators from the three countries prepared to meet in Mexico City.

“Today it will be signed by… the three countries’ negotiators.”

Lopez Obrador was due to chair a meeting of top officials from the three countries at the presidential palace at 1800 GMT.

Read Also: Hong Kongers Mark Half A Year Of Protest With Mammoth Rally

Initially signed in …

Capital Market Key To Achieving SDGs –Onyema

December 9, 2019 8:59 am
The Chief Executive Officer, Nigerian Stock Exchange (NSE), Oscar Onyema, has said the capital market can play a critical role in delivering sustainable socio-economic growth and development in Nigeria.

Onyema made this known during the award ceremony of the 19th NSE Essay Competition for Senior Secondary Schools in Lagos

Speaking at the event, Onyema emphasized the need for innovative solutions to leverage the capital market for the achievement of the Sustainable Development Goals (SDGs), while adding that there is need to connect people with products and services that build human and physical capital, as well as bridge infrastructural gaps …

Pain For German Car Industry As Daimler Axes 10,000 Jobs

November 29, 2019 4:41 pm

Luxury automaker Daimler said Friday it would scrap at least 10,000 jobs worldwide, the latest in a wave of layoffs to hit the stuttering German car industry as it battles with a costly switch to electric.

The Mercedes-Benz maker said it wanted to save 1.4 billion euros ($1.5 billion) in staff costs by the end of 2022 as it joins rivals in investing huge sums in the greener, smarter cars of the future.

“The total number worldwide will be in the five-digits,” Daimler personnel chief Wilfried Porth said in a conference call about the job cull.

He declined to give …

BMW To Build Electric Mini In China

November 29, 2019 4:33 pm

Luxury German carmaker BMW on Friday said it would build fully electric models of its Mini cars at a new plant in China, as it kicked off a joint venture with Chinese partner Great Wall Motor.

Some 160,000 cars a year are set to roll off the assembly line at the planned factory in the city of Zhangjiagang in Jiangsu province, which will eventually employ 3,000 people.

Construction of the plant is slated to last from 2020 to 2022, BMW said in a statement.

Both partners are together investing 650 million euros ($715 million) in the project.

Alongside BMW’s all-electric …

Huawei Plans Legal Challenge To Latest US Pressure: Report

November 29, 2019 2:56 pm

Chinese telecoms giant Huawei is preparing a legal counterpunch against new moves by American regulators to bar the company from accessing $8.5 billion in US federal funds for services and equipment, a report said Friday.

The Federal Communications Commission (FCC) last week branded Huawei and its Chinese rival ZTE as threats to US national security and blocked them from the fund.

It also proposed that other service providers be required to cancel or replace existing services and equipment from the companies.

Huawei plans to file a lawsuit in the United States next week, The Wall Street Journal reported, citing unidentified …

Finance Bill: New Tax Regime To Take Effect From Jan 2 – FG

November 28, 2019 2:21 pm

The much-debated and anticipated new tax regime expected to fund the 2020 budget and restructure tax administration in Nigeria will take effect from the 2nd of January next year.

According to THISDAY, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, in a panel session at the PwC Executive Session on Finance Bill and Tax Strategy, the bill would be revised yearly as the Federal Government is planning to grow the ratio of revenue to Gross Domestic Product (GDP) from 6% to 15% by 2023, with a greater percentage of revenue coming from non-oil sources.

The minister disclosed …

Alibaba Shares Surge On Hong Kong Debut

November 27, 2019 2:48 pm

Chinese online retail giant Alibaba surged Tuesday as it drew back the curtain on a Hong Kong listing the firm described as a vote of confidence in the embattled city.

The long-delayed trading day got off to a glitzy start with chief executive officer Daniel Zhang joined on stage at a stock exchange ceremony by dignitaries including city Financial Secretary Paul Chan and former Hong Kong chief executive Tung Chee-hwa.

Soon after the gong was sounded, Asia’s most valuable company soared almost eight percent, a bright start after a blockbuster initial public offering that has raised at least $11 billion, …

Tesla And Ford Trade Challenges In Macho Truck World

November 27, 2019 2:40 pm

Tesla and Ford were in a virtual stare-down on Tuesday in the macho truck world, each claiming their electric pick-up was strongest.

Dueling tough talk was exchanged on Twitter after Tesla chief executive Elon Musk posted a video of a freshly-unveiled “Cybertruck” trouncing a Ford F-150 in a tug-of-war.

The video had logged nearly 13 million views at Twitter as of early Tuesday in California, and been “retweeted” more than 110,000 times.

In the clip, a wedge-shaped Cybertruck drags an F-150 uphill, with smoke coming from the Ford’s rear wheels as it tries to go downhill.

“Better than a Ford …

Air Force To Buy Uniforms From C’River Garment Factory

November 27, 2019 12:24 pm
Nigerian Air Force, yesterday announced it will partner Cross River government for the production of uniforms for its personnel at the state garment factory.

Chief of Air Staff, Air Marshal Sadique Abubakar, who disclosed this in Calabar during a courtesy visit to Governor Ben Ayade, said the decision to source Air Force uniforms locally was in line with President Muhammadu Buhari’s directives to the Nigerian Armed Forces to lay emphasis on local content.

The Air Force chief, who was later conducted round some of the factories at the Ayade Industrial Park, including the Garment factory, expressed amazement at the …

‘Why 5G Is Critical To Nigeria’s Development’

November 27, 2019 8:01 am

Amid concerns of Nigeria’s readiness for the Fifth Generation (5G) technology, stakeholders have stressed the need why the country cannot wait any longer to embrace the revolution.

Although to them, the current state of services as regards previous generations of technologies, including 2G, 3G and 4G still leave much to be desired in Nigeria, other countries are already moving towards 5G.

They said missing the 5G opportunities will be a big developmental challenge, which the country may not be able to recover from in the years to come.

Arguably, with Nigeria conspicuously missing in the past industrial revolutions, the benefits

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Guinea

Guinea Insurance To Raise ₦8bn

November 27, 2019 5:45 am

Guinea Insurance plc has secured shareholders’ approval to increase the company’s operating capital to ₦12 billion, from the present level of ₦4 billion.

The company said it intends to achieve this through the sale of 16 billion ordinary shares of 50 kobo each to the existing shareholders.

The company’s Chairman, Godson Ugochukwu at the 61st Annual General Meeting of the company held recently in Uyo, Akwa Ibom said, “the approval, as given by our perceptive shareholders, brings to the table, penetrating insights and sustainable fair shakes that will bolster our get-up-and-go capital structure re-organisation action plans.

Read Also: Allen Onyema:

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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