There is a very powerful growth impulse coming from China's export sector that could provide a boost to the world's second-largest economy over the coming quarters, according to economists. "Cyclically, people underestimate the strength of that export-led recovery. The truth is we're getting a very powerful growth impulse for Asian exports coming out of Europe and the U.S., and that will drive Chinese GDP [gross domestic product] growth higher over the next 3-4 quarters," Michael Spencer, chief economist, Asia Pacific and co-head, Global Economics at Deutsche Bank told CNBC Asia's "The Call" on Monday.
Updated 5 Years ago

Bob Diamond, the former boss of Barclays (BARC.L), is set to return to banking by listing a shell company in London in the next few weeks to invest in the African financial sector, a source familiar with the matter said. Diamond, who was ousted from Barclays last year after the Libor rate-rigging scandal, is finalizing plans to list Atlas Mara, a cash vehicle set up with billionaire entrepreneur Ashish Thakkar, chief executive of Mara Group, the source said.
Updated 5 Years ago

The Japanese government approved an 18.6 trillion yen ($182 billion) stimulus package on Thursday aimed at dulling the impact of an upcoming tax hike on the economy. Japanese Prime Minister Shinzo Abe ordered the government to compile the stimulus package after deciding to raise the national sales tax earlier this year. Scheduled to take effect in April, the tax hike will lift the national sales tax to 8 percent from 5 percent currently.
Updated 5 Years ago

Growing health concerns in Nigeria about smuggled imported poultry have led to a 20 percent increase in local bird production in the last one year, boosting farmers earnings and creating more jobs in the local industry. The poultry, mainly chicken, are now sold by large emerging super stores spread across urban centres. They are sold raw or smoked and are supplied directly or through distributors, by big agro companies such as Chi Limited, which have large farms and complimentary processing units.
Updated 5 Years ago

American Capital Energy and Infrastructure has said it will invest up to $130m in Azura Power Holdings Limited, the company developing the Azura-Edo power project in Edo State. A statement on Thursday said Azura would utilise the ACEI’s investment to fund the first and second phases of the Azura-Edo power project, a proposed 450 megawatts open cycle gas turbine power station being developed near Benin City in Edo State, which represents the first phase of a 1,000MW power plant facility. The company will also pursue its green-field development pipeline and future acquisitions, expand its team, and grow its construction and operational capabilities, according to the statement.
Updated 5 Years ago

Last week, Konga.com’s website crashed for an hour as demand for its Black Friday sale went through the roof. By the end of the day however Konga, a major player in Nigeria’s e-Commerce industry had broken its largest single-day sales record. “We had more sales on our website last Friday than in all of December last year,” a source within Konga.Com, tells BusinessDay in a recent interview. “The demand side is there, aided by the significant investments TelKonga, Jumia co’s have made in new fiber optic cables.”
Updated 5 Years ago

U.S. equities face an ironic headwind that will lead them to underperform their global peers next year -- signs of an economic recovery, Credit Suisse said. U.S. growth prospects are upbeat, the bank said in a note. It forecasts 2014 growth of 2.6 percent in gross domestic product (GDP), with the possibility of surprising on the upside from factors including a possible pick up in government spending, a housing recovery and a potential rise in corporate spending. These growth forecasts are precisely why it has an underweight call on U.S. stocks.
Updated 5 Years ago

Nelson Mandela, the revered South African anti-apartheid icon who spent 27 years in prison, led his country to democracy and became its first black president, died Thursday at home. He was 95. "He is now resting," said South African President Jacob Zuma. "He is now at peace." "Our nation has lost its greatest son," he continued. "Our people have lost a father."
Updated 5 Years ago

LG Electronics (LG), a global player in Home Entertainment and Consumer Electronics has introduced into the Nigerian Market, World’s First Curved OLED Television. The advanced Organic Light Emitting Diode (OLED) television is equipped with picture quality, stunning design and innovative technologies
Updated 5 Years ago

Ford Motor Co. (F), taking its 50-year old Mustang global for the first time, today unveiled a revamped muscle car boasting a sleeker look and optional smaller engine that will target the widest set of buyers ever. Featuring a lowered roof height and widened track, the sixth-generation Mustang will debut on four continents. The car’s first four-cylinder engine since 1986 will outperform the new and outgoing base model in power and better fuel economy, the Dearborn, Michigan-based automaker said in a statement.
Updated 5 Years ago