Anthony and Jay Robert Pritzker, brothers and heirs to the Hyatt Hotels Corp. and Marmon Holdings Inc. manufacturing fortune, settle in for salads and sandwiches at their 40th-floor office in Chicago’s West Loop. A decade ago, the duo joined family members who allied against their sister, Penny, who’s U.S. President Barack Obama’s commerce secretary, and two cousins. The legal battle broke up the family empire and distributed at least $1.35 billion to each of 11 cousins. Now, the brothers say they are putting the discord behind them, Bloomberg Markets magazine will report in its December Billionaires Issue. They are primed to talk about investing their inheritance in companies that include a distributor of janitorial products and a maker of circumcision devices -- much like the grab bag their father and uncles assembled.
Updated 7 Years ago

Despite not having an academic background in engineering, Nigerian-born entrepreneur, Innocent Chukwuma, or Innoson as he prefers to be called, has become something of a trailblazer and catalyst in the African automotive landscape. This man is responsible for launching Africa’s first indigenous motor brand: Innoson Vehicle Manufacturing Company (IVM), though his journey has not been without challenge. Industry and Infrastructure For many years, Nigeria, with its population of some 160 million people, has been a significant market for many of the world’s automobile giants. Germany alone has more than six out of its 32 major motor brands on Nigeria’s roads, while there are 12 Japanese brands represented. The UK, France, South Korea and the US also export motor vehicles to Nigeria.
Updated 7 Years ago

Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said that Ministries, Departments and Agencies of the Federal Government have a balance of N400bn to be spent before the end of the year according to the 2013 budget. Okonjo-Iweala said this on Monday while appearing before the Joint Senate Committee of Finance and Appropriations meeting on 2013 budget to address the allegation of bloated revenues estimates.
Updated 7 Years ago

Having observed the economic significance of Olokola Free Trade Zone and other developing industrial hubs as well as the Micro, Small and Medium-scale Enterprises (MSMEs) in preparation of the State fiscal estimates, Governor Ibikunle Amosun is planning to fully explore the economic potentials of Olokola FTZ and other industrial hubs, in terms of IGR and jobs creation in the 2014 financial estimates. He however higlighted the economic areas that his government is intending to leverage on, including Free Trade Zones, Agriculture, Security Health, Housing, Education among other key sectors next year, saying that his administration was poised to consolidate on the achievements already recorded as regards roads construction and other infrastructural development, just as he said that he would not leave any of its on-going projects uncompleted.
Updated 7 Years ago

Mobile payment service company, Paga Nigeria, has announced its partnership with online retailer, Jumia, for the provision of alternative payment options. Through the partnership, Paga will provide payment options to the over 500,000 customers currently using Jumia’s electronic commerce platform and the almost one million customers who already use its platform, according to a statement on Sunday.
Updated 7 Years ago

Twitter Inc raised the top end of its IPO price range by 25 percent and will close its books a day early, signaling strong demand for the most closely watched Silicon Valley debut since FacebookInc last year. Amid a red-hot market for initial public offerings and soaring equitymarkets, Twitter raised its price range to $23 to $25 per share on Monday, but kept the offering size at 70 million shares. That means it will raise up to $2 billion if an overallotment option of 10.5 million shares is exercised.
Updated 7 Years ago

Britain has scrapped a plan to force people from certain African and Asian countries to pay a cash bond in return for a visitor’s visa after it caused an outcry at home and abroad and exposed a rift in the governing coalition. In a move that political rivals said showed Prime Minister David Cameron’s flagship immigration policy was in disarray, a government spokesman said a pilot scheme which had been due to start this month had been canceled., Reuters reports. “We have decided not to proceed,” the spokesman said on Sunday, declining to explain why.
Updated 7 Years ago

LG Electronics has introduced the new LG BH9630 and DH7530 home theatre systems into the Nigerian market. Both systems, the firm said in a statement on Sunday, were equipped with Aramid fibre cone speakers, the latest technology in sound production enabling consumers enjoy a distortion-free and clear sound from their HTS with over 1,000 watts sound output.
Updated 7 Years ago

More than one quarter of Americans currently perceive China as the world's dominant economic power, according to a new survey, a reflection of the changing global order. While the majority, or 59 percent, of Americans see the United States as the world's dominant economic power, only 43 percent of those polled believe it will retain its title by the end of the decade, according to a poll by GfK North America with TheStreet.
Updated 7 Years ago

China needs to sustain economic growth of 7.2 percent to ensure a stable job market, Premier Li Keqiang said as he warned the government against further expanding already loose money policies. In one of the few occasions when a top official has enunciated the minimum level of growth needed for employment, Li said calculations show China's economy must grow 7.2 percent annually to create 10 million jobs a year.
Updated 7 Years ago