The Project Manager, Brightway International Exhibition Ltd, Mr. David Zhao, has said that the trade volume between Nigeria and China has increased by 18.6 percent with a total of 6.2 billion dollars in the first half of 2013 as against the 4.5 billion dollars in the corresponding period of 2012. Zhao, who is coordinating companies for the Chinese exhibitors at the ongoing Lagos International Trade Fair, disclosed this to newsmen in Lagos.
Updated 6 Years ago

Marriott International, Inc. (NASDAQ: MAR) Thursday said it had signed a letter of intent with Protea Hospitality Holdings of Cape Town, South Africa to acquire Protea Hotels’ brands and its management business that operates or franchises 116 hotels across three brands with 10,184 rooms in South Africa and six other Sub-Saharan African countries. The transaction would nearly double Marriott’s distribution in Africa to more than 23,000 rooms, and would also provide Marriott with a proven operational platform and leadership team to accelerate Marriott’s expansion plans and solidify its leadership position in the dynamic and growing African hotel market. Protea Hotels, founded in 1984, manages, franchises and leases hotels across the Protea Hotels brand (104 hotels), comprising a full and diverse range of outstanding hotels and resorts.
Updated 6 Years ago

Following its consolidation in mature markets, the British banking group, Barclays, has turned its sight on emerging markets with Nigeria as a major target. THISDAY learnt that a team from Barclays will be arriving Nigeria soon to open up and continue discussions with a number of Nigerian banks the British banks may be keen on acquiring. According to findings, the local banks it has set its sight on include Union Bank of Nigeria Plc due to legacy issues. Barclays used to own Union Bank until the Indigenisation Decree of 1970 forced it to leave the country and relinquish its stake in the bank.
Updated 6 Years ago

The face-off between Guinness Nigeria Plc and the Advertising Practitioners Council of Nigeria (APCON), a federal body responsible for the regulation and control of the practice of advertising in Nigeria, may not have abated as fresh trouble is knocking on the doors of Guinness Nigeria Plc over the recent front page advert placed in some newspapers. Vanguard learnt that the advert Guinness Colourful World of More, did not pass through the Advertising Standards Panel, ASP, the vetting arm of APCON. The hint of the fresh trouble for the brewer was dropped by Mr. Tunde Thani, ASP Advertising Best Practice Committee Chairman.
Updated 6 Years ago

John Chen, who will attempt to turn around BlackBerry Ltd. (BB) as its new executive chairman and interim chief executive officer, will get $3 million in salary and bonuses, as well as restricted stock valued at $85 million. Chen, named to the post on Nov. 4, will be eligible for $1 million in base salary and a performance bonus of $2 million, the Waterloo, Ontario-based company said yesterday in a filing. He will also be awarded 13 million shares that will vest over the next five years.
Updated 6 Years ago

Nigerian capital market is showing resilience as current stability in the nation’s currency, ongoing tight monetary stance and the reign of single-digit inflation are aiding real return on investments, helping to overshadow global and domestic policy concerns. Inflation has moderated to a five-year low of 8 percent in September, its ninth successive month in single digits. The naira also gained in the official spot market by N1.08 (in October) on the back of the Central Bank of Nigeria’s (CBN) hike in cash reserve requirements (CRR) for banks, which drained liquidity from the system.
Updated 6 Years ago

Major importers of cars into the country are at one another’s throats over allegations made by a group comprising Elizade, Toyota Nigeria Limited, Globe Motors, Coscharis, SCOA and CFAO that one of their competitors, Stallion Group of Companies, was privy to insider information on the new automotive policy, thereby giving it unfair advantage over them. In a petition written by the group to President Goodluck Jonathan, the auto dealers have warned that the federal government stands to lose about N134 billion in revenue due to a leak of the new automotive policy before it was announced.
Updated 6 Years ago

Tesla Motor Inc's (TSLA.O) Model S electric car has suffered its third fire in six weeks, sending its shares down nearly 9 percent in Thursday midday trading. The Tesla Motors Club website contains pictures and a story about another fire involving a Model S that a company spokeswoman confirmed. The accident occurred on Wednesday in Smyrna, Tennessee, where Nissan Motor Co (7201.T) makes the Leaf electric car. While none of the drivers in any of the accidents were injured, the glaring headlines about fires was not welcome for Tesla.
Updated 6 Years ago

Twitter Inc shares rose 73 percent in a frenzied trading debut that drove the seven-year-old company's value to $25 billion and evoked the heady days of the dot-com bubble. The stock closed its first trading day at $44.90 a share from the initial public offering price of $26 set late on Wednesday, falling back from a near-doubling in price at a session high of $50.
Updated 6 Years ago

Etisalat has launched a new high value proposition tagged “Etisalat GEM” as it celebrated its fifth anniversary in Nigeria with a cocktail party attended by over 200 of its high value customers last weekend at the pool side of Radisson Blu Hotel, Victoria Island, Lagos. Acting CEO and Chief Commercial Officer at Etisalat Nigeria, Matthew Willsher informed guests at the event that though Etisalat was the last entrant in the telecommunications market in Nigeria, the company came with the obligation of providing affordable and reliable telecommunication services to Nigerians.
Updated 6 Years ago