$5 Billion Alibaba Bond Deal Calls Investors Attention Eight Times The Debt Offered
Alibaba Group Holding Ltd’s $5 billion U.S.-dollar bond offering received demand for eight times the debt offered, underscoring global investors’ faith in founder Jack Ma’s e-commerce behemoth despite a regulatory crackdown on his empire. Pricing for the deal was set on Friday tighter than initially flagged by the company on Thursday, indicating robust demand to […]
WTO DG: Coast Clear For Okonjo-Iweala As South Korea Withdraws Candidate
South Korean trade minister Yoo Myung-hee on Friday abandoned her bid to become head of the World Trade Organization, Seoul said, clearing the way for Nigeria’s Ngozi Okonjo-Iweala to become the global body’s first woman and first African director-general. Yoo made the decision after discussions with the U.S. and other major nations, and took various issues […]
Oil Rises To Near One-Year Highs After US Stock Drawdown
Oil prices rose almost 2% on and hovered near their highest levels in about a year, after government data showed U.S. crude stockpiles fell to their lowest since March, while OPEC+ maintained its supply cut agreement. Brent crude futures rose 91 cents, or 1.6%, to $58.37 a barrel by 1:24 p.m. EST (1824 GMT). The […]
Oil Price Rises To $58, OPEC Exceeds Output Cut Target
The Organisation of Petroleum Exporting Countries (OPEC) on Wednesday said its members had achieved 101% adherence to crude oil output cut mandatorily agreed upon last year to curb huge supply glut. This is coming as oil price rose to $58 per barrel yesterday hitting over 11-month high after major producers showed they were cutting crude […]
Jeff Bezos Is Stepping Down As Amazon CEO
Amazon founder Jeff Bezos will step down from his role as chief executive later this year and transition to the role of executive chair, the company said Tuesday. He will be replaced by Andy Jassy. Bezos has been Amazon’s CEO since its founding in 1995. He oversaw its growth from an online bookseller into a $1.7 trillion […]
Nigeria’s Crude Oil Exports Hit Three-Year Low, Says Report
West Africa’s oil exports slumped to the lowest level in at least three years last month as infrastructure woes for some of Nigeria’s biggest streams combined with gradually waning output in Angola. Combined flows from the region fell to 3.41 million barrels a day in January from 3.8 million barrels a day in December, according […]
Wall Street Gears Up For Second Bout Against Reddit Traders
Wall Street is gearing up for another week of market mayhem, with signs that the retail frenzy that pumped up the stock prices of the likes of GameStop Corp and AMC Entertainment Holdings Inc is spreading to other assets. Some of Wall Street’s largest hedge funds are still licking their wounds after retail traders sought […]
PMI Shows South Africas January Increase In Manufacturing
South Africa’s manufacturing activity expanded slightly in January, the seasonally-adjusted Absa Purchasing Managers’ Index (PMI) showed on Monday. The index, a gauge of manufacturing activity in Africa’s most industrialised economy, inched up to 50.9 points in January from 50.3 in December. The figure was above the 50-point mark that separates expansion from contraction but well […]
Asos Buys Topshop, Topman And Miss Selfridge Brands
Online fashion retailer Asos has bought the Topshop, Topman, Miss Selfridge and HIIT brands from failed retail group Arcadia in a deal worth £295m. Sir Philip Green’s Arcadia group fell into administration in November last year, casting doubt over the future of its brands and 13,000 jobs. Asos is acquiring the stock and the brands. […]
IMF Foresees Improved Capital Spending In Nigeria
The International Monetary Fund (IMF) has projected that Nigeria’s capital spending will improve this year while anticipating that financing the country’s deficit will remain a challenge with its huge debt servicing burden. The IMF, in its updated ‘Fiscal Monitor’ report titled: ‘Government Support is Vital as Countries Race to Vaccinate,’ released yesterday, projected overall fiscal […]
