Business News in Brief

Apple Plans new $11b Investment in U.S.

Apple Inc said on Thursday it would invest 1 billion dollars to build a second campus in North Austin, Texas and another 10 billion dollars for new data centres over the next five years.

This is aimed at creating 20,000 jobs in the U.S.

The announcement follows a promise by Apple in January to invest 30 billion dollars in the U.S. and comes as companies with major manufacturing operations outside America have been facing political pressure to ramp up investments at home.

PZ Cussons warns of Weakening Demand, Nigeria Challenges

Soap and cosmetics maker PZ Cussons Plc warned on Thursday it was facing weaker consumer demand across its main markets, with its dominant African business hampered by a weakened economy and currency in Nigeria.

The owner of the Imperial Leather brand faced major disruptions in getting goods into Nigeria, and first-half contribution to profits from the west African country, its single largest market, would be lower than a year earlier, Reuters reports.

OPEC Works on Deal to Cut Oil Output

The Organisation of Petroleum Exporting Countries (OPEC) and its allies are working toward a deal this week to reduce oil output by no less than 1.3 million barrels per day.

It added that Russia’s resistance to a major cut was so far the main stumbling block.

OPEC would meet on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and fears of an oil glut due largely to a rise in U.S. production.

Teleology takes over 9Mobile

Teleology has formally taken over control of Nigeria’s troubled telecommunication company, 9mobile, by appointing a new board of directors, headed by 54 year-old Nasiru Ado Bayero.

Stephane Beuvelet will serve as the acting managing director, according to a statement by Mohammed Edewor, a new non-executive director of the new 9Mobile.

The appointment of the board followed the exit of the CBN appointed board and the transfer of ownership of the firm to the new investors, Teleology Nigeria Limited.

Oil gains after Saudi paves way for an output cut

Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said Organization of Petroleum Exporting Countries, OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.

Saudi Energy Minister, Khalid al-Falih said that OPEC and its partners had agreed with technical analysis which showed a need to cut oil supply next year by around 1 million bpd from October levels to avoid an unwelcome build-up of unused crude.

Local News Roundup: #BuhariWAEC; #KeyamoBCO

WAEC Presents Confirmation of Result to Buhari
The Registrar of West African Examination Council (WAEC) Iyi Uwadiae has presented attestation and confirmation certificate to President Muhammadu Buhari at the Presidential Villa, Abuja.

The Registrar presented only the attestation certificate because by law it cannot present a new certificate having allegedly issued the first one which the President said was with the Military Board.

Nigeria to get first new listing in 4 years ending IPO drought

Nigeria will next week break a 4-year drought for stock market listings when Skyway Aviation Handling Company (SAHCO) starts the process for making its debut on the Nigerian Stock Exchange.

SIFAX Group, which wholly owns SAHCO, will sell 406,074,000 shares in the aviation services firm via the stock exchange from 12 Nov to 19 Dec, the Bureau of Public Enterprises said in a statement.

The statement did not mention SAHCO’s valuation or how much shares were expected to sell for.

Port Harcourt Refinery gets Financier

The Nigerian National petroleum Corporation (NNPC) says that some of the financing companies it approached to revamp the country’s refineries have shown interest in Port Harcourt refinery.

Mr Ndu Ughamadu, NNPC Group General Manager, Group Public Affairs Division, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

He said that a team of engineers from the corporation had gone abroad to source for financiers to ensure revamping of the major refineries in the country.

Oil Prices Steady after Stock Markets Plunge

Oil prices steadied on Thursday, recovering from an early sell-off after Asian and European stock markets plunged in the wake of Wall Street’s biggest daily decline since 2011.

Brent crude oil LCOc1 fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering to trade around $76.32, up 15 cents, by 0910 GMT.

The global benchmark has lost more than $10 a barrel since hitting a high of $86.74 on October 3.

U.S. light crude CLc1 was unchanged at $66.82 after touching an intraday low of $65.99, down 83 cents.

Airtel Africa raises $1.25b from six global investors

Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, said on Wednesday it raised $1.25 billion from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd.

It also said it was looking to go public on an international stock exchange, Reuters reports.

The fundraising, through a primary equity issuance, now values the company at $4.4 billion and will be used to reduce existing debt of about $5 billion and grow its Africa operations, Airtel Africa said.