Manufacturing/Industry

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Business Planning Capital market Foreign Manufacturing/Industry

Boeing plans over $15 billion capital hike as soon as Monday

Seattle, Oct. 28, 2024 – Boeing is planning to launch a capital raise as early as Monday, according to people familiar with the matter, in an offering that would help the beleaguered airplane maker boost its liquidity. The company is set to raise more than $15 billion from the fundraising, one of the people said, adding that the amount could still rise depending on demand. Boeing’s advisers have been lining up potential investors for the offering, according to people familiar with the matter, who asked not to be identified as …

Manufacturing/Industry

Boeing workers spurn latest offer as bid to end strike fails

Seattle, Oct. 25, 2024 – Boeing factory workers rejected a new labour contract that would have increased their wages by 35% over four years, dealing a blow to the embattled aircraft manufacturer as it tries to overcome a crippling work stoppage. Some 64% of the union members who cast ballots on Wednesday voted against the tentative agreement, according to the International Association of Machinists and Aerospace Workers district representing the 33,000 striking workers. “We remain on strike,” IAM District 751 President Jon Holden said after the vote count. “Our members …

Foreign Manufacturing/Industry Travel

Boeing would be biggest-ever US ‘fallen angel’ If cut to junk

Washington, Oct. 11, 2024 – If cut to junk status, Boeing Co. will be the biggest US corporate borrower to ever be stripped of its investment-grade ratings and join junk bond indexes, flooding the high-yield market with a record volume of new debt to absorb. On Tuesday, S&P Global Ratings said it’s considering downgrading the planemaker to junk as strikes at its manufacturing sites persist, hurting production. Last month, Moody’s Ratings said it’s considering a similar move. Fitch Ratings has highlighted the growing risks but not yet announced a review. …

Manufacturing/Industry Oil and Gas

New petrol price increase will exacerbate inflation across country – NACCIMA

Lagos, Oct. 10, 2024 – The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) says the new petrol prices will exacerbate the already high inflation in Nigeria. The Nigerian National Petroleum Corporation Ltd. (NNPCL) on Wednesday increased prices of petrol to between N998 and N1,030 per litre across the country. Dele Oye, NACCIMA National President, said in a statement on Wednesday that the current high prices of petrol were placing a strain on businesses and households across the country. He warned that the increase could lead to …

Agriculture Capital market Manufacturing/Industry Money market Oil and Gas

US economy on ‘soft landing’ path, Fed’s policy rate will fall to neutral level – Yellen

Washington, Sept. 26, 2024 – US Treasury Secretary Janet Yellen said on Thursday that labor market and inflation data suggest the US economy is on a path to a “soft landing,” but the “last mile” on taming inflation is bringing down housing costs. Yellen told CNBC in a live interview that based on comments from Federal Reserve officials, the US central bank’s benchmark overnight interest rate will continue to decline to a neutral policy level. “I always believed that there was a path to a soft landing, that it was …

Agriculture Commodities Foreign Manufacturing/Industry Maritime/Shipping

Ghana’s economy grew by 6.9% in Q2 2024, fastest in five years

Accra, Sept. 18, 2024 – Ghana’s economy grew by 6.9% year-on-year in the second quarter of 2024, the fastest rate in five years, boosted by expansion in several key sectors, the country’s statistics agency said on Wednesday. The strong growth represents a significant recovery for the producer of gold, oil and cocoa which has been grappling with its worst economic crisis in a generation due to skyrocketing public debt. “The 6.9% growth rate is highest since the second quarter of 2019 and it was driven largely by strong expansion in …

Manufacturing/Industry Oil and Gas

Dangote has liberated Nigeria from economic dependence – Otedola

Lagos, Femi Otedola, the Chairman of First Bank Group, says Dangote refinery has liberated Nigeria from the chains of economic dependence. He commended Aliko Dangote, the Chairman of Dangote Group for the commencement of commercial production of petrol by Dangote Refinery. Otedola gave the commendation in a statement in Lagos on Tuesday. Otedola wrote: “You have not just built a refinery; you have liberated us from the chains of economic dependence that have held this nation back for far too long. “The days of bowing to foreign powers for our …

Business Solutions Manufacturing/Industry

Dealers frustrated BUA from selling cement at 3,500 per bag – chairman

Abuja, Aug. 30, 2024 – Alhaji AbdulSamad  Rabiu, the Chairman of BUA Group, says cement dealers frustrated efforts of the company to sell cement at N3, 500, per bag. Rabiu said this at the 8th Annual General Meeting of the company on Thursday. He said the while the company was willing to sell at N3,500 per bag, dealers were not willing to pass the price reduction to end users, but were selling a bag at between N7000 and N8,000. The company chairman said his company has already sold over a …

Manufacturing/Industry Maritime/Shipping Money market

CPPE urges FG to peg customs duty exchange rate at N1000/$

Lagos, Aug. 18, 2024 – The Centre for the Promotion of Private Enterprise [CPPE] has appealed to the presidency to peg the customs duty exchange rate at N1000/$ for the next six months in the first instance through an Executive Order. The CPPE, a private think tank in Lagos, gave the advice in statement in Lagos on Sunday. Muda Yusuf, its Chief Executive, said the current high inflation rate in the country could be brough down by lower the customs duty exchange rates.  The CPPE said it was worried that …

Business Solutions Manufacturing/Industry

Afreximbank, Veenocks sign facility agreement for tiles plant in Nigeria

Cairo, Aug. 15, 2024 – African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria. The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million. Mrs Kanayo Awani, the Executive Vice President, Intra-African Trade and Export Development Bank, …