Manufacturing/Industry

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Manufacturing/Industry

BUA Refinery scheduled for completion by 2025 year end – official

Lagos, Jan. 6, 2025 – The management of BUA Refinery and Petrochemicals says the refinery is scheduled for completion by 2025 year. It denied media reports that the refinery is about 90% competed. The company denied the reports in a statement and urged the public to disregard the misleading reports. It said that the construction work at the refinery located in Akwa Ibom State was progressing steadily and on track to meet its delivery timelines of 2025 year end. The statement reads in parts: “Contrary to a misleading report stating …

Manufacturing/Industry Money market

Afreximbank participates in BoI syndicated facility of EUR 2bn

London, Dec. 18, 2024 – African Export-Import Bank (Afreximbank) joined a consortium of financial institutions in London to sign a syndicated term loan facility for Bank of Industry (BOI) Nigeria of up to EUR 2 billion. Afreximbank, acted as one of the Initial Mandated Lead Arrangers, Bookrunner and Facility Agent. The Bank disbursed its participation amount of EUR 175 million in September 2024 in two tranches of EUR 115 million in Tranche A and EUR 60 million under Tranche B. Afreximbank was also involved in the processes leading to financial …

Commodities Manufacturing/Industry

Biden finally to block Nippon Steel sale deal

Washington, Dec. 11, 2024 – President Joe Biden plans to formally block the $14.1 billion sale of United States Steel Corp. to Nippon Steel Corp. on national security grounds once the deal is referred back to him later this month, people familiar with the matter said. The Committee on Foreign Investment in the United States panel, which has been reviewing the proposed takeover for much of this year, must refer its decision to Biden by Dec. 22 or 23, said the people, who asked to not to be identified discussing …

Manufacturing/Industry

Boeing lays off hundreds of staff in Washington, California as part of planned rationalisation

Seattle, Dec. 10, 2024 – Boeing has laid off hundreds of additional employees in Washington state and California as part of planned cuts that will eventually reduce the company’s workforce by about 17,000.   Nearly 400 Boeing employees were laid off in Washington state and more than 500 in California, news outlets reported Monday. The aerospace giant announced previously it would reduce its workforce by 10% in the coming months as it tries to recover from financial and regulatory troubles and a strike by its machinists that lasted almost two …

Business Solutions Manufacturing/Industry

30 Nigerian startups to receive training on new digital skills

Lagos, Nov.  22, 2024 – The evolution of the Nigerian digital economy is to receive a boost with the training of 30 Nigerian startups on new digital skills. They are to be trained on new digital skills, mentorship, and resources needed to build scalable, sustainable tech ventures The training is being organised by Beyond Limits, an international organisation driving digital innovation, leadership transformation, and business growth. The training will be done in partnership with the U.S. Consulate General in Lagos, Nigeria, in the Beyond Limits Fellowship for Founders Cohort 3.0. …

Capital market Manufacturing/Industry

Where Boeing stock is today

By – Rich Smith Seattle, Nov. 11, 2024 – Boeing reported its third-quarter earnings late last month. The news wasn’t great: A 1% decline in sales to $17.8 billion, negative operating profits, and a $6.2 billion net loss on the bottom line. This confirms that after three straight years of steady growth as Boeing emerged from the pandemic slowdown in air travel, Boeing sales are shrinking once again. Worse, the aerospace giant appears to be heading for its sixth straight year of negative profits. Over the last 12 months, Boeing’s …

Foreign Manufacturing/Industry

Boeing strike ends as workers accept new contract

  Seattle, Nov. 5, 2024 – Boeing’s U.S. West Coast factory workers accepted a new contract offer on Monday, ending a bitter seven-week strike that halted most jet production and deepened a financial crisis at the troubled planemaker. The union said members voted 59% in favor of the new contract, which includes a 38% pay rise spread over four years, easing pressure on new Boeing CEO Kelly Ortberg after two previous offers were voted down in recent weeks. Shares of the planemaker were up nearly 2% in premarket trading on …

Manufacturing/Industry Oil and Gas

TotalEnergies Q3 income hits three-year low as refining margins plunge

Paris, Nov. 1, 2024 – French oil major TotalEnergies third-quarter profit hit a three-year low of $4.1 billion on Thursday, slightly missing expectations as refining margins and upstream outages dragged down earnings. Adjusted net income was down 37% from a year earlier and 12.7% lower from the previous quarter’s $4.7 billion. The result just missed analyst expectations of $4.2 billion. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 23.6% year-on-year to $10 billion. Earlier this month, TotalEnergies warned its financial results would take a hit as its margin …

Manufacturing/Industry

Boeing union endorses latest offer to end crippling strike

Seattle, Nov. 1, 2024 – Boeing Company and the union leaders representing 33,000 striking workers reached a tentative agreement to end a lengthy labor dispute that’s crippling the company’s commercial airplane manufacturing. The company’s latest proposal would boost wages by 38% over four years and give workers a $12,000 signing bonus if it’s approved, the International Association of Machinists and Aerospace Workers said in a statement. IAM District 751 urged its members to accept the Boeing offer and end the strike, warning they risked losing gains they’ve made after weeks …

Foreign Manufacturing/Industry

Japan’s factory output picks as economy continues to sputter

Tokyo, Oct. 31, 2024 – Japan’s factory output picked up more than expected in September as car output recovered as the economy continued its sputtering recovery with policymakers watching developments with concern. Industrial production gained 1.4% from August, led by cars and chemical product makers, the Industry Ministry reported on Thursday. That beat a consensus estimate for a 0.8% increase, but output was still down 2.8% from a year ago. For the third quarter, production slipped 0.4% from the previous period, potentially weighing on last quarter’s growth. The ministry also …