Company news in brief
Nigeria may reduce MTN repatriation demand
The Nigerian central bank may reduce the amount it has ordered South African telecoms firm MTN to repatriate as part of an ongoing disagreement, central bank governor Godwin Emefiele said on Sunday.
MTN and the central bank are in a dispute over the transfer of US$8.1 billion of funds which the bank said the company had sent abroad in breach of foreign-exchange regulations. Nigeria accounts for a third of MTN's annual core profit.
"I don't think it will be staying at US$8.1 billion," Emefiele said during a visit to London, adding he expected the issue to be dealt with "amicably and equitably".
"I want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time."
The two sides are locked in a court dispute over the transaction. The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money. – Nampa/Reuters
Total, Algeria's Sonatrach sign new agreements
French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture, Total said.
Sonatrach and Total will develop the reserves of Erg Issouane, located on the TFT Sud permit in Algeria, estimated at more than 100 million barrels of oil equivalent.
Total said the development represented an investment of US$400 million. It added it would also form a joint venture company called STEP for a joint petrochemical project in Arzew, western Algeria.
Total's new Algerian projects come as executives at top energy companies face pressure to loosen their purse strings to replenish reserves and take advantage of a rally in oil prices, after years of restraint regarding their spending.
Following a recent string of acquisitions and discoveries, Total has a pipeline of major, and short-cycle projects to be approved by 2020 which should add more than 700 000 barrels of oil equivalent per day of production. – Nampa/Reuters
GM China sales drop as market stalls
General Motors Co's China sales fell 14.9% in the third quarter of the year, hit by a wider slowdown in the market and faltering Chinese economic growth amid a whipsawing trade war with the United States.
The US car maker sold 835 934 vehicles in the July-September quarter, down from the same period the year before, which the firm said was due to a "softening" vehicle market and issues shifting to a new engine system with its Buick brand.
China's automobile sales have been falling in recent months, hurt by a slowing economy and due to trade frictions with the United States making consumers cautious about spending.
GM's second-quarter sales in China, the world's largest auto market, had inched up 0.7%, slowing from an 8% rise in the January-March quarter. – Nampa/Reuters
Lloyds to merge wealth arm with Schroders
Britain's Lloyds Banking Group is to merge its 13 billion pounds (US$17.06 billion) wealth management arm into a new joint venture with asset manager Schroders Plc , Sky News reported on Sunday.
The deal will see Lloyds owning 50.1% of the new joint venture with Schroders owning the rest, Sky said, citing sources.
Sky News said the new joint venture will be part of a three-pronged tie-up between the companies, with Schroders taking on a 109 billion pounds investment management contract from Lloyds-owned Scottish Widows.
The third leg of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported.
Lloyds Banking Group and Schroders did not immediately respond to requests for comment. – Nampa/Reuters
Anbang reviewing Vivat for possible sale
Vivat NV, one of the Netherlands' largest insurance companies, said yesterday its Chinese owner Anbang is conducting a strategic review of its ownership of Vivat with an eye to a possible sale.
Reuters reported last month Anbang had hired JPMorgan to lead a sale of Vivat, valued at roughly 1.5 billion euro (US$1.73 billion).
Anbang bought Vivat, which had been nationalised by the Dutch government along with the rest of SNS Reaal, for 1 euro and a capital injection of 1.35 billion euro in 2013. – Nampa/Reuters
The Nigerian central bank may reduce the amount it has ordered South African telecoms firm MTN to repatriate as part of an ongoing disagreement, central bank governor Godwin Emefiele said on Sunday.
MTN and the central bank are in a dispute over the transfer of US$8.1 billion of funds which the bank said the company had sent abroad in breach of foreign-exchange regulations. Nigeria accounts for a third of MTN's annual core profit.
"I don't think it will be staying at US$8.1 billion," Emefiele said during a visit to London, adding he expected the issue to be dealt with "amicably and equitably".
"I want to believe that the figures will reduce. Whether they will be dropped completely, I honestly cannot say at this time."
The two sides are locked in a court dispute over the transaction. The central bank filed a counter-claim on Friday to a court request by MTN, which is seeking to stop the bank from forcing it to bring back the money. – Nampa/Reuters
Total, Algeria's Sonatrach sign new agreements
French energy group Total and Algerian state-owned firm Sonatrach have signed new agreements, including a contract to develop the Erg Issouane gas field and plans to create a joint venture, Total said.
Sonatrach and Total will develop the reserves of Erg Issouane, located on the TFT Sud permit in Algeria, estimated at more than 100 million barrels of oil equivalent.
Total said the development represented an investment of US$400 million. It added it would also form a joint venture company called STEP for a joint petrochemical project in Arzew, western Algeria.
Total's new Algerian projects come as executives at top energy companies face pressure to loosen their purse strings to replenish reserves and take advantage of a rally in oil prices, after years of restraint regarding their spending.
Following a recent string of acquisitions and discoveries, Total has a pipeline of major, and short-cycle projects to be approved by 2020 which should add more than 700 000 barrels of oil equivalent per day of production. – Nampa/Reuters
GM China sales drop as market stalls
General Motors Co's China sales fell 14.9% in the third quarter of the year, hit by a wider slowdown in the market and faltering Chinese economic growth amid a whipsawing trade war with the United States.
The US car maker sold 835 934 vehicles in the July-September quarter, down from the same period the year before, which the firm said was due to a "softening" vehicle market and issues shifting to a new engine system with its Buick brand.
China's automobile sales have been falling in recent months, hurt by a slowing economy and due to trade frictions with the United States making consumers cautious about spending.
GM's second-quarter sales in China, the world's largest auto market, had inched up 0.7%, slowing from an 8% rise in the January-March quarter. – Nampa/Reuters
Lloyds to merge wealth arm with Schroders
Britain's Lloyds Banking Group is to merge its 13 billion pounds (US$17.06 billion) wealth management arm into a new joint venture with asset manager Schroders Plc , Sky News reported on Sunday.
The deal will see Lloyds owning 50.1% of the new joint venture with Schroders owning the rest, Sky said, citing sources.
Sky News said the new joint venture will be part of a three-pronged tie-up between the companies, with Schroders taking on a 109 billion pounds investment management contract from Lloyds-owned Scottish Widows.
The third leg of the Lloyds-Schroders deal involves wealth manager Cazenove Capital, Sky reported.
Lloyds Banking Group and Schroders did not immediately respond to requests for comment. – Nampa/Reuters
Anbang reviewing Vivat for possible sale
Vivat NV, one of the Netherlands' largest insurance companies, said yesterday its Chinese owner Anbang is conducting a strategic review of its ownership of Vivat with an eye to a possible sale.
Reuters reported last month Anbang had hired JPMorgan to lead a sale of Vivat, valued at roughly 1.5 billion euro (US$1.73 billion).
Anbang bought Vivat, which had been nationalised by the Dutch government along with the rest of SNS Reaal, for 1 euro and a capital injection of 1.35 billion euro in 2013. – Nampa/Reuters
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