Author: Chief Editor

Sale to Russian state-owned entity NAMI Nissan has right to buy back business within six years Renault sees 331 mln euro hit to H2 net income from move Nissan Motor Co Ltd (7201.T) will hand over its business in Russia to a state-owned entity for 1 euro ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company. The Japanese automaker transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years,…

Elon Musk’s banks, faced with huge losses on their commitment to finance the $44 billion buyout of Twitter Inc (TWTR.N), may not be able to back out of the deal easily but they might have a way to minimize the hit they take. Morgan Stanley (MS.N), Bank of America Corp (BAC.N), Barclays Plc (BARC.L) and Mitsubishi UFJ Financial Group Inc (8306.T) led a $13 billion financing for the bid by Musk, the world’s richest man and chief executive of Tesla Inc (TSLA.O) and SpaceX. Advertisement · Scroll to continue Typically, banks would sell the debt to investors and pocket an underwriting fee. But the terms of the financing were…

President Vladimir Putin said on Tuesday that Russia was not working against anyone on energy markets, a week after Washington criticised a decision by OPEC+ to steeply cut oil production. Speaking with the United Arab Emirates’ President Sheikh Mohammed bin Zayed al-Nahyan, Putin said Russia aimed to create stability on energy markets and ensure that supply and consumption were balanced. “We are also actively working within the framework of OPEC+. I know your position, our actions, our decisions are not directed against anyone, we are not going to and do not do it in such a way as to create…

The Reserve Bank of India tweaked some of its guidelines for banks to manage their foreign currency exposure, in an attempt to reduce the risk of unhedged exposure on the banking system during extreme volatility in forex markets. Banks would be required to assess the unhedged foreign currency exposures of all counterparties to whom they have an exposure in any currency, going ahead, the RBI said in a release on Tuesday. The rupee has shed nearly 11% against the dollar so far this year and has hit a series of record lows in recent weeks. Banks will have to ascertain…

The Chairman, Senate Committee on Aviation, Senator Abiodun Olujimi, has disclosed her readiness to partner the state government in ensuring speedy completion of the Ekiti State International Cargo Airport built in Ado Ekiti. Olujimi, who is representing Ekiti South Senatorial District, promised to work hard and capture the airport project in the 2023 budget proposal of the federal government. This was as Olujimi and Governor Kayode jointly pledged to continue to collaborate in order to make the Airport under construction a success story. Olujimi made this pledge yesterday during an on-the-spot assessment visit to the airport in company with Fayemi…

Following the rumours that the federal government intends to replace the pipeline surveillance contract recently awarded to some persons in the Niger Delta with the Presidential Amnesty Programme, President of the Association of Presidential Amnesty Students worldwide, Comrade Patrick Ipidei has described the rumour as unfounded, malicious and fabricated, and meant to whip up sentiments ahead of the forthcoming general election. Speaking with newsmen on Monday, Comrade Ipidei said investigation carried out by the student body revealed that the information was not credible, just as he cautioned stakeholders against spreading of rumours. According to him, this can destroy public confidence…

No fewer than 2,000 All Progressives Party (APC) members in Dass Local Government Area of Bauchi state have dumped the party and joined the ruling Peoples Democratic Party (PDP). Receiving the defectors at the official inauguration  of Bundilin Dutse PDP office in Bundot ward, the PDP Chairman of Dass Local Government, Alhaji Shatima Sani Korau, commended the defectors for joining his party. Korau, who described the PDP as one and united powerful political party in Africa, enjoined them to support the party to maintain its status for the development of the local government, state and the nation at large. The PDP…

Over the last seven seasons, Jurgen Klopp has forged an unshakable legacy at Liverpool. The former Borussia Dortmund coach has guided the club to every single trophy on offer, winning the Premier League title, Champions League trophy, and the FA Cup, amongst other honors. However, as is the norm, all good things, sooner or later, must come to an end. From fighting on all fronts in the 2021-22 season to struggling to stay in the Premier League top-four race this season, Liverpool have had a drastic fall from grace. Having picked up only 10 points from eight matches, the Reds have endured their…

Paris Saint-Germain (PSG) are reportedly prepared to meet the €150 million release clause to sign Rafael Leao, who is also on Chelsea’s transfer radar. According to Tuttosport (h/t SempreMilan), Les Parisiens are eyeing the Milan winger as their next big investment after it is becoming likely that they will lose Lionel Messi next summer. The Argentina icon has been linked with a high-profile return to Barcelona once his contract at PSG expires in 2023. Meanwhile, Milan are likely to face competition from Manchester City and Chelsea, who are also interested in signing Leao. The winger was named the ‘Serie A Player of the Year’ for helping his team win the…

Renowned Arsenal supporter Piers Morgan has asked England to refrain from participating in the 2022 FIFA World Cup if they have a moral problem with playing in Qatar. In September, the FA announced that England will wear a rainbow captain’s armband during the FIFA World Cup in Qatar in support of the LGBTQ+ community (via Sky Sports). FIFA is required to green-light the anti-discriminatory initiative before the armband can be worn. However, it’s now believed that England skipper Harry Kane, who is being backed by the FA, will wear the OneLove armband even at the risk of being penalized by FIFA. Morgan is not…