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Africa Richest man becomes the 64th most Richest person in the world

dangote

Africa’s Richest Man (Aliko Dangote) Makes a $16.6  and now the 64th most richest person in the world which his previous ranking was 103rd in the world.

Dangote, who remains the richest man in Africa for the 8th year , was the only Nigerian on the list of the top 500 billionaires, as released last week by Bloomberg in its yearly billionaires list.

The first position is retained by Jeff Bezos with an estimated net worth of N49,327,200,000,000 ($136 billion) while Bill Gates and Warren Buffett ranked second and third respectively with N35,689,680,000,000 ($98.4 billion) and N30,104,100,000,000 ($83 billion) on the list that is dominated by North Americans.

According to bloomberg the best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets.

A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State in central Nigeria, dusty fields and clusters of trees stretching to the horizon. Suddenly a tangle of exhaust stacks, silos, and kilns pierces the sky to the left of the aircraft as Dangote Cement Plc’s Obajana plant comes into view.

It’s already the biggest in Africa, churning out enough sacks of cement to fill 1,000 trucks a day. A fifth production line now under construction will make it one of the world’s largest

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Eu Fines google $1.7 Billion for the third time

eu fines google antitrust

 on Wednesday 20th of march 2019 the  EU fines google antitrust violations in the online advertising market,  its efforts to rein in the world’s biggest technology companies.

The fine, was worth about $1.7 billion,  it is the third time European Union has fined  Google, reinforcing the region’s position as the world’s most aggressive watchdog of an industry with an increasingly powerful role in society and the global economy. The regulators said Google had violated antitrust rules by imposing unfair terms on companies that used its search bar on their websites in Europe.

Brussels also sanctioned Google’s  AdSense  advertising service, saying it illegally restricted client websites from displaying ads from ad service rivals.

Google and the EU have been at loggerheads about the monopoly of Google over internet search in Europe since 2009 and the AdSense case was the only complaint still open.

In July 2018, the US tech giant was ordered to pay a sum  of 4.34 billion euros for abusing the dominant position of Android, its smartphone operating system, to help assure the supremacy of its search engine.

Google has cemented its dominance in online search adverts and shielded itself from competitive pressure by imposing anticompetitive contractual restrictions on third-party websites,” Margrethe Vestager, Europe’s top antitrust watchdog, said in a statement. “This is illegal under E.U. antitrust rules.

Europe’s regulatory approach was once criticized as unfairly focusing on technology companies from the United States, but is now viewed as a potential global model as governments question the influence of Silicon Valley. Europe is at the forefront of a broad debate about the role of tech platforms like Apple, Amazon, Facebook and Google, and whether their size and power hurt competition.

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The Nigeria Stock Market loses N85bn in six hours

As results of the 2019 general election is being released by INEC, the sum of N85 billion has been lost in six hours on the floor of the Nigerian stock exchange

The market capitalisation of listed equities on Tuesday shed N85bn in six hours of trading to what traders attributed to profit-taking as a result of the presidential poll.

Specifically, the market capitalisation, which opened at N12.194trn, shed N85bn or 0.69 per cent to close at N12.109trn.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.

Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Mr Omordion stated.

nse

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.

Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.

Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.

Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.

A breakdown of the activity chart indicates that the volume of shares traded rose by 46.57 per cent with an exchange of 322.18 million shares worth N2.43 billion in 4,066 deals.

This was against 219.81 million shares valued at N5.55 billion transacted in 2,999 deals on Monday.

Sunu Assurances recorded the highest volume of activity, trading 50.81 million shares worth N10.16 million.

Access Bank traded 32.30 million shares valued at N203.09 million, while Diamond Bank sold 28.60 million shares worth N70.10 million.

United Bank for Africa accounted for 19.02 million shares valued at N153.66 million, while Guaranty Trust Bank sold 17.77 million shares worth N677.66 million.

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