Business

Nigerian start-ups digitise local food supply chain

Nigerian start-ups are digitising the local food supply chain, helping merchants navigate high food costs and farmers sell their produce. Two such firms, Vendease and Sabi, which were formed last year, have created digital marketplaces allowing wholesalers, shopkeepers, restaurateurs and hotels to buy directly from farms and manufacturers. Inflation has been in double digits in […]

Business

Human, natural capital key to sustainable economic growth, World Bank says

Economic growth can only be considered truly sustainable if human and natural capital are part of the equation, as gross domestic product and other traditional measures fall short, a new report from the World Bank showed. “A deeper and more nuanced understanding of the sustainability of wealth is crucial to a green, resilient, and inclusive […]

Business

EXCLUSIVE Gas crisis helps to land BP $500 million windfall

BP’s trading team made at least $500 million in the third quarter of 2021, two sources with knowledge of the company’s trading results said, as the energy major benefitted from a gas crisis that has left consumers and industries smarting. Natural gas and power prices soared to an all-time high in Europe and parts of […]

Business

Norwegian Air to lease 13 Boeing planes

Budget carrier Norwegian Air (NAS.OL) has agreed to lease up to 13 Boeing (BA.N) aircraft in anticipation of higher demand for travel next summer, it said on Wednesday. The lease concerns Boeing’s 737-800 NG aircraft, with delivery to begin in the fourth quarter of this year and through the first quarter of next year. Norwegian […]

Business

Kraft Heinz lifts profit view on boost from inflation-prompted price hikes

Kraft Heinz Co (KHC.O) raised its full-year core profit forecast on Wednesday, as the packaged food maker expects strong demand and increased product prices to counter inflation. Shares of Kraft were up about 2% in premarket trading after the Chicago-based company topped Wall Street estimates for third-quarter revenue and profit. Kraft said it expects strong […]

Business

McLaren Automotive’s boss Mike Flewitt to step down

McLaren Automotive’s Mike Flewitt will step down as chief executive officer after more than eight years at the helm, the British Formula One and sportscar maker said on Wednesday. McLaren Group, which owns the automotive supercar and racing businesses, said non-executive director Michael Macht will take on the responsibility for all technical and operation functions […]

Business

Spotify adds more subscribers, podcasts fuel ad rebound

Spotify Technology SA (SPOT.N) beat Wall Street estimates for third-quarter revenue as more paid subscribers signed up for its premium service and advertisers lined up to air ads in between music and podcasts. Premium subscribers, which account for most of the company’s revenue, hit 172 million, just beating analysts’ expectations of 171.7 million. Total monthly […]