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Monday, 22 October 2018

European banking giant Deutsche Bank is lukewarm on brewing behemoth Anheuser-Busch InBev (NYSE:BUD), following the release of the reference base for the ongoing business. The Belgian brewing firm has now either got shot of all the assets it agreed to sell in order to get the authorities to agree to its takeover of rival SABMiller, or it has agreed the sales. “The remaining SABMiller stub has higher margins than ABInBev, putting into question some of the synergy targets released before ABInBev even received the keys,” according to the Deutsche team. AB InBev is targeting US$1.9bn of cost synergies following the takeover.

Lagos State Governor, Mr. Akinwunmi Ambode, on Friday said the vision of his administration to create a more prosperous and safer Lagos and transform the State into the hub of commerce and tourism in Africa remained on course and all efforts would be geared towards achieving the desired result. Ambode, who spoke at Lagos House in Ikeja when he received on courtesy visit the British High Commissioner to Nigeria, Mr. Paul Arkwright, said he remained committed to transforming Lagos from being the commercial hub of Nigeria to that of Africa just like London is the hub of commerce and tourism in Europe. He recalled the historical ties between Nigeria and Britain and vowed not only to continue to uphold the relationship and scale it up for the benefit of the people, but also ensure the protection of British nationals and their investments in the state.

Fiji’s preparation to host the next global conference on climate change has received a major boost. This comes after the European Union exclusively told FBC News that it will offer more technical assistance to the Fijian government to host this meeting. EU Ambassador to the Pacific Andrew Jacobs says negotiations are currently underway between the European Union and the Fijian government on what type of assistance Fiji will need towards hosting the COP 23 meeting.

East African states have been asked to invest more resources in the development of renewable power projects like solar energy where the region has a better comparative advantage as compared to Hydropower which is more expensive to finance. Development partners say the climate conditions in some countries within the community such as Uganda supports the development of solar power but the country has not yet exploited such opportunities which have kept Uganda depending too much on Hydropower and biomass as sources of Energy. Speaking during the commissioning of the US$ 19 million solar photovoltaic project in Soroti, Eastern Uganda, the Head of European Union delegation in Uganda Ambassador Kristain Schmidt said Uganda is conducive for solar power development because of the climatic conditions and the regulatory framework.

The Czech agency for boosting exports and two-way trade, CzechTrade, has opened an office in the biggest economy in Africa, Nigeria. Nigeria is estimated to have overtaken South Africa to first place as Africa’s biggest economic power in 2014. The Czech office in the largest city Lagos will be looking to get a greater stake in the US 500 billion dollars a year economy with a population of 188.5 million. At the moment Czech exports to Nigeria are fairly meagre and stood at around US 80 million in 2015. CzechTrade already has offices in Egypt, Morocco, and South Africa. Nigeria is perceived as a promising target country with the government keen to help investors and foreign business and tackle corruption, one of the biggest blights on the local economy. CzechTrade’s director Radomil Doležal says the Czech Republic is regarded as a friendly country and Czech exporters can build on a solid reputation of sales to in the past.