GE profit forecast at risk from power, finance problems

General Electric Co. likely will cut its 2018 profit outlook this week as the manufacturer struggles to get a handle on deep problems across its industrial and finance operations, according to a new report. According to Bloomberg News, an unexpectedly large insurance-related charge disclosed last week and the possibility of more liabilities raise a question about the credibility of the current guidance, Andrew Obin, an analyst at Bank of America Merrill Lynch, said yesterday in a note. He downgraded the shares to neutral from buy and said the value of…

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ExxonMobil’s contract finance to Nigerians hits $113m

The contracts finance scheme for local contractors by second biggest International Oil Company (IOC) in terms of assets and production, ExxonMobil Nigeria Unlimited, has hit $113 million.  The ExxonMobil Nigeria Unlimited is one of the country’s highest producers of crude oil, accounting for almost 600,000 barrels per day of crude, condensate and natural gas liquids, whose joint venture operation is over 90 offshore platforms from its Qua Iboe terminal operations area in Akwa Ibom State, comprising about 300 producing wells. Chairman of the company, Mr. Paul McGrath, who said this…

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2019: UK mulls new Sukuk as Brexit boosts Islamic finance

Britain plans to reissue Islamic bonds in 2019, a government official told Reuters, in a sign the country’s exit from the European Union may accelerate plans to develop an Islamic finance industry. In 2014, Britain became the first Western country to issue an Islamic bond or sukuk, raising £200mn ($268mn) from a five-year deal that was 10 times oversubscribed. Officials of British government, according to Gulf Times, said at the time this was a one-off transaction rather than part of a regular programme. But a Treasury spokesperson said the UK…

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