Business News
Coca-Cola hits $2.6 billion profit
Coca-Cola announced on Friday that its third-quarter profits increased by 38% as the company’s gain rose to $2.6 billion.
Coca-Cola announced on Friday that its third-quarter profits increased by 38% as the company’s gain rose to $2.6 billion.
Chief Executive Officer of the company, James Quincey, explained that it was the solid sales of soda and innovative products like smaller drink cans that offset the hit from a strong dollar.
He said, “We are taking hold with our consumers, customers and system. Our profits rose 38 percent to $2.6 billion, off of an 8.3 percent increase in revenues to $9.5 billion.”
The company scored higher sales of its flagship Coca-Cola and notched another quarter of double-digit growth in Coca-Cola Zero Sugar diet soda.
Results were also boosted by increased sales of smaller 7.5-ounce mini-cans that enjoy higher profit margins and by initiatives such as distributing more than 100,000 coolers in Brazil to take advantage of strong demand for immediate consumption drinks.
The company undertook an international launch of a new coffee product in more than 20 markets and said it plans to introduce new energy drinks in the United States next year.
Coca-Cola raised its full-year targets for revenues and operating income but maintained the projection for earnings per shares. Shares rose 0.4% to $54.03 in pre-market trading.
Back home: Meanwhile, Nairametrics had reported that the Nigerian Bottling Company (NBC), Rite Foods Plc and other manufacturers of carbonated drinks might have to start paying excise duties as the Federal Government identified new streams of revenue to help boost its revenue base.
This was announced by the Minister of Finance, Budget and National Planning, Zainab Ahmed on the sidelines of the World Bank/International Monetary Fund meetings holding in Washington DC, United States.
Ahmed made it known that since the Value Added Tax increase had been proposed, other streams of revenue the government was considering include the introduction of excise duties on carbonated drinks.
Carbonated drinks include soft drinks like Coca Cola, Fanta, Bigi and excise duties are taxes levied on locally produced goods. Nairametrics understands that currently, excise is placed on non-alcoholic beverages, fruit juices, beer, stout and alcoholic beverages as shown on the website of the Nigeria Customs Service.
Coronavirus
COVID-19 Update in Nigeria
On the 3rd of December 2020, 343 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 68,303 confirmed cases.
On the 3rd of December 2020, 343 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 7,101 samples across the country.
To date, 68,303 cases have been confirmed, 64,291 cases have been discharged and 1,179 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 779,708 tests have been carried out as of December 3rd, 2020 compared to 756,237 tests a day earlier.
COVID-19 Case Updates- 3rd December 2020,
- Total Number of Cases – 68,303
- Total Number Discharged – 64,291
- Total Deaths – 1,179
- Total Tests Carried out – 779,708
According to the NCDC, the 343 new cases were reported from 14 states- FCT (123) Lagos (106) Kaduna (72) Nasarawa (14) Rivers(5), Bauchi (4), Imo (4), Ogun (4), Ekiti (3) Edo (2), Oyo (2), Plateau (2) Akwa Ibom (1) and Kano (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 23,545, followed by Abuja (6,991), Plateau (3,904), Oyo (3,730), Kaduna (3,245), Rivers (3,001), Edo (2,705), Ogun (2,237), Delta (1,824), Kano (1,799), Ondo (1,728), Enugu (1,332), Kwara (1,110), Ebonyi (1,055), Katsina (1,030), Osun (947), Gombe (938). Abia (926), Bauchi (778), and Borno (745).
Imo State has recorded 681 cases, Benue (496), Nasarawa (493), Bayelsa (456), Ekiti (377), Akwa Ibom (340), Jigawa (331), Niger (298), Anambra (285), Adamawa (261), Sokoto (166), Taraba (163), Yobe (100), Kebbi (93), Cross River (90), Zamfara (79), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Energy
Engineer Sanusi Garba assumes office as Chairman of NERC
The new NERC boss has assumed office today in an investiture event witnessed by other Commissioners of the Commission.
Engineer Sanusi Garba, today, December 3, 2020, formally assumed office as the Chairman of the Nigerian Electricity Regulatory Commission (NERC).
This is according to the statement issued by the media team of the NERC via the official Twitter handle of the Commission.
Professor Momoh hands over to Engineer Sanusi Garba
Professor James Adeche Momoh has handed over to Engineer Sanusi Garba in a ceremony witnessed by Commissioners of the Nigerian Electricity Regulatory Commission. Engineer Sanusi thanked Professor Momoh @NERCNG
— NERC Nigeria (@NERCNG) December 3, 2020
Engineer Garba whose appointment was confirmed by the Nigerian Senate on Tuesday will be replacing Professor James Momoh, the outgoing chairman of the Commission.
Speaking at the handover ceremony today, the New Chairman of the Commission recognized the efforts and the hard work of Prof. Momoh and thanked the outgoing chairman for his contributions to the development of the Commission and the sector in general.
However, Professor Momoh on his part pledged his continuous support to the Commission and thanked President Muhammadu Buhari for the opportunity to serve the country.
What you should know
- The new Chairman of Nigerian Electricity Regulatory Commission (NERC), Engineer Sanusi Garba is a seasoned professional in the Nigerian Energy Supply Industry (NESI), and also a top officer in the Commission.
- Prior to his nomination as the Chairman of NERC, Garba served as the Vice Chairman of NERC, under the leadership of Prof. Momoh. He also served as the Chief Executive of Katsina Steel Rolling Co. Ltd and the Director (Power) in the Federal Ministry of Power with responsibility for the Generation, Transmission and Distribution aspects of the electricity industry.
- He also served as Executive Director (Generation) at the Niger Delta Power Holding Co. Ltd during which he provided technical and commercial leadership for the efficient operation of seven (7) NIPP thermal power plants.
- Engr Garba, who is a seasoned professional has served on many Federal Government Committees including the Presidential Committee on Power Sector Reform (2007/8) and the Presidential Task Force on Power (2009/10).
ENDSARS
#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each
Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.
The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.
According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.
Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children. @followlsstf @ceolsstf @LagosPoliceng#LASG #SecureLagos pic.twitter.com/XdjPPRsRf7
— The Lagos State Govt (@followlasg) December 3, 2020
What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’
Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.
The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.
What you should know
COVID-19 Update in Nigeria
Mutual Benefits Assurance Plc to raise N4.8 billion through private placement
Engineer Sanusi Garba assumes office as Chairman of NERC
CBN latest policy on diaspora remittance kicks off tomorrow
Glo subscribers to enjoy 10% bonus airtime
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦470/$1
Camey & Rock executes N4.3 billion worth of share purchase agreement with Resort Savings and Loans
$1.3 billion Malabu oil field sale was perfect – Dan Etete
Nigeria owes foreign airlines $53 million as proceeds from ticket sales – IATA
