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Inside the world’s largest $112.2 billion shipbuilding firm 

The world’s largest shipbuilding group, valued at the sum of $112.2 billion, has been inaugurated in China.

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Inside the world's largest $112.2 billion shipbuilding firm 

The world’s largest shipbuilding group has been inaugurated in China. The group, which is the first-ever shipbuilding company in the world is valued at $112.2 billion, as reported by Business AM.

The Details: The group is a product of a merger between two of the largest state-owned shipbuilders by production capacity, China Shipbuilding Industry Corp (CSIC) and China State Shipbuilding Corporation (CSSC). This is according to the China State Shipbuilding Corporation (CSSC) in a statement.

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Capacity: CSSC boasts of 310,000 employees and holds total assets of CNY 790 billion, a value estimated to reach $112.2 billion. This is coming after the Chinese state asset regulator approved the merger.

Inside the world's largest $112.2 billion shipbuilding firm 

Elated about the merger, Hao Peng, Chairman of the State-owned Assets Supervision and Administration Commission (SASAC), noted that the establishment of China Shipbuilding Corporation would help bring moribund state enterprises to life and reposition the domestic shipbuilding industry for growth, and healthy competition. It’s also expected to strengthen the development of the national defence technology industry

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About China Shipbuilding Industry Corporation: China Shipbuilding Industry Corporation (CSIC) is China’s state-owned shipbuilder. In addition to civilian vessels, such as freight carriers and oil tankers. CSIC also builds submarines and escort vessels, torpedoes and other weapons, as well as conducts offshore drilling. It is one of China’s top 10 military companies, helping to research and make about 80% of the Chinese navy’s main equipment.

CSIC was spun off from China State Shipbuilding Corporation in July 1999. It has about 150,000 employees, including China’s scientific and technological elites and about 40,000 engineers. It has six national research and development centres, and nine national-class laboratories. Its annual shipbuilding capacity is 15 million tons. It exports liquefied natural gas and liquefied petroleum gas carriers to more than 60 countries.

About China State Shipbuilding Corporation: The China State Shipbuilding Corporation (CSSC) is the largest shipbuilding conglomerate in the world. Headquartered in Beijing, the CSSC handles mostly shipbuilding activities in China.

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CSSC is one of the top 10 defence groups in China. It consists of various shipyards, equipment manufacturers, research institutes and shipbuilding related companies. Some of the well-known shipbuilders in China such as Jiangnan Shipyard and Hudong–Zhonghua Shipbuilding are currently owned by CSSC. Its subsidiary, China CSSC Holdings Limited (SSE: 600150), is listed on the Shanghai Stock Exchange, and in turn, owns other subsidiaries including Shanghai Waigaoqiao Shipbuilding.

On 1 July 1999, some of its companies were spun off by the Government to form a separate conglomerate group, China Shipbuilding Industry Corporation (CSIC), which holds shipbuilding activities in the north and the west of China and CSSC deals with those in the east and the south of the country.

On 26 November 2019, Government of the People’s Republic of China established a new China State Shipbuilding Corporation with the holding company to merge with CSIC again after SASAC approved.

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Patricia

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Around the World

Shell considers relocating its headquarters to the UK

Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.

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GLOBAL GAS vs SHELL: COURT SETS ASIDE AWARD OVER BREACH OF CONTRACT, Investors, shareholders shocked as Shell reduces dividend

Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.

The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:

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You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”

Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.

Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.

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An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.

It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.

Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.

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Africa’s richest woman has assets seized by Portugal

She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

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Africa’s richest woman has assets seized by Portugal

The Portuguese Government seized shares owned by Angola’s Isabel dos Santos in the Efacec Power Solutions SGPS SA Company, in a bid to help the company find new owners.

Isabel Dos Santos has been battling a corruption probe both home and in Portugal. She is being accused of embezzling over $ 1 billion from Angolan state-owned firms.

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READ MORE: Nigeria recoups N594.09 billion from whistleblowing policy

Dos Santos owned a 72% stake in the company through a Maltese registered company called “Winterfell 2”. Angola’s Finance Minister, Pedro Vieira said on Thursday that the Angolan government has started plans to sell the stake and already has interest from interested bidders.

Efacec has annual sales of $449 million, according to the Minister.

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READ MORE: Italian Judge links Nigerian businessman to an oil graft case between Eni, Shell

Efacec announced back in January that Isabel dos Santos had planned to sell most of her majority stake in the company.

Isabel dos Santos had her assets frozen in December 2019 by Angolan courts, she claims the corruption probe against her was based on a fake passport signed by late Hollywood star Bruce Lee.  Portugal also froze her assets in February. 

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READ ALSO: Portugal blocks Africa’s richest woman, Isabel dos Santos’ bank accounts

 

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FBI seeks help finding 6 Nigerians accused of fraud totaling over $6 million  

The Nigerians are also accused of working with money launderers, romance scammers, and others.

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FBI seeks help finding 6 Nigerians accused of fraud totaling over $6 million  

The Federal Bureau of Investigation (FBI) has announced, through its Twitter handle, that it needs the help of the public to find six Nigerians who were complicit in Business Email Compromise (BEC) schemes, which led to the loss of over $6 million.

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The accused Nigerians in the FBI’s Cyber Most wanted are Richard Izuchuckwu Uzuh, Alex Afolabi Ogunshakin, Felix Osilama Okpoh, Abiola Ayorinde Kayode, Nnamdi Benson, and Micheal Olorunyomi.

READ ALSO: How to protect your bank account from phishing attempts

The FBI says that over 70 different businesses were defrauded of the amount. The fugitives are accused of sending spoofed emails to thousands of businesses requesting fraudulent wire services.

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The Nigerians are also accused of working with money launderers, romance scammers, and others involved in BEC schemes “through a complex web of witting and unwitting people in the United States and abroad.”

Uzuh and Ogunshakin are alleged to have conducted their own BEC Schemes; while learning from Uzuh, Ogunshakin provided the bank accounts to him, Benson, Kayode and Okpo, whose accounts were used to receive fraudulent wire transfers. Okpoh alone is accused of providing bank accounts for receiving fraudulent transfers valued at $1 million.

READ ALSO: Invictus Group CEO, Obinwanne Okeke, pleads guilty to $11m fraud charge in U.S.

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Uzuh was indicted in October 2016 in the United States District Court, District of Nebraska, Omaha, Nebraska, on wire fraud charges and conspiracy to commit wire fraud, while the other co-conspirators were indicted in August 2019 at the same district court and had Federal warrants issued for their arrests.

Meanwhile, Micheal Olorunyomi, who was indicted in November 2019, is accused of defrauding victims of over $1 million by targeting vulnerable elders or widows through romance fraud schemes.

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