Tuesday, 1 Oct 2024

TPG's Rise Fund to invest $200 million in Airtel Africa mobile money business

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Oil Extends Losses As U.S. Inventories Rise

Oil prices fell for the fifth day running on Thursday after data showed another jump in U.S. crude stockpiles and the International Energy Agency (IEA) warned of delayed demand recovery.

Brent crude for May settlement fell 56 cents, or 0.8 percent, to $67.44 per barrel, while U.S. oil futures were down 55 cents, or 0.9 percent, at $64.05.

Data from the Energy Information Administration revealed that crude inventories in the U.S. rose by 2.396 million barrels in the week ended March 13.

U.S. crude inventories increased for the fourth consecutive week after refineries closed due to bad weather. However, the increase was less than what markets had expected.

Distillate stockpiles were up 255,000 barrels last week compared to expectations for a draw of about 3.4 million barrels, while gasoline inventories rose 472,000 barrels in the week versus expectations for a draw of about 3 million barrels.

Investors remain concerned over the outlook for energy demand as coronavirus vaccination efforts across Europe lagged significantly behind the U.S.

The International Energy Agency said in its monthly Oil Market Report that global energy demand is unlikely to return to pre-pandemic levels for another two years at least.

How to dominate March Madness: Don’t make these five mistakes in your NCAA Tournament bracket

There's a slim margin for error when it comes to winning your NCAA Tournament bracket pool. College basketball fans devote their attention to making the right call on upsets and the Final Four. 

But one way to win your bracket is to avoid obvious errors that could prove costly.

Five mistakes not to make when making your March Madness picks:

1. Don't pick a team that hasn't been better than .500 in its past 10 games. Ahem, Wisconsin (3-7 in last 10 games). A winning bracket takes a little research. The best way to avoid mishaps is to assess a team's play in late February and early March because as much as the tournament is about matchups, a team that's playing poorly shouldn't be ignored. 

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Dollar General Corporation Bottom Line Advances In Q4

Dollar General Corporation (DG) revealed earnings for its fourth quarter that increased from the same period last year.

The company’s earnings came in at $642.74 million, or $2.62 per share. This compares with $535.44 million, or $2.10 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $2.72 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 17.5% to $8.41 billion from $7.16 billion last year.

Dollar General Corporation earnings at a glance:

-Earnings (Q4): $642.74 Mln. vs. $535.44 Mln. last year.
-EPS (Q4): $2.62 vs. $2.10 last year.
-Analysts Estimate: $2.72
-Revenue (Q4): $8.41 Bln vs. $7.16 Bln last year.

TPG's Rise Fund to invest $200 million in Airtel Africa mobile money business

The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction, with Airtel Africa continuing to hold the remaining majority stake.

Investment firm TPG’s Rise Fund will invest $200 million in Airtel Africa’s mobile money business at a valuation of $2.65 billion, Bharti Airtel said on Thursday.

Airtel Mobile Commerce BV is currently the holding company for several of Airtel Africa’s mobile money operations, and is now intended to own and operate the mobile money businesses across Airtel Africa’s 14 operating countries.

The Rise Fund will hold a minority stake in AMC BV upon completion of the transaction, with Airtel Africa continuing to hold the remaining majority stake.

"The transaction is the latest step in the Group’s pursuit of strategic asset monetization and investment opportunities, and it is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years," Airtel said.

Airtel Africa Group is also in discussions with other potential investors in relation to possible further minority investments into Airtel Money, up to a total of 25% of the issued share capital of AMC BV.

"The proceeds from the transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries," the statement said.

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