Coca-Cola Pulls The Plug On Ronaldnho’s Endorsement

 Former Brazilian star midfielder’s decision to have a sip of Pepsi at a press conference cost him dearly as rivals Coke pulled the plug on his endorsement deal.

The former Barcelona man had himself to blame for his pocket being $760,000 lighter. Coke released Ronaldinho for giving Pepsi the advertisement they were paying for.

However Coca Cola marketing chief Marcelo Pontes said it was just a matter of time before Ronaldinho was given the boot.

“The fact that the player has appeared with a can of Pepsi was the straw that broke the camel’s back,” Pontes told O Estado de Sao Paulo.

The playmaker who made his name playing for the Catalan club, has had a torrid few years. He had to change clubs, shifting from Flamengo to Atletico Mineiro after receiving stick from the home fans.

This is not the first time a situation like this has taken place. Pop singer Britney Spears was removed from the Pepsi payroll after she was caught on camera drinking a Coke.

 

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Tiger Brands Signs Pact With Dangote to Acquire Shares In Dangote Flour Mills

South Africa giant, Tiger Brands Limited, following an earlier indication to acquire a shareholding in one of Dangote industries subsidiaries has announced that it has reached an agreement in principles with Dangote Industries Limited to acquire 63.35% of the total ordinary issued share capital of Dangote Flour Mills Plc, a public company, listed on the Nigerian Stock Exchange.

In a statement by the company, it said the proposed terms of the Potential Transaction are encapsulated in a share sale and purchase agreement (‘SSPA’), which has been presented to the Securities and Exchange Commission for consideration and approval in accordance with the regulatory requirements in Nigeria.

Before the Parties are able to sign the SSPA, the Potential Transaction and its terms have to be considered and approved by the SEC, in accordance with the regulatory requirements in Nigeria.”

The Potential Transaction upon the approval of SEC will lead to both parties signing the SSPA and the consumation of the deal.

“Upon signature by the parties of the SSPA, Tiger Brands will release a full announcement regarding the terms of the Potential Transaction; implementation of the Potential Transaction will be subject to the fulfilment of certain conditions precedent, including approval of the Exchange Control Division of the South African Reserve Bank,” the statement said.

The company then advised its shareholders to continue to exercise caution when dealing in the Company’s securities until a further, more detailed announcement is made.

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Nigeria Sells N134.5 Billion Worth of Treasury Bills

The Central Bank of Nigeria, CBN has revealed that Nigeria has sold a total of N134.56 billion in treasury bills
with maturities ranging from three months to one year at its bi-monthly auction.

The bills were sold with yield performance at a higher percentage than the previous auction.
Africa’s second biggest economy, Nigeria issues treasury bills regularly to reduce the money supply, curb inflation
and help lenders manage their liquidity.

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Nigeria Records Highest Borrowing Costs In 5 Years

(VENTURES AFRICA) Nigeria’s Debt Management Office is set to offer 83.9 billion naira ($515 million) in debt, including 30 billion naira of 15.1 percent bonds due 2017 – the Oil-rich nation’s highest borrowing cost in five years.

This was made known in a statement posted on the Debt Management Office’s official website. According to the statement, the debt office is incurring the debts on concern of the current pace of inflation which is approaching the fastest in more than two years.

On Thursday, the office will offer debts and bonds that are due in 2017 to members of the public.

According to current prices on the Financial Markets Dealers Association website, yields on the existing 2017 notes had hit a record high of 15.71 percent on June 25.

In May, Nigeria’s inflation rate slowed to 12.7 percent from 12.9 percent in April; however, the rate is expected to peak at 14.5 percent in the third quarter of 2012. According to the Central Bank of Nigeria (CBN), this will be the highest inflation rate since April 2010.

The banking sector’s policy makers led by CBN Governor Lamido Sanusi have held the benchmark interest rate at 12 percent this year from a 5.75 percent point-raise in 2011, in order to curb the naira’s decline and to combat the rising inflation rate.

Analysts and strategists across the continent are concerned about Nigeria’s current economic status.

“Inflation risk remains the blemish,” Dumisani Ngwenya, a Johannesburg-based Africa strategist at Barclays Plc’s Absa Capital, said in e-mailed comments sent to Bloomberg. However, there isn’t need for panic because according to Ngwenya, the dip in price growth in May is probably temporary.

According to Tola Odukoya, an analyst at Dunn Loren Merrifield Ltd. in Nigeria business hub, Lagos, the key factor driving the yields up is the sustained pressure on the local currency as a result of foreign investors’ profit-taking and moving their funds out of the market.

“We expect the yields of all the bonds to come out higher than that of the previous auction,” he said.

The rise in inflation rate could be linked to recent economic policies that were implemented in Nigeria. One of such is the inflation resulting from the increase in the pump price of gasoline due to the partial withdrawal of fuel subsidies in January. This has led to an increase in the pump price of gas from 65 naira in January to 97 naira a litre (0.26 gallon).

The economy has also been hit by a worldwide oil price plunge. As a result of the plunge, Nigeria’s benchmark blend (Bonny Light crude) has dropped 28 percent from a March 13 peak of $128.47 per barrel to $92.50.

The naira, which was Africa’s best-performing currency against the dollar in the first five months of 2012, has also been affected. The currency is now down 0.2 percent, currently trading at 162.65 naira per Dollar in Lagos, Nigeria’s commercial capital.

In the same vein, Nigeria’s foreign reserves have recorded a deficit of $612 million to $37.1 billion as the apex bank has increased dollar sales at twice-weekly currency auctions, and directly to the market to defend the naira.

Nigeria is a nation of 150 million people and it depends on crude oil exports for more than 80 percent of government revenue and 95 percent of foreign currency income. According to the statistics office, crude oil accounts for 83 percent of Nigeria’s total exports in the fourth quarter.

 

 

 

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With £54.4m, Floyd Mayweather Jr Dethrones Tiger Woods’ On Forbes List Of World Richest Sportsman

Boxing champion Floyd Mayweather Jr. has ended Tiger wood’s ten year reign as the highest earning athlete on forbes list.

Floyd Mayweather Jr. “Money fought twice during the past 12 months, knocking out Victor Ortiz in September and winning an unanimous decision in May against Miguel Cotto.  Read more

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SHAREHOLDERS SUE FACEBOOK, OTHERS OVER IPO SALES

Shareholders who recently bought the much hyped facebook IPO has sued the social media company as well as Morgan Stanley (MS), Goldman Sachs Group Inc. (GS) and JPMorgan Chase & Co. They were sued along with other underwriters by investors who claimed they were misled in the purchase of the social facebook stock. Read more

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MARK ZUCKERBERG BECOMES THE 29TH RICHEST PERSON ON EARTH

Facebook Inc. (FB)’s $16 billion initial public offering has made 28-year-old ?Mark Zuckerberg? the 29th richest person on Earth.

Facebook, the world’s most popular social networking company, sold 421.2 million shares for $38 each. At that price, the 503.6 million shares and options Zuckerberg owns are valued at $19.1 billion, making him wealthier than Google Inc. Read more

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