FINANCE - 01 MAY 2020

DB: FG abolishes agencies; Shell cuts dividend; US blacklists Amazon

DB: FG abolishes agencies; Shell cuts dividend; US blacklists Amazon
Daily Briefing via Stears

 

Economy

FG abolishes 38 federal agencies

 

The Federal Government has approved the abolition of 38 Federal agencies, the merger of 52 and reversion of 14 agencies into relevant government departments, to cut cost. The approval was based on recommendations by a Presidential Committee set up by Ex-President Goodluck Johnathan. This implementation - set out to cut costs - comes when the number of MDAs have almost doubled from about 500 at the time of recommendation to around 1,000 today. 

 

Oil and Gas

Shell cuts dividend for the first time since WWII

 

Shell has cut its dividend from 47 cents per share to 16 cents per share. This is the first time that the oil major has cut its dividend since the 2nd World War. This move comes as the company seeks to position itself to deal with the looming economic uncertainty. Shell is expected to invest the savings from the dividend cut in its clean energy business.

 

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Consumer 

US blacklists 5 Amazon foreign websites

 

The US trade office blacklisted five of Amazon’s foreign websites in the UK, Germany, France, India & Canada, saying they contribute to the sale of counterfeit products. In response, Amazon cited investments made to tackle the problem, adding that the allegations are political. Although this has no legal effects on the online shopping giant, it adds to recent reputational damage. Its workers plan to go on strike today over coronavirus transmission risks from handling deliveries.

 

 

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