DANGOTE INDUSTRIES CRISES COMPOUNDED BY NEGATIVE FITCH RATING

In a shocking move, Fitch Ratings has downgraded Dangote Industries Limited's (DIL) credit rating to B+ and placed it on ratings watch negative, citing concerns about its liquidity and ability to raise money. This development has sent shockwaves through the business community, particularly given DIL's significant presence in Nigeria's economy and its plans to operate Africa's largest oil refinery.

The downgrade reflects a significant deterioration in DIL's liquidity position, following lower-than-expected disposal proceeds and operational and financial underperformance compared to prior expectations.

 This is a concerning turn of events, especially considering the importance of DIL's projects, including the 650,000 barrel per day oil refinery in Nigeria.

Fitch's decision has sparked discussions about the broader implications for Nigeria's business environment and the challenges faced by the country's oil industry. The downgrade raises questions about the ability of Nigerian businesses to access capital and manage debt, particularly in the oil sector.

In a statement, Fitch revealed that Dangote Group plans to divest a 12.75% stake in Dangote Petroleum Refinery to address liquidity concerns. The proceeds from the sale will be used to service a sizable syndicated loan that matures on August 31, 2024.

 This move highlights the urgent need for DIL to address its debt concerns and improve its financial management.The implications of this downgrade are far-reaching, with potential consequences for Nigeria's economic growth and development. 

"I WANT MY OWN SHOE LINE" WORLDS FASTEST MAN TELLS ADIDAS

 

NOah Lyles

The newly crowned world's fastest man, made history on Sunday by winning the 100-meter sprint at the Paris 2024 Olympics. This victory marks a milestone in Lyles' illustrious career, which has been marked by dedication, perseverance, and a passion for speed.

Lyles' journey to the top began in his teenage years, when he started competing in local track events. His natural talent and hard work quickly earned him a spot on the US national team, and he went on to win several national championships. However, his Olympic dreams were initially put on hold when he failed to qualify for the 2020 Tokyo Olympics.

Undeterred, Lyles refocused his training and came back stronger than ever. His determination paid off in Paris, where he crossed the finish line in a blistering 9.83 seconds, becoming the first American to win the gold medal in the 100-meter sprint since Justin Gatlin in Athens 20 years ago.

Now, with his gold medal in hand, Lyles is setting his sights on a new goal: his own signature shoe line with Adidas. 

"I want my own shoe, I want my own trainer, dead serious," he declared at a news conference after the race. 

As one of the top athletes sponsored by the German brand, Lyles is eager to take his partnership to the next level and create a shoe that reflects his unique style and speed.

With his victory in Paris, Lyles has cemented his status as one of the greatest sprinters of all time. As he looks to the future, it's clear that he's just getting started. Will Adidas grant him his wish and create a signature shoe line? Only time will tell, but one thing is certain – Noah Lyles is here to stay.

Amazon Accelerates Electric Vehicle Revolution. Aims to fully electrify its 100,000+ delivery van fleet by 2030

Amazon has reached a remarkable milestone in its electric vehicle (EV) initiative, deploying 15,000 EVs since co-founding The Climate Pledge in 2019. 

The company has accelerated its timeline to fully electrify its 100,000+ delivery van fleet by 2030, a decade ahead of its initial plan.

Amazon's EV fleet has already delivered over 800 million packages in the US, with Rivian vans leading the charge. The company is also expanding its electric fleet to ocean freight service in California, introducing fully electric Volvo semi-trucks for heavy cargo containers and customer package loads.

To support its growing EV fleet, Amazon has installed over 17,000 chargers at more than 120 delivery stations across the US. 

CEO Andy Jassy emphasizes Amazon's commitment to achieving net-zero carbon emissions by 2040, with electric vehicles playing a crucial role in this strategy.

The company is exploring additional eco-friendly solutions, including electric cargo bikes and drones. With its accelerated EV timeline and innovative approach, Amazon is paving the way for a greener, more sustainable future.