AMAZON CEO (JEFF BEZOS) BECOMES RICHEST MAN IN THE WORLD FOR HALF A DAY….

By: Economic & Finance Report

On Thursday July 27, 2017, Amazon head honcho/founder and CEO, Mr. Jeff Bezos surpassed Microsoft founder Bill Gates, as the richest person in the world, he toppled Mr. Gates with an estimated net worth of $90 billion.

Later on Thursday July 27, 2017 Amazon stocks missed quarterly (Q2) estimates, Bezos net worth declined to $85.9 billion making him #2 richest person (After Bill Gates), thus allowing Bill Gates to reclaim his “richest person mantle” again.

Mr. Bezos and Amazon have had a productive year so far, having purchased Whole Foods, a middle eastern online retail giant Souq.com, and a host of other investments; such as the expansion of warehouses, streaming/content services, as well as marketing and promoting in house products such as the Echo Fire Stick. The Amazon brand remains a strong brand and even a more competitive household name. Successful contributions by an even more accomplished man.

-SB

AFRICA’S RICHEST BILLIONAIRE INVESTS $2BN IN NIGERIA OIL….

By: Economic & Finance Report

Aliko Dangote pic

 Energy is big business in Nigeria and in Africa in general. Billionaire Aliko Dangote, Africa’s richest man has invested $2 billion dollars in Nigeria’s oil refinery. It is Nigeria’s petrochemical and fertiliser plant. He has already invested $9 billion dollars in the refinery adding the recent $2 billion recently. This project has been noted by energy analysts as galvanizing and revolutionizing the energy sector in Nigeria.

Nigeria’s refineries have had problems for decades, not being able to output oil to its full capacity, being unmanageable and the high rate of oil robberies and theft.

Nigeria’s economy continues to expand and diversify especially within the past decade but the country is still relying on oil as it’s main producer… Nigeria’s is Africa #1 oil producer… Nigeria oil accounts for  90 percent of export earnings and 70 percent from its national GDP earnings.

Mr. Dangote and his Dangote Group investing $2 billion in the oil refinery will position Nigeria to broaden its spectrum in the energy sector within and help ease the necessity of energy from being imported..

-SB