COMPANY NEWS IN BRIEF

Netflix to stop reporting quarterly subscriber numbers



TECHCENTRAL



Netflix unexpectedly announced that it will stop reporting subscriber numbers each quarter, a decision seen as a sign that years of customer gains in the streaming wars are coming to an end.



Shares of the streaming video pioneer fell after it reported a large batch of new customers in the first quarter but gave a revenue forecast that missed analyst targets. The stock was trading at US$585.41 after hours, down 4.2% from its closing price.



Netflix said its ad-supported streaming plans helped attract 9.3 million new customers, nearly double the consensus forecast of analysts polled by LSEG. That brought its global total to 269.6 million at the end of March.



Netflix said it will stop disclosing subscriber additions each quarter starting with the first quarter of 2025

Netflix executives have urged investors to focus on revenue and operating margins when assessing the company’s progress, rather than customer additions. Netflix said it will stop disclosing subscriber additions each quarter starting with the first quarter of 2025, and instead will announce them only when major milestones are reached.



“This change is really motivated by wanting to focus on what we see are the key metrics that we think matter most to business,” co-CEO Greg Peters said in a post-earnings video.



Angola's central bank governor forecasts FX stability amid inflation concerns



REUTERS



Angola's central bank sees relative stability for the country's kwanza currency this year, Governor Manuel Tiago Dias said on Saturday, cautioning that the bank's inflation forecast could be raised due to changes in fuel price subsidies.

Speaking in an interview with Reuters on the sidelines of the International Monetary Fund and World Bank spring meetings, Dias confirmed he expected consumer price inflation to stand at 19% by year-end, down from 20% in 2023 and from 26.09% in March



"These forecasts could be altered, especially if there are any changes to fuel price subsidies, and the impact of that would then be higher inflation than what we currently anticipate," he said.

Squeezed by surging debt costs and high pump prices, governments across Africa have been trying to scrap costly fuel benefits but this has proved unpopular and sparked protests in countries from Angola to Senegal and Nigeria in recent years.



Regarding the next monetary policy steps, Dias said he was keeping an eye on the evolution of the global economy - for which he sees no major changes amid the maintenance of global interest rates at relatively high levels - and domestic indicators.

Persistent high oil prices would also sustain high export revenues in the second quarter, he said.

"Looking to the next quarter, our perspective is that the currency supply in the foreign exchange market will remain around $600 million monthly," he said.



Nigeria eyes US$2 Billion bailout loan from the World Bank



BUSINESS INSIDER



Nigeria’s Minister of Finance Wale Edun, recently relayed that Nigeria is in the perfect position to attain a loan from the World Bank. During a press conference, he noted that Nigeria qualifies for a US$2 billion loan from the global lender. He also noted that the African Development Bank has been of help with its budgetary support and low-interest funding.



The finance minister during a press conference that took place on April 20 at the World Bank Group and International Monetary Fund (IMF) annual meetings, noted that Nigeria is prime for a loan package from the World Bank, to address some of the country’s pressing challenges.



As seen in the Nigerian newspaper, The Cable, the minister relayed during the press conference that the loan package which has a 40-year duration, a 10-year moratorium, and a one percent interest rate, was approved by the World Bank Board of Directors.



“If you look at the fact that we have qualified for the processing, just this week to the board of directors of the World Bank of a total package of $2.25 billion,” the finance minister stated.



BHP says it aims to receive first ammonia-fuelled bulk carrier in 2026



REUTERS



Australia's BHP Group is planning to receive its first ammonia-fuelled bulk carrier in 2026 as part of the company's plans to cut shipping emissions, a senior executive said.

The global mining giant has shortlisted eight companies for the building, operation and fuel supply for at least one such vessel, Rashpal Singh Bhatti, vice president of maritime and supply chain excellence at BHP told Reuters late last week.



However, it has not yet decided on the total number of vessels that it will order and is also assessing costs, technical and safety submissions, Bhatti said.

Ammonia is among several alternative fuels that shippers are considering to reduce carbon emissions, as it does not emit carbon when burned.



However, adoption of ammonia could take time as the industry is also working on safety and infrastructure standards for handling of the toxic fuel.The world's first ammonia-fuelled ship engines are expected for delivery between late-2024 and early-2025, based on statements by top engine makers MAN Energy and Wartsila.

The proposed ships are likely to refuel ammonia at ports in Australia, Japan and China, Bhatti added.

"Australia is going to be a very strong hydrogen player or a very strong ammonia player. Yara is investing or has invested very heavily in Australia," he said, referring to the Norwegian chemical maker.