• Saturday, April 27, 2024
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Buffett era of 8.5% dividends ends as Dow swaps stake

warren-buffet
 Board of Insight Publicis, a creative consultancy and marketing communication company in West Africa, has announced its first non-founder as managing director/CEO, in its almost four decades history.
The founder/chairman of the Board of Insight Publicis, Biodun Shobanjo, described Feyisola Olubodun as the new leader of the organisation.
“This is the lap for the millennials and the Generation Z. It is an era of connecting mobile digital communication to the socket of complex business needs. Feyi will now lead a successful team that continues to deliver communication solutions that assist our customers to have profitable interactions with their audience,” he said.
Feyi now becomes one of the youngest managing directors/CEOs, among the A-rated marketing communication firms in Nigeria.
Prior to his new role, he led the business to rapid growth, first as its Strategy and Planning Director and latterly as General Manager/Chief Operating Officer.
“The vision of our Board of Directors is clear. We shall allow others to follow us as we continue to lead at interpreting what today’s customer’s chat about. It is an honour to lead Nigeria’s most talented marketing communications company at this time in the history of our organization”, enthused Feyi Olubodun.
Feyi Olubodun has been a member of Insight Communications since 2009. He is a graduate of the Obafemi Awolowo University, Ile-Ife, and an alumnus of both the Pan-Atlantic University and the Duke University – The Fuqua School of Business.  He has over a decade’s experience in leading business negotiations and profitably managing projects.
He also advocates on business ethics and corporate governance standards in Nigeria Insight Publicis (formerly Insight Communications), is West Africa’s largest creative consultancy and integrated marketing communications company.  The organisation had earlier announced that its previous Managing Director, Jimi Awosika, is now the Group Managing Director of Insight Redefini; a group of six integrated marketing communication companies that Insight Publicis is a part of.

Oil price

 The chemical company’s shares also benefited from optimism that higher oil prices will boost the plastics unit, its largest business. Dow is increasing U.S. production with plants that convert natural-gas liquids into ethylene and then into plastics. Abundant U.S. gas liquids such as ethane, a byproduct of fracking, have reduced production costs relative to other regions where ethylene is made from naphtha, an oil derivative.Berkshire has profited over the years by being able to provide capital on short notice, especially when traditional funding sources dry up. Some of the companies that turned to Buffett have been winding down preferred-share relationships in recent years, reducing their cost of capital.

Mars Inc. in September paid $4.56 billion to acquire Berkshire’s preferred stake in Wrigley. Buffett helped finance Mars’s 2008 purchase of the chewing gum company.

Kraft Heinz Co. in June paid more than $8 billion to redeem a preferred stake. Buffett called the redemption “bad news” for Berkshire because of the difficulty in duplicating the 9 percent annual dividend that his company was receiving on the securities.

Buffett still has a $5 billion preferred holding of Bank of America Corp. The lender has to wait until 2019 to redeem the investment, and must also pay Berkshire a premium.