Electrolux buys General Electric's appliances unit for $3.3bn

Electrolux is to buy General Electric's household appliances business for $3.3bn (£2bn).

It is the Swedish company's biggest deal and gives it a bigger presence in the US to take on rival Whirlpool.

Electrolux, which sells under brands such as Zanussi and AEG as well as its own name, is the world's second-largest home appliance maker after Whirlpool.

"This is an historic moment and important strategic move," said chief executive Keith McLoughlin.

Electrolux has been

Delay in PIB passage stalls devt in power sector — Nnaji

The former Minister of Power, Prof. Bartholomew Nnaji has emphasized the need for government to speedily implement the Petroleum Industry Bill, PIB, saying its passage would help improve the power sector.

Speaking at the General Electric, GE, Conference on the challenges facing the power sector and how GE, innovative machinery has helped improved the epileptic power in the country; he said the incentives that should attract investors to boost gas supply and help power reform are imbedded in the PIB.

Nnaji noted that, “Oil majors in the country should give room for small companies to manage and develop oil wells that are lying fallow”.

According to him,