Business News

Tuesday, 19 July 2022 07:11

Nigeria’s oldest airline, Aero grounds scheduled operations over ‘challenging environment’

Aero Contractors, Nigeria’s oldest airline, says it will suspend passenger flights from Wednesday, July 20. The airline, in a statement on Monday, said the suspension is temporary but did not indicate when it will resume operations. In May, Aero had denied plans to shut down operations after reports alleged that the airline was cash-strapped and might soon go out of business. Aero said the decision to suspend passenger flights was taken due to the fact that most of its aircraft are currently undergoing maintenance, resulting in an inability to offer a seamless and efficient service to customers. “We are working…

Tuesday, 19 July 2022 07:09

Oil climbs back above $100 as traders weigh tight market, OPEC+ limits

Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders. West Texas Intermediate was steady after rallying by more than 5% on Monday. That surge came after Saudi Arabia declined to commit to output increases following a visit by US President Joe Biden, and a disruption along the Keystone pipeline cut shipments of some Canadian oil to US refiners. Oil markets have seen volatile trading in recent weeks as traders navigated concerns that a looming recession would hurt demand, the fallout from a stronger dollar, and signs that…

Tuesday, 19 July 2022 06:50

8 useful strategies to outgrow and get ahead of your competitors

Does your business always seem to be trying to catch up with new competitors and changes in the marketplace? One of the things I learned from my years in Silicon Valley is that you must always focus on three steps ahead, as well as on what exists today. For most businesses, that means a culture of thinking outside your comfort zone, and planning change before a crisis hits. By definition, new startups have to do this to even have a shot at funding from venture capitalists and survival, but I find that existing companies often rest on their laurels far…

Monday, 18 July 2022 06:48

How to build a company culture to withstand downturns

How can you build a company culture to withstand downturns? This question has been keeping me up lately for two reasons: the possibility of a recession and the example of the Golden State Warriors – who crushed it again, after having a difficult season. It's not that I'm a huge basketball fan, though, as a kid, I used to root for the Celtics and then the Lakers (because after moving to LA, I got beat up for wearing a Celtics jersey). These days, I'm more of a fan of well-run teams, like the Warriors. During a rough stretch this season,…

Saturday, 16 July 2022 07:34

Coconuts are fast becoming the new ‘crude oil’ in Nigeria. Here’s what’s going on inside this huge business opportunity

Most of Nigeria has the perfect climate for growing coconuts and yet it imports 70% of the popular fruit, which is widely used as a snack, a drink and to make everything from oil to cosmetics. With demand for coconuts increasing both domestically and around the world, plans are now afoot to make Nigeria self-sufficient in coconuts. In the neighbourhood of Isolo in the heart of Nigeria's commercial hub Lagos, Toyin Kappo-Kolawole runs a small factory processing coconuts into milk, water, flour and snacks. She started her business, De-Cribbs Cocogry Coconut, in 2018, sourcing the coconuts from the coastal town…

Friday, 15 July 2022 07:17

Naira falls further at parallel market

The naira, on Thursday, fell to N620 per dollar at the parallel market amid the lingering scarcity of the greenback. The figure represents a depreciation of N5 or 0.8 percent from the N615 it traded last week. Currency traders known as Bureaux De Change operators (BDCs), who spoke to TheCable in Lagos, said there was increased demand for the dollar by importers at the street market. The traders put the buying price of the dollar at N614 and the selling price at N620, leaving a profit margin of N6. According to the Central Bank of Nigeria (CBN), the parallel market…

Friday, 15 July 2022 07:10

Money doesn't make you middle class. Here's what does

About 70% of Americans consider themselves middle class, according to a 2017 study by Northwestern Mutual. But according to most economists' definitions, that's not possible. One of the ways the Brookings Institution defines "middle class" is those in the 20th to 80th percentiles of household income. This would make 60% of American households middle class. The Urban Institute defines the middle class as those whose income is from 250% to 499% of the federal poverty line. By this measure, 31% of households were middle class in 2019. And the Pew Research Center, which uses government data to take into consideration…

Thursday, 14 July 2022 06:51

Oil prices fall further below $100 as inflation woes take centre stage

Oil prices ticked down on Thursday as investors doubled down on the possibility of a rate hike by the U.S. Federal Reserve that would stem inflation and curb oil demand. Brent crude futures for September fell 20 cents, or 0.2%, to $99.37 a barrel by 00:10 GMT after gaining 8 cents on Wednesday. U.S. West Texas Intermediate crude for August delivery was at $95.93 a barrel, down 37 cents, or 0.4%, after rising 46 cents in the previous session. The Federal Reserve is seen ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike…

Thursday, 14 July 2022 06:43

Why the distinction between leader and manager matters

The difference between a manager and a leader is that a manager “counts the beans,” whereas a leader makes them. In other words, a leader inspires by example. For instance, in the early days of Peninsula when we only had about twelve employees, although I’d never worked in sales before, I went on the road and sold our business services. This taught me a great deal. Firstly, our services were useful for small business. Even if we didn’t sell the service, the concept was always welcomed by the business owners, and they learned something. Most importantly, my experience gave me…

Wednesday, 13 July 2022 06:00

Nigerian businesses turn to solar power as diesel costs skyrocket

Nigeria's solar companies are seeing a surge in demand for mini-grids and equipment as businesses in Africa's biggest oil producer look for alternative power sources after the cost of diesel soared locally due to rising global oil prices. Supply constraints could, however, hamper their ability to capitalize on the trend, with some saying they have begun to turn away customers because they are unable to meet demand. Nigeria, Africa's largest economy with a population of more than 200 million people, has installed electricity capacity of 12,500 megawatts but the national grid only provides 4,000 MW at peak, leaving businesses and…

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Wednesday, 13 July 2022 05:43

To speed up your productivity, slow down

Imagine this: you step into the elevator and instinctively reach for your smart phone, only to discover that you've mistakenly left it at your desk. A sense of panic sets in as you wonder what to do. What will you think about when you can't have your "thoughts" fed to you? We live in an age of information, when there is always a new browser window to open, pop-up to click, post to like and headline to react to. According to Pew Research, 31% of adults are online nearly constantly. This has led to as many as 75% of adults…

Tuesday, 12 July 2022 07:29

Nigeria’s manufacturing sector records contraction for two months in a row - Report

The Manufacturing sector contracted for the second time in April, according to figures obtained from Central Bank of Nigeria. Reports released by the CBN said, the Deputy Governor, Financial Systems Stability Directorate, CBN, Aishah Ahmad, stated that, “Continued interventions especially in growth enhancing sectors is, thus, critical to sustain momentum in economic activity and stimulate aggregate demand, especially in view of the manufacturing purchasing manager’s index which contracted for the second consecutive month at 48.9 index points in April 2022 from 49.10 index points in the previous month,” she said. A member of the MPC, Robert Asogwa, said available high-frequency…

Tuesday, 12 July 2022 07:28

Oil slides as fears of global economic slowdown weigh on fuel demand outlook

Oil prices fell on Tuesday as fresh Covid-19 curbs in China, the world's biggest crude importer, and fears of a global economic slowdown weighed on the fuel demand outlook. Brent crude futures for September fell $1.35, or 1.3%, to $105.75 a barrel by 0305 GMT, while U.S. West Texas Intermediate crude for August delivery was at $102.64 a barrel, down $1.45, or 1.4%. "Growing fears of a recession and continued sluggish demand in China are pulling oil prices lower, though the current supply-demand balances remain precarious," analysts from consultancy Eurasia Group said in a note. Multiple Chinese cities are adopting…

Tuesday, 12 July 2022 07:18

Don't lose your best employees. Use this 9 box grid to grow people and your business

Hiring good people is tough. Retaining your best talent can be equally challenging. In today's disruptive world, competitive advantage relies as much on people as it does technology. So, how do you objectively know which people are your all-stars, especially in a bigger organization? And not just the best talent today, but the best for the future? Just like it's easier and cheaper to retain customers than acquire new ones, the same goes for employees. Knowing who your current and future all-stars are helps you keep them and gives you the opportunity to help them grow into more strategic roles.…

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