Business News

Thursday, 28 July 2022 06:52

Naira falls to unprecedented level at parallel market

Naira, on Wednesday, weakened to N707 a dollar at the parallel section of the foreign exchange market. The figure represents N42 or 7.45 percent depreciation compared to the N658 it traded last week — further losing value against the dollar. Street traders who spoke to TheCable said the free fall resulted from the lingering foreign exchange (FX) supply constraints. With a profit margin of N17, the traders put the buying price at N690 and the selling price at N707. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Central Bank of Nigeria (CBN)…

Thursday, 28 July 2022 06:50

Nigeria Air to start operations with 3 leased aircraft - FG

Federal Executive Council (FEC) has given approval to Nigeria Air to lease aircraft to start operations. Minister of Aviation, Hadi Sirika, announced this Wednesday while briefing State House reporters after the federal cabinet meeting presided over by President Muhammadu Buhari at the Council Chambers of the Presidential Villa in Abuja. The minister, who didn’t disclose when the national carrier would start its operations, said the company would begin with three aircraft. Sirika said Nigeria Air was open to investment from any of the country’s airlines, particularly the 51 per cent shares set aside for Nigerians. Asked about the number of…

Thursday, 28 July 2022 06:36

3 kinds of bad bosses and what to do about them

Is a boss in your company making employees miserable? If so, you are probably struggling to figure out how you can reduce that misery. The ideal solution is to find a great boss and keep working with them as long as that relationship helps each of you get where you want to go. Sadly, there are many kinds of bad bosses. Don't be one of these people. Here are three different kinds and what you should do about them. 1. The risk-averse control freak Some bosses are afraid that their career will be at risk if the project they assign…

Wednesday, 27 July 2022 06:27

Anger, fear, joy: The unspoken side of entrepreneurship

When you're your own boss, managing the highs and lows of business is skill unto itself. Here's a roadmap. Every day, entrepreneurs across the country are taking significant personal risks, creating new companies, and boldly paving previously nonexistent paths forward. They pour their passion, authenticity, and, oftentimes, their finances into these ventures--and there's no guarantee of success. Everyone has ups and downs on a daily basis, but in my experience as an entrepreneur, the highs are higher, and the lows are lower. I'm not the first to observe that there's no way to truly prepare for becoming an entrepreneur. It's…

Tuesday, 26 July 2022 06:56

TotalEnergies begins oil production from Nigeria’s Ikike field

French oil and energy company TotalEnergies has begun production from the Ikike field in Nigeria, which is expected to deliver peak production of 50,000 barrels of oil equivalent per day by the end of 2022, it said on Monday. The European Commission's deputy director general for its energy department this month said that the European Union was seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts. Reuters

Tuesday, 26 July 2022 06:55

Oil rises as Russian gas cut to Europe may encourage switching to crude

Oil rose on Tuesday on expectations Russia's reduction in natural gas supply to Europe could encourage a switch to crude, though concerns over weakening fuel demand because of an expected increase in U.S. interest rates limited gains. Brent crude futures for September settlement climbed 45 cents, or 0.4%, to $105.60 a barrel by 0112 GMT, following a 1.9% gain in the previous day. U.S. West Texas Intermediate (WTI) crude futures for September delivery increased 34 cents, or 0.4%, to $97.04 a barrel, having gained 2.1% on Monday. Advertisement · Scroll to continue Russia tightened its gas squeeze on Europe on…

Tuesday, 26 July 2022 06:49

Elon Musk denies alleged affair with wife of Google co-founder Sergey Brin

Tesla founder Elon Musk denied an alleged affair with the wife of Google co-founder Sergey Brin, which was reported as the reason for the couple’s divorce earlier this year. In a tweet late Sunday evening, Musk said a recent Wall Street Journal report alleging he was the cause of the divorce is "total bs" and that he and Sergey "are friends." "This is total bs. Sergey and I are friends and were at a party together last night!" Musk tweeted. The report identified Musk as the reason Brin filed for divorce from his wife, Nicole Shanahan, in January after learning…

Tuesday, 26 July 2022 06:48

African startups are raising unprecedented amounts. What next?

When maurizio caio, a fund manager with about 20 years of experience in tech, began raising money in 2015 for an African startup fund, investors were hesitant. “They said to pick either Africa or venture capital (vc),” says Caio, who jointly runs tlcom Capital, a fund focused on Africa. “There is an Africa risk and a vc risk,” was the message. “Don’t combine the two.” Such attitudes are rarer these days. Last year 604 African startups raised a total of $5.2bn, according to the African Private Equity and Venture Capital Association (avca), an industry group. This was more than the…

Monday, 25 July 2022 07:01

Elon Musk reportedly had an affair with wife of Google co-founder, Sergey Brin. This is what happened next

The long term friendship between the world’s richest man, Elon Musk, and Google co-founder, Sergey Brin, has ended following an alleged affair between the SpaceX boss and Brin’s wife, Nicole Shanahan. This is according to a report released by Wall Street Journal on Sunday. Quoting “people familiar with the matter”, WSJ noted that the brief love affair which happened in December 2021 caused Brin to file for divorce in January 2022. According to records filed in Santa Clara County Superior Court, Brin had filed for divorce from Shanahan citing “irreconcilable differences.” According to the sources, Brin filed for the divorce…

Sunday, 24 July 2022 07:23

EU looks to replace gas from Russia with Nigerian supplies

The European Union is seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts, Matthew Baldwin, deputy director general of the European Commission's energy department, said on Saturday. Baldwin was speaking in Nigeria where he held meetings with officials from Africa's largest oil producer this week. He was told that Nigeria was improving security in the Niger Delta and planned to re-open the Trans Niger pipeline after August, which would yield more gas exports to Europe. The EU imports 14% of its total LNG supplies from Nigeria and there is potential to more than double…

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Saturday, 23 July 2022 06:52

Naira crashes to lowest level ever at parallel market

Naira, on Friday, fell at the parallel market to N658 per dollar amid higher dollar demand. The figure represents a depreciation of N38 or 6.13 percent from the N620 it traded last week. Bureaux De Change operators (BDCs) who spoke to TheCable blamed the depreciation on ongoing foreign exchange (FX) supply constraints. Traders put the buying price of the dollar at N640 and the selling price at N658, leaving a profit margin of N18. A street trader explained that the unpredictability of the market is the reason for the depreciation. “The thing is this; they don’t give it much gap…

Saturday, 23 July 2022 06:51

Airlines say flights will be delayed, cancelled in coming days due to aviation fuel scarcity

Nigerian airlines, under the aegis of Airline Operators of Nigeria (AON), say there will be major disruptions of flights due to scarcity of aviation fuel, also known as JET-A1. Obiora Okonkwo, spokesperson, AON, said this in a statement released on Friday. This is the second announcement on the disruption of services over the scarcity of aviation fuel in three months. In May, AON said the scarcity of fuel negatively impacted the seamless conduct of air transport operations and “would lead to flight rescheduling, and, or, cancellations”. According to the statement, the current situation would lead to cancellations and prolonged delays…

Friday, 22 July 2022 06:09

Nigeria startup to expand electric vehicle use in 8 African countries

A Nigerian startup backed by private-equity firm Lightrock LLP is looking to deploy electric vehicles in about eight African countries by next year as demand grows for investment in low-emission transport. Metro Africa Xpress Inc. raised $31 million last year to develop an EV market on the continent, a challenging task due to the chronic power shortage in the region. The firm plans to enter nations including Egypt, Cameroon and Uganda by 2023 compared with just Nigeria and Ghana now, according to Chief Executive Officer Adetayo Bamiduro. The investment will expand the company’s number of cars to 100,000 by next…

Friday, 22 July 2022 06:03

3 signs you're letting pride get in the way of being successful

You may be a newly minted entrepreneur who just launched a start-up company. Or a seasoned business leader who's running a multi-billion-dollar enterprise. Both strive to hear the words, I'm proud of you. But what happens when you become obsessed with that empowering statement? That you only strive to hear these compliments from other people? Many psychologists argue that pride is a self-conscious emotion that evokes two facets of emotional responses: Authentic pride is the primary emotion that is derived from the joy and excitement of accomplishing a personal, financial or professional goal. Hubristic pride is the secondary emotion that…

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