Business News

Thursday, 21 July 2022 06:25

Price pressures build as diesel costs surge 200 percent

Central Bank of Nigeria’s plan to rein in inflation that’s a at five-and-a-half-year highmay prove to be even more difficult after diesel prices tripled in June and show little signs of relenting. Average diesel prices increased 203% from a year earlier in June to 733.8 naira ($1.74) a liter, according to data published by the National Bureau of Statistics on Wednesday. That’s the highest level since at least June 2016, its data shows. Diesel prices have risen further to 780 naira a liter this month. The statistic office does a monthly survey of fuel prices that are deregulated and used…

Thursday, 21 July 2022 06:23

FG grounds Dana Airlines over financial troubles

PRESS RELEASE Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines' Air Transport Licence (ATL) and Air Operator Certificate (AOC) indefinitely, with effect from midnight of Wednesday, 20th July, 2022. The suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015. The suspension order, handed down by the Director General, Musa Nuhu, has since been communicated to the management of Dana Airlines. The decision is the outcome of a financial and economic health audit carried out on the Airline by the Authority, and…

Thursday, 21 July 2022 06:22

Workers picket MTN office, allege anti-labour practices

Workers under the aegis of the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) on Wednesday picketed MTN Nigeria PLC plaza in Falomo, Lagos to drive home some demands.They held placards with inscriptions such as “Workers Rights are Human Rights”; “Unionism is a Right and not a Privilege”, and chanted solidarity songs. Some of the union’s grievances include MTN’s alleged resistance to workers’ right to freedom of association, freedom to organise and collective bargaining. The union also accused MTN of paying exit packages to its management staff but refusing to do the same to the lower cadre. PTECSSAN’s…

Thursday, 21 July 2022 06:16

And it turns out we've been giving our kids the wrong advice

Boy, were we ever wrong. I'm sorry to report that for years now we've been misleading our kids, as well as the young adults who work for us, about certain attitudes, ideas and life skills we've assumed were effective and reliable, and written, like gospel, in stone. But decades of non-stop, self-congratulatory conferences, unending TED and TEDx lectures, the entrepreneurial liturgy, the adulatory business press and, of course, celebratory films, TV shows and other media have led all of us - employers, parents and kids - woefully astray. Or maybe it's just that the world has changed so quickly and…

Wednesday, 20 July 2022 06:35

NNPC was yesterday unveiled as a private company. Here’s what that means for FAAC remittances, fuel subsidy, others

Nigerian National Petroleum Company Limited on Tuesday made it clear that it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly. It said this was based on its latest transition from a public corporation to a limited liability company and that it currently owed no money to FAAC, as all monetary arrears to the committee were owed by the old corporation and not the new oil company. This came as President Muhammadu Buhari officially unveiled the NNPC Limited on Tuesday and declared that the new entity was henceforth…

Wednesday, 20 July 2022 06:23

Your brain may be sabotaging your financial or career success - and it's due to this reason

A 2021 report by researchers at George Washington University showed that 50% of surveyed U.S. adults felt stressed when discussing their personal finances, and 60% experienced anxiety just thinking about their finances. That's often true even for high-earners, or people who have earned a steady paycheck for decades on end now. And according to Ed Coambs, a couple's therapist who specializes in financial therapy, there's a psychological explanation for it: Your anxiety around money is often deeply tied to your childhood experiences with financial stability. What's more, Coambs adds: What you think you're capable of achieving as an adult is…

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,…

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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…

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