Business News

Saturday, 30 April 2022 06:07

Stocks on NGX gain N432bn on better-than-expected corporate results

Nigerian stocks advanced by 1.64 per cent or N431.9 billion on Friday, the fastest rate seen in weeks as investors splurged big cash on equities after many companies reported stronger-than-expected first-quarter earnings. Airtel Africa, FCMB Group and Nestle led the charge, while the NGX Insurance Index accelerated the most of the five sector indexes tracked by the bourse at 1.85 per cent. NGX 30, the index that tails the 30 biggest stocks on the exchange, climbed 0.82 per cent to its summit since March 12, 2018. Market breadth closed positive with 35 gainers emerging compared to 13 laggards. The all-share…

Friday, 29 April 2022 06:36

Several European traders have started to pay for Russian gas in roubles - Report

Some European traders have started to pay Russia for gas sales in roubles, while large clients have yet to do so, two sources familiar with the matter told Reuters on Thursday. "Several traders, maybe more than five, have started payments," one source said on condition of anonymity because they were not authorised to speak to the media. Russian President Vladimir Putin has demanded that countries he terms "unfriendly" must pay for gas in roubles or be cut off. Under the new Russian payment system, buyers are obliged to deposit euros or dollars into an account at Gazprombank, which has then…

Friday, 29 April 2022 06:27

How emotionally intelligent people use the ‘Milk Carton Rule’ to solve problems and avoid frustration

How do I make them change? Whether you're a business owner dealing with a client who never pays on time, a customer who can't get a company to respond to your repeated complaints, or simply a member of a family where no one seems to ever change the toilet paper roll, you're constantly faced with problems where another person's actions impact you negatively. Our natural response to this is to demand that the other person change their behavior. But the reality is that most people won't change, at least, not when we want them to. Continuing to focus on the…

Thursday, 28 April 2022 06:38

Jeff Bezos took a shot at Elon Musk on Twitter. It didn’t go well

Jeff Bezos, founder and former CEO of Amazon, and Elon Musk, the CEO of Tesla and soon-to-be owner of Twitter, don't strike me as best buds. The two men have competed over the past few years for the title of the world's richest man, a title Musk holds. They also sort of compete in space, with Bezos' Blue Origin competing against Musk's SpaceX. I say sort of, because, like Musk's lead in net worth (some $90 billion as I write this), SpaceX is transforming the space industry with its reusable rockets while Blue Origin is mostly seen as a vanity…

Wednesday, 27 April 2022 06:56

Airtel gets CBN’s approval to operate mobile money banking

Airtel Africa has confirmed that Central Bank of Nigeria has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd, with a full super-agent licence. According to the firm, this licence will allow it to create an agency network that can service customers of licenced banks, payment service banks, and licenced mobile money operators in Nigeria. In a statement, the firm said, “Further to our announcement of 15 November 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with presence in 14 countries across Africa, today confirms that the CBN has awarded its subsidiary, Airtel Mobile Commerce Nigeria Ltd,…

Wednesday, 27 April 2022 06:43

5 things investors look for in your pitch

Angel investor and CEO, Badal Shah, breaks down the boxes every entrepreneur must check. Today's investors are looking for a lot more than just a clear and present pitch. Apart from the executive team and business plan---prospective players want to be assured their investment is sound while the company has real plans for growth. Badal Shah is a multiple-exit entrepreneur with experience in chemical manufacturing, real estate software and healthcare technology. He currently serves as the CEO for his own start up, The Anthos Group, while also being on the board of directors at The Federal Savings Bank and Cabrera…

Tuesday, 26 April 2022 05:48

FG concessions bitumen blocks, appoints transaction adviser

Federal Government, on Monday, disclosed concessioning of bitumen blocks to prospective local and international companies in order to reduce importation of the commodity. This was made known by Minister of Mines and Steel Development, Olamilekan Adegbite, during a press conference on ‘Concession of the Delineated Nigerian Bitumen Blocks’. Adegbite, who pointed out that with the huge deposits of bitumen in the country, which ranks Nigeria as sixth largest in terms of deposit of the commodity in the world, there is no other time than now to harness this nature’s gift to Nigeria. He said it was for the benefit of…

Tuesday, 26 April 2022 05:47

Elon Musk prevails at last, buys Twitter for $44bn

Elon Musk clinched a deal to buy Twitter Inc for $44 billion cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world's richest person. It is a seminal moment for the 16-year-old company, which emerged as one of the world's most influential public squares and now faces a string of challenges. Musk, who calls himself a free speech absolutist, has criticized Twitter's moderation. He wants Twitter's algorithm for prioritizing tweets to be public and objects to giving too much power on the service to…

Tuesday, 26 April 2022 05:41

4 entrepreneurship lessons you won't learn in a classroom

No two entrepreneurs have the same story. Some were born with “the gene,” and started lemonade stands early. Others found it later in life and leveraged the success and connections they built earlier in their careers to start new ventures. Then there are those who, like myself, started their first businesses out of their college dorm rooms. Although aspiring entrepreneurs can take classes in business administration, accounting, and other essential disciplines, many of the most important lessons are learned on the job -- trying and failing and trying again. While the following words of wisdom likely won’t appear in any…

Monday, 25 April 2022 06:21

The dollar's reserve status has taken a hit in recent years, while China's yuan has seen its share rise, JPMorgan finds

The US dollar's share of global currency reserves has dipped to its lowest level on record, JPMorgan analysts found. The decline has accelerated in recent years, while China's yuan accounts for a greater share of reserves. Sanctions against Russia could exacerbate the trend of diversified currency holdings, JPMorgan said. The US dollar's share of global currency reserves has fallen to its lowest level on record, while China's yuan accounts for a greater share. The dollar's allocation dropped below 59% in the fourth quarter of 2021 — before Western sanctions on Russia raised doubts about the reliability of accessing the greenback.…

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Monday, 25 April 2022 06:20

10 largest banks in Africa based on asset size

There are a total of 763 commercial banks located across the 54 countries that make up the African continent. Findings by Business Insider Africa show that South Africa and Tanzania have the highest concentration of commercial banks at 51 and 50, respectively. Kenya on the other hand has 42 commercial banks, followed by Egypt with 40, Ghana with 34, Uganda with 24 and Nigeria with 22. Interestingly, not only does Africa have a lesser number of commercial banks compared to other continents —Asia has at least 1,900, the EU has about 6,000 and the USA alone has more than 4,000…

Monday, 25 April 2022 06:09

Thinking of launching your own business? 6 questions to ask yourself first

It's no secret that the Great Resignation has significantly impacted the workforce as we knew it. People are not only quitting their jobs, but many are leaving traditional roles in order to become their own bosses. If you're one of the many people who have considered leaving your 9-to-5 to start a business of your own, congratulations-- you're in for quite a journey. Since co-founding my content marketing company, Masthead Media, in 2012, I've learned (sometimes the hard way) that there are many things you need to get clear about in order to set yourself up for success. Here are…

Sunday, 24 April 2022 06:42

Nigeria’s crude oil production rigs dropped by a third in Q1, 2022 - OPEC

The number of functional crude oil production rigs in Nigeria decreased by 37.5 per cent to just 10 operational rigs in March 2022, the Organisation of Petroleum Exporting Countries has said. An oil rig, offshore platform, or oil and/or gas production platform is a large structure with facilities to extract, and process petroleum and natural gas that lie in rock formations beneath the seabed. Nigeria is a strong member of OPEC and has been championing activities of the group for decades, though failing lately in meeting its monthly oil production quota as approved by the organisation. Data obtained by our…

Friday, 22 April 2022 06:38

How the smartest minds use intuition and emotional intelligence to make better decisions, backed by science

A thirty-three year old patient complained of flu-like symptoms. His doctor assessed him. Nothing stood out. But for some reason... the doctor decided to do a full workup. Why? "As soon as (I) started to talk to him, my spider senses started to tingle," the physician told researchers. Turns out the doctor's intuition was right. The patient had lung cancer. According to Nobel Prize-winning economist Daniel Kahneman, "Intuition is thinking that you know without knowing why you do. Like quickly scanning three resumes and, without thinking too hard, picking the best candidate. Like quickly scanning long checkout lines at the…

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