Business News

Tuesday, 07 December 2021 06:06

Oil extends gains on easing Omicron fears

Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies. Brent crude futures rose 34 cents, or 0.5%, to $73.42 a barrel at 0124 GMT, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $69.92 a barrel, up 43 cents, or 0.6%, building on a 4.9% gain in the previous session. Oil prices were pummelled last week over concerns that vaccines might be less effective…

Tuesday, 07 December 2021 06:05

Cement prices skyrocket as Dangote, other producers make huge profits

Despite the surge in profits of cement manufacturers in the country, the end price of the commodity has continued an upward surge in the last 18 months. This is in spite of assurances by the manufactures that they are increasing production. Consequently, the rising price of cement is causing a sharp increase in the cost of building development. Nigerian cement market is dominated by three players –Dangote Cement, Lafarge Africa Plc and BUA Cement. Investigation reveals that the price of a 50kg bag of cement initially rose from N2,500 to N3,600 around November 2020. Currently, there is a huge difference…

Tuesday, 07 December 2021 06:04

Southeast traders petition CBN over excessive bank deductions

Southeast Amalgamated Markets Traders Association has decried what it described as “multiple and indiscriminate charges and deductions on customers” by commercial banks. The association complained about the bank charges in an open letter to Governor of Central Bank of Nigeria, Godwin Emefiele, made available to our correspondent in Enugu on Monday. It was signed by its President-General, Gozie Akudolu, and its Secretary-General, Alex Okwudiri. It said, “Part of the major responsibilities of the commercial banks, we know, is to accept money deposits from customers and keep safe custody of the same, and perform such other transactions for and as directed…

Tuesday, 07 December 2021 05:53

Employees with this 1 quality are high performers. Here's why, plus how to identify it

When it comes to soft skills, this might be the most valuable employee asset there is. When you think of the most desirable qualities an employee can have, your mind might first go to mainstays like strong leadership skills, ambition, or work ethic. These traits are, of course, impressive and no doubt contribute to good performance, but having the ability to perform at a certain level is different than having the desire to. That's what puts passion at the top of the list when it comes to high-performing employees. Passion drives performance In a study of more than 450 employees…

Monday, 06 December 2021 05:57

8 things I discovered while working with affluent clients in New York

A high-net-worth individual (HNWI) is somebody with around $1 million in liquid financial assets. According to the 2021 World Wealth Report, North America surpassed Asia-Pacific to become the 2020 leader in both HNWI population and wealth. The city with the highest number of millionaires is New York City, with nearly one million millionaires. I have more than a decade's worth of experience in the luxury design industry, building relationships with affluent clients across North America and in NYC. During this time, I discovered eight traits my clients all have in common. 1. They spend time with impressive people I noticed…

Friday, 03 December 2021 06:07

9 Nigerian banks get Moody’s rating upgrade

Moody’s Investors Service (Moody’s), a global rating agency has upgraded its outlook on nine Nigerian banks to ‘Stable’ from ‘Negative’ even as it affirmed it’s B2 rating of the banks. Moody’s explained that the affirmation of the Nigerian banks’ ratings is based on expectation that the banks’ solvency will remain at adequate levels over the next 12-18 months. The banks are Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria Plc, Fidelity Bank Plc, FCMB Limited and Sterling Bank Plc. The rating agency, yesterday, stated:…

Friday, 03 December 2021 06:00

You can have it all — just not all at once, says first woman to head major Wall Street bank

Karen Gilchrist Jane Fraser's appointment as the first woman CEO of a major Wall Street bank was a huge feat, not only personally but also for others hoping to balance professional ambitions with their private lives. But she is adamant other career-climbers can have it all too — perhaps just not all at once. Fraser was named CEO of Citigroup in September and will take the reins from Michael Corbat next year. She will be the first woman to helm one of Wall Street's four major banks which include Bank of America, JPMorgan Chase and Wells Fargo. "There is some…

Thursday, 02 December 2021 14:44

Poultry firm drags Hybrid Feeds to court over sale of poisonous poultry feeds in Ibadan

A poultry farm, Redi Foods has dragged Hybrid Feeds Limited to court over sale of poisonous poultry feeds in Ibadan, the Oyo state capital. Our correspondent gathered that Redi Foods had over a three-month period last year bought poultry feeds from Hybrid Feeds. It was however revealed that more than 2,000 birds that consumed the feeds purchased by Redi Foods died few days after consumption of the feeds. Tests conducted by a government approved laboratory revealed that the laying birds kept for breeding by the claimant died as a result of the contaminated feeds. Our correspondent who witnessed the Court…

Thursday, 02 December 2021 05:41

Buhari off to Dubai to mobilise businesses to Nigeria

PRESS RELEASE President Muhammadu Buhari departed Abuja Wednesday (yesterday) to attend EXPO 2020 Dubai in the United Arab Emirates (UAE). EXPO 2020 Dubai, with the theme, "Connecting Minds, Creating the Future", creates the environment for Nigeria to join over 190 countries to forge true and meaningful partnerships "to build a better future for everyone.” The Expo will provide another opportunity for the Nigerian delegation to highlight significant strides in the economy in the last six years as a basis for making the country an important destination for foreign direct investment. Aside touring the Nigerian Pavilion at the Expo on Friday,…

Thursday, 02 December 2021 05:39

MTN Nigeria shares shed 10% after IPO pricing

Shares of Nigeria's second-biggest listed company, MTN Nigeria (MTNN.LG), fell 10% on Wednesday to a five-week low after it set a retail public offer price that was lower than its share price on the stock market. South African telecoms group MTN (MTNJ.J) opened its offer for sale to retail investors on Wednesday at 169 naira per share to sell up to 575 million shares in MTN Nigeria. The public offer, which closes on Dec. 14, marks the first phase of a share sale to retail investors where the South African company will seek to sell down its holding in MTN…

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Wednesday, 01 December 2021 06:04

Excitement as United Airlines inaugurates flights to Lagos

United Airlines has inaugurated flights between Washington D.C.’s Dulles International Airport (IAD) and Lagos’ Murtala Muhammed International Airport (LOS). The airline will be flying a Boeing 787-8 on the route three times per week. On Monday, at Dulles, the airline sent the flight off with a grand celebration and reached the next chapter in the airline’s Africa expansion. United’s new flight to Lagos takes off On Monday, November 29th, United Airlines officially inaugurated flights to Lagos from Washington D.C. First announced in September 2020, the route finally went on sale a year later. It marked the airline’s third route launch…

Wednesday, 01 December 2021 06:03

OPEC+ begins two days of talks amid sliding oil prices

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand. Oil prices fell to near $70 a barrel on Tuesday from as high as $86 in October, posting their biggest monthly decline since the outset of the pandemic, as the new variant raised fears of a supply glut. For November, Brent fell by 16.4%, while WTI fell 20.8%, the biggest monthly fall since March 2020. "The threat to oil demand…

Wednesday, 01 December 2021 06:01

Stocks, oil prices fall as Moderna CEO says current vaccines will struggle with Omicron

Global stocks and oil prices fell again Tuesday after a brief respite from the heavy sell-off triggered by the emergence of the Omicron coronavirus variant. Stocks in Asia Pacific and Europe slid, while Wall Street opened weaker. Oil prices fell about 3% as more countries reported cases of the variant and imposed new travel restrictions. The mood was also dampened by a warning from Moderna CEO Stéphane Bancel that current vaccines will struggle with Omicron. "There is no world, I think, where [the effectiveness] is the same level . . . we had with [the] Delta [variant]," Bancel said in…

Tuesday, 30 November 2021 06:04

Oil recovers some lost ground from Omicron rattle

The Omicron coronavirus variant kicked oil prices lower late last week and has sapped refining margins, but with crude futures rallying on Monday, the impact could be limited. Governments worldwide have imposed curbs on travellers to try limit the spread of Omicron, first detected in southern Africa, as scientists race to determine the level of risk. Oil prices plunged more than 10% on Friday - their largest daily drop since April 2020 - but recovered some of those losses on Monday, standing up nearly 5% on the day. Analysts said the Friday sell-off had been excessive. , Refining margins fell…

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