Business News

Saturday, 09 October 2021 05:35

Investors’ positive sentiments move stocks on NSE to 8-month high

Nigerian stocks expanded by 0.1 per cent on Friday, touching their peak since February 11 as investors’ risk-on disposition to equity investment helped strengthen gains. The bourse has reported gains in seven consecutive trade sessions, which have also been marked by notable improvement in trade volume. Like in all other sessions this week, Friday’s advance rode on the back of appreciation recorded by a number of bank stocks including ETI, GTCO and Zenith. Market breadth, which measures the depth of investors’ sentiment towards trade, was positive as 23 advancers emerged relative to 17 laggards. The all-share index was up 39.21…

Friday, 08 October 2021 05:37

Used vehicle tyres become a new type of gold

In Nigeria, a country heavily reliant on revenues from its oil exports, entrepreneur Ifedolapo Runsewe has identified another type of black gold: used car tyres. She has set up Freetown Waste Management Recycle, an industrial plant dedicated to transforming old tyres into paving bricks, floor tiles and other goods that are in high demand in Africa's most populous nation. "Creating something new from something that will otherwise be lying somewhere as waste was part of the motivation," Runsewe told Reuters at her factory in the city of Ibadan in southwest Nigeria. "We are able to create an entire value chain…

Thursday, 07 October 2021 05:47

Google to invest $1bn in Africa to support internet accessibility, others

Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and will back startups to support the continent’s digital transformation, it said on Wednesday. The unit of U.S. tech company Alphabet Inc made the announcement at a virtual event where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies. Nitin Gajria, managing director for Google in Africa told Reuters in a virtual interview that the company would among others, target startups focusing on…

Thursday, 07 October 2021 05:44

5 ways to instill gratitude in your workplace

Being thankful might be missing in your employee and customer satisfaction strategies. In recent years, and especially since the pandemic, some employers are spending more time focusing on a holistic approach to employee and customer satisfaction. A key ingredient in that mix is gratitude. For many business owners, concepts like gratitude can err toward the mystical. They are, however, methods that can produce real results and benefits for a business. What's more, gratitude benefits your business both internally and externally. Studies have shown that gratitude is lacking in the workplace, and highly valued when present. One study in 2020 from…

Wednesday, 06 October 2021 06:01

Stocks gain N247bn, moving NSE to first positive year-to-date return in the more than a 6-month period

Nigerian stocks were up by 1.18 per cent or N246.8 billion on Tuesday as an increasing interest in equities, particularly in bank shares helped to extend the bull run to the fourth straight day. That also marked the first time the Nigerian bourse would swing to a positive year-to-date return in the more than a six-month period since February 17. The milestone rested on the strong performances of individual stocks such as FBN Holdings, Airtel Africa, Access, GTCO UBA and Zenith. Trade volume improved by 114 per cent when compared with the quantity of shares that exchanged hands at the…

Wednesday, 06 October 2021 05:50

10 years after Steve Jobs’ death, this is still the most important lesson he taught us

Jobs died October 5, 2011. Looking back 10 years later, he reminds us to keep moving forward. Apple's founder, and former CEO, Steve Jobs died of pancreatic cancer on October 5, 2011. During his life, and especially during his time leading Apple, he became iconic for his attention to detail, his sense of product design, and hisability to communicate and connect with an audience. His 2007 keynote introducing the iPhone is still maybe the most effective product launch ever. His "one more thing," phrase became synonymous with Apple's presentation style. Young leaders can learn a lot watching Jobs speak to…

Tuesday, 05 October 2021 05:48

Airtel Africa offers to buy out Nigerian equity holders

Airtel Africa has announced that its subsidiary, Airtel Networks Ltd, (Airtel Nigeria) has initiated a process to buy back 8.27 per cent minority shareholdings at N55.81 per share. Group Company Secretary, Simon O’Hara, disclosed this in a statement on Monday. The statement noted that the total consideration was estimated to be N61.24 billion (using an exchange rate of N413.38) assuming all minority shareholders decide to tender their shares. It said: “This represents an open offer to all shareholders. “A further announcement will be made in due course.” Airtel Africa is a leading provider of telecommunications and mobile money services, with…

Monday, 04 October 2021 05:49

Elon Musk says these are the 4 most important things he looks for when hiring top team members

Fancy degrees and expertise aren't everything. Earlier this month, Tesla held what it called "AI Day," in an effort to show off its efforts to build artificial intelligence computers capable of autonomous driving. One of the main reasons for the event was recruiting top talent--which got me thinking about a tweet from last year when Tesla's CEO, Elon Musk talked about the four characteristics he looks for in a new hire. Elon Musk says these are the 4 most important things he looks for when hiring top team members In that case, the occasion was that SpaceX, one of the…

Friday, 01 October 2021 06:13

Price of ‘pure water’ doubles in Abuja

Sachet water sellers in Abuja have announced a major price increase, following up with a trend of constantly rising prices of goods and services as Nigeria battles high inflation. Without a reliable supply of safe and hygienic water, millions of Nigerians rely on the popular “pure water” for their daily drinking needs. A 50 cl sac sold for N10 in Abuja before now. The producers, under the Association of Table Water Producers Association of Nigeria, said they have imposed an increase due to rising production costs. Water factories will now sell a bag containing 20 sachets between N180 and N200…

Friday, 01 October 2021 06:09

IBEDC congratulates Nigeria @61, restates commitment to excellent service delivery

Ibadan Electricity Distribution Company (IBEDC) Plc, has congratulated Nigerians on the occasion of the nation’s 61st Independence anniversary. Chief Operating Officer of the company (COO), John Ayodele, in a statement, said every anniversary of Nigeria’s independence is a unique privilege to re-commit to the service of this great country with profound diversities and opportunities. He further stated that building a strong and formidable society is also largely dependent on its economic strength, assuring that IBEDC as a player in the power sector is committed to that value. Ayodele added that IBEDC is dedicated to contributing its quota to Nigeria’s economic…

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Thursday, 30 September 2021 06:13

Nigeria’s Andela valued at $1.5bn as it raises $200m in latest funding round

Andela, a Nigerian startup that connects African software engineering talent to global companies, has become the country’s newest startup to attain the unicorn status after raising $200 million from investors. The firm, which is based in New York, is now worth $1.5 billion. In the startup world, a unicorn is a company, mostly in the software or technology sector, valued at more than a billion dollars. Flutterwave and Opay, two other Nigerian fintech companies, reached that status earlier in 2021, coming behind Interswitch. Andela’s latest round of fundraising was led by SoftBank Group Corp., a Japanese tech investor, with participation…

Thursday, 30 September 2021 06:12

Stocks on NSE gain N382bn in stunning single day rebound

Nigerian stocks made a resounding rebound on Wednesday, climbing 1.89 per cent in its biggest performance in many days, which saw equities generally appreciate by N382 billion. The benchmark index touched its peak since August 19, drawing support from investors’ vast demand for the shares of FBN Holdings, Nestle, and Dangote Cement. “In the final trading session for the week, we anticipate an extension of this positive momentum as investors snap up bargains ahead of the weekend”, analysts at broker Afrinvest said of Thursday’s trade. Market breadth, often used to measure investors’ attitude towards trade, closed in the positive after…

Thursday, 30 September 2021 05:55

6 strategies to better your leadership skills and confidence

Being a real business leader is more than just echoing the voice of the majority. Most business leaders focus first on providing guidance to their team, but neglect self-leadership as equally important. In my experience, many entrepreneurs rely too much on the perspective of a trusted advisor or try to emulate a competitor who is getting attention. Personal leadership is setting your own direction and making real decisions first. For example, no one really believes that Elon Musk is following someone else's lead as he charges ahead with Tesla, SpaceX, and other initiatives. Steve Jobs famously is quoted as saying,…

Wednesday, 29 September 2021 05:50

The 11 worst business ideas of the past 40 years - and how to fix them

The business world has its fair share of bad ideas and dumb fads, but here are the 11 that I think are by far the most egregiously stupid: 1. Open Plan Office It seemed like a win-win-win. Employees would be able to build more of a community, ideas would be communicated faster, and the offices would have a smaller and therefore cheaper footprint. In fact, it was lose-lose-lose. Employees hated the noise and distraction, communicated less (and usually through email), creating a productivity loss that far outstripped any rental cost savings. The fix: remote work combined with private or semi-private…

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