Business News

Tuesday, 28 September 2021 05:43

4 things every new CEO should do in the first 60 days

If you're new to being the one in charge, take these first few steps to find your footing as the head of your company. Leading a team is demanding work, but the ascension to the role of CEO elevates the challenges, triumphs, and lessons of leadership in an entirely new way. You are the face of a company, and everyone-- customers, partners, employees, and the broader market-- is looking to you for focus and clarity. Having the right focus as CEO will allow you to improve the manner in which your team works, which in the end, will allow you…

Monday, 27 September 2021 06:09

Banks make a kill as customers pay 36 percent interest on loans while they get 1.15 percent on deposits. This is what the different banks charge

Bank customers are paying 36 per cent maximum lending rates for loans but getting an average of 1.15 per cent interest on savings deposits with their banks, the Central Bank of Nigeria (CBN) data has shown. The report, released at the weekend in furtherance of the apex bank’s transparency and full disclosure stance, showed that as of September 17, 2021, manufacturers pay a maximum rate of 36 per cent per annum for Stanbic IBTC loans, Heritage Bank (35 per cent), FCMB (30 per cent), Zenith Bank (30 per cent), Fidelity Bank (24 per cent) and Keystone Bank (34 per cent),…

Monday, 27 September 2021 06:06

Oil gains for fifth day, reaching 3-year high

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week. “Supply tightness continues to draw on inventories across all regions,” ANZ Research said in a note. Rising gas prices as also helping drive oil…

Monday, 27 September 2021 06:05

Naira hasn’t stopped falling at parallel market

The naira exchanged to the dollar at 580 on Friday, while the Pound Sterling traded for 780 at the parallel market. Some Bureau de Change operators who spoke to our correspondent said that the naira to the dollar was bought and sold at 575 and 580, while the Pound Sterling was bought and sold at 775 and 780. At the I&E forex window, the naira reached a high of 415.20 to close at 414.90. The official website of the Central Bank of Nigeria’s licensed Bureau De Change operators, www.naijabdcs.com, used for the publication of exchange rates of the naira to…

Monday, 27 September 2021 05:57

People who embrace the 'Z-Y-X rule' have very high emotional intelligence

'Accomplished [X] as measured by [Y], by doing [Z].' This is a story about a simple trick that will help you communicate better and achieve the things you want in life. It's deeply rooted in emotional intelligence, so if you find it intriguing, I invite you to download my ebook: Improving Emotional Intelligence 2021, which you can find here for free. We'll call it the "Z-Y-X Rule." Why? Because the easiest way to explain it and make it stick is to show how it's really a reverse-engineered understanding of the key advice that Google gives applicants on how to improve…

Saturday, 25 September 2021 05:57

China bans crypto trading and mining, sending bitcoin tumbling

China’s most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity. China in May banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and issued similar bans in 2013 and 2017. The repeated prohibitions highlight the challenge…

Friday, 24 September 2021 06:11

Nigerians producing for export markets can’t get products out because of huge extortions at airports. Here’s how Nigeria loses $250bn annually

Foreign cargo airlines and local exporters are fast abandoning the multi-billion dollar worth Nigeria agro-export, over stifling official bottlenecks at airports. Besides the hurdles of importing into the country, more complicated roadblocks have been mounted by government agencies in the form of extortions, harassment and multiple charges on export goods, causing international cargo airlines to prefer flying out of Nigeria empty. Though export was supposed to be free, investigations by The Guardian showed that the anomaly began at the beginning of the year, with multiple government agencies now on revenue overdrive – both for “government purses and private wallets.” Among…

Friday, 24 September 2021 06:10

Oil approaches 3-year high as supplies tighten

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a barrel, having closed 1.5% in the previous session, the highest since the start of August. “Crude prices appear to be on a one-way…

Friday, 24 September 2021 06:08

Akeredolu signs N160bn foreign direct investment for establishment of glass factory in Ondo

Governor of Ondo State, Rotimi Akeredolu, has decried importation of glass into the country despite the huge availability of the needed raw materials for its production in the state. Akeredolu spoke on Thursday while receiving investors from the Horn Glass Industries from Germany led by the Chief Executive Officer, Stephan Meindl. The Governor recalled that when the Moribund Oluwa Glass was functional, it was supplying the then Peugeot glasses windscreen and mirror as part of the production of the vehicles. The Ondo State Government had signed a Public Private Partnership agreement with the ZMP Industrial Limited for the establishment of…

Friday, 24 September 2021 05:49

Have you noticed that companies rarely indicate proposed salaries on job adverts? This is why

You’re scrolling through LinkedIn when you come across a promising job ad. The description is inspiring, the team members look compatible and you meet most of the qualifications for the role. Then, when you get to the part about the expected salary, you find that instead of an actual figure there are phrases like “depending on experience” or simply “competitive”. What do those words even mean? And why don’t companies simply list the salary upfront? “In traditional corporate environments, the salary is often hidden because it’s a game of cat and mouse trying to figure out what salary the candidate…

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Thursday, 23 September 2021 05:46

How to intervene when a manager Is gaslighting their employees

Mita Mallick Summary Gaslighting is a form of psychological abuse where an individual tries to gain power and control over you by instilling self-doubt. Allowing managers who continue to gaslight to thrive in your company will only drive good employees away. Leadership training is only part of the solution — leaders must act and hold the managers who report to them accountable when they see gaslighting in action. The author presents five things leaders can do when they suspect their managers are gaslighting employees.close “We missed you at the leadership team meeting,” our executive vice president messaged me. “Your manager…

Wednesday, 22 September 2021 06:11

Investors demand more than four times the amount on offer as Nigeria raises $4bn Eurobond

Nigeria raised $4 billion via a Eurobond issue on Tuesday after investors demanded more than four times the amount on offer, Debt Management Office (DMO) said. DMO said Nigeria attracted demand of $12.2 billion for the notes, which enabled it to raise the value of its initial offering by $1 billion. Nigeria opened its order book for the bond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters. Nigeria issued the debt in tranches of three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and…

Wednesday, 22 September 2021 05:43

5 tips for building trust as a new manager

Hannah Pitstick The definition of trust is an "assured reliance on the character, ability, strength, or truth of someone or something". When a manager is placed in charge of a new team, they typically have to build that foundation of trust from scratch by demonstrating those key attributes. Joe Bonfante, ACMA, CGMA, a finance business partner based in London with experience running effective team coaching initiatives, has developed his trust-building strategy by observing the missteps and shining moments of past managers. Years ago, he had a new manager who came in on his first day and immediately started establishing his…

Tuesday, 21 September 2021 05:57

AbokiFX no longer publishes parallel market rates, but Naira depreciated nevertheless

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, on Monday quoted naira at N575 to the dollar at the street market. Checks by TheCable on Monday showed that the naira exchanged N575 to the dollar at three different markets in Lagos, the country’s commercial nerve centre. The figure was higher by N1 or 0.2 percent from the N574 it traded last Friday. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Last week, Godwin Emefiele, governor of Central Bank of Nigeria (CBN), said the only recognised foreign exchange market is the Importers…

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