Business News

Tuesday, 15 June 2021 05:50

Crude oil from Nigeria struggles to get buyers amid India purchase cuts

Nigerian crude variants are now seeking other buyers in Asia and Europe as India’s Covid-19 situation remains shrouded in uncertainty amid stringent regional lockdowns and weak domestic consumption. S&P Global Platts reported that most Nigerian crudes were trading at close to 12-month lows. The country’s flagship grade, Bonny Light was last assessed at Dated Brent minus $0.8 per barrel, up from a recent low of minus $0.95 per barrel, but still close to the weakest it has been since May 2020. Akpo condensate, normally a preferred grade for Indian refiners, was last assessed at Dated Brent -$2.10 per barrel, its…

Monday, 14 June 2021 05:52

Twitter needs India and Nigeria to grow. It's running into trouble in both

The social media giant has been ensnared in a battle with the Indian government for months over free speech and other issues, and is contending with restrictive new rules pushed by New Delhi. If that wasn't enough, even more dramatic events are unfolding thousands of miles away along Africa's Western coast. Nigeria last week "indefinitely" blocked Twitter (TWTR) after the company deleted a post from President Muhammadu Buhari that threatened a brutal clampdown on unrest in Africa's most populous nation. The Nigerian government also ordered federal prosecutors to arrest users of the app. The restrictions in India and the ban…

Thursday, 10 June 2021 05:43

The future of work is now: 6 trends you need to know

Making the right considerations happen when you are prepared We are seeing a transformation in how we work accelerated with the advent of Covid-19 and are all preparing for what the world will look like post-pandemic. There are a lot of forces coming together and that makes the future of work go to a new level of complexity. The dynamic shift requires a higher recognition and understanding of the importance of the employer value proposition (EVP) as a market differentiator. Outside of health and safety protocols, embracement and adoption of a comprehensive EVP is a competitive advantage to those organizations…

Wednesday, 09 June 2021 05:53

Cab drivers dump Uber, Bolt, sign up with local ride apps

Professional E-Hailing Drivers and Private Owners Association (PEDPA) in Lagos on Tuesday said it had entered into partnership with two indigenous App companies for its ride sharing service. Idris Shonuga, National President of PEDPA, told newsmen in Lagos on Tuesday that it had partnered with Active Ride and My Cab App companies as replacements for Uber and Bolt. “These indigenous App companies would work with the templates and provide drivers with a good welfare package for riders’ satisfaction. “This will enable the union to protect the collective interests of the drivers as decisions can now be jointly taken and approved…

Wednesday, 09 June 2021 05:45

4 signs to identify company founders with the gift of leadership

Companies with purpose are often born from inspiration -- an idea to introduce a new product or bridge a gap in the industry. Founders build these companies with passion and their own vision. Once the companies start to grow, however, they often take on a mind of their own. How can executives instill those same passions and personal values in human-centric organizations, while continuing to grow? I connected with five executives and asked those very questions. Here's what they recommended: Be vulnerable. Ask the same of others "One key to incorporating personal values into your leadership style is being vulnerable,…

Tuesday, 08 June 2021 05:42

The world economy: Geopolitics and business - Leader, The Economist

Twenty years ago this week the share price of a startup run by an obsessive called Jeff Bezos had slumped by 71% over 12 months. Amazon’s near-death experience was part of the dotcom crash that exposed Silicon Valley’s hubris and, along with the $14bn fraud at Enron, shattered confidence in American business. China, meanwhile, was struggling to privatise its creaking state-owned firms, and there was little sign that it could create a culture of entrepreneurship. Instead the bright hope was in Europe, where a new single currency promised to catalyse a giant business-friendly integrated market. Creative destruction often makes predictions…

Monday, 07 June 2021 05:25

Onion traders threaten to cut supply to Southern Nigeria

Onion Producers and Marketers Association of Nigeria (OPMAN) has said it will cut off supply to entire southern Nigeria beginning from Monday (today) if the government fails to respond to the association’s demands. One of OPMAN’s demands is that its members who had suffered losses as a result of ethno-religious crises in the South be duly compensated. Others include restoration of law and order in those areas as well as a thorough investigation to uncover the remote causes of those attacks on their members. OPMAN also called on host communities to respect the constitutional rights of northern traders in their…

Monday, 07 June 2021 05:14

How do you handle difficult clients? 8 tips to avoid frustrations

Customer service is paramount, but you can't let it affect you on an emotional level either. Have you ever come across a consumer that you just can't connect with because they're upset? Customer service is essential to have a successful business that can grow, but there are times when empathy is not achieved in finding the buyer. â€œYou have to consider that the main objective is to maintain a healthy relationship with the client for the good of yourself and the company. Do not take personally what happens to the difficult client, we are all exposed to having it. Empathy…

Saturday, 05 June 2021 05:51

Naira falls to 4-year low as currency crosses the 500 mark per dollar

Naira on Friday fell to its lowest level at the parallel market since 2017, crossing the 500th mark two weeks after the Central Bank devalued the currency. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N502, a 0.60 decline from N499 it traded on Thursday. The margin is significant as naira had been at or below N500 for months, when it exchanged hands with the local currency at N500.00 on the dot on November 27 last year. Slight appreciation at I&E However, the unit gained slightly against the dollar at the official…

Saturday, 05 June 2021 05:48

Oil hits two-year high on Covid-19 recoveries, demand hopes

Oil extended gains on Friday, with Brent topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about a patchy Covid-19 vaccination rollout around the globe. Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. [EIA/S] Oil extended gains after U.S. figures showed nonfarm payrolls increased by 559,000 jobs last month. The U.S. dollar weakened after the report, making oil cheaper for holders of other currencies…

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Friday, 04 June 2021 05:49

FG set to concession Lagos, Abuja, two other airports

Federal government is seeking to concession four airports for a period of 20-30 years. Ministry of aviation announced this in a frequently asked questions (FAQ) document released on Wednesday. The airports are Murtala Muhammed Airport (MMA), Lagos; Nnamdi Azikiwe International Airport, Abuja; Malam Aminu Kano Airport, Kano and Port Harcourt International Airport, Rivers state. A concession is a form of public-private partnership (PPP) where a government-owned asset is being operated and maintained by a private investor for a period of time on terms contained in a contract. “Infrastructure concessions of this nature come with a significant financial obligation which any…

Friday, 04 June 2021 05:45

Onion traders in the North suspend supply to Southeast

Onion Producers and Marketers Association (OPMAN) yesterday ordered suspension of supply to markets in the South East citing growing insecurity in the region. It is feared that the decision could result in scarcity and astronomical rise in the cost of the produce should there be no speedy intervention by government. According to OPMAN’s National President, Aliyu Isah, the group decided to suspend supplies based on the recent hijack of two of their members’ trucks by gunmen suspected to be members of the proscribed Indigenous People of Biafra (IPOB) in Imo State. Gunmen were believed to have hijacked the trucks and…

Friday, 04 June 2021 05:42

Naomi Osaka’s withdrawal from the French Open raises a question every leader must be prepared to answer

Citing mental health concerns, tennis superstar Naomi Osaka refused to attend post-press conferences. If you ran the French Open, what would you have done? Naomi Osaka, the world's second-ranked women's tennis player, said she would not attend press conferences while playing in the French Open, citing their disregard for athletes' mental health during press conferences, especially after a loss. "We're often sat there and asked questions we've answered multiple times before," she wrote, "or asked questions that bring doubts into our minds and I'm not going to subject myself to people that doubt me. ... I believe that the whole…

Thursday, 03 June 2021 05:28

The 2 words the world’s best bosses don’t want to hear

Two-time founder and CEO Nicole Bernard Dawes knows how to make best-selling products. It starts with teaching your employees to develop opinions--and stand by them. Entrepreneur Nicole Bernard Dawes wants her team to tell it like it is. When designing the can for a new drink flavor recently at her startup Nixie Sparkling Water, she fell in love with a red color scheme that looked beautiful among the other cans on the shelf, but made the lettering illegible. She leaned on her team, as she always does, for feedback. "The worst thing they could have said was, 'You're right, Nicole,'"…

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