Business News

Tuesday, 22 December 2020 05:21

Nigerian stocks move further up with N334bn gain

Nigerian equity market on Monday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation rose further by1.73 per cent. However, market breadth closed flat with 23 gainers against 23 decliners. Consequently, All-Share Index grew by 638.65 basis points or 1.73 per cent from 36,804.75 index points last Friday to 37,443.40. Market capitalisation of equities appreciated by N334bn to close at N19.57tn from N19.24tn. On the activity chart, the insurance sub-sector dominated in volume terms as 153.47 million shares exchanged in 766 deals. The sub-sector was enhanced by activities in the shares of AIICO Insurance Plc…

Tuesday, 22 December 2020 05:19

True leaders emerge when times are tough. Here's how to do it

We closed one of our funding rounds about the same time we landed our largest government R&D contract. At that moment, our plans were clear, our bank account was flush, and the horizon was bright. But I only got one day of basking. The next day I was back in the sprint, aligning our plans and expectations with reality. Within a year, our company was pivoting as the complexity of new technology ran into market acceptance and price tolerance. I needed real-time feedback from my team on what was working, and more importantly, what wasn't. Leadership isn't hard when things…

Monday, 21 December 2020 05:13

Warren Buffett advised graduates to read, learn to express themselves, and find a job they love. Here are the 11 best quotes

Warren Buffett advises young people to read extensively, work on their communication skills, and strive for a job they will be excited to do each day. The investor and Berkshire Hathaway CEO offered the guidance as part of a virtual commencement address on Saturday to students graduating from the University of Nebraska-Lincoln - his alma mater. Here are the 11 best quotes. Warren Buffett's advice to young people: Read widely, find a job you're passionate about, and earn the love and admiration of those around you. The billionaire investor and Berkshire Hathaway CEO shared those tips during a recent conversation…

Monday, 21 December 2020 05:12

Why smart leaders will hire for these 6 traits that predict employee success in the new normal

Does your team have the characteristics it takes to succeed in the new normal? Tina Hamilton, an Entrepreneurs' Organization (EO) member in Philadelphia, is founder and CEO of myHR Partner, a human resources outsourcing firm that manages HR for small- and medium-sized businesses in 26 states. As leaders navigate the unexpected hiring challengesorganizations face in finding the right talent in this new normal, we asked Tina what qualities have become essential for employee success. Here's what she shared. Of all the responsibilities an entrepreneur has, building and managing their team is at the top. "Acquiring the right talent is the…

Sunday, 20 December 2020 05:22

Oil marketers offer to fix, run idle refineries

Oil marketers have expressed willingness and capacity to fix Nigeria’s dysfunctional refineries and get the facilities running in the shortest possible time. Operators of retail outlets in the downstream sector of the oil industry called on the Federal Government to allow oil marketers run some of the country’s ailing refineries. It was gathered that oil marketers under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria had contacted financial and technical partners on what would be required to effectively run the refineries. Nigeria’s refineries in Kaduna, Port Harcourt and Warri have been dormant in terms of crude oil…

Saturday, 19 December 2020 05:29

Bitcoin adoption in Nigeria soars as CBN blocks remittances in Naira

Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians toward Bitcoin and crypto adoption. Peer-to-peer Bitcoin (BTC) volume in Nigeria continues to rise as Africa’s largest economy remains a bastion for crypto adoption. According to Quartz Africa, data from the Bitcoin P2P marketplace Paxful show the country ranks second only to the United States in trading volume. Since 2015, Nigerians have traded over 60,200 BTC on the Paxful platform amounting to about $566 million in volume over the period. Data from Coin Dance shows trading activity for the week ending Dec. 12 at 886.3 million naira (about $2.3…

Friday, 18 December 2020 05:11

How our views on work have changed forever

It’s an understatement to say that the world of work as we knew it has been turned upside down. As we’re physically working differently, we’re changing where we sit down to do our jobs as well as making up new routines to get things done. But the way we think about our jobs in general has also transformed. Changes such as sitting around kitchen tables, sharing space with partners and children and being forced to focus in new environments have spurred novel discoveries about our work lives. Many have found new success in unexpected places, expanded their skillset or improved…

Thursday, 17 December 2020 05:22

Nigeria’s crude oil production declines further. Here’s why

Crude oil production in Nigeria extended its decline to 1.32 million barrels per day in November on the back of the cut deal by the Organisation of the Petroleum Exporting Countries and its allies. The latest data obtained from OPEC on Wednesday showed that Nigeria’s oil output dropped from 1.34 million bpd in October, based on direct communication. According to secondary sources, total OPEC crude oil production averaged 25.11 million bpd in November, up by 0.71 million bpd in October. “Crude oil output increased mainly in Libya and UAE, while production decreased primarily in Iraq,” the group said in its…

Thursday, 17 December 2020 05:09

How smart bosses manage workplace conflict without hurting company culture

Here is how team conflict can be managed to be an innovative and creative advantage. Most business professionals I know will go to great lengths to take a neutral position on internal business conflicts, on the assumption that all conflict is bad for the company as well as their political future. In my experience, a level of disagreement among key team members is a sign of a healthy organization, allowing it to survive and prosper in this age of multiple disruptive trends. Of course, any highly emotional and unmanaged conflict can certainly lead to chaos and a dysfunctional organization. Your…

Wednesday, 16 December 2020 05:18

Soaring food prices push inflation to 32-month high

Consumer price index, which measures inflation, increased to 14.89 percent in November on a year-on-year basis, a new report by National Bureau of Statistics has shown. The report, released on Tuesday, also shows that food inflation hit 18.30 percent; up 0.92 percentage points from the 17.38 percent recorded in October. Inflation measures the rate at which the prices of goods and services increase over a period of time. The bureau attributed the rise in the food index to increases in the prices of bread and cereals, potatoes, yam and other tubers, meat, fish, fruits, vegetables and oils and fats. “The…

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Wednesday, 16 December 2020 05:15

Odu'a Group lays out plan to lift Southwest economy

Group Managing Director (GMD), Odu'a Investment Company Limited, Adewale Raji, has expressed commitment of the Group to support the economy of the six shareholder states of Southwest through investment in their areas of comparative advantages. While property development was projected to be viable in Lagos and Ibadan (Oyo State), he disclosed that commercial and mechanised agriculture would be the best in the other four states of Ogun, Osun, Ondo and Ekiti. Raji who addressed journalists during a media tour and open visit to Westlink Iconic Villa at Alakia area of Ibadan, said the idea of the luxury estate being constructed…

Tuesday, 15 December 2020 05:05

E-payment transactions rose 21 percent to N320trn in Q3 2020

Adoption of cashless financial transactions have hit a new height in Nigeria as the value of electronic transactions rose by 21 percent to N319.99 trillion in the third quarter of the year (Q3’20) from N263.8 trillion in Q2’20. Meanwhile, in the same period commercial banks’ credit to private sector was N19.9 trillion rising by five percent when compared to N18.8 trillion credit in Q2’20. In its Selected Banking Sector Data for Q3’20 the National Bureau of Statistics, NBS, stated: “A total volume of 2.78 billion transactions valued at N319.9 trillion was recorded in Q3’20 as data on Electronic Payment Channels…

Monday, 14 December 2020 05:34

IMF, World Bank intensify pressure on Nigeria to reform currency

The International Monetary Fund and World Bank have intensified calls on Nigeria to speed up currency reforms without which Africa’s largest economy may fail to achieve the growth it needs to prevent millions more from falling into penury. A unified and flexible exchange rate will ease external imbalances and bolster activity in the OPEC nation, which slid into its second recession in four years in the third quarter, the IMF said in a statement on Friday after concluding a virtual mission. A day earlier, the World Bank said President Muhammadu Buhari’s administration needed to change foreign-exchange policies if it wanted…

Monday, 14 December 2020 05:33

Oil prices edge up on hope vaccines will improve fuel demand

Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand, while an extension of Brexit talks eased jitters on that front for now. Brent crude futures for February rose 8 cents, or 0.2%, to $50.05 a barrel by 0137 GMT, while U.S. West Texas Intermediate crude futures for January were up 4 cents, or 0.1%, at $46.61 a barrel. Oil prices have rallied for six consecutive weeks, their longest stretch of gains since June. The United States kicked off its vaccination campaign against Covid-19,…

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