Business News

Saturday, 28 November 2020 05:04

Jeff Bezos says there are 2 kinds of failure and should only tolerate one

When you should celebrate failure and when you should feel bad about it, according to the Amazon boss. If there's one thing just about every super successful entrepreneur out there can agree on (besides a love of books), it's that failure is a necessary part of creating anything new and worthwhile. From Richard Branson to Elon Musk to Sara Blakely, just about every billionaire you admire has offered advice on how to get more comfortable with failure so you can achieve more. That includes Jeff Bezos. As my Inc.com colleague Jason Aten pointed out, in last year's shareholder letter Bezos…

Thursday, 26 November 2020 04:46

FG signals readiness to reopen land borders with neighboring countries

Nigeria is ready to reopen its land borders to trade for the first time in more than a year, the finance minister said on Wednesday. Nigeria, Africa’s largest economy, closed its land borders in late 2019 in an effort to stamp out smuggling. Finance Minister Zainab Ahmed told journalists that the president would determine the date of reopening. Reuters

Thursday, 26 November 2020 04:44

OPEC+ to sustain oil cut, despite rally

OPEC and allies including Russia are leaning towards delaying next year’s planned increase in oil output to support the market during the second wave of Covid-19 and rising Libyan output, despite a rise in prices, three sources close to OPEC+ said. OPEC+ was due to raise output by 2 million barrels per day (bpd) in January - about 2% of global consumption - as it moves to ease this year’s record supply cuts. With demand weakening, OPEC+ has been considering delaying the increase. Russia is likely to agree on a rollover of current output for the first quarter if needed,…

Wednesday, 25 November 2020 04:33

Buhari commissions Nigeria’s largest modular refinery in Imo

PRESS RELEASE President Muhammadu Buhari Tuesday said the establishment of modular refineries in the country will make petroleum products available in the country and eliminate importation. The President spoke at the virtual inauguration of the 5,000 barrels per day Waltersmith modular refinery in Ibigwe, Imo State, as well as the Ground-Breaking Ceremony for the Phase-2 works to expand the capacity of the refinery to 50,000 barrels/day. Buhari said the deployment of modular refineries was one of the four key elements of his administration’s Refinery Roadmap rolled out in 2018, adding that its implementation will make Nigeria a net exporter of…

Wednesday, 25 November 2020 04:26

OPEC production cuts limit scope of Nigeria’s recovery, Bloomberg projects

Nigeria has the coronavirus under control for now, which has allowed the government to lift most lockdown restrictions. The economy, however, is still reeling from the shock of the pandemic and lower oil prices. Bloomberg Economics doesn’t expect the recovery to gain momentum until next year, when the deep oil production cuts agreed in 2020 are eased and the emergence of a vaccine lifts global demand. Bloomberg

Wednesday, 25 November 2020 04:24

CBN holds benchmark lending rate at 11.5 percent

Central Bank of Nigeria held its benchmark lending rate at 11.5% on Tuesday, its governor Godwin Emefiele said. Prior to Tuesday’s meeting, the last of 2020, the bank had cut the rate on two occasions this year - both by 100 basis points. The cuts were in May and then in September, when the rate was lowered to the current level. Emefiele said all 10 members of the monetary policy committee had voted to stick to the rate. “Members voted in line with the most pressing need towards reversing the recession and achieving medium-term macroeconomic stability,” he added. Africa’s biggest…

Wednesday, 25 November 2020 04:17

If you want to be successful, adopt these 5 traits of above average people like Jeff Bezos and Bill Gates

Tom Popomaronis What does it take to not only have millions and millions of dollars in the bank, but to also be hugely admired by the public? For starters, there are some unique traits and characteristics you need to master. Some of the most important ones can be identified through high achievers who have actually made it to the top. Here are just a few from above average entrepreneurs, from Amazon founder Jeff Bezos to media mogul Oprah Winfrey to Berkshire Hathaway CEO Warren Buffett: 1. Never stop raising expectations. To achieve greatness, you must constantly be evolving and innovating.…

Tuesday, 24 November 2020 05:54

Naira still falling at parallel market

Naira exchanged to the dollar for 483 in the parallel market on Monday. This was despite the regular interventions in terms of forex injections by Central Bank of Nigeria. Bureau de Change operators have blamed the depreciation of the naira on the activities of speculators. The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said speculators would lose money as CBN had enough reserves to fund the market and defend the naira. He noted that the naira had, in the last few days, depreciated in the parallel market, but had remained stable at N379 to the dollar…

Monday, 23 November 2020 05:04

Refineries gulp more than N10bn monthly with zero crude processing - NNPC

A total of N81.41bn was expended on Nigeria’s refineries between January and August this year but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed. Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54bn during the eight-month period. With a revenue of N6.54bn and a total expense of N81.41bn, the facilities ended up with a deficit of N78.87bn, according to figures contained in the just-released August 2020 report of NNPC. Further analysis of figures from…

Monday, 23 November 2020 04:59

Moderna fixes price for its Covid-19 vaccine candidate

Moderna will charge governments between $25 and $37 per dose of its Covid-19 vaccine candidate, depending on the amount ordered, Chief Executive Stephane Bancel told German weekly Welt am Sonntag (WamS). “Our vaccine therefore costs about the same as a flu shot, which is between $10 and $50,” he was quoted as saying. On Monday, an EU official involved in the talks said the European Commission wanted to reach a deal with Moderna for the supply of millions of doses of its vaccine candidate for a price below $25 per dose. “Nothing is signed yet, but we’re close to a…

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Monday, 23 November 2020 04:53

7 tips for thriving and surviving in this age of uncertainty

With today's pandemic, business leaders are struggling to deal with all the uncertainties. With all the uncertainty in the world today, its hard for any business owner or entrepreneur to stay positive. Based on my experience and a business advisor and mentor, this is the ideal time to get back to the basics of business leadership and innovation. There is no magic formula, but I'm certain one of the keys is to build and maintain a positive team culture, despite all the unknowns. For example, I've always been impressed with how improvisational comedy never loses its positive impact, no matter…

Saturday, 21 November 2020 11:18

Nigeria falls into economic recession, second time in 4 years

Nigerian economy has slipped into its second recession in four years after the gross domestic product contracted the second consecutive quarter. National Bureau of Statistics on Saturday announced that the nation recorded a contraction of 3.62 per cent in the third quarter of 2020. The country had earlier recorded a 6.10 per cent contraction in the second quarter. It is the nation’s second recession since 2016, and the worst economic decline in almost four decades. The Nigerian economy has been battered this year by the coronavirus pandemic, which caused significant decline in oil revenues and crippled economic activities. PT

Friday, 20 November 2020 04:24

Bill Gates says more than 50% of business travel will disappear in post-coronavirus world

The coronavirus will fundamentally alter the way people travel for and conduct business, even after the pandemic is over, Microsoft co-founder Bill Gates said Tuesday. “My prediction would be that over 50% of business travel and over 30% of days in the office will go away,” Gates told Andrew Ross Sorkin during the New York Times’ Dealbook conference. Moving forward, Gates predicted that there will be a “very high threshold” for conducting business trips now that working from home is more feasible. However, some companies may be more extreme with their efforts to reduce in-person meetings than others, he said.…

Thursday, 19 November 2020 05:34

Nigerian stock exchange members have endorsed its flotation. Here’s what that means

The Nigerian bourse won approval from its members on Wednesday for a stock market flotation that will turn the exchange into a publicly traded company and position it as a gateway for foreign investment. The exchange received backing for the listing at its annual meeting, it said, paving the way for share offerings to the public. It will not be issuing new shares in the listing. “We believe we can become a financial hub for Africa and with the backing of our stakeholders ... this objective can become a reality,” said Nigeria Stock Exchange CEO Oscar Onyema, who is also…

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