Business News

Saturday, 20 February 2021 05:31

Court freezes Shell accounts ahead of Aiteo lawsuit

A federal court in Lagos has issued an injunction barring Royal Dutch Shell’s Nigerian subsidiares from withdrawing money at 20 local banks until it ringfences potential damages in a lawsuit brought against the oil major by Aiteo Eastern E&P. Aiteo is seeking about $4 billion in total over alleged problems with the Nembe Creek Trunk Line (NCTL) pipeline it bought from the Anglo-Dutch group in 2015 and over claims Shell undercounted its oil exports. Court documents seen by Reuters show that Aiteo is seeking compensation over what it says was the poor condition of the pipeline and associated lost oil…

Saturday, 20 February 2021 05:30

With over 1.3 million users, Nigerian-based fintech FairMoney wants to replicate growth in India

There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets. For them, accessing loans can be difficult, which is a problem fintechs try to solve. One way they do this is by promoting financial inclusion by underwriting credit via a proprietary algorithm. One such company is FairMoney, which describes itself as “the mobile banking revolution for emerging markets.” FairMoney, founded by Laurin Hainy, Matthieu Gendreau and Nicolas Berthozat, is a licensed online lender that provides instant loans and bill payments to underserved consumers in emerging markets. Three years after launching its mobile lending…

Friday, 19 February 2021 06:26

Investors lose N130bn on stock exchange as sell pressure persists

Investors in the nation’s stock market lost N130bn on Thursday as 30 firms saw their share prices decline at the end of trading. Nigerian Stock Exchange All-Share Index fell by 0.63 per cent to 40,212.19 basis points from 40,465.32bps on Wednesday. The market capitalisation of listed equities dropped by N130bn to N21.04tn from N21.17tn on Wednesday. A total of 426.27 million shares valued at N4.75bn were traded in 4,972 deals at the end of trading on the floor of the NSE on Thursday. University Press Plc led the losers on Thursday as its share price declined by 9.09 per cent…

Thursday, 18 February 2021 05:29

CBN recently banned trading in cryptocurrencies. Now, more Nigerians are trading them, with Bitcoin selling at 36% premium

In the wake of the recent ban on Nigerian banks' servicing of crypto exchanges, Bitcoin's price in the country has seemingly spun out of control. It's been roughly 11 days since the Central Bank of Nigeria banned all regulated financial institutions from providing services to cryptocurrency exchanges in the country. At the risk of stiff penalties, all banks and institutions were directed to close crypto-related firms' accounts immediately. In the wake of the controversial move, public interest in Bitcoin (BTC) in Nigeria continues to outstrip other countries, according to the latest available data from Google Trends. Even more stark is…

Wednesday, 17 February 2021 04:30

Google VP says she always listens for these 6 things during job interviews

Bonita Stewart I’ve picked up quite a bit on what to look for in a job candidate in my three decades at the helm of major businesses — and specifically, in my nearly 15 years at Google, where I’m currently vice president of global partnerships. When it comes to hiring the right people, Google sets high standards and requirements across role-related knowledge, leadership expectations and diversified perspectives. I also apply the foundation of my value system, which came from my father, called the four Cs: Concentration, culture, courage and character. Of course, they aren’t often easy to spot — or,…

Tuesday, 16 February 2021 05:14

10 reasons deals collapse

Scott Rockfeld Even when a small business owner wants to sell their business, it's hard for them to let go of their baby. After 9 months of a rollercoaster negotiation, I failed to close an asset acquisition deal with a small business owner. I wanted to buy his patents, trademarks, business contacts, and digital and physical assets, which were the foundation of his business. Through my due diligence and my many honest conversations with the owner, it was easy to see his missteps, and I was confident that I could be successful with my expertise and his guidance and assets.…

Monday, 15 February 2021 05:03

Oil rises on fears of heightened tensions in Middle East

Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions. Hopes for more U.S. stimulus and an easing of coronavirus lockdowns helped support the rally, after prices gained around 5% last week. Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020. U.S. West Texas Intermediate (WTI) crude futures gained 86 cents,…

Sunday, 14 February 2021 04:10

Understanding this simple concept will make you rich in today’s world

The Reddit group that bought GameStop figured it out. The intrinsic value of anything -- a Bitcoin, an ounce of gold, or a share of GameStop -- is simply what people believe it is. Nothing else matters, Mark Cuban argues in a recent blog post. That concept is the secret to understanding Bitcoin, stamp collecting, and the recent GameStop craze, he says. Understand this and it can help make you rich. Fail to understand it and, like the short sellers who bet against GameStop, you could lose everything. As a kid, Cuban used to attend stamp collecting shows and he…

Saturday, 13 February 2021 04:33

UK highest court rules aggrieved Nigerians have right to sue Shell over oil spills

The UK Supreme Court on Friday allowed a group of 42,500 Nigerian farmers and fishermen to sue Royal Dutch Shell (RDS) in English courts after years of oil spills in the Niger Delta contaminated land and groundwater. Senior judges said UK-domiciled Shell, one of the world’s biggest energy companies, did have a common law duty of care, in the latest case to test whether multinationals can be held to account for the acts of overseas subsidiaries. The ruling comes almost two years after a seminal ruling by the Supreme Court in a case involving mining company Vedanta. The judgment allowed…

Saturday, 13 February 2021 04:31

Oil prices move higher up on tighter supplies

Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as supplies tighten due largely to output cuts by top producing countries. Brent crude settled up $1.29, or 2.1%, at $62.43 a barrel by 1:32 p.m. ET (1832 GMT) after rising to a session high of $62.83, the highest since Jan. 22, 2020. U.S. oil ended the session up $1.23, or 2.1%, at $59.47 after rising to a session high of $59.82, the highest since Jan. 9, 2020. U.S. crude notched…

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Friday, 12 February 2021 04:39

Poultry business threatened as bird flu spreads in northern Nigeria

Avian Influenza, a highly contagious viral infection of birds, has resurfaced in Nigeria, Director of Veterinary and Pest Control Services in the Federal Ministry of Agriculture and Rural Development, Abuja, Olaniran Alabi, has revealed. Alabi disclosed this in a statement on Wednesday. Avian Influenza, also known as bird flu, causes up to 100 per cent mortality in domestic chickens or turkeys. The disease is caused by a virus that belongs to the family Orthomyxoviridae. It is mainly found in birds but under certain circumstances, infections can also occur in humans but the risk of transmission is considered low. The transmission…

Friday, 12 February 2021 04:34

Under pressure: 6 ways to be a good manager in an ongoing crisis

As the Twitterverse put it, “We’re not just at home working. We’re at home, during a crisis, trying to work.” Over the past year, crisis mode has become the new normal. Even the most fortunate among us is likely struggling in some way. Knowing this, good managers everywhere are feeling pressure to “fix” situations for their teams. Guess what? You can’t fix this crisis. And that’s ok. Even if you don’t have control over the conditions or fallout from the ongoing public health, social justice and economic crises, you do have control over building and supporting your team's resilience. It’s…

Thursday, 11 February 2021 04:30

N426bn single day loss sets NSE capitalisation back N1trn in 10 days

Stocks on Nigerian Stocks Exchange (NSE) were down by 1.96 per cent or N425.919 billion on Wednesday, bringing the month to date loss close to N1 trillion as selling pressure weighed on a market beset by loss-making since February began. Investors put up large volumes of shares in Fidson, CAP, Regal Insurance, Sovereign Trust Insurance and Sunu Assurance for sale, making them contribute the most to the downtrend. A 3.70 per cent tumble in the Industrial Index to 1,963.12 index points also aided loss. Market breadth was negative with 37 losers emerging against 13 gainers. All Share Index (ASI) slipped…

Thursday, 11 February 2021 04:28

Oil in longest rally in two years as vaccines boost demand hopes

Oil prices rose on Wednesday, extending its rally for a ninth day, its longest winning streak in two years, supported by producer supply cuts and hopes vaccine rollouts will drive a recovery in demand. Falling U.S. crude inventories were also supportive. Crude stocks last week fell for a third straight week, dropping 6.6 million barrels to 469 million barrels, their lowest since March, according to the Energy Information Administration. Analysts in a Reuters poll had forecast a 985,000-barrel increase. [EIA/S] “A combination of higher refining activity and lower imports resulted in a third consecutive draw to oil inventories, and a…

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