Business News

Wednesday, 11 November 2020 05:49

Dangote FG’s concession: ‘Nigerian economy rigged in favour of a handful of well-connected persons’ - Peterside

Founder of Stanbic IBTC Bank Plc, Mr Atedo Peterside, has complained that only Dangote Industries Limited is allowed to move goods across the border amid the closure of the country’s land borders. Nigeria’s land borders have been closed to its West African neighbours for more than a year as part of efforts to check smuggling of contraband into the country. Peterside said on Tuesday that legitimate exporters and importers should be allowed to move their goods across the borders. “Allowing legitimate exporters and importers to move their goods across the border should be a no-brainer. “Why refuse everybody else and…

Wednesday, 11 November 2020 05:44

Hedge Fund blocks Nigeria in $10bn P&ID dispute

VR Capital Group Ltd. won a U.S. ruling to block Nigeria from accessing its internal documents as part of the African nation’s attempt to stop a company VR partly owns from collecting a $10 billion arbitration award. U.S. District Judge Paul Engelmayer in New York granted the hedge fund’s motion, overturning a ruling from May and quashing subpoenas issued by Nigeria. Nigeria sought the information to aid a corruption probe into Process & Industrial Developments Ltd., a company in which VR Capital acquired a 25% interest in 2018. Nigeria’s anti-graft agency is investigating a gas-supply contract a former minister concluded…

Wednesday, 11 November 2020 05:43

Nigeria stock market gained N852bn in two days

Nigerian stock market gained N852 billion in the first two days of this week as investors remained upbeat. The market, which has remained bullish, gained N641 billion on Monday and extended its rally with an additional gain of N211 billion yesterday. This lifted the capitalisation of the Nigerian Stock Exchange (NSE) to N17.059 trillion while the NSE All-Share Index (ASI) climbed to 32,647.10. NSE ASI rose four per cent on Monday and rose by another 1.3 per cent yesterday, bringing the gain in two days to 5.3 per cent. Market analysts had said the Nigerian stock market would remain bullish…

Wednesday, 11 November 2020 05:40

Jumia's revenue slips as e-commerce platform misses out on Covid boost

African online retailer Jumia on Tuesday reported a nearly 18% fall in third-quarter revenue as it shifted towards less expensive but more frequently ordered items and missed out on lockdown boosts enjoyed by international rivals. Cost-saving efforts, however, allowed Jumia to reduce its adjusted loss in earnings before interest, taxes, depreciation and amortization for the period to 32.4 million euros ($38.3 million) from 49.9 million euros in the year-earlier period. Co-chief executive Sacha Poignonnec told Reuters that the group was not concerned by the lack of surge in demand during the pandemic, which has benefited e-commerce giants Amazon and Alibaba.…

Wednesday, 11 November 2020 05:35

Intelligent minds like Elon Musk embrace the ‘Rule of low Expectations’. Here’s why it works, and when you should use it

When 'Better Than Nothing' turns out to really be something. I live in a suburb outside New York City, but I spend a fair amount of time in rural New Hampshire. My wife's parents live there, and we love visiting. It's a beautiful place, lots of opportunity to experience nature and awe. But, there's one one practical problem: internet connectivity. It's so rural that it's hard to get really reliable, fast, consistent broadband. That makes it difficult for people like me to stay up there for long periods of time, since nearly 100 percent of my work requires a fast…

Tuesday, 10 November 2020 04:39

Unlike Bill Gates, these 3 billionaires gave it all away while they were still alive

All things considered, "The Giving Pledge" is pretty minimal considering the amount of wealth involved. Last week, I pointed out that the "Giving Pledge" founded by Bill Gates and Warren Buffettwasn't really all that impressive considering that those same billionaires have wired the economy so that they get richer much faster than they can give their money away. In addition, some of the Giving Pledgers support charities that are self-dealing (like the Trump Foundation) and many billionaires only pledged to give away 50 percent of their wealth. To state the obvious, 50 percent of a billion dollars is still an…

Monday, 09 November 2020 05:01

How to handle employee problems you hear about secondhand

Inc.com columnist Alison Green answers questions about workplace and management issues--everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. I have had a number of members of my team come to me lately with concerns about another employee, Jane. They say she takes long breaks, leaves early (she's got a job where she needs to be in the office at set times), and spends too much time socializing. This came as a surprise to me, as her output is within the normal range for my team. I'm not…

Friday, 06 November 2020 04:50

This hiring manager says she will only hire people who stop and do this in an interview

It can be difficult to pin exactly down what interviewers are looking for from a job candidate. There are heaps of interview advice articles floating around online, often giving detailed advice on how to sell yourself. In the past, reading these articles has made me feel like a robot who’s being judged on how well they can synthesize a bunch of tips and tricks by another robot. But the truth is, your interviewer’s human impression of you goes a long way. Unless you make a true faux pax or really can’t get your value add across — and those are…

Thursday, 05 November 2020 04:28

Demonstrate these 4 traits to master any job interview

Winston Ibrahim Hiring talented people is an art (and science) in and of itself. I have been a founder, angel investor, and networker for a while now, and one of the things I am always thinking about is how to continue meeting and connecting with new people who I’d love to work with down the road—or how I can recommend talented people from their own networks. As a business owner, you always want to begin the interview process by pulling from a pool of highly curated candidates. These are individuals who come recommended, who have proven themselves and their expertise…

Wednesday, 04 November 2020 05:23

Workers protest over pay at Dangote oil refinery in Lagos

Workers demonstrated on Tuesday over pay issues outside the site of what will be Africa’s largest oil refinery, the owner Dangote Industries Ltd said, at a time of heightened tensions in the country over police brutality. In its statement, Dangote said the protesters were not company employees but subcontractors locked in a pay dispute with their employers. “The situation is under control as we are mediating with the parties involved,” said the statement, which gave no further information. Twitter posts showed several dozen people gathered at what appeared to be the site of the planned refinery and said the protesters…

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Tuesday, 03 November 2020 04:45

FIRS collected N424.7bn VAT in Q3 2020 – NBS

National Bureau of Statistics (NBS) said federal government generated N424.71 billion as Value Added Tax (VAT) in the third quarter (Q3) of the year as against N327.2 billion generated in the second quarter (Q2). NBS made this known in its “Sectoral Distribution of Value Added Tax Data for Q3 2020”, released on Monday in Abuja. The report said that N275.12 billion was generated in Q3 2019, adding that the 2020 figure represents 29.80 per cent increase Quarter-on-Quarter and 54.37 per cent increase Year-on-Year. It said that manufacturing generated the highest amount of VAT with N47.07 billion, closely followed by professional…

Tuesday, 03 November 2020 04:37

In just 3 words, Elon Musk explained how you can become expert at anything (even rocket science)

You can become an expert in just about anything if you read enough books on the subject. If you don't believe me, ask Elon Musk. Whenever anyone asks him how he learned to build space-traveling rockets, this is his three word answer: "I read books." Musk is no rocket scientist, at least not by training. He has a bachelor's degree in economics and another one in physics, and although he got into Stanford's Ph.D. program in energy physics/material science, he dropped out after two days to launch Zip2, a city guide software company that the founders sold to Compaq for…

Tuesday, 03 November 2020 04:35

6 ways to invest when you're broke

Financial advisor Jeff Rose shares the six investments he made when he first started. When Jeff Rose started his career as a financial adviser, his annual salary was just $18,500. Now a multimillionaire, he shares the answer to the question, “How do you start investing when you don’t have any money?” in this video. Rose’s advice: 1. Get rid of debt Rose began his career with student loans and credit card debt. He paid it off with the debt snowball method, a debt reduction strategy in which you pay off debts in order of smallest to largest. Rose also advises…

Monday, 02 November 2020 05:25

Nigerian stocks move in opposite direction to global trend, appreciate N2trn in one month

Investors in Nigerian equities netted N1.93 trillion in capital gains in October 2020, sustaining a four-month consecutive upswing that has seen Nigerian equities outflanking global equities performance in most instances. Last week, Nigerian equities played the global contrarian with average return of 6.39 per cent, equivalent to net capital gains of N959 billion within four trading sessions, even as nearly all advanced and emerging global markets closed negative. Benchmark indices at Nigerian Stock Exchange (NSE) at the weekend indicated average return of 13.79 per cent in October 2020, equivalent to net capital gains of N1.93 trillion, more than a double…

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