Business News

Monday, 02 November 2020 05:24

Foreign portfolio investments dropped N179bn in Q3, 2020

Foreign portfolio transactions in the Nigerian markets declined by N178.66 billion to N510.25 billion by third quarter 2020 as foreign investors continued selloff amid concerns over foreign exchange control, illiquidity and other macroeconomic risks. Latest foreign portfolio investment (FPI) report obtained at the weekend showed that total foreign portfolio transactions dropped by 25.93 per cent from N688.91 per cent in third quarter 2019 to N510.25 billion in third quarter 2020. The report also showed significant increase in selloff by foreign investors in 2020, with net portfolio deficit widening from –N36.91 billion in third quarter 2019 to -N159.63 billion in third…

Monday, 02 November 2020 05:16

Google says it still swears by the 20 percent rule to find big ideas, and you should totally copy it

Do they still really do this at Google? In a way, it doesn't matter. You should copy it regardless. This is a story about the fourth-biggest company in the world, and a simple habit you should copy from it, no matter how big or small your business is (or even if you're not running a business at all). The company is Alphabet, the parent company of Google. The habit is what's known as "20 percent time." I use it in my professional life. And if you aren't doing it already, you might seriously consider it. The idea is pretty simple:…

Sunday, 01 November 2020 05:08

Digital payments rise as cheque transactions decline 39 percent

The volume of cheques cleared by Nigerian banks keep shrinking as bank customers continue to embrace electronic payments for their financial transactions. From January to September this year, the volume of cheques dropped by 39 per cent to 3.59 million compared with 5.88 million recorded in the industry in the same period last year, the latest data from Nigerian Interbank settlement scheme has shown. In addition, the value of cash withdrawals with cheques also suffered a 28 per cent decline from N3.37tn from January to September 2019 to N2.42tn in the same period this year. Experts attribute this trend to…

Sunday, 01 November 2020 05:00

Before he died, Steve Jobs taught a fascinating lesson in emotional intelligence

Steve Jobs is best known for conducting one of the most stunning business turnarounds in history: leading Apple from the brink of bankruptcy to become the most valuable company in the world. But many who worked with the famous founder had a love/hate relationship with their boss. Yes, he was inspiring and innovative. But he could also be overbearing, impatient, arrogant. In fact, it was those latter traits that led to Jobs infamously leaving Apple back in 1985, as Jobs and Apple's board simply couldn't see eye to eye. In the eyes of many, Jobs was a "brilliant jerk." The…

Friday, 30 October 2020 05:32

Warren Buffett: Only one thing will hold you back from achieving great things in life

The Oracle of Omaha exposes a self-destructive pattern many of us may be guilty of. Warren Buffett is now 90 years young and still going strong as the world's sixth-richest billionaire (as of this writing). His investing advice is full of wisdom and his life advice even wiser if you actually apply them. One classic Warren Buffett advice may be a good starting point: Overcoming the bad habits that may be keeping you from achieving your full potential. Buffett said, "I see people with these self-destructive behavior patterns. They really are entrapped by them." He advised graduating students at the…

Thursday, 29 October 2020 04:51

Stocks rise to 9-month high after easing of curfews

Nigerian stocks climbed to a nine-month high on Wednesday after curfews imposed last week to curb protests over alleged police brutality were eased and investors piled into consumer goods shares. The share index rose 1.58% to 29,437 points, the highest level since January. The index of Nigeria’s top consumer goods shares gained 5.67%. Nigeria’s stocks had been rising in October following a central bank interest rate cut last month and as money market liquidity flowed into equities. They fell last week after several states imposed round-the-clock curfews as demonstrations against police brutality turned violent and soldiers fired on protesters in…

Tuesday, 27 October 2020 05:29

Nigerian emerges new CEO of MTN Nigeria

Management of MTN Nigeria has appointed a new Chief Executive Officer (CEO) for the company. The new CEO is Mr Karl Toriola. A disclosure notice by the company on Monday said the appointment takes effect from March 1, 2021. Toriola is the current vice president for MTN Group’s West and Central Africa (WECA) region. He will take over from Mr Ferdi Moolman, who has served as CEO of MTN Nigeria for the past five years. Moolman will now assume a new role as MTN Group chief risk officer. According to the disclosure, Toriola, in his five years as VP of…

Tuesday, 27 October 2020 05:27

Southsouth, Southwest have highest consumption of cooking gas. This is how other zones rate, according to PPPRA

Southsouth and Southwest have maintained the lead in consumption of Liquefied Petroleum Gas (LPG), better known as cooking gas in the country, a report by Petroleum Products Pricing Regulatory Agency (PPPRA), has indicated. In its trend analysis nationwide for 2019, the agency described the situation as peculiar, noting that the Southsouth came ahead of other regions in consumption with 45,290,430 litres. PPPRA stated that cooking gas penetration was particularly high in Bayelsa State, followed by other states in the region and attributed the encouraging use of the product to persistent heavy rainfall almost throughout the year which discourages felling of…

Tuesday, 27 October 2020 05:23

Microsoft’s CEO just taught a mini Master Class in leadeship. Here are 4 takeaways

When a fellow CEO came looking for advice, Microsoft CEO Satya Nadella didn't hold back. You're CEO of one of the largest companies in the world. You need to make big changes. Whom do you turn to for advice? You ring up Microsoft CEO Satya Nadella, of course. And you hope he takes the call. That was the recent situation of Volkswagen CEO Herbert Diess, whose company is in the middle of major change. Volkswagen is reckoning with a transformation of its entire industry--from hardware (manufacturing) and a focus on car owners, to a software-led, mobility-first center of attention. All…

Monday, 26 October 2020 05:35

Kwara sets aside N500m to compensate business owners affected by arson, looting

Kwara State Governor, Mr AbdulRahman AbdulRazaq, has announced a N500m fund to assist private business owners whose facilities were looted by hoodlums in Ilorin last Friday. According to a statement by Chief Press Secretary to the Governor, Mr Rafiu Ajakaye, AbdulRazaq also condemned the mindless looting of people’s businesses, insisting that there could be no justification for such criminal behaviour during an inspection of some of the looted shopping malls on Saturday. Some of the private enterprises affected are Shoprite and Femtech, among others, while the Ilorin Airport’s cargo terminal and agro mall warehouses, where the government stored Covid-19 palliatives…

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Monday, 26 October 2020 05:31

Steve Jobs: One thing in life separates people who do things from those who merely dream about them

Co-founder of Apple screwed up big time, and often. But he left us with a profound lesson. Steve Jobs achieved massive success as the co-founder of Apple, but he also was no stranger to massive failure. Like the time Jobs was fired from Apple at the age of 30. Or how about the time he launched numerous product failures. Remember these? The Apple Lisa. Macintosh TV. The Apple III. The Powermac g4 cube. He screwed up big time, and often. But there's a bigger lesson here. What separates the doers from the dreamers? Sure, we know we can't succeed without…

Saturday, 24 October 2020 04:28

Arik Air announces resumption of flight operations

Management of Arik Air has announced resumption of flight operations in and out of Lagos from Oct. 24, following the easing of the curfew imposed by the Lagos State Government. Mr Adebanji Ola, Communications Manager of Arik Air, announced this in a statement in Lagos on Friday. Ola said that the flights across the country will operate as scheduled and passengers are advised to arrive at the airport early to have ample time to complete boarding formalities. According to him, “customers who could not use their tickets during the period of the curfew can modify such tickets at no extra…

Friday, 23 October 2020 05:38

How leaders create winning teams

Are you a winning leader? Unfortunately, an unhealthy stereotype of “winning” is infecting too many organizations. Colleagues are seen as competitors, and the workplace becomes a Darwinian battlefield, where team members strive to win internal turf battles, for example, or claim the lion’s share of credit for team projects. But there’s a healthier way to imagine what “winning” can look like for managers, captured succinctly in a venerable definition of leadership that was once used by the United States Air Force. It reads, in part: “Leadership is the art of influencing people in such a way as will win their……

Thursday, 22 October 2020 05:24

25 years ago Bill Gates predicted videoconferencing. Here’s what he says next

At the GeekWire Summit, the Microsoft founder shared his views of the future. Twenty-five years ago, Bill Gates foresaw that videoconferencing would come to replace many face-to-face meetings. Now, he predicts, videoconferencing will get much, much better. At-home screens will get much, much bigger. And we'll never return to pre-Covid levels of business travel. "Small video devices using cameras attached to personal computers or television sets will allow us to meet readily across the information highway with much higher quality pictures and sound for lower prices." Gates, then CEO of Microsoft, wrote that in his 1995 book The Road Ahead.…

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