Business News

Friday, 29 January 2021 05:27

Stock market gains N125bn on increasing demand for banking stocks

Gains in banking stocks comprising Stanbic (+5.9 per cent), Zenith (+3%) and Guaranty (+2.4%), saw the market capitalisation advanced by ₦124.9 billion to settle at ₦22.1 trillion, while return improved to 4.7% on Thursday. The All share index pushed higher by 57bps to close at 42,169.41 points. Activity level was mixed as volume traded rose 2.2% to 555.3m units while value traded dipped 21.3% to ₦5.8bn. The most traded stocks by volume were Transcorp (76.2m units), UBN (75.9m units) and Zenith (35.2m units) while Zenith (₦936.8m), Wapco (₦726.7m) and Guaranty (₦708.7m) led by value. Performance across sectors under review was…

Friday, 29 January 2021 05:25

‘Mother’ of iconic Indomie flavour is dead

The woman behind instant noodle giant Indomie's iconic "mi goreng" flavour has passed away at the age of 59. Tributes poured out for Nunuk Nuraini, who worked as a flavour development manager at the cult favourite Indonesian brand for nearly 30 years. Many thanked her for her "legacy", one calling her a "non-cape wearing hero". Indomie has become almost synonymous with instant noodles in Indonesia, where many have grown up eating the popular brand. But it has in recent years also become a global hit, finding popularity not just across South East Asia but also Australia and Nigeria. However, even…

Friday, 29 January 2021 05:17

Why genuinely collaborative leaders follow the rule of 6 and 1

A simple way to build a stronger, more inclusive team. And be a more emotionally intelligent leader. Think of Steve Jobs and you think of the person who knew what was best for Apple. Think of Elon Musk and you think of the person who knows what is best for Tesla and SpaceX. Think of Jeff Bezos, and you think of the person who knows what is best for Amazon. The same is true for you: As a leader, you are the keeper of a company, a team, or a project. In most cases, you know best. Even so, sometimes…

Thursday, 28 January 2021 05:02

CEOs can sometimes earn 2,000 times the average wage of workers in their company. This is why

At around 1730 on Wednesday 6 January, about 34 office working hours into 2021, bosses of top British companies had earned the same amount that an average worker in the UK earns in an entire year. According to research from the High Pay Centre, an independent think tank based in London, FTSE 100 chief executives earn a median of £3.6m ($4.9m) a year – more than 100 times the £31,461 earned by full-time employees. At the top of the pile of those CEOs is Tim Steiner, chief executive of the online supermarket Ocado, who was paid £58.7m in 2019. That's…

Wednesday, 27 January 2021 05:22

Customs gives date for commencement of new duties on imported vehicles

The reduction in duties on vehicles and tractors from 35 to about 10 per cent may take off next week, Nigeria Customs Service said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry on the matter any moment from now. He said the vehicle tariff reduction, as contained in the 2020 Finance Act, was initiated by the NCS to ease the cost of transportation in Nigeria. He said, “We are the proponents of the new tariff. I’ve been torn apart…

Wednesday, 27 January 2021 05:21

CBN holds Interest Rate steady at 11.5 percent

Rising from the January monetary policy committee meeting, Central Bank of Nigeria (CBN) has retained the benchmark interest rate at 11.5 percent even as recession persists. Just like in November 2020, CBN retained the asymmetric corridor of +100/-700 basis points around the MPR. It also retained the CRR at 27.5 percent; and retained the liquidity ratio at 30 percent. Briefing journalists at the end of the meeting, CBN Governor, Godwin Emefiele also said it will ramp up interventions to aid the economy exit recession at most in the first quarter 2021. The CBN Governor also revealed at date over N500bn…

Tuesday, 26 January 2021 05:23

Warren Buffett says these often ignored traits separate successful leaders from all others

Warren Buffett once asked a group of students to think of a classmate they felt had the makings of success long term, such that they would want to get 10 percent of that person's earnings for the rest of their lives. "You would probably pick the one you responded the best to, the one who has the leadership qualities, the one who is able to get other people to carry out their interests," said Buffett, alluding to that person's integrity. "That would be the person who is generous, honest, and who gave credit to other people for their own ideas."…

Monday, 25 January 2021 03:56

The 1 brutal question that’ll make any leader instantly more effective

Borrow this Google exec turned founder's mental trick if you value excellence over comfort. We've all heard about the power of positive thinking, but what about the power of negative thinking? Steve Jobs famously stayed motivated by reminding himself of his own death every day, author Tim Ferriss has argued that thinking through the worst case scenario in any situation can help you get anxiety under control and prepare for all eventualities, and studies have shown that a healthy amount of negativity makes entrepreneurs more successful. In short, while an excess of pessimism will paralyze you, not enough makes you…

Sunday, 24 January 2021 05:52

CBN moves to bar exporters withholding proceeds from bank services

Nigerian exporters that have not repatriated export proceeds will be barred from all banking services from Jan. 31, the central bank said. The new directive applies to exports up until June last year, central bank spokesman, Osita Nwanisobi said by text message on Saturday. “Proceeds for oil is to be repatriated within 90 days and non-oil within 180 days.” The measures are part of an effort to defend the country’s currency by targeting importers and exporters with tougher regulations. That’s after a plunge in oil prices and the coronavirus pandemic led to dollar shortages in Africa’s largest crude producer resulting…

Sunday, 24 January 2021 05:40

3 reasons why rejection is an entrepreneur’s best friend

When you hear the word "no", don't take it personally. Instead, embrace it and improve. No one likes to hear the word "no" when they have goals they are looking to accomplish. Whether it's raising capital for your startup and the investor says no to your proposal you spent months working on, or you're looking for press and the journalist declines your pitch, the denial can sting. But, if taken with the right mindset, "no" can be your best friend. Especially for us entrepreneurs, here are 5 reasons why you should embrace when people turn you down: It forces you…

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Saturday, 23 January 2021 05:52

The 7 personalities of bad bosses who think they're good bosses

Be careful. Is your bad manager a rescuer, a people-pleaser or a numbers person? Work long enough, and you are bound to have a bad manager. Unfortunately, they do not operate in just one manner. They can be aggressive, neglectful, ingratiating or just plain inept. And not all of them were bad to begin with. The very strategies and skills that may have made them star performers can make them terrible to work for. Lawrese Brown, the founder of C-Track Training, a workplace education company, said bad bosses who used to be star performers “are following the script of ‘I…

Friday, 22 January 2021 05:57

FG concessions e-ticketing for Abuja-Kaduna train service for 10 years

Federal government has launched an e-ticketing solution for the Abuja-Kaduna rail line. Minister of Transportation, Rotimi Ameachi, said the initiative is a Public Private Partnership (PPP) valued at N900 million. The amount is provided by the concessionaire, SecureID Solutions, which will run the system for 10 years to recoup its investment before handing ownership back to Nigerian Railway Corporation (NRC). The government said the initiative will address numerous complaints by commuters about ticket racketeering, according to statement from Eric Ojiekwe, a spokesperson for the transportation ministry. Amaechi, who conducted a virtual launch Thursday, said the automated ticketing system will enhance…

Friday, 22 January 2021 05:43

This interview question from Elon Musk is absolute genius

Musk's question may seem ordinary on the surface, but it's anything but. Here are 4 reasons why. Justine Musk, who was married to teach visionary Elon Musk for almost a decade, once shared a fascinating insight into the mind of her former beau. "When Elon and I would travel, and we had to fill out those forms at customs that wanted to know your occupation, Elon never wrote down 'CEO,' 'King of the World,' or 'studly international playboy,'" relates Musk. "He wrote, 'Engineer.'" Yes, in his heart of hearts, famous CEO and tech visionary Elon Musk has long preferred to…

Thursday, 21 January 2021 05:43

Exchange rate, supply deficit push up price of cooking gas - Report

Price of 20 metric tonnes of Liquefied Petroleum Gas, popularly known as cooking gas, sold to marketers in the country rose by over 29 per cent in the past two months. Terminal operators and importers increased the price of 20 metric tonnes of LPG to N5.3m on December 22 from an average of N4.4m a month ago, with retailers refilling a 12.5kg cylinder at between N4,000 and N4,500. The price of the product increased further this month, as 20 MT was sold for as high as N5.5m on Tuesday, translating to an increase of 29.41 per cent since November 20,…

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