Business News

Monday, 24 August 2020 05:18

'That's how capitalism works': A Shark Tank host says small businesses will die

Shark Tank investor Kevin O'Leary said he expects 20% of small businesses in sectors like travel, food, and entertainment will die because consumer behavior is changing. O'Leary told CNBC that he wouldn't prop up a "dying" company, and the government shouldn't either. The next stimulus plan doesn't need to have PPP, he said. "Let the market be the market, let those things that are going to die, die, and those employees will support them through the transition," the investor said. Shark Tank investor Kevin O'Leary appeared on CNBC's Halftime Report on Friday and said that because consumer preference is changing,…

Friday, 21 August 2020 05:27

3 steps to creating powerful business partnerships

Here's how you can pick great long-term partnerships for your business. Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Building the right partnerships can increase growth velocity for early stage businesses. One brand we work with at Anvyl has experienced exponential growth during the pandemic, due in part by heavy collaboration with it’s partnership base. To learn more, I met with Matt Mullenax, co-founder and CEO of Huron, a men’s DTC…

Thursday, 20 August 2020 05:11

FG’s August bonds oversubscribed by N92bn

Federal Government’s bonds for August worth N150 billion, auctioned on Wednesday, were oversubscribed by N92.23 billion, Debt Management Office has said. The total subscription received for the bonds was N242.23bn, comprising of N32.68bn for 12.5 per cent FGN January 2026 bonds; N48.82bn for 12.5 per cent FGN March 2035 bonds; N46.44bn for 9.8 per cent FGN July 2045 bonds; and N114.29bn for 12.98 per cent FGN March 2050 bonds. The auction results showed that there were 34 successful bids each for January 2026 and March 2035 bonds, while July 2045 and March 2050 bonds recorded 31 and 55 successful bids…

Thursday, 20 August 2020 05:06

Nigerian traders protest harassment by Ghanaian authorities in Abuja

Nigerian traders operating in Ghana, on Wednesday, visited Foreign Affairs Ministry in Abuja to protest locking up of their shops in Ghana. The protesters, who carried placards with various inscriptions of their grievances, held the protest peacefully under the watch of policemen. Leader of the group, Mr Nze Onwuka, said the traders were running out of patience because they have waited for seven years for federal government to intervene but to no avail. Onwuka said, “We have had enough. This has been going on for seven years, we are being harassed and targeted even though our documentation is up to…

Thursday, 20 August 2020 05:01

Apple's stock market value tops $2 trillion

Just two years after Apple became first publicly listed U.S. company with a $1 trillion stock market value, the iPhone maker has now topped $2 trillion(£1.51 trillion). The Cupertino, California-based company’s shares briefly rose to as high as $468.65 on Wednesday, equivalent to a market capitalization of $2.004 trillion. The stock was last up 1.2% at $467.62, giving Apple a market capitalization of $1.999 trillion. Buoyed by bets on the long-term success of the country’s biggest tech names in a post-coronavirus world, Apple’s shares have surged since blowout quarterly results in July that saw the iPhone maker eclipse Saudi Aramco…

Wednesday, 19 August 2020 05:10

Naira falls to new low on plans to reopen airports

Naira fell 1.04% on Tuesday to a low of 480 on the black market after government said it would reopen airports for international travel in two weeks’ time, a move that could increase dollar demand, traders said. The naira had been stable for over a week on the black market at 475 per dollar, where it trades at more than 20% weaker to the official over-the-counter spot market. With the price of oil, Nigeria’s main export, depressed and foreign exchange reserves dwindling, central bank is hanging on to dollars to support the naira - leaving a shortage of hard currency…

Wednesday, 19 August 2020 05:03

Banks recovered N50m bad loans within nine days – CBN

Director, Financial Policy and Regulation at Central Bank of Nigeria, Mr Kevin Amugo, says Nigerian banks recovered N50.32 million bad loans from debtors within nine days after the country commenced operations of Global Standing Instruction. Amugo disclosed this on Tuesday, at a webinar organised by Chartered Institute of Bankers of Nigeria Dialogue Series 3.0 in Lagos. The discussion had as its theme: Non-Performing Loans and Global Standing Instruction Policy: Impact and Insights for Financial Stability. GSI policy became operational from August 1, 2020, as banks struggled to keep their Non Performing Loans ratio low to curb failure and instability in…

Wednesday, 19 August 2020 04:57

How smart leaders win during recessions

A change in strategy is needed when battling the economic downturn of Covid-19. The Covid-19 pandemic has brought a record 11-year bull run of the U.S. stock market to its knees. This, coupled with an oil price crash instigated by Saudi Arabia and Russia, has all the signs of an imminent global recession. Depending on who you trust with your forecasts, most experts are predicting a global contraction that can last anywhere between six months and two years. The word ‘recession’ strikes fear in the hearts of startups and established businesses alike — and for good reason. Long-running studies from…

Tuesday, 18 August 2020 05:27

Nigerian Banks, oil companies, telcos finding it difficult to meet foreign financial obligations - Report

There are indications that the lingering foreign exchange scarcity in the country is slowing down banks’ ability to meet their payment obligations denominated in dollar. Sources said banks have been having long waits to access dollars from Central Bank of Nigeria to meet their payments needs, such as foreign payments and Global Depository Receipts. GDR is a means by which foreign investors invest in shares in other countries without trading in the stock exchange of the company’s home country. Among entities experiencing forex challenge are banks that raised capital abroad and telecommunications and international oil companies that repatriate funds to…

Tuesday, 18 August 2020 05:23

Food price drives inflation to 27 months high - NBS

Nigeria’s inflation rate rose further to 12.82 per cent in July, highest in 27 months, as food prices continued to surge. According to latest consumer price index (CPI) data released by National Bureau of Statistics (NBS) on Monday, July inflation rate rose by 0.26 per cent higher than the rate recorded in June (12.56) percent. Nigeria’s inflation, made worse by last year’s border closure and coronavirus pandemic, has continued to rise for months as prices of staple foods like rice, frozen foods, vegetable oil, processed foods remain high. In the new report, composite food index rose 15.48 per cent in…

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Tuesday, 18 August 2020 05:10

3 ways automation can help companies work smarter, not harder

Making an investment in automation could be the best long-term strategy right now. Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Although efficiency has always been a central goal for businesses, I have seen companies under increased pressure during this economic crisis to deliver results while navigating significant challenges. Staffing resources are tight and budgets are being cut, but companies need to keep growing to prevent the need to tighten their…

Monday, 17 August 2020 05:16

5 ways business leaders can build up a healthy ego at work

Shaping a "good ego," aka using self-awareness for shared benefit, can help leaders inspire innovation and productivity among employees. Marketing expert Jeff Steen suggests to start by thanking your colleagues for their support in a recent personal success, using "we" and "us" phrasing. This will foster a healthy ego and avoid the trap of self-centeredness. Your employees will also feel valued if you regularly ask for their feedback on what you can do better, and push for collective effort to make company-wide achievements. For those who follow thought leader and business writer Ryan Holiday, the pitfall of ego is not…

Sunday, 16 August 2020 04:52

Nigerian traders in Ghana cry out as govt demands $1m ‘registration fee’

President of Nigerian Traders Union in Ghana, Mr Chukwuemeka Nnaji, on Saturday decried Ghanaian authorities’ closure of shops owned by Nigerians doing business in the country. Nnaji, who made this known in a telephone interview urged Federal Government to intervene in the matter. He said that shops belonging to Nigerian traders in Accra were locked up by Ghanaian authorities who demanded cash payment of one million dollars from them before the shops would be opened. According to him, an inter-ministerial Tasktask force went round on August 10 to identify shops owned by Nigerian traders and requested registration of business taxes,…

Saturday, 15 August 2020 04:22

Bond buyers stranded in Nigeria face prospect of 100% loss - Bloomberg

Foreign investors tempted into buying Nigerian debt paying interest of 13% a year ago are unable to move their cash out of the country. Worse still, the rate that investors now earn for lending money to the government by purchasing 12-month Treasury bills has dropped to a 10-year low of 3.2%. On top of that, the local currency has twice been devalued against the dollar this year, risking losses when the capital is repatriated. With their cash stranded, funds have few choices but to park in short-term debt. They’re waiting for the central bank to resume foreign-exchange sales that were…

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