Business News

Friday, 31 January 2020 05:46

Nigeria earns $813m from cashew export - FG

Minister of Agriculture, Mr Sabo Nanono, yesterday, disclosed that the cashew sub-sector generated over $813million between 2015 and 2017. Nanono in his keynote at the Cashew stakeholders and Export meeting, organised by Association of Cashew Farmers, Aggregators, and Processors of Nigeria (ACFAP), pointed out that Cashew being the second non-oil export commodity has been contributing significantly to the nation’s foreign exchange earnings, but unfortunately the potential are not fully taped. Nanono, represented by Director Agriculture Extension in the Ministry, Mrs Karima Babangida, noted that “The cashew sub-sector is one of the commodities Nigeria has comparative advantage in its production, processing…

Friday, 31 January 2020 05:41

Apple displaces Samsung as world's No. 1 smartphone seller

Led by demand for the hugely popular iPhone 11, Apple's share of the global smartphone market topped all competitors in the fourth quarter of 2019, according to statistics released on Wednesday. According to the latest estimates from Strategy Analytics, Apple shipped 70.7 million iPhones during the three-month period ending in December to take a 18.9% share of the global market. That figure is up 7% from 65.9 million units in the year ago quarter, when Apple sat in the No. 2 spot behind Samsung. Whole year iPhone shipments are pegged at 197.4 million units for 2019. "This was Apple's best…

Friday, 31 January 2020 05:39

Facebook to pay $550m to settle privacy lawsuit

Facebook has agreed to pay roughly half a billion dollars to settle a class-action case alleging the company violated Illinois law in the way it collected data for its facial-recognition tools, the tech giant said Wednesday. The $550 million settlement — revealed by company executives during their latest earnings call — comes after Facebook tried, and failed, to quash the lawsuit in a petition to the Supreme Court. If the company prevailed, it might have made it harder for other Web users to bring similar legal actions. The settlement must still be reviewed by a judge. Under Illinois law, tech…

Thursday, 30 January 2020 05:23

Nigeria’s ports most expensive in West Africa - Minister

Minister of State for Transportation, Ms Gbemisola Saraki has described Nigeria’s ports as the most expensive in West African sub-region. This, according to her, was occasioned by duplicity of functions by operators in the ports. The minister said this when she received members Association of Nigerian Licensed Customs Agents (ANLCA) in Abuja in a courtesy call. According to her, the high cost of operation has made it difficult for Nigeria to compete with other neighboring countries. “Nigeria is supposed to be the biggest and cheapest player but unfortunately, we are not. But I assure you that changes will be witnessed…

Thursday, 30 January 2020 05:16

Picking the moment: Finding entrepreneurial opportunities in the big tech trends

If - as I do - you spend a lot of time talking to the founders of early-stage companies, it’s perhaps a little too easy to form the impression that the technology revolution we’re all experiencing is driven by plucky startups armed with nothing more than great ideas, drive, determination and significant amounts of venture capital cash. But that’s a view from a certain kind of bubble. In reality, the trends that are shaping what we’re now obliged to call the “fourth industrial revolution” are driven in large part by the activities of the world’s tech giants - the Googles,…

Wednesday, 29 January 2020 05:49

No one wants to be a Nigerian stock trader as volumes plunge - Bloomberg

Not a single company registered to become a dealer on the West African country’s stock exchange in 2019, according to Nigeria’s Securities and Exchange Commission. That’s a comedown from the record 19 brokerages accredited in 2006, before upheaval in the banking industry and the global financial crisis caused domestic equities to tumble from all-time highs. It’s also the first time that’s happened in 19 years. “There’s a lot of brokers that are finding it very difficult to make a living,” Temi Popoola, the chief executive officer of Renaissance Capital’s Nigerian business, said by phone from Lagos. “Revenue that brokerage companies…

Wednesday, 29 January 2020 05:44

What it means to be rich, according to 9 financial planners who would know

We spoke to nine experts who defined "wealth" in many different ways, from being able to give generously to buying back your time. One financial planner told us that some individuals with millions of dollars will never feel "rich" because no amount of money is ever enough. What does it mean to be rich? The answer probably depends on who you ask. For some people, wealth might mean the ability to buy whatever they want. For others, it might mean living without debt. And to some people, being rich might have nothing to do with money at all. Financial planners…

Tuesday, 28 January 2020 06:06

Lagos bans motorbikes from most parts of sprawling metropolis

Nigeria’s business capital of Lagos will ban commercial motorcycles from operating in large parts of the city, the state government announced on Monday, a move that could change the commute for thousands and threaten ride-hailing startups. Lagos state government announced on Twitter that it would ban motorcycles, commonly known as okadas, from operating in most of Lagos because of what it described as their “chaos and disorderliness” and “scary figures” of fatal accidents. Companies such as Max.ng, Oride and Gokada have been aiming to capitalize on the congested Lagos roads and the city’s teeming population to expand their operations. The…

Tuesday, 28 January 2020 06:04

Unilever Nigeria appoints new MD

Board of Unilever Nigeria Plc has appointed Mr Carl Cruz as its new managing Director. The appointment takes effect February 1, 2020. Cruz comes with extensive career in Unilever D & E Markets in Asia (Philippines, Thailand, India and Sri Lanka). He holds a Bachelor of Science degree in Marketing from De La Salle University, Philippines. Speaking about the business, Cruz said: “Nigeria is an important market with exciting opportunities. Unilever Nigeria has a great team and our ambition is to satisfy consumers’ needs and make sustainable living commonplace.” He further explained that the new leadership reflects Unilever’s focus on…

Tuesday, 28 January 2020 06:01

20 years ago, Bill Gates made an Important Decision. Somehow, almost nobody even noticed

Lots of people want a second act. Very few people actually get it. What do you think of when you think of Bill Gates? Maybe it's that he was the co-founder and original driving force behind Microsoft. Maybe it's that he's one of the wealthiest people on the planet. Maybe it's that he's among the most devoted philanthropists in modern history. Here's an idea, though: You could say there are actually two versions of Gates. He's the rare person who has had the chance to live two entirely different lives--either of which would have been enough for most people to…

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Monday, 27 January 2020 06:05

Oil extends declines as fears grow over China virus

Crude prices fell more than 2% to multi-month lows on Monday as the rising number of cases of the new coronavirus in China and city lockdowns there deepened concerns over oil demand, even as Saudi Arabia’s energy minister sought to calm the market. Brent crude (LCOc1) fell by $1.36 a barrel, or 2.2%, to $59.33 by 0425 GMT, having earlier dropped to $58.68, its lowest since late October. U.S. crude (CLc1) was down by $1.30, or 2.4%, to $52.89, having earlier eased to $52.15, the lowest since early October. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on…

Monday, 27 January 2020 06:02

24 time management strategies to be more efficient

Improve your time management and productivity with these tips. Unless you’re Jim Halpert and enjoy spending most of your time pranking Dwight, most of us want to become more efficient at work. Not only is this beneficial for your career, but it can also help maintain a healthy work-life balance. But how can you become more adept at work? Well, here are 25-time management strategies that you should implement. 1. Stop letting to-do lists ruin your life. To-do lists aren’t just useful. They’re essential to our success, since the brain can only focus on three or four things at a…

Tuesday, 21 January 2020 06:17

World's richest 2,000 people hold more than poorest 4.6 billion combined - Oxfam

The world’s richest 2,153 people controlled more money than the poorest 4.6 billion combined in 2019, while unpaid or underpaid work by women and girls adds three times more to the global economy each year than the technology industry, Oxfam said on Monday. The Nairobi-headquartered charity said in a report released ahead of the annual World Economic Forum of political and business leaders in Davos, Switzerland, that women around the world work 12.5 billion hours combined each day without pay or recognition. In its “Time to Care” report, Oxfam said it estimated that unpaid care work by women added at…

Monday, 20 January 2020 05:30

VAT has been increased to 7.5 percent. Here are items exempted from the new rate

The presidency has listed certain items exempted from Value Added Tax (VAT) by the Finance Act 2019. The act recently became law after it was signed by President Muhammadu Buhari. Some of the items listed by presidential spokesperson Mr Laolu Akande include locally produced sanitary pads, food additives and table water. Here’s the statement in full: In a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the Value-Added Tax, several basic food items, locally manufactured sanitary towels, pads and tuition relating to nursery, primary, secondary and tertiary education have been…

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