Business News

Friday, 01 May 2020 05:52

5 noticeable traits you'll find in smart and confident bosses

Leadership is relational and meant to support and lift up others. Back in my corporate HR management days, I partnered with the C-suite on several projects and had a front-row seat to the leadership styles of my executive colleagues. One of them, a VP from Silicon Valley, had bravado and swagger that didn't sustain its influence on people. Another VP led through power and control, often squashing the human spirit of those around him. One executive had a very different approach. He led by serving the needs of his tribe first before his own. It worked, and they responded with…

Thursday, 30 April 2020 06:02

Banks get go-ahead to re-open in FCT, Lagos, Ogun from Monday

Federal Government says banks will open for commercial operations in Abuja, Lagos and Ogun States beginning Monday, May 4. National Coordinator of the Presidential Task Force on COVID-19, Mr Sani Aliyu, disclosed this in an update in Abuja. Aliyu said banks would be allowed to open between 8am and 2pm in the three places. He said, “In terms of the banks, this continues to be a recurring issue for all of us. We have been in touch with CBN governor. “Moving on from Monday, banks will open and they will operate normal services from 8am to 2pm. That is six…

Thursday, 30 April 2020 06:01

Even at $10 a barrel, traders still reluctant buying Nigeria’s oil

Late on Monday, the nation released the prices for most of its crude oil grades for sale in May. The figures reflect an urgent need to offload cargoes in what is a highly competitive marketplace. Even so, traders cautioned that the prices -- $10 a barrel or less if the market doesn’t improve -- still may not tempt enough buyers because of the demand collapse triggered by the coronavirus. Africa’s largest economy is particularly vulnerable to the oil-price rout that’s been brought about by the disease. The country, which has a fiscal breakeven well above $100 a barrel, mostly sells…

Thursday, 30 April 2020 06:00

CBN resumes sales of forex to banks, Bureau deChange

Central Bank of Nigeria (CBN) has resumed sale of foreign exchange to all commercial banks for onward sales to parents wishing to pay schools fees and operators of small and medium scale enterprises (SMEs) wishing to make essential imports needed to revamp economic activities across the country. CBN disclosed this in a statement signed by its Director, Corporate Communications, Mr Isaac Okorafor. The decision was arrived at in view of the gradual easing of the Covid-19 lockdown both globally and in Nigeria. “In particular, CBN is resuming the provision of over US$100 million per week for both categories. CBN has…

Thursday, 30 April 2020 05:59

62% fall in real sector investment recorded in Q1 - NIPC

The severe impact of the Covid-19 pandemic on economic activities has triggered 62 percent, year-on-year (YoY), fall in real sector investment in the first quarter ended March 31, 2020, to $4.81 billion in the first quarter ended March 31, 2020, from $12.7 billion in the corresponding period in 2019, Nigeria Investment Promotion Council (NIPC) disclosed this in a report titled, “Report of Investment Announcements, Q1 2020”. According to the agency, the decline in value of investment followed the impact of the coronavirus pandemic that has crippled global economic activities in the last three months. The report showed that foreign investors…

Thursday, 30 April 2020 05:49

Warren Buffett has two ideas for ending inequality

Andy Serwer Warren Buffett would be the first to describe himself as a capitalist. And yet he has noted many times over the years that market forces have their limitations, and that the government plays a role particularly in addressing inequities that are created by our economy. I sat down with Buffett at Berkshire Hathaway (BRK-A, BRK-B) headquarters in Omaha, Nebraska on March 10, just as the coronavirus was beginning to spread and become a serious issue in the United States. We mostly spoke about Berkshire, the markets and the economy. But in this section of the interview we touched…

Tuesday, 28 April 2020 04:48

5 things that’ll confirm you were born to lead others

There are bosses and then there are leaders. Ever been told that you have leadership potential? To start your journey of discovering whether you were truly meant to lead, you can start with the proven fact that great leaders aspire to lead by serving the needs of their people. With that as a basis for developing your leadership, you now need to measure yourself against the standards of the best leaders in business. Here are five top leadership traits I have studied over the years. Ask yourself whether these examples confirm that you were meant to lead others. 1. They…

Monday, 27 April 2020 05:31

Naira crashes to N450 to the dollar at parallel market

The dollar sold for N450 in the parallel market on Friday, showing a shallow and dry reflection of the foreign exchange market. Impact of the crude oil prices which had been fluctuating, and fell to as low as $21, had also been taking its toll on the strength of the naira. President, Association of Bureau De Change Operators of Nigeria, Mr Aminu Gwadabe, said, the N450/$ rate that closed the week was a reflection of the shallowness and dryness of the foreign exchange market. He said this was coupled with the impact of trading on the FMDQ market on future…

Monday, 27 April 2020 05:30

Oil falls as crude in U.S. storage nears all-time high

Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to catch up with the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses after U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017, while floating crude oil storage has hit an all-time high of 160 million barrels. [EIA/S] U.S. West Texas Intermediate (CLc1) futures fell $1.22, or 7.2%, to $15.72 a barrel by 0122 GMT, while…

Monday, 27 April 2020 05:24

Jeff Bezos taught a big leadership lesson in 5 simple words

When was the last time you received negative feedback? For many companies and their leaders, the sound of criticism on the breeze has become a rare experience indeed. Take Amazon as an example. Over the years, the behemoth retailer has had no shortage of criticism about the way its employees are treated or lowly paid. Who can forget the allegations by some of its UK employees who reported being forced to urinate in bottles due to a strict break policy? So when Amazon increased its minimum wage to $15 per hour for all U.S. employees in 2018, the news of…

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Saturday, 25 April 2020 04:29

How the oil price crash will hit Nigeria, Saudi Arabia, other exporters

The historic plunge in oil prices earlier this week has left some major exporters of the commodity scrambling to shore up their economies. The U.S. West Texas Intermediate (WTI) crude contract for May delivery fell by more than 100% to settle at negative $37.63 per barrel on Monday and expired on Tuesday at $10.01 a barrel. Futures contracts trade by the month. It comes at a time when the coronavirus crisis continues to ravage global demand, the world is awash with oil and traders are quickly running out of places to put it. Remarkably, this led to a situation where…

Friday, 24 April 2020 04:41

Remittances and Africa: Covid dries up a cash cow

When a virus spreads, so does hardship. A partial lockdown in Uganda has forced Barbara Nakyewa to close her hair salon in Kampala, the capital. Half a world away, in Philadelphia, her husband’s work as a lorry driver has dried up. He used to send home about $80 a month. Now he has not a cent to spare. Each morning Ms Nakyewa cooks porridge for her five children from a dwindling bag of maize, hoping for a government food handout. Remittances are falling sharply across Africa. At one payments company, transfers from Britain to east Africa may have fallen by…

Wednesday, 22 April 2020 05:47

Nigerian Stock market loses N152b as bear run intensifies

Transactions on the floor of Nigerian Stock Exchange on Tuesday witnessed another drop in share prices as bears sustained their grip on the local bourse following profit-taking by investors. Local bourse recorded only four gainers against 27 losers led by Champion Breweries Plc and Oando Plc among other blue-chip firms that experienced downswing in their shares. Consequently, the All-Share Index dipped by 815.91 basis points or 3.35 per cent to close at 22,629.92 index points as against 22.920. 41 recorded the previous day. Market capitalisation of equities depreciated by N152bn from N11.945tn the previous day to N11.793tn as market sentiment…

Tuesday, 21 April 2020 05:45

Oil price goes negative as demand collapses; stocks dip

Asian shares skidded on Tuesday after U.S. oil futures plunged below zero as storage for crude runs close to full amid a worldwide glut as demand collapses due to the pandemic. Shares fell in Tokyo, Hong Kong and Shanghai but New York stock futures edged higher after the S&P 500 sank 1.8% overnight, giving up some big gains from last week. In a stunning development, the cost to have a barrel of U.S. crude delivered in May plummeted to negative $37.63. It was at roughly $60 at the start of the year. Traders are still paying more than $20 for…

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