Business News

Wednesday, 18 March 2020 05:39

In sickness and in health: Rethinking attitudes towards employee illness

The global spread of covid-19 has led to calls for those who might be infected with the new disease to “self-isolate” at home. That could prove a threat to economic activity. It also represents a terrible dilemma for workers, some of whom could face financial hardship if they don’t turn up. The quandary is all the greater when the disease is unfamiliar, with symptoms that are often mild, at first, and resemble common ailments. And if, like a quarter of all Americans working in the private sector, employees get no paid sick leave at all, they are more likely to…

Tuesday, 17 March 2020 05:48

Oil slumps below $30 a barrel as coronavirus spreads, OPEC price war intensifies

Oil prices fell below $30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession. Saudi Aramco reiterated plans to boost output to record levels to boost its share of the global market. Top global oil producers Saudi Arabia and Russia started a price war after failing to agree on a plan to curb supply as the global economic slowdown destroys oil demand. The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus…

Tuesday, 17 March 2020 05:47

Be good to your employees or you'll lose them. Here's how to build a winning company culture

If you want to keep an engaged workforce, focus on loyalty. I've worked in a number of industries-- from political campaigns to state government to tech and more. Each industry provided a unique experience but above all, the most memorable experiences were with those organizations with a great work environment and a culture of loyalty. I can recall when working at one organization, we'd have all-staff meetings where we celebrated the tenure of staff. What impressed me was the length of tenure -- five, 10 and 15 years or more of employment. It struck me as something unique and special…

Monday, 16 March 2020 05:13

Coronavirus, price war push oil further down

Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. Brent crude (LCOc1) fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63. U.S. crude (CLc1) was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite U.S. President Donald…

Monday, 16 March 2020 05:11

Foreign capital inflows slide 32% over naira woes

Uncertainties surrounding the naira at local and international markets have reduced foreign capital inflows into the economy to $3.8 billion. This represents 32.4 per cent drop. Although the naira witnessed major pricing shake-up at the end of last week that pushed it to N375 to the dollar in the parallel market, it remained unfazed at the official market, where it traded at N306.95 to a dollar. The naira also closed at N366.75 to a dollar on the Investors and Exporters’ (I&E) Forex window. A combination of dollar injections by Central Bank of Nigeria (CBN) estimated at $500 million and support…

Monday, 16 March 2020 05:05

5 ways to hire the best people for the long term

The team determines the kind of company that you build. Whether your company is well established or a new startup, you should approach hiring as a way to build the company, not just fill a position. Hiring is a huge responsibility that will determine your company’s culture and its future. My first two companies were built on the model of "move fast and break things" and heavily funded by VCs. The lessons I learned from those dot-com era ventures — and the pain of having to lay off good people — led me to completely rethink how to hire people…

Saturday, 14 March 2020 05:02

Bill Gates steps down from Microsoft board

Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health and development, education and tackling climate change. One of the world's richest men, Mr Gates, 65, has also left the board of Warren Buffett's massive holding company, Berkshire Hathaway. Mr Gates stepped down from his day-to-day role running Microsoft in 2008. Announcing his latest move, Mr Gates said the company would "always be an important part of my life's work" and he would continue to be engaged with its leadership. But he said:…

Friday, 13 March 2020 04:56

Oil falls a third day, Brent crude set for worst week since 1991

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and U.S. crude heading for the worst week since 2008 as panic about plunging demand from the coronavirus outbreak grips the market. Brent crude (LCOc1) was down 67 cents, or 2%, at $32.55 a barrel by 0126 GMT after falling more than 7% on Thursday. For the week, Brent is set to fall 28%, the biggest weekly decline since the week of Jan. 18, 1991, when it fell 29% at the outbreak of the first Gulf War. U.S. West Texas…

Friday, 13 March 2020 04:55

Naira crashes at parallel market, exchanges N420 to $1

On Thursday, naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. President, Association of Bureaux De Change Operators of Nigeria, Mr Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among BDC operators and Nigerians in general. He said this caused speculations in the market which were not necessary. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to…

Friday, 13 March 2020 04:54

Market fundamentals don’t support naira devaluation at this time - CBN

Market fundamentals do not support a devaluation of Nigeria’s naira currency at this time, Central Bank of Nigeria (CBN) said in a statement on Thursday. The currency in Africa’s top oil producing country, which relies on crude sales for 90% of foreign exchange earnings, has come under pressure after oil prices plunged over the weekend following a disagreement between Russia and Saudi Arabia over a deeper production cut. The coronavirus outbreak has also hit global demand for oil. Nigerian stocks have sunk to a more than four-year low in the last few days, while bond yield spreads widened as jittery…

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Friday, 13 March 2020 04:46

People who use these 5 toxic phrases at work have low Emotional Intelligence

Emotional intelligence at work isn't just about being nice to people or considering their feelings. It's about being in control of what you say--so that your words work in your favor. Ultimately, it's also about creating conditions where colleagues and other stakeholders are more likely to want to help you achieve your goals. One of the most effective ways to improve your emotional intelligence is to keep track of the words and phrases that you use. Here are some of the classic, worst, low-emotional intelligence phrases people can use -- the ones that ultimately get in the way of their…

Wednesday, 11 March 2020 05:59

Bill Gates and Elon Musk issued very different responses to the Coronavirus. It's a lesson in Emotional Intelligence

Two brilliant minds. But while one response is potentially dangerous, the other could save millions of lives. The coronavirus disease COVID-19 has taken the world by storm. To date, the outbreak has infected more than 109,900 persons in at least 97 countries, and caused more than 3,800 deaths, according to official counts cited in The New York Times. At this point, it's still difficult to predict the full effects of the novel coronavirus. Will efforts to contain the disease and cause its regression succeed, or will COVID-19 turn into a full-blown, worldwide pandemic? Both Tesla CEO Elon Musk and Microsoft…

Tuesday, 10 March 2020 05:52

Oil price crash may force Naira devaluation as reserves dry up - Bloomberg

The plunge in oil prices may force Nigeria to devalue the naira as dwindling export revenues deplete foreign-exchange reserves, curbing the central bank’s ability to support the currency, Societe Generale SA warned on Monday. The central bank’s reserves have decreased by 20% in the past two years to the lowest since November 2017, and may soon reach the $30 billion threshold set by Governor Godwin Emefiele for the country to consider a devaluation, Jason Daw and Phoenix Kalen, strategists at Paris-based SocGen, wrote in note on Monday. The central bank may start adjusting currency policy before it reaches that point,…

Tuesday, 10 March 2020 05:48

Why oil prices are crashing and what it means

Oil prices have suffered their biggest fall since the day in 1991 when American forces launched air strikes on Iraqi troops following their invasion of Kuwait. Monday's crash spooked markets that were already freaking out about the impact of the coronavirus pandemic on the global economy and demand for oil. Brent crude futures, the global oil benchmark, were down 22%, last trading at $35.45 per barrel. US oil is trading at $33.15 per barrel, a decline of nearly 20% Here are five things you need to know: Why are oil prices crashing? Saudi Arabia, the world's top exporter, launched a…

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