Business News

Monday, 02 March 2020 05:16

When rank leads to rancour: How not to give employees feedback

In david mamet’s film, “Glengarry Glen Ross”, a group of American property salesmen are forced into a contest to maximise sales. The top two will get prizes; the bottom two will be fired. The play comes across as a critique of the corrupting effect of “dog-eat-dog” capitalism and putting performance above all else. But is competition between employees an effective way of improving overall outcomes for business? Jan Woike, from the Max Planck Institute in Berlin, and Sebastian Hafenbrädl, of the iese business school in Barcelona, try to answer the question in an article* for the Journal of Behavioural Decision…

Friday, 28 February 2020 05:04

How many billionaires are there in the world?

Forbes' sprawling billionaire list is comprised of 2,153 individuals as of 2019, approximately 55 fewer than there were the year prior, according to the latest estimates. Last year, the combined wealth of those prosperous individuals was around $8.7 trillion, a decline of roughly $400 billion from 2018. Of those more than 2,000 individuals, however, roughly 46 percent saw their wealth decline in 2019 compared to the year prior with 11 percent tumbling altogether off the outlet's ranking of the world’s ultra-rich. The list saw roughly 195 new faces in 2019. Among the newcomers included the founder of Chinese discount web…

Thursday, 27 February 2020 06:04

PoS transactions fell by 16%. Experts explain why

Financial sector experts are divided over the 16 percent month-on-month, MoM, decline in the value of Point-of-Sale, PoS, transactions in January 2020. Analysis of the latest data from Nigerian Interbank Settlement System, NIBSS, electronic payment channel shows that the value fell to N313.43 billion in January 2020 from N372.7 billion in December 2018, while the volume transactions fell by 10 percent MoM to 41.3 million during the same period. The NIBSS data also shows that the value of mobile inter-scheme transactions (though licensed mobile payment operators) dropped by 11 percent, MoM, to N133.22 billion in January from N148.97 billion in…

Tuesday, 25 February 2020 03:31

Virus outbreak chills markets, outlook for global economy

The widening coronavirus outbreak threatens to seriously disrupt the global economy, just as it was steadying itself against headwinds from the U.S.-China trade dispute. Amid concerns that global output could decline for the first time since the global financial crisis a little more than a decade ago, stock markets sank Monday. In one sign of how sentiment has been negatively hit, gold spiked 1.8% to $1,688 an ounce, its highest level in seven years, as traders sought out financial assets some consider safer in times of stress. On Wall Street, the Dow Jones was down more than 900 points during…

Monday, 24 February 2020 04:53

CBN clarifies directive on domiciliary accounts

Central Bank of Nigeria has said that it has not prohibited acceptance of foreign currency cash deposits by Deposit Money Banks. In a statement on Sunday, Director, Corporate Communications, CBN, Mr Isaac Okorafor, clarified the uncertainties surrounding the operations of domiciliary accounts in Nigeria. He said, “The bank has not prohibited acceptance of foreign currency cash deposits by Deposit Money Banks.” “Only electronic fund transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.” Okorafor therefore urged stakeholders and other interested parties to always endeavour to seek…

Thursday, 20 February 2020 04:23

FGN February bond auction oversubscribed by 284% - DMO

Debt Management Office (DMO) on Wednesday said its auction of February 2020 FGN Bond was significantly over-subscribed by about 284.43 per cent. The debt management agency said it offered about N140 billion across three instruments to investors at the auction, namely the 5-Year tenor valued at about N45 billion for a 10-Year tenor: 10 and 30-Year tenor of about N50.00 billion. The DMO said subscriptions received through competitive bids for the three instruments was about N398.2 billion, or a total subscription level of 284.43 per cent. Also, non-competitive bids for about N60 billion was also received, making the total subscriptions…

Wednesday, 19 February 2020 04:52

How to get ahead in your career by letting go

Many of us resist giving things up because we’ve always had them, or we might use them again one day. It’s incredible how much stuff you can accumulate, especially when you haven’t taken the time to assess whether you still use or need it. Case in point: Over the weekend, I spent time cleaning out a drawer, which led to a few more, and then to my closet. I filled bags with donated clothes and gained some much-needed breathing room for my wardrobe. Even better? I know what I have and how it fits this season of my life. It…

Monday, 17 February 2020 05:16

Electricity companies lose N19.15bn in 10 days

The nation’s power sector lost an estimated N19.15bn in 10 days due to constraints from insufficient gas supply, distribution and transmission infrastructure. The losses were recorded in the 10 days to February 14, 2020, according to data from the Advisory Power Team in Office of the Vice President. The sector lost an estimated N1.96bn on February 14; N2.01bn on February 13; N2bn on February 12; N1.95bn on February 11; N2.15bn on February 10, and N1.95bn on February 9. About N1.89bn was lost on February 8; N1.92bn on February 7; N1.77bn on February 6, and N1.55bn on February 5. The average…

Monday, 17 February 2020 05:13

Why aren’t more highly intelligent people rich? A Nobel Prize-winning economist says another factor matters a lot more

Intelligence is important, but intelligence without effort is sometimes wasted. Nobel Prize-winning economist James Heckman likes to ask people how great a role innate intelligence plays in financial success. Like how much the difference between my income and yours, for example, is based on our relative IQs. Most people say about 25 percent. Some go as high as 50 percent. (For a long time, I would have guessed even more.) But Heckman's research reveals something else entirely. Innate intelligence plays, at best, a 1 to 2 percent role in a child's future success. Instead, financial success is correlated with conscientiousness:…

Saturday, 15 February 2020 05:12

The number of very rich people surged in 2019. Here's why

The number of rich people around the world shot up in 2019. That's according to a report released Wednesday from market research firm Wealth-X focusing on the "very high net worth" population, defined as those with a net worth of between $5 million and $30 million. The number of people with a net worth of between $5 million and $30 million rose to 2.67 million in 2019, a growth rate of 10% from 2.39 million people in 2018, Wealth-X says. By comparison, the number of people with a net worth of between $5 million and $30 million rose to 2.39…

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Thursday, 13 February 2020 05:34

One billion barrel of crude oil reserve discovered in Northeast – Minister

Minister of State for Petroleum Resources, Mr Timipre Slyva, said that about one billion barrels of crude oil have been discovered in Northeastern part of Nigeria. Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday. “The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of…

Thursday, 13 February 2020 05:28

It’s found that 56% of companies older than 200 years in 41 countries are in Japan. Here’s why businesses survive for so long there

Tsuen Tea sits on a street corner overlooking a large river and bridge in a sleepy outer suburb of Kyoto, Japan’s ancient capital. In a city famous for extraordinary shrines, temples and gardens (and an inundation of tourists armed with selfie sticks), it’s a relatively unremarkable structure; a quiet place to enjoy some ice cream or green tea. But there’s something special about Tsuen Tea: it’s been open since 1160 AD and claims to be the world’s oldest continually operating tea house. It’s run by 38-year-old Yusuke Tsuen, who sits cross-legged behind a counter low on the floor pouring green…

Wednesday, 12 February 2020 04:52

CBN restricts forex for milk importation to six firms

Central Bank of Nigerian (CBN) on Tuesday announced restriction of foreign exchange for milk importation to six companies in Nigeria. A statement by the apex bank said the companies include Nestle, FrieslandCampina WAPCO Nigeria, Chi Limited, TG Arla Dairy Product limited, Promasidor Nigeria, Nestle Nigeria and Integrated Dairies Limited. According to the statement, the new move is aimed at boosting local production. CBN said that it has engaged the manufacturers because they have keyed into its backward integration to enhance their capacity and improve local milk production “For the avoidance of doubts,” the bank said, “all established form ‘M’ for…

Wednesday, 12 February 2020 04:50

How a simple framework can enable innovation for your company

If you've read any of the million books about how to be more innovative--or seen any of the many TED Talks on the topic--you've undoubtedly heard that "the world is changing faster than ever." You may have also heard you need to "innovate or die," as if threats could somehow inspire creativity. You've likely been introduced to several especially innovative people or products, then been told that a few simple tweaks to the way you think might help you become as creative and world-changing as these titans. It's a popular formula. It's also wrong. Innovation isn't about the way you…

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