Business News

Monday, 02 September 2024 04:37

23-year-old’s dorm room side hustle brings in $124,000 a year: ‘You can start with as little as $5’

Technically, Sophie Riegel didn’t spend a penny starting her side hustle. She began with items she already had, searching through her closet for old clothing to sell online. After making $200 off her own used clothes, she turned to some of her favorite places to shop: thrift stores. “I’ve been a thrifter my entire life, because I don’t like spending money,” says Riegel, 23. “I’d much rather spend $5 than $100 on a pair of pants.” Since April 2020, she’s turned that habit into a lucrative side hustle. Riegel brought in nearly $123,800 in revenue last year reselling items she…

Friday, 30 August 2024 04:58

Two cryptocurrency firms get FG’s approval to operate

The Securities and Exchange Commission (SEC) says it has granted two digital assets exchanges “approval-in-principle” to commence operation under the accelerated regulatory incubation programme (ARIP). SEC, in a statement on Thursday, said the companies approved are Busha Digital Limited, Quidax Technologies Limited. The approval comes a week after the commission disclosed plans to license providers of virtual assets — including cryptocurrencies — to support youths and protect investors as adoption rates surge in Nigeria. The SEC said the ARIP involves different cohorts, which comprise two digital asset exchanges, four digital asset offering platforms and one digital asset custodian. “Busha operates…

Friday, 30 August 2024 04:53

Do you live to work or work to live? Your answer can reveal what's holding you back in work--and life

Which of the following resonates more with you: Would you say that you live to work? Or, that you work to live? Here's another question: What does "good" work look like to you? Is it structured and organized, like following a recipe when cooking a meal? Or do you prefer to trust your gut and go with your instinct? The way you answer these questions reflects much about your personality. Conscientiousness is one of the "big five" traits in the five-factor model of personality, a widely accepted personality theory. What is conscientiousness? Why is knowing how conscientious you are important?…

Thursday, 29 August 2024 04:46

The 3 most common 'people-pleasing' behaviors at work—and how to stop them

Ashton Jackson Constantly putting others before yourself can be noble, but the people-pleasing trait may come with some toxic pitfalls. If you ever catch yourself feeling emotionally drained — like you're never able to say "no," or you'll lose your status as an exceptional employee, for example — you might be in trouble, according to Hailey Magee, author of the self-help book, "Stop People Pleasing and Find Your Power," published in May. "I define people-pleasing as the act of putting others' needs, feelings, wants and dreams first at the expense of your own needs, feelings, wants and dreams," Magee recently…

Tuesday, 27 August 2024 04:48

CBN raises interest, Standing Deposit Facility rates to manage liquidity

The Central Bank of Nigeria (CBN) has increased the rates for the Standing Deposit Facility (SDF) as part of its ongoing efforts to manage liquidity in the financial system. This decision was detailed in a circular issued on August 26, 2024, following the 296th Monetary Policy Committee (MPC) meeting, where key adjustments to interest rate policies were approved. The CBN revised the Asymmetric Corridor around the Monetary Policy Rate (MPR) from +100/-300 basis points (bps) to +500/-100 bps. This significant shift aims to discourage banks from holding excess liquidity at the central bank and to promote increased lending activities. New…

Tuesday, 27 August 2024 04:42

42-year-old sold his startup for $1.3 billion—he started by buying a $17,500 camera he couldn’t afford

Emery Wells put himself on the path to a dream career by recklessly buying a $17,500 camera that he definitely couldn’t afford. Wells, 42, is the CEO of Frame.io, a video collaboration software business he co-founded in 2014 and sold to Adobe for $1.275 billion in 2021. Nearly two decades ago, he was a 25-year-old freelance video editor who’d recently quit bartending in New York to pursue a full-time film career. At an industry trade show in 2006, he watched a startup called Red Digital Cinema announce its intention to build a digital camera high-quality enough for big-budget Hollywood productions.…

Monday, 26 August 2024 04:30

7 fundraising mistakes many startups make— and what you need to do instead

Key Takeaways Mistake #1: Rushing the pitch Mistake #2: Skipping trust indicators and key differentiators Mistake #3: Talking too much and for too long Mistake #4: Forgetting who you're pitching to Mistake #5: Undermining your credibility with weak language Mistake #6: Using broad claims instead of precise data points Mistake #7: Telling instead of showing With U.S. venture capital fundraising at a 6-year low, raising investor capital for your startup has become more challenging than ever. Potential investors are tightening their budgets and adopting a "wait and see" approach before putting their capital at risk. Yet, some of the best…

Friday, 23 August 2024 04:47

CEO shares the top 3 red flags she sees in employees: ‘No one wants to be in their presence’

Deryl McKissack is no stranger to spotting toxic traits. McKissack, 63, is the founder and CEO of Washington D.C.-based construction firm McKissack & McKissack, which she launched with $1,000 from her savings in 1990. She churned through employees who weren’t the right fit in her company’s early years and the business struggled, she says. Finding the right talent helped grow her company, which now brings in $25 million per year in revenue, according to documents reviewed by CNBC Make It. These three red flags stand out the most when McKissack is hiring employees or evaluating her current talent, she says.…

Thursday, 22 August 2024 04:32

How to get rich by using what you already have

The dream of getting rich often feels out of reach, particularly if you believe that wealth requires a hefty initial investment or a lucky break. However, the truth is, many successful entrepreneurs have built their fortunes not from a windfall or a massive inheritance, but by leveraging something they already possessed: their skills. If you have a skill set you’re passionate about, you're sitting on a goldmine. Here’s how you can use what you already have to start a business and get rich: 1. Identify Your Core Skills Before diving into the business world, it’s essential to identify the skills…

Tuesday, 20 August 2024 04:42

Investors on NGX lose N750bn as selloffs hit Dangote Cement, Tier-1 banks

Investors on the Nigerian stock market suffered a significant loss of N750 billion on Monday as bearish sentiment continued to dominate trading. The market downturn was primarily driven by heavy selloffs in the shares of Dangote Cement and Tier-1 banks, including Guaranty Trust Holding Company (GTCO) and FBN Holdings. The market capitalization, which stood at N55.132 trillion at the opening of the week, declined by 1.36 percent, closing at N54.382 trillion. Similarly, the All-Share Index dropped by 1.36 percent, ending the day at 95,781.68 points, down from 97,100.31 points recorded on Friday. This decline also led to a reduction in…

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Tuesday, 20 August 2024 04:41

MTN posts half-year loss as Naira devaluation weighs

MTN Group reported a half-year loss on Monday as Africa's biggest telecom operator grappled with the devaluation of the Nigerian naira and operational challenges in Sudan. It said it was working on cutting costs and reiterated it was on track to reach a target to sell off non-core assets by next year. The company reported a loss before tax of 9 billion rand ($507 million) in the six-month period ended June 30, compared with a restated profit of 8.3 billion rand a year earlier. "The further devaluation in the naira against the U.S. dollar ... and the ongoing conflict in…

Tuesday, 20 August 2024 04:35

27-year-old bought a $100 sewing machine to start a side hustle—now it brings in six figures a year

Megan Sauer Two weeks before her side hustle’s launch party, Olivia Cleary did the math: At five minutes per inch of fabric, she was running out of time to sew 20 polyester scarves. She started working on the scarves from 7 p.m. until midnight, and 5 a.m. to 8 a.m. — when she had to leave for her full-time architectural design job. She finished the edges of her “crappy little scarves” on a $100 sewing machine that sat atop a folding TV table in the New York apartment she shared with two roommates, she says. That was in June 2022.…

Monday, 19 August 2024 04:42

FG’s $2bn domestic dollar bond sale opens today. Here’s who’s qualified to buy

The federal government is targeting as much as $2 billion through the issuance of dollar-denominated bonds to domestic investors, according to the lead arranger United Capital Plc. The domestic dollar bond has a programme size of $2 billion, with series one opening on Monday (today) at a size of $500 million, the investment bank said in an emailed document. The bonds will have a five-year tenure. The bond, which is available to Nigerians residing in the country and abroad as well as local pension firms, is targeting funds from “domiciliary accounts, diaspora remittances and foreign investments,” United Capital said. Dollar…

Monday, 19 August 2024 04:38

15-year-old who created soap that could treat skin cancer named Time's 2024 Kid of the Year

A teen who created a soap that could "transform skin cancer treatment" was chosen as the 2024 Kid of the Year by Time magazine and Time for Kids. Heman Bekele from Annandale, Virginia, is a 15-year-old scientist "who could change how we treat skin cancer," stated Time in its announcement released Thursday. "It’s absolutely incredible to think that one day my bar of soap will be able to make a direct impact on somebody else’s life," Bekele told Time. "That’s the reason I started this all in the first place.” The teen was chosen after he created a soap that…

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