Business News

Thursday, 19 January 2023 05:50

Tim Cook said what’s behind Apple’s success in just two words

Apple CEO Tim Cook recently shared his advice to students on what it takes to be successful during a speaking engagement at his alma mater, the University of Naples Federico. While his insights on the personality traits Apple looks for in prospective staff took the spotlight, the most heavy-hitting wisdom he had to impart went largely unnoticed. What Cook offered his audience was a lot more than what it takes to become a successful applicant at Apple. But rather, how to build companies like Apple using a very simple two-word strategy: Improve lives. But not just the lives of your…

Wednesday, 18 January 2023 06:00

How to use employee engagement to build loyalty among your staff

Do you feel like you're swimming in plans? Maybe drowning? Recently, I finished planning out plans – it felt slightly meta. As we finished up, I had this sense of acceptance about where we are as a business. Coming out of a period of uncertainty, we wanted to take back some control while seizing an opportunity to change our work environment for the better. In order to achieve that, there is a lot to do when we have high expectations, feelings of being overwhelmed, and a desire to enact our vision of a better future. Some plans are mandated but,…

Tuesday, 17 January 2023 05:58

How I restarted my family's business nearly a century after it disappeared

Andy Rieger's great-great-great-grandfather, Jacob Rieger, started selling whiskey under the J. Rieger and Co. brand in 1887. During its time, the company grew to be the largest mail-order whiskey house in the US. That is, until the Volstead Act forced the company to close its doors in 1920. Nearly a century later, Rieger rebooted the historic brand with new whiskey and a 100,000 square foot distillery and event space in the Electric Park district of Kansas City. In doing so, he brought new life into a historic brand and a forgotten neighborhood. – As told to Brit Morse In 2010,…

Monday, 16 January 2023 05:31

Fear of taking risks may be holding you back in life. These 2 mental strength exercises will help you conquer that fear

Your brain will try to convince you to play it safe. It will tell you that you can't succeed or that you shouldn't bother trying something new. But even when these thoughts lack a rational basis, we still sometimes allow our anxiety to prevail. Instead of thinking about what could be when we take a risk, we focus on "what if?" But risks don't have to be reckless. And while avoiding all risk might seem like a smart way to manage anxiety, in the long run, playing it safe is the perfect recipe for depression. The problem is that we…

Saturday, 14 January 2023 05:47

Nigeria's Access Bank loses bid to buy another Kenyan bank

Kenya's Centum Investment Co. Plc said it had ended a pact with Nigeria's Access Bank to sell its 83.4% shareholding in Kenya's Sidian Bank, as the timeframe for completion of the transaction had lapsed. In June, Centum announced plans to sell the stake to Access Bank, a subsidiary of Access Holdings, subject to regulatory approval in Kenya and Nigeria. Centum said in a statement late on Thursday that the planned sale was to be guided by conditions set out in the share purchase (SPA) agreement that were meant to be met by a certain date, known as the 'Long Stop…

Friday, 13 January 2023 05:27

Nigeria's female bouncers show their strength fighting stereotypes - Report

For years, Emem Thomas’ body drew snarky remarks from slimmer classmates in southern Nigeria that shattered her confidence and natural affability. As teasing and taunts marred her teenage years, she gave up on dreams like competing in a local beauty pageant. Then she found a niche that values what Thomas now proudly describes as her “plus-sized” body type: the “Dragon Squad Limited”, a team of female bouncers. “I love what I see dragons do in movies,” she said. “They are also a symbol of power and protection.” Founded in 2018, Thomas only employs women of a certain weight and shape,…

Thursday, 12 January 2023 05:55

Importers are abandoning Nigerian ports for those in neighboring countries. Experts explain why

Against the backdrop of rising exchange rate and other exogenous factors, importation into the nation’s seaports dropped by 40 per cent, even as importers are abandoning Nigerian ports for neigbouring countries over high cost of doing business Stakeholders who spoke with our correspondent yesterday, said that incessant increases in Customs duty, falling of naira exchange rate and government policy somersault contributed to the decline in importation into the country. Acting President of the Association of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, explained that importation has dropped by almost 40 per cent, in 2022 in the maritime industry even as…

Thursday, 12 January 2023 05:52

5 Keys to thinking bigger and successfully starting your dream business this year

With all the upheaval and uncertainty these days, I find many entrepreneurs and business owners are reluctant to pursue new dreams, waiting for the world to stabilize and risks to go away. As a long-time business advisor, I see things just the opposite. Now is a time of great opportunity, with people knowing they have to adapt, and proven successes such as Elon Musk and Jeff Bezos. Sometimes the hesitation I see is not just the qualms of starting and growing a business, but an actual inability to think big, chase dreams, or build a support community around you. To…

Wednesday, 11 January 2023 05:51

FG shortlists 139 firms to commercialise gas flaring

Nigeria's petroleum regulator has shortlisted 139 companies for the next stage of the country's gas flaring commercialisation programme, its chief executive said in a statement, part of plans to reduce carbon emissions. In September, Nigeria's minister of state for petroleum resources said plans were at an advanced stage to commercialise gas burned from its oil fields to help cut 15 million tonnes of carbon emissions from the atmosphere. Gbenga Komolafe, Nigeria Upstream Petroleum Regulatory Commission chief executive, said in a statement on Tuesday that out of the 300 companies that applied, 139 had been shortlisted to proceed to the next…

Wednesday, 11 January 2023 05:50

GTBank agrees to pay £7.67m fine to UK regulator over money laundering infractions

Guaranty Trust Bank UK Limited (GTBank UK) says it has reached settlement with the Financial Conduct Authority (FCA), accepting findings in relation to historical anti-money laundering (AML) controls in its operations between October 2014 and July 2019. The bank spoke on the matter in a statement on Tuesday, saying it has implemented measures to ensure its AML framework operates within regulatory standards. The FCA had said GTBank failed to undertake adequate customer risk assessments, often not assessing or documenting the money laundering risks posed by its customers. It also accused the bank of failing to monitor customer transactions and business…

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Wednesday, 11 January 2023 05:47

Microsoft's investment into ChatGPT's creator may be the smartest $1bn ever spent

Microsoft's $1 billion investment into OpenAI may be one of the shrewdest bets in tech history. OpenAI released AI bot ChatGPT and is in discussions to raise capital at a $30 billion valuation. If ChatGPT lives up to its potential, Microsoft may have future proofed its cloud and browser business forever. It has looked, over the past few months, like Big Tech's bull run is coming to end. As interest rates soar, even cash-rich tech companies are pulling back on risky, expensive moonshots or money-losing projects. But one speculative bet is increasingly looking like excellent value for money. In 2019,…

Wednesday, 11 January 2023 05:46

Focus: A powerful tool for improving negotiations, relationships

Dave Crenshaw is one of the top course producers on the LinkedIn Learning platform. His expertise: productive leadership. Through online courses, live speaking events and consulting, Crenshaw strives to help leaders become more productive - including tips for effective time-management. He joined Negotiate Anything to discuss the fallacy of multitasking as well as tools and tips for leveraging focus for better business and relationships. The Multitasking Myth While some might question its role in effective negotiations, Crenshaw argues that multitasking can have costly effects on our most important conversations. He explains that not only does multitasking actually eat up more…

Tuesday, 10 January 2023 05:56

Airtel Nigeria acquires 4G, 5G spectrums for $316.7m

Airtel Africa says its Nigerian subsidiary, Airtel Nigeria, has acquired fourth-generation (4G) and fifth-generation (5G) spectrums from the Nigerian Communications Commission (NCC) for a cumulative price of $316.7 million. Simon O‘Hara, Airtel Africa’s secretary, made this known on Monday in a corporate filing on the Nigerian Exchange Limited (NGX). The telco said it purchased 100 MHz of spectrum in the 3500MHz band and 2x5MHz of 2600MHz from the NCC for a gross consideration of $316.7 million, “payable in local currency”. “This additional spectrum will support our investments in network expansion for both mobile data and fixed wireless home broadband capability,…

Tuesday, 10 January 2023 05:46

Why being a manager matters more than ever

Management matters. Above all, managers matter. If nothing else, when managers fail, things have a tendency to go wrong. My first weekly column here was about the damning report into the Deepwater Horizon disaster, which said “overarching management failures” in the oil industry created the conditions for the fatal explosion and oil spill. This one — the last of some 500 I’ve written since 2011 — coincides with a probe into the needless deaths of babies at a UK hospital trust. Factors included a dysfunctional “culture of ‘them and us’,” staffing and training gaps, and a lack of psychological safety.…

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