Business News

Wednesday, 05 October 2022 05:45

EU approves uniform changer for electronic devices that’ll bring Apple in line

Apple will have to change the charger for its iPhones in the European Union from autumn 2024 to comply with new rules introducing a single charging port for most electronic devices. The reform passed by an overwhelming majority in the European Parliament on Tuesday, the first of its kind anywhere in the world, potentially strengthens the EU's role as a global standard-setter on telephone technology. The vote confirmed an earlier agreement among EU institutions. The new rules will make USB-C connectors used by Android-based devices the standard across the 27-nation bloc, forcing Apple to change its charging port for iPhones…

Wednesday, 05 October 2022 05:43

Twitter shares jump as Musk goes back to purchase deal

Trading in shares of Twitter was halted after the stock spiked on reports that Elon Musk would proceed with his $44 billion deal to buy the company after months of legal battles. For a second time, Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped. Bloomberg News reported Tuesday that Musk made the proposal in a letter to Twitter, according to people familiar with the case who were not identified. Musk has been trying to back out of the deal for several months after signing on to buy the social…

Wednesday, 05 October 2022 05:42

Why we should all be worried about 'chokepoint capitalism'

Ten minutes into our Zoom call, Cory Doctorow’s voice begins to stutter. His internet connection is giving out—first the audio goes, and then the video too. He fiddles with cables for a few minutes while I, halfway across the world, wait behind a black screen. When Doctorow reappears, he tells me a story. The city in California where he lives borrowed money to lay high-speed internet cables to serve businesses in the center of town. But the terms of the deal prohibited the city from connecting the cables to people’s homes. A cable carrying a 100 gigabit-per-second internet connection runs…

Tuesday, 04 October 2022 05:55

Nigeria Sovereign Investment Authority gets new CEO, EDs

President Muhammadu Buhari has approved the appointment of Aminu Umar-Sadiq as the managing director and chief executive officer (MD/CEO) of the Nigeria Sovereign Investment Authority (NSIA). The president also appointed Kolawole Owodunni and Bisi Makoju as executive directors. The appointment of the new MD/CEO follows the expiration of the tenure of Uche Orji, whose tenure expired on September 30, 2022, after serving two five-year terms following his appointment on October 2, 2012. Yunusa Tanko Abdullahi, special adviser, media & communications to the finance minister, said this in a statement made available to TheCable on Monday. The NSIA (Establishment) Act 2011…

Tuesday, 04 October 2022 05:44

Founders should always overcommunicate with their investors, vendors, and team. Here's how to do it effectively

One of the most underdiscussed challenges in entrepreneurship is the importance of effective communication – not just with your team, but with your investors, board members, vendors and partners. I can't remember who said this to me originally, but it's a phrase I say to myself often: "In the absence of information, people will create their own stories". When an announcement is made with little explanation, when a recurring event stops happening or if someone stops being as present or engaged, people's minds naturally go to a worst-case scenario. They start making assumptions and leaping to conclusions, all because the…

Monday, 03 October 2022 06:28

Importation of motorcycles dropped by N93b in Half 1, 2022 due to Okada ban - NBS

The volume of motorcycles imported into the country in the first half of 2022 has dropped significantly by a difference of N92 billion, a report by the National Bureau of Statistics (NBS) has shown. Analysis of quarterly reports of ‘Foreign Trade in Goods Statistics,’ released by NBS, indicated that importation of motorcycles in 2022 did not reach the average of N150bn of the previous two halves of 2021. The report indicates that the trade, which flourished in the first half of 2021 was valued at 213.3bn (N118.5bn and N94.7bn in Q1 and Q2 of 2021 respectively. This was followed by…

Monday, 03 October 2022 06:27

Oil climbs as markets react to OPEC+’s proposal to cut output

Oil jumped on Monday as OPEC+ considers a cut to output this week, while Asia shares were mixed with holidays in the Asia-Pacific region likely to result in thin trading. U.S. crude rose 3.01% to $81.88 a barrel after OPEC+ sources told Reuters oil production could be cut by between 500,000 and one million barrels a day. Brent crude rose 2.95% to $87.65 per barrel. On the first trading day of the quarter, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.43%, on course to decline for a fourth straight session. Advertisement · Scroll to continue In Australia,…

Monday, 03 October 2022 06:09

Flipping this simple mindset switch will help you save money, starting today

If you want to save money to start a business, you're in good company. The majority of small businesses are funded through savings; one out of three small businesses launched with less than $5,000 in startup capital. Hoping to save money also matters after you start a business. Some small businesses take years to turn a profit and a huge percentage of startups fail because they run out of money. Hoping to save money to start and build a business is one thing; if you want to start saving money period, you're also not alone: A recent survey shows that…

Sunday, 02 October 2022 06:55

NNPCL acquires Oando stations, other assets in Nigeria, Togo

Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy. Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.” Kyari also noted that the acquisition was to strengthen the downstream business portfolio to enhance profitability and…

Friday, 30 September 2022 06:11

Naira depreciation accelerates at parallel market as dollar shortage persists

The naira, on Thursday, depreciated further against the dollar at the parallel and official sections of the foreign exchange market. The development is coming days after political parties kicked off the 2023 electioneering. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos, quoted the naira at N737 to the dollar at the street market. The figure signifies N30 or 4.2 percent slip compared to the N707 it traded three weeks ago — further widening the gap between parallel and official rates. The street traders put the buying price of the dollar at N727…

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Friday, 30 September 2022 06:04

The reasons why customers say no - and how to get them to say yes

Every product or service that a company sells to a specific target market carries with it predictable, specific and repeatable sales obstacles that you must learn to effectively deal with and overcome. Understanding the possible reasons for a "No" during the sales process, will go a long way to increasing the number of times you will hear "Yes" on a sales call. So today, I wanted to give you a list of some of the most popular reasons a customer says "No" during a sales call and the best ways to overcome them before you lose the sale. Common Objections…

Thursday, 29 September 2022 06:59

Shell acquires Nigerian renewables group in first African power deal

Shell has made its first power sector acquisition in Africa with the purchase of a Nigerian renewable energy provider, as the oil major seeks to build out a green energy business that will eventually reduce its dependence on fossil fuels. Daystar Power, which operates in Nigeria, Ghana and three other countries across west Africa, provides solar power and battery solutions to business and industry across the region, including Nigerian Bottling Co, makers of Coca-Cola in the country. Thomas Brostrøm, Shell’s executive vice-president for renewable generation, said the acquisition of Daystar for an undisclosed sum was “a fundamental step for Shell…

Thursday, 29 September 2022 06:44

Co-founders fights are usually about one of these 3 issues

If you were fighting with your co-founder, you might ask your VC for advice. You might get a leadership coach. You might fume to your friends. But chances are excellent you wouldn't think to hire a couples therapist. That's a mistake, according to Esther Perel. According to the best-selling author, psychotherapist and leading voice in couples therapy (she also hosts a pair of riveting podcasts), relationships are relationships, whether they're carried out in the home or the office. The same sorts of fears, unconscious beliefs and bad communication strategies can trip us up no matter the theater for the conflict.…

Wednesday, 28 September 2022 06:08

Secret of Steve Jobs' remarkable success revealed in just 3 words

Looking for a lifetime full of success? You won't have to do much searching if you remember three simple words, according to entrepreneur advisor, tech investor and former Apple CEO, John Sculley. In a recent address to the graduating class at Thomas Jefferson University in Philadelphia, 80-year-old Sculley advised that the young graduates choose a "purpose-driven life". Sculley first understood the importance of life purpose in the 1980's, when icons Bill Gates and Steve Jobs were well-known for empowering others through technology. In fact, Sculley had even left Pepsi for Apple in 1983 when Jobs famously asked him, "You want…

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