Business News

Monday, 24 June 2024 04:46

How faith powers this entrepreneur's ability to persevere and grow

Marco's story is a testament to the power of perseverance and the importance of embracing the journey towards success. Growing up in Mexico, Marco witnessed his mother's logistics business and was inspired to follow in her footsteps. He became a customs broker, combining his passion for business with his desire to give back to the community. Marco emphasizes the significance of personal development and positive influence in achieving both personal and professional success. He believes that taking care of oneself and continuously growing as an individual is essential to effectively help others. By focusing on self-care and personal success, Marco…

Saturday, 22 June 2024 04:46

Stanbic-IBTC founder Atedo Peterside announces retirement as a banker

The founder of Stanbic-IBTC Bank, Atedo Peterside has announced his retirement as a banker. Peterside made this announcement in a post via his verified social media page. The banking icon wrote, “This has been an incredible 35-year journey that ends today, June 10, 2024. “Every single day since Feb 2, 1989, I have been either the CEO, Chairman or Bank Director. All good things must come to an end. I give God the glory at age 68,” he added. His exit comes after over three decades and a half of dedicating his wealth of experience to the Nigerian banking sector.…

Friday, 21 June 2024 04:52

Exits of multinationals gather pace as Indian steel maker prepares to leave Nigeria

Indian steel maker, Aarti, is exiting the Nigerian manufacturing sector, joining a long list of companies leaving the country on account of economic woes. The Ota, Ogun State-based steel maker, has already been put up for sale and big players have submitted unconfirmed bids ranging between $50 million and $100 million. The steel maker’s exit is attributed to a combination of factors, notably high rate of indebtedness, challenging economy, fluffing currency, surging inflation and high energy cost, a source who spoke on condition of anonymity told BusinessDay. “We are aware that Aarti Steel Nigeria has been put up for sale…

Friday, 21 June 2024 04:37

How a company whose name you probably can’t pronounce is now most valuable public company in the world

It’s easy to grasp why Apple, Microsoft and Google are multitrillion-dollar companies: Just think about how many people around the world interact with the companies’ products and rely on them to go about their daily lives. But these multigenerational brand names are now trailing behind Nvidia, suddenly the most valuable public company in the world. The tech behemoth, whose launch into AI chipmaking sent its stock into the stratosphere is hardly a household name. Many people can’t even pronounce it (it’s en-VID-eeyah, the company says on its website). It’s derived from the Latin word “invidia,” meaning envy, something many companies…

Thursday, 20 June 2024 04:39

How keeping things simple helps your company innovate and grow

Though it can be challenging, keeping things simple can significantly drive innovation and growth for your company. Innovation doesn't have to be about creating groundbreaking new technologies. Simplifying existing technologies and making them user-friendly can be a powerful strategy. Simplifying communication and processes within a company is crucial for efficiency and collaboration. A simplification mindset in product development can lead to better user experiences. Incremental changes tested with users helps inform larger updates and can lead to more impactful and user-friendly products. According to Steve Jobs, "Simple can be harder than complex: You have to work hard to get your…

Wednesday, 19 June 2024 04:39

8 phrases successful people use to be calmer and happier at work

Long hours, heavy workloads, tight deadlines, job insecurity, a lack of control over your schedule and generally feeling unsupported can leave you feeling unhappy and discontented with your work environment. If gone unchecked for too long, this kind of chronic workplace stress can lead to job burnout. As a Harvard-trained psychologist, one of the best ways to cope with these stressors is to set healthy boundaries. It might sound like a tall order. You may worry that you will make yourself seem difficult or unprofessional. But setting healthy boundaries is key to mental health and stress-relief. Simply put, boundaries are…

Tuesday, 18 June 2024 04:53

Global petrol refining margins slump while Dangote Refinery delays production till July

Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Softness in gasoline markets have upended years of record profits on selling transportation fuels. In the U.S., the world's largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. U.S. gasoline demand was 9 million barrels per day (bpd) in the first week of June, 1.7% below last year and seasonally the lowest since 2021, government data showed. In Asia, weakness in the gasoline market has already led…

Tuesday, 18 June 2024 04:45

People who make this common mistake are the 'unhappiest in their careers'

Accomplishing a longtime career goal — whether that's crossing the six-figure mark in your salary or getting a huge promotion — might seem like the solution to feeling completely satisfied at work. But chances are, you could still feel empty, bored, or unfulfilled even after achieving this milestone. That's normal, Joseph Fuller, a Harvard Business School professor and co-chair of the school's "Managing the Future of Work" initiative, tells CNBC Make It. "Our careers rarely align with every expectation we have for them," he says. The same logic applies to any professional goal you pursue: If you have unrealistic expectations…

Monday, 17 June 2024 04:09

You won't have a strong budget until you follow these 5 tips

Just the mention of budgeting can conjure up thoughts of scarcity and cutting out fun, enough to have even the most seasoned entrepreneurs shaking in their boots. But it's time to reframe how you think about budgeting for your business. Your financial numbers represent the reality of your company's performance, regardless of whether you know them or monitor them. Can you confidently answer if you have sufficient funds to expand into a new office space, hire additional staff or launch a new product line? How can you make informed decisions if you don't know your numbers? Without a clear understanding,…

Saturday, 15 June 2024 02:55

Seplat pledges swift conclusion of $1.3bn acquisition deal with Exxon after NNPC withdrew suit

Seplat Energy is pursuing a swift conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil assets, it said on Friday after being notified that NNPC had halted a legal challenge to the deal. State oil company NNPC had challenged Exxon's sale of the assets to Seplat, saying it had first right of refusal. The deal was further held up by regulatory issues. "Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage (with) all key stakeholders, including the government, in progressing towards a swift completion of the acquisition," a Seplat statement…

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Thursday, 13 June 2024 04:41

The 1 thing that keeps average leaders from becoming great

Hint: Effective communication isn't just about talking. With the increase in flexibility in how and when individuals work, people are reporting higher levels of burnout and difficulty in finding work-life balance. To combat this, leaders and employees alike will have to focus on increasing their empathic social skills. One skill, in particular, increasingly separates average leaders from great ones: Active listening. Activating Your Active Listening Skills Effective communication isn't just about talking; it's having the ability to listen intuitively to the other person's story, ask questions and search conversations for depth, meaning and understanding with their needs in mind. This…

Wednesday, 12 June 2024 04:44

Dangote Refinery delays petrol supply to domestic market till July

Aliko Dangote, Africa’s richest person, announced a delay in petrol supply from the Dangote Petroleum Refinery, now set to commence in July. Dangote made this announcement on June 9 during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos. Previously, on May 18, Dangote had stated that the refinery would start producing petrol in June, eliminating the need for Nigeria to import the product. However, providing an update, Dangote indicated that the refinery is now expected to begin supplying petrol to the downstream market by July 15. “We had a bit of delay, but PMS…

Wednesday, 12 June 2024 04:42

Guinness’ core investor to exit Nigeria after 75 years amid economic challenges

After operating in Nigeria since 1950, Guinness’ core investor has announced its departure from the Nigerian market, citing the adverse economic climate. The company plans to sell its controlling shares to Singaporean conglomerate Tolaram Group. Between July 2023 and March 2024, Guinness Nigeria recorded a significant loss of N61.9 billion after tax. This financial downturn followed President Bola Tinubu’s decision to float the naira to unify its value across official and parallel foreign exchange markets, a move that backfired and severely impacted multinational companies, including Guinness. The brewery's N61.7 billion loss after tax in Q3 starkly contrasted with the N5.9…

Tuesday, 11 June 2024 04:42

A simple list helped a 68-year-old become a successful CEO

I often write down my goals in a tiny notebook that I keep close to my bed. Most of the time, I don’t go back and read what I wrote — I just move on to the next.But maybe I’ll start revisiting the aspirations in my notebook after reading Julia Stewart’s success story. Stewart, who became IHOP’s first-ever female CEO in 2002, types out her “life’s goals,” then prints and frames them on her desk.It’s something the 68-year-old has been doing for roughly five decades, and says it helped her succeed in her career.“I started my first life goals when…

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