Business News

Thursday, 24 March 2022 06:07

Don't offer customers discounts if you want to be successful

Cutting prices for products or services may seem a tempting proposition, but it comes with significant consequences. One of the biggest mistakes I see entrepreneurs make is relying on sales or otherwise discounting their product or services. While this may be helpful in getting rid of old inventory or giving a business a quick revenue bump, I’ve never found it to be a successful strategy in the long run unless it’s done properly. Why? 1. Lower price is perceived as less value Most of us believe that you get what you pay for; whether it’s a product or service, we…

Wednesday, 23 March 2022 06:40

Dangote launches $2.5 billion fertilizer plant as prices soar

Nigerian billionaire Aliko Dangote opened a 3-million-tonne fertilizer plant at a cost of $2.5 billion on Tuesday to target African and foreign markets even as the war in Ukraine has driven up prices for natural gas, a key ingredient for making urea. Dangote said exports from the plant will go to Brazil, which relies heavily on Russia for imports of fertilizer. Shipments will also go to the United States, India and Mexico, he said at the launch. Fertilizer prices have been rising at a time when planting usually picks up around the world, especially after Russia, the world's biggest exporter…

Wednesday, 23 March 2022 06:26

How leaders can manage employees through an ‘ambition reset’

Workplace dissatisfaction is nothing new, but the past two years have prompted many Americans to ask, “Is my job really worth it?” Some have titled this era—one in which employees are unwilling to compromise personal interests for organizational gain—as the Age of Anti-Ambition. But is it fair to claim we’ve reached rock bottom? Perhaps what the last two years have offered employees is an ambition reset. Whereas ambition used to be measured in promotions and salary raises, today it’s a marker of how much passion or personal pride employees bring to their roles. The pandemic prompted many of us to…

Tuesday, 22 March 2022 06:12

Oil rises further as EU members consider Russian oil ban

Oil futures extended gains on Tuesday morning on news that some European Union members are considering imposing sanctions on Russian oil and as attacks on Saudi oil facilities sent jitters through the market. Front-month West Texas Intermediate futures were up $2.21, or 1.97%, to $114.33 a barrel on NYMEX and Brent futures were up $2.51, or 2.26%, to $118.23 a barrel on the Intercontinental Exchange at 0014 GMT. Both contracts had settled up more than 7% on Monday as the potential for more supply disruptions weighed on the market. European Union foreign ministers are split on whether to join the…

Tuesday, 22 March 2022 06:08

Why leaders should move from a ‘Me’ to ‘We’ perspective

“We” is a simple, two-letter word. Yet, it is one of the most powerful in any leader’s communication toolbox. “We built this company.” “We are our clients’ second home.” “We provide the perfect blend of people and technology.” An organization is more than a logo and strapline; it is an evolving entity comprised by a group of people with a shared purpose—a “we.” See what I mean? Compare it to the following: “I built this company.” “It’s my decision.” “They are my clients.” This me-focused language smacks of egotism and individualism. I am not saying there is not a time…

Monday, 21 March 2022 06:33

Oil climbs on pressure from Ukraine conflict, tight market

Oil prices jumped $2 on Monday as Ukrainian forces dug in against heavy Russian attacks, while major oil producers reported they are struggling to produce their allotted quotas under a supply agreement. Brent crude futures climbed $1.96, or 1.8%, to $109.89 a barrel at 0039 GMT, adding to a 1.2% rise last Friday. U.S. West Texas Intermediate (WTI) crude futures rose $2.09, or 2%, to $106.79, extending a 1.7% jump last Friday. Prices moved higher after Ukraine's deputy prime minister, Iryna Vershchuk said early on Monday there was no chance that the country's forces would surrender in the besieged eastern…

Monday, 21 March 2022 06:27

How to build a culture of innovation

For decades, all high jumpers cleared the bar using similar techniques. In many ways, the sport was stuck in a rut. Then a 16-year-old high jumper, Dick Fosbury, decided to try something new. He went headfirst and backwards over the bar—what became known as the Fosbury Flop. Initially, Fosbury’s coaches, both in high school and college, pushed him toward the traditional methods. But the results of the Flop spoke for themselves, and as Fosbury broke record after record, his coaches had to relent. In the 1968 Olympics, using his signature Flop, Fosbury took gold and set a new Olympic record.…

Sunday, 20 March 2022 06:36

Nigeria’s trade deficit worsened in 2021. These are the imported items

The value of manufactured goods trade deficit has grown to N27.33tn in two years, according to data from the National Bureau of Statistics. In its ‘Foreign Trade in Goods Statistics’ for the four quarters of 2020 and 2021, NBS disclosed that manufacturing imports rose from N12.71tn in 2020 to N16.73tn in 2021, while exports rose from N960.7bn in 2020 to N1.15tn in 2021. Cumulative imports for both years under review totalled N29.44tn, making up 93.30 per cent of foreign manufactured trade. Exports for both years totalled N2.11tn, making up 6.69 per cent of the same trade. Total manufactured goods for…

Friday, 18 March 2022 06:23

Oil rises again as peace talks stall

Stockmarkets took a breather on Friday after several days of sizeable gains, while commodities were set on edge by the lack of progress in Russia-Ukraine peace negotiations. Oil rose sharply and back over $100 overnight and Brent crude futures were up another 2% to $108.73 in early trade. Commodity exporters' currencies rose with it. S&P 500 futures fell 0.6% in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.6% in early trade, but were headed for a 3% weekly gain. Japan's Nikkei (.N225) rose 0.2%. "It's very difficult to get any confidence that you're going to be…

Thursday, 17 March 2022 06:16

Naira falls to new low at parallel market

Naira has dropped to N585 against the dollar at the parallel section of the foreign exchange market. The figure represents N4 or 0.7 percent depreciation compared to the N581 it traded last week. Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos on Wednesday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Since the suspension of trading information by abokiFX — citizens have resorted to street…

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Thursday, 17 March 2022 06:06

How emotionally intelligent people use the ‘rule of the Chess Player’ to strengthen relationships, perform under pressure

Learn how a simple principle taken from the game of chess can help you in business--and life. When I lived in New York, one of my favorite activities was taking a stroll through Washington Square Park, where I'd make my way to the chess tables. There, a few of us novice players would gather around, watching the older gentlemen hone their skills and talk trash. But every time, the same thing would inevitably happen: Whenever a player made a big mistake, the rest of us recoiled in horror. We'd let out loud gasps of exasperation, so as to say: How…

Wednesday, 16 March 2022 06:18

CBN is introducing centres to deposit and withdraw cash without going to your bank. This is how it’ll work

Central Bank of Nigeria (CBN) has introduced cash collection centres called Bank Neutral Cash Hubs (BNCH), to be established by registered processing companies or deposit money banks (DMBs) based on business needs. The apex said this in the guidelines for the registration and operation of BNCH in Nigeria, released on Monday and signed by Ahmed.B.Umar, director, currency operations department. The CBN said BNCHs would provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled. They will be located in areas with high volumes of commercial activities and cash…

Wednesday, 16 March 2022 06:11

10 basic business practices that you can't afford to learn from your mistakes

I agree with those of you who tell me that you learn the most from your own mistakes, but that shouldn't keep you from starting with some best practices, and the feedback from others who have been there and done that. In my experience, mistakes in business are an expensive and painful way to learn, and in these days of rapid change, you just can't afford the time to recover. Thus, over the years of my mentoring and consulting efforts with entrepreneurs, I have a key list of practices that I recommend to everyone starting and growing a business. Even…

Tuesday, 15 March 2022 06:24

Appeal Court stops Shell from selling assets until $2bn case concluded

A Court of Appeal has stopped Shell Plc from selling any assets in Nigeria until a decision is reached on the company's appeal of a nearly $2 billion penalty for an alleged oil spill. A copy of the court ruling, which was seen by Reuters on Monday, was issued on March 11 and also ordered Shell to deposit the money in an account controlled by the court within two working days. A spokesperson for Shell's Nigeria unit said the company would immediately appeal the decision. A panel of three judges said Shell, acting through its agents or subsidiaries was restrained…

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