Business News

Friday, 07 June 2024 04:20

Lessons in capitalism from Whole Foods and Trader Joe’s

How to build businesses that last America is not just the land of red-blooded capitalism. It has an esoteric tradition of capitalist altruism, too. Take Trader Joe’s, an own-label grocery chain like m&s in Britain. It somehow retains a local-community feel, like an indoor farmers’ market with good prices and wonderful staff, despite having 549 stores. Whole Foods Market, a 530-store Mecca for well-heeled health nuts and epicureans, has a similar vibe. Or at least it did until 2017, when it was sold to Amazon for $13.7bn. Its co-founder, John Mackey, has recently published a book full of joie de…

Wednesday, 05 June 2024 04:47

International oil companies operating in Nigeria prefer export to supplying us crude - Dangote

Aliko Dangote, Africa’s richest person, has revealed that some international oil companies (IOCs) are facing difficulties in supplying crude oil to the Dangote Petroleum Refinery. Dangote made these comments during an appearance on CNN’s ‘Connecting Africa’ programme, which aired on June 3. When asked whether domestic oil companies have been able to supply crude to the refinery, Dangote acknowledged there are "challenges." However, he noted that the Nigerian National Petroleum Company (NNPC) Limited has been very supportive in supplying crude to the 650,000 barrels-a-day refinery. "The NNPC does its part, but some IOCs are struggling to provide us with crude…

Wednesday, 05 June 2024 04:41

I’ll never hire anyone again without asking Apple's genius interview question

They say recruiting is a lot like dating. Online profiles act as piles of resumes that reduce humans to a comparatively tiny number of choice words they've strung together to entice you to consider them. All are hopelessly vying for your attention, if not approval. Meanwhile, once they do just that, many won't even be interested in what you have to offer, according to daters everywhere and SHRM. For some, your "competitive salary" isn't competitive enough. Others won't find your benefits package to be, well, beneficial enough. And then there are those who are simply using your interest as a…

Tuesday, 04 June 2024 04:42

3 proven methods to grow your personal brand

Content marketing. Are you doing it? If you are, does that content actually serve your growth and the goals of your business? Promotion has never been optional for entrepreneurs and the digital age continues to enhance the potency of content marketing in drawing eyeballs and closing sales. So if you said yes to either of those two questions, this article is for you. One of the most common pieces of advice that people get when it comes to content revolves around "just going out and posting." While the old Gretsky adage is certainly true about missing all the shots you…

Monday, 03 June 2024 04:40

7 key steps to resolving value conflicts in your business

When values conflict, leaders must adopt a relational approach to resolution. Employees who experience value conflicts with your organization do not intend to be difficult when they speak up. The misalignment of their values with those of the organization profoundly affects them and that misalignment feels unsustainable. When the rules or culture of the organization go against the core beliefs or identities of individuals, it leads to a conflict of values. These value conflicts compel people to speak up. If it is not safe for them to speak up, they will likely choose to disengage from the workplace culture. These…

Sunday, 02 June 2024 04:52

Dangote Refinery ships first jet fuel cargo to Europe

Nigeria's Dangote refinery, situated near Lagos, has exported its first jet fuel cargo to Europe, according to an S&P Global Insights report. BP is transporting the jet fuel to Rotterdam, following a tender of 120,000 metric tonnes offered at the end of May. Four market sources confirmed the shipment, S&P Global Insights reported. The Doric Breeze vessel loaded 45,000 metric tonnes of jet fuel from Lekki on May 27, marking BP's inaugural cargo from Dangote, as per S&P Global Commodities at Sea data. Additionally, Cepsa, a Spanish refiner, secured part of the tender and is expected to deliver supplies to…

Saturday, 01 June 2024 04:56

100 manufacturing companies shut down due to new electricity tariff - MAN

The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, has disclosed that electricity distribution companies have disconnected over 100 manufacturing firms. In an exclusive interview with The PUNCH at the annual general meeting of the MAN’s food, beverage and tobacco sector, on Thursday in Lagos, he revealed that 10 of the association’s members had been disconnected in Kano. “We do not favour legal action against the Discos and NERC. We do not want to go there. One of our branches has done so, and that subsists. The Disco in Kano is still disconnecting our members despite the injunction. As…

Saturday, 01 June 2024 04:54

Cocoa shortage much higher than projected - ICCO

Cocoa’s shortage this season will be bigger than previously expected as consumption holds up despite higher prices, according to the International Cocoa Organization. Demand will exceed production by 439,000 tons, driven by higher cocoa grinding in consuming countries, the ICCO said in its second estimate for the current October-September year. That compares with a Februaryprojection for a deficit of 374,000 tons. “Current available data reveal that cocoa grinding activities have so far been unrelenting in importing countries despite the record cocoa price rallies,” the ICCO said. “As the 2023-24 season progresses, it is certain the season will end in a…

Friday, 31 May 2024 04:58

Firm which makes same products as Procter & Gamble set to also shut down operations in Nigeria

Kimberly-Clark will soon shut down its Ikorodu production facility, citing economic challenges despite a $100 million investment two years ago. High energy costs, expensive raw materials, and reduced customer demand have forced the company to reduce shifts and implement cost-cutting measures. The closure reflects broader industry challenges, mirroring exits by Procter & Gamble and strategic reviews by PZ Cussons, impacting Nigeria’s drive for foreign direct investment Diaper and sanitary pad manufacturer, Kimberley Clark will soon announce an imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Sources within the company informed Nairametrics that the…

Friday, 31 May 2024 04:43

4 things to consider before starting a restaurant business

An unforgiving industry means you have to plan that much more. Restaurants that open within the first year have a high failure rate, and they're extremely risky investments. Truth be told, I didn't fully grasp why this was until I researched restaurants for a college assignment. I quickly learned that the restaurant industry is extremely challenging. A restaurant's success depends on more than its ability to prepare quality meals and serve them on location. A restaurant's success is influenced by many factors, and many of them are not simply related to the food's amazing quality and freshness. I recently spoke…

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Thursday, 30 May 2024 04:51

Investors shun Nigeria despite initial excitement over Tinubu’s reforms - Bloomberg

One year after President Bola Tinubu came to office, investor excitement over his reforms has faded, with some saying they’ll reconsider their positions if Nigeria stabilizes its currency and enacts more change. “We are likely to add to local currency bonds once FX volatility declines, but the timing of that remains up in the air,” said Kevin Daly, a portfolio manager at London-based Abrdn Investments Ltd. “It will require a combination of factors such as further foreign portfolio flows, and more importantly some de-dollarization as the central bank can’t be the sole provider of FX liquidity for the market,” he…

Thursday, 30 May 2024 04:41

Self-made millionaire tells new grads, ‘Do this for as long as you can, and you’ll be a multimillionaire’

As someone in my 30s, it’s tough to read tips for new grads without cringing. Too often, what now seems like obvious, common-sense advice is something that I blissfully ignored in my 20s. Every once in a while, though, I get a little jolt when I realize that a younger version of me managed to do something right. That’s how I felt when I read my colleague Cheyenne Devon's recent writeup from a chat with Ramit Sethi, a self-made millionaire and author of “I Will Teach You to Be Rich.” In it, he offers his No. 1 money tip for…

Wednesday, 29 May 2024 04:24

Psychologist Adam Grant says your overall success at work comes down to 3 familiar words

Some people subscribe to the idea that work-life balance is critical for achieving success. Wharton organizational psychologist Adam Grant has a different take. He once called work-life balance "mostly a myth" and stressed something else as the key to success. We can boil Grant's advice down to three words: Work. More. Hours. Let's put that in the right context. In a previous video posted on the Mic Facebook page, Grant tells viewers, "It's not to say you have to be a workaholic in order to be successful, although the evidence is strong that one of the ways that people become…

Tuesday, 28 May 2024 04:49

Banks raked in N438bn from electronic transactions in 2023 - Report

In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown. Compared to the preceding year, the banking groups’ earnings from electronic transactions rose by 37.54 per cent from N318.64bn. E-business income includes revenue from electronic channels, card products, and related services. These channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sales payments, as well as credit and debit card transactions. The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria. Some of…

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