Business News

Tuesday, 17 May 2022 06:27

Despite West’s sanctions Russian rouble hovers near five-year highs vs euro, stocks up

The Russian rouble firmed past 64 per dollar on Monday and climbed towards a near five-year high against the euro, supported by continuing restrictions on currency trading. The rouble is the world’s best-performing currency this year, although this is due to artificial support from capital controls that Russia imposed to shield its financial sector in late February after sending tens of thousands of troops into Ukraine. At 0744 GMT, the rouble was 0.9% stronger against the dollar at 63.96, hovering near its strongest mark since early February 2020 of 62.6250, which it hit on Friday. Against the euro, the rouble…

Tuesday, 17 May 2022 06:25

Eight interview questions to ask job candidates

The best business leaders ask the best questions, especially when hiring new staff. After all, these are the people who will drive their company's growth and success. But savvy business leaders and execs aren't always looking for a 'right' answer. Instead, they're more interested in how potential employees handle the questions being asked. First of all, understanding what interview questions to ask is key. Equally important is knowing the intentions behind the toughest questions you're choosing to ask. Here's a look at interview questions asked by successful business leaders. They were put together by online CV builder resume.io, with some…

Monday, 16 May 2022 05:56

How African collectivism offers new ways of doing business

In a rapidly decolonising world, it is remarkable how Eurocentricity remains the hallmark of today’s organisational culture. But what happens when organisations transform their culture and lean it towards an Afro-centric model? Since the technology boom and machine replacements in businesses, human hands have become increasingly redundant. However, human brains and creative thinking have become the most critical force for any company. The problem is that you cannot force human brains to give you the creative and innovative magic you may need. “Getting the best out of human brains means establishing the best conditions under which human beings thrive,” says…

Sunday, 15 May 2022 06:32

FG issues guidelines on cryptocurrencies, other digital assets

Federal government has released new guidelines aimed at protecting investors in digital assets as trades in cryptocurrencies get boost in Africa’s most populous nation. The rules issued by the Securities and Exchange Commission (SEC) offer more clarity on trading in cryptocurrencies, it was learnt. The rules cover “issuance, offering platforms and custody of digital assets” for virtual technologies, according to a statement on its website. This is coming amidst controversy over the acceptability of cryptocurrencies in Nigerian financial ecosystem. Despite order by the Central Bank of Nigeria (CBN) to commercial banks to stop transactions in cryptocurrencies, Nigeria is said to…

Saturday, 14 May 2022 06:11

Dangote mulls investing in steel sector ‘in a big way’

Dangote Group says it is making plans to invest in the steel sector of the economy “in a big way.” Olakunle Alake, group managing director, Dangote Group, disclosed this on Thursday during a panel discussion at the Infrastructure Solutions Summit organised by the African Finance Corporation (AFC) in Abuja. Alake said the conglomerate is making plans to expand operations into the steel sector of the economy. He also said in a couple of years, the company will no longer go to the Central Bank of Nigeria (CBN) for foreign exchange. “We do have something right now that we are trying…

Saturday, 14 May 2022 06:09

Musk puts $44bn Twitter deal 'temporarily on hold'

Elon Musk tweeted that his $44-billion deal for Twitter Inc was “temporarily on hold” on Friday while he waits for data on the proportion of its fake accounts, sending shares in the social media platform plunging. Tesla CEO Musk, who added that he was still committed to the acquisition, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his "best and final offer". Since then, technology stocks have plunged amid investor concerns over inflation and a potential economic slowdown. The spread between the offer…

Friday, 13 May 2022 06:38

Naira falls to four-month low at both official and parallel markets

Naira hit a four-month low Thursday, depreciating 0.30 per cent against the U.S. dollar at the official market. The currency which opened trading at N416.50 closed at N420.00 to a dollar at the close of business on Thursday, data published by FMDQ, where forex is officially traded showed. This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded in the previous market session on Wednesday. The naira hovered within an intraday high of N412.38 and slipped to a low of N444.00 before closing at N420.00 per $1 on Thursday. This is the weakest rate the naira exchanged…

Friday, 13 May 2022 06:21

5 steps to start slowing down and leading better

The best way to move faster is to take your time Thomas was going a million miles an hour. For years, he worked 12 to 14 hour days, asserting that whatever he was working on was too crucial to the company's success to slow down. Thomas's behavior taught his leadership team that he was available 24/7, so that's what they expected and emulated. Then Thomas had a stroke, putting both his life and the company's future at risk. It's so tempting to think that being a good leader means working constantly - and it's what the business world rewards. Amare…

Thursday, 12 May 2022 06:26

The world's first psychologist came up with this great marketing hack 150 years ahead of everyone else

Whether it's "conversational marketing" or "AI-based tailored touchpoints", the trends for today's envelope-pushing marketers have a single red thread running through them: they recognize the human being on the other side of the business transaction. Human beings have a finite set of attentional resources. The founding father of our science, William James, once wrote, "attention implies a withdrawal from some things in order to deal effectively with others." Innovative marketers and brand strategists may be forward-thinking, but their foundational thinking on human attention and psychology is ancient. They recognize that to succeed, a business needs to master the art of…

Wednesday, 11 May 2022 06:25

The 5 most toxic co-workers or employees and how to deal with them

Are you stuck with a workplace jerk? Here's your survival guide. If you're stuck sharing a workplace with a toxic co-worker or boss, you know just how disheartening it can be. But if you're the boss, you may have even more reason to worry because having difficult people among your employees can cost you valuable talent. "We're seeing right now that the number one reason people leave jobs is because of dealing with difficult bosses or co-workers," says Tessa West, associate professor of psychology at New York University and author of Jerks at Work: Toxic Co-Workers and What to Do…

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Tuesday, 10 May 2022 06:25

NNPC, CBN to airlines: Sorry, there isn’t anything we can do to help on price of aviation fuel

Group Managing Director of Nigerian state oil firm NNPC and the Governor of Central Bank of Nigeria told the National Assembly and the country's airline association on Monday that they were unable to help with soaring jet fuel prices. However, in a resolution to the meeting, NNPC agreed to supply jet fuel to marketers nominated by the Airline Operators of Nigeria, and the association will itself apply and be granted a jet fuel import licence, Speaker of the House of Representatives, Femi Gbajabiamila, said. Fuel prices have risen sharply around the world since Western companies began imposing a series of…

Tuesday, 10 May 2022 06:24

MTN, Glo, others pay ‘36 levies and taxes, with additional 5% duty on recharge cards taking effect June 1’ - Telcos

Gbenga Adebayo, chairman, Association of Licensed Telecommunication Operators (ALTON), has asked the federal government to remove “nuisance taxes” placed on operators in the sector. Nuisance tax is a tax imposed as a percentage of the selling price of goods or services, payable by the customer and transmitted by the seller to the taxing authority. Adebayo said this on Sunrise Daily, a Channels Television programme on Monday. Last week, TheCable reported that President Muhammadu Buhari had approved the collection of five per cent excise duty on telephone recharge cards and vouchers. The new 5 per cent duty would add to some…

Tuesday, 10 May 2022 06:20

‘We want to remain farmers, not armed robbers’, Ondo Cocoa farmers cry out in mass protest against sales of farmland to Chinese company

Cocoa farmers in Ofosu in Idanre Local Government Area of Ondo State on Monday protested against an alleged sale of their farmland to a Chinese company by the state government. The protesters barricaded the Lagos/Benin Expressway, carrying placards with different demands. Some read: “Respect Our Right to Livelihood”, “Don’t Give Our Land to Mindless Capitalists” and “We Want to Remain Farmers and not Armed Robbers”. Others read: “No Farmers, No Nation”, “Please, Don’t Take our Farms” and “Have Mercy on Us. Don’t Take our Farms” Speaking with journalists during the protest, a community leader, Kazeem Akinrimisi, the Sasere of Ofosu,…

Tuesday, 10 May 2022 06:14

Elon Musk sets internet on fire with cryptic tweet about dying 'under mysterious circumstances'

Tesla CEO Elon Musk ignited a firestorm on social media by suggesting that he might die "under mysterious circumstances." While some on Twitter rushed to the conclusion that he might fear the Clintons, it seems the CEO may have been referencing a potential threat from Russia. "If I die under mysterious circumstances, it’s been nice knowin ya," Musk, who is also the CEO of SpaceX and who recently acquired Twitter, posted on the social media platform. When Musk's mother Maye Musk responded, "That's not funny," her son replied, "Sorry! I will do my best to stay alive." Many commentators suggested…

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