Business News

Thursday, 31 March 2022 06:48

Oil prices fall as US weighs massive reserves release

Oil futures dived more than $5 a barrel on Thursday morning on news that the Biden administration is weighing releasing some 1 million barrels of oil per day from strategic reserves for several months in a bid to calm soaring crude prices. Brent futures were down $4.71, or 4.2%, to $108.58 a barrel and U.S. West Texas Intermediate futures were down $5.45, or 5%, to $102.74 a barrel at 0035 GMT. The Biden administration will give remarks later on Thursday where he is expected to announce the plan, aimed at lowering gasoline prices that have hit record levels following Russia's…

Thursday, 31 March 2022 05:51

Think you're too old to start a business? Science says think again

Because a 50-year-old is almost 3 times more likely to found a successful startup than a 25-year-old. Mark Zuckerberg -- clearly no stranger to startup success -- said "young people are just smarter." Maybe that's true. But that doesn't mean younger entrepreneurs are likely to be more successful than, um, more "seasoned" entrepreneurs. A study conducted by the Census Bureau and two MIT professors found the most successful entrepreneurs tend to be middle-aged -- even in the tech sector. After compiling a list of nearly three million company founders who hired at least one employee, the researchers found that the…

Wednesday, 30 March 2022 06:13

Elon Musk reveals his 'Innovation Equation.' It's an easy way to gauge if a business idea Is viable

This simple three part lesson can save you a great deal of time, money, and energy. Elon Musk is revered as one of history's greatest innovators. But what makes him so brilliant is that his genius is rooted not in an abstract complexity, but straightforward simplicity. It's this ability that enables him to seemingly turn any wild idea he pursues into a wildly successful business. But that's because he doesn't pursue every idea or innovation that comes to mind. Rather, he fields them using his simple 'innovation equation' to determine if they are indeed worth pursuing. It's a crucial step…

Tuesday, 29 March 2022 06:06

Oil slides on China demand worries, Ukraine peace talk hopes

U.S. crude futures slid in early trade on Tuesday, extending losses from the previous session on the prospect of a sharp drop in fuel demand as Shanghai shut down to curb a surge in Covid cases and as Ukraine and Russia headed for peace talks. U.S. West Texas Intermediate (WTI) crude futures touched a low of $103.46 a barrel shortly after opening and were down $2.09, or 2%, at $103.87 at 2236 GMT, after dropping about 7% on Monday. Brent crude futures were poised to open around $3 lower, also after sliding around 7% in the previous session. Ukraine and…

Tuesday, 29 March 2022 06:01

The problem with giving employees what they want

Ask, instead, what they would do in your place With our office lease expiring in 1 year, CFOshare's management team could not decide whether to continue our current hybrid work arrangement, invest in a newer office, or move to 100% remote. "Let's ask the employees what they want," suggested Jake, the COO. That turned out to be a terrible idea. Surveys and focus groups are a go-to system for gauging employee sentiment as well as gaining buy-in. But are they effective policy-making tools? Not if you ask "what do you want" a question that does not get to the root…

Monday, 28 March 2022 06:32

NNPC reports loss of 116m litres of fuel in 2021

A total of 116.46 million litres of Premium Motor Spirit, popularly called petrol, valued at N18.88bn was stolen in 2021, data from different reports obtained from Nigerian National Petroleum Company Limited showed. Figures contained in various NNPC reports on Product Pipeline Performance for PMS showed that from January 2021 till December last year, huge volumes of petrol imported into Nigeria by the national oil company did not get to their targeted destinations. The products were lost through four pipeline segments including Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadan-Ilorin and Port Harcourt-Aba. For January 2021, a total of 6.371 million litres…

Monday, 28 March 2022 06:30

Cattle business faces imminent bankruptcy due to bandit attacks - Miyetti Allah

Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), says attacks on herders are having a negative impact on the livestock industry. The association’s position was contained in a communique signed by Hussein Bosso and Baba Ngelzarma, national president and secretary of MACBAN, respectively, following a meeting in Abuja. According to NAN, the meeting deliberated on security challenges facing herders across the country. “The meeting also expressed serious concerns about the continuous displacement of thousands of pastoralists’ families as a result of cattle rustling, banditry, kidnapping and the activities of outlawed groups,” the communique reads. “They attack, maim, or kill pastoralists…

Monday, 28 March 2022 06:22

What leaders can do to build trust with their teams

Trust is essential in any business relationship. When trust is absent, it can be difficult to achieve anything of significance. Leaders need to be able to build trust with their teams in order to create an environment where everyone feels comfortable taking risks and sharing new ideas. We’ve likely all heard the saying that leaders are made, not born. While this may be true for some people, there are many leaders who were born with natural leadership qualities and can still develop these skills over time through hard work and experience. I believe a leader’s ability to build trust between…

Saturday, 26 March 2022 06:25

Foreign direct investment in Nigeria declined by a third in 2021 – NBS

Foreign direct investment into Nigeria fell by $331.2m to $698.78m in 2021, from the $1.03bn recorded in 2020, figures from National Bureau of Statistics have revealed. The NBS report, titled ‘Nigerian capital importation Q4’, showed that equities investment of the FDI totaled $692.58m, while other capital was put at $6.2m. Nigeria recorded $154.6m, $77.97m, $107.81m and $ $358.23m FDIs during the first, second, third and fourth quarters of 2021, respectively. The report revealed that portfolio investment in the country also fell by $1.75m to $3.39bn in 2021 from $5.14bn recorded in 2020. It also showed that “Other Investments’ fell by…

Saturday, 26 March 2022 06:20

Oil rises again after attack on Saudi facilities

Crude prices rose more than 1% to over $120 a barrel on Friday, as traders reconciled the impact of a missile attack on an oil distribution facility in Saudi Arabia with a possible release of oil reserves by the United States. Brent crude settled up $1.62, or 1.4%, to $120.65 a barrel and U.S. West Texas Intermediate (WTI) crude ended $1.56, or 1.4% higher, at $113.90. Both had dropped $3 earlier. Both benchmarks notched their first weekly gains in three weeks - Brent rose more than 11.5% and WTI gained 8.8%. Yemen's Houthis said they launched attacks on Saudi energy…

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Friday, 25 March 2022 05:56

If you want to make money online, stop doing these things immediately

Over the past few years, e-commerce has grown significantly, resulting in millions of new companies offering their services online. In fact, according to the U.S. Census Bureau, the e-commerce industry... Over the past few years, e-commerce has grown significantly, resulting in millions of new companies offering their services online. In fact, according to the U.S. Census Bureau, the e-commerce industry generated $215 billion in sales alone in the first quarter of 2021. New technologies and ways of making money online have been fostered by e-commerce businesses. If you’re looking for ways to earn money online, there are many options available…

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…

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