Business News

Wednesday, 15 December 2021 06:02

UAE increases weekly flight slots to six for Air Peace

The United Arab Emirates (UAE) has finally conceded six slots to Air Peace, both at the Dubai and Sharjah airports. The move was part of the resolution to the diplomatic row between the two nations. James Odaudu, director, public affairs, ministry of aviation, announced on Tuesday. Earlier, news reports have quoted a letter from the Dubai Civil Aviation Authority (DCAA) allocating some blocks to Air Peace. According to the letter, slots locked for Air Peace are A0540LT, D0800LT — All days, and A0510LT D0800LT — without day 6, but TheCable could not independently verify this. Odaudu, however, said the UAE…

Wednesday, 15 December 2021 05:55

Elon Musk advises young people on what careers to study so as not to be 'useless' in the future

According to the tech mogul, the essentials will be engineering and human-interactive careers. Elon Musk has made many predictions about the future of society and the role that his companies Tesla and SpaceX will play. The millionaire has very strong opinions and is not afraid to express them in interviews, conferences, and even on social networks. This time, he spoke about the impact that Artificial Intelligencewill have on the jobs of the future and mentioned the careers that will be safe. "Artificial Intelligence will make jobs a little pointless," Musk said Thursday at the World Conference on Artificial Intelligence. At…

Tuesday, 14 December 2021 05:40

MTN, Mafab outbid Airtel to win 5G spectrum

MTN and Mafab Communications Limited have won the bid for the 5G spectrum auctioned by the federal government Monday. Nigerian Communications Commission conducted the auction at the Transcorp Hotel in Abuja for the available two slots for the 3.5 GHz spectrum. MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd participated in the bid using the Ascending Clock Auction System. On Monday, each firm went through a bidding room after participating in an opening round. The State Security Services (SSS) was tasked with monitoring representatives of the companies who were not allowed to leave the room until the process was…

Tuesday, 14 December 2021 05:38

Zoom announces commencement date for VAT collection on service from users in Nigeria

Zoom Video Communications, Inc. (Zoom) says it will begin to charge 7.5 percent value-added tax (VAT) on customers in Nigeria from January 1, 2022. Zoom said this in a statement issued on Monday. Last week, TheCable had reported that Nigerians will pay the same amount on Facebook ads from January 1. The company said the additional charge is due to the new VAT policy in Nigeria. “For customers with a sold to address in Nigeria, Zoom will begin applying VAT to invoices and remitting the VAT collected through Zoom’s VAT registration in Nigeria in accordance with the new rules relating…

Tuesday, 14 December 2021 05:29

If you want to be a millionaire, start thinking like one

Far too often, we're led to believe at a young age that there's a limit to how much we can earn … and it's high time to shake that idea. If you’ve Googled “how to become a millionaire”, even in half jest, you’re one of tens of millions who dream of becoming financially independent, yet may not be sure where to start or whether you have the capacity. I was at that place — doubting my ability to break through the mental barriers that kept me from my goals. In early days of becoming financially independent, one of the things…

Monday, 13 December 2021 06:02

4 things you must do in your first month of a new job

It’s an exciting time for new hires. To contend with the Great Resignation,businesses are upping their incentives for employees, offering signing bonuses, increasing compensation, and reducing requirements for new applicants. Some companies are even offering tuition assistance for hourly workers. For the millions of United States employees who have quit—or are planning on quitting their jobs—the job market won’t stay hot forever. Moody’s Analytics chief economist Mark Zandi predicts that by 2023 the Great Resignation will be over, and most people will have returned to the workforce. As pandemic-related factors for job resignations subside and workers flock to open positions,…

Sunday, 12 December 2021 06:11

Row over flight slots deepens as UAE govt, Air Peace write FG

Nigerian airline, Air Peace, has rejected claims made by aviation authorities in the United Arab Emirate, on why the country decided to deny it flight slots in the Middle-East country. The UAE’s General Civil Aviation Authority had on Friday described Air Peace’s request for three slots instead of one it was given at the country’s second busiest airport, Sharja Airport, as “unreasonable”. It advised the airline to make up for the shortfall with flights to any other airport in the country that have available slots. Earlier, Dubai-based Emirates suspended all its flights to Abuja and Lagos after the Nigerian government…

Saturday, 11 December 2021 04:53

Emirates suspends Nigeria flights after FG imposed new restrictions

Emirates airline will suspend all flights to Nigeria from next week after the the country’s authorities imposed new restrictions on its flights, the carrier said on Friday. Nigerian Civil Aviation Authority announced earlier on Friday that it was restricting Emirates to just one weekly flight from 21 that had been initially approved. The authority said this was in retaliation for the United Arab Emirates declining an application by local carrier Air Peace to fly to Sharjah International Airport three times a week. UAE gave the airline one weekly slot, citing the lack of available arrival slots at the airport. "With…

Saturday, 11 December 2021 04:52

Oil prices post biggest weekly gain since August

Oil prices rose slightly on Friday and posted their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant's impact on global economic growth and fuel demand. The Brent and U.S. West Texas Intermediate (WTI) crude benchmarks each posted gains of about 8% this week, their first weekly gain in seven, even after a brief bout of profit-taking. Brent futures settled up 73 cents, or 1%, at $75.15 a barrel, after falling 1.9% on Thursday. WTI rose 73 cents, or 1%, to $71.67 after sliding 2% in a volatile session the previous…

Friday, 10 December 2021 06:03

Massive sell-off of Dangote Cement shares triggers N391bn loss on NGX

Nigerian stocks depreciated by 1.77 per cent or N391.3 billion on Thursday as a negative investor sentiment wiped out all the gains garnered at the preceding trading session, setting the market up for a negative return this week. Dangote Cement, Nigeria’s largest company by market value, shed 10 per cent – the maximum daily downward movement permitted by the exchange – as hefty quantities of the firm’s shares were up for sale, triggering the fall. Sell pressure on NGX Group and Unity Bank also stoked the loss. The board NEM Insurance announced a share reconstruction plan that will see every…

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Friday, 10 December 2021 06:03

Italy fines Amazon record $1.3bn for abuse of market dominance

Italy's antitrust watchdog said on Thursday it had fined Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, in one of the biggest penalties imposed on a U.S. tech giant in Europe. Amazon said it "strongly disagreed" with the Italian regulator's decision and would appeal. Global regulatory scrutiny of tech giants has been increasing after a string of scandals over privacy and misinformation, as well as complaints from some businesses that they abuse their market power. As well as Amazon, Alphabet's Google, Facebook Inc, Apple Inc and Microsoft Corp have drawn heightened scrutiny in Europe. Italy's watchdog…

Friday, 10 December 2021 05:55

Why most respected and successful leaders ask these 5 questions before making decisions

Decision-making for C-levels is often about speed. But speed can result in unnecessary damage and costly missteps. Instead, lean on creativity. Earlier this month, The Harvard Business Review (HBR) published an article that really hit home for me. It shone a spotlight on creativity in business -- too often at odds -- emphasizing the critical role of open-mindedness in decision-making. As I have experienced it, decision-making among business leaders is often the opposite of what you could call "open" or "considered." Indeed, the HBR article cheekily notes that many C-levels enjoy speed as the measuring stick for growth, not thoughtful…

Thursday, 09 December 2021 05:49

Stocks gain N217bn on scramble for shares of big-cap companies

Nigerian stocks gained big on Wednesday as the benchmark index climbed 1 per cent following investor’s tremendous demand for big-cap stocks across sectors. The advance mostly derived strength from appreciation in the shares of MTNN, Seplat, UBA, Access, ETI, GTCO and Sterling Bank. MTNN closed at N173 on Wednesday. Helping sentiment, Sterling Bank announced it has obtained approvals-in-principle from industry watchdog Central Bank of Nigeria, first to transform to a holding company and, second, to start a non-interest banking unity to be known as Alternative Banking Limited. The lender’s newly granted permission to restructure to a holdco signals the second…

Thursday, 09 December 2021 05:44

17 quotes from a business book that sells for $48,000 per copy

The wisdom of "Security Analysis" continues to have value today Looking for a great Xmas present for a fellow entrepreneur who's also made it big? How about a first edition of Security Analysis: Principles and Technique by Benjamin Graham and David L. Dodd. Originally published in 1934 (based on notes Graham made soon after the Stock Market Crash of 1929), Security Analysis was the first book to describe the now-nearly-universal advice that you should pick stocks based upon the health and viability of the company rather than upon your guess that the stock will rise in value. Meanwhile, here are…

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