Business News

Monday, 07 March 2022 06:18

Oil hits highest prices since 2008 on hiccups in Iran talks, Ukraine war

Oil prices soared to their highest since 2008 due to delays in the potential return of Iranian crude to global markets and as the United States and European allies consider banning imports of Russian oil. Talks to revive Iran's 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia's demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. In response to Russia's demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions…

Monday, 07 March 2022 06:11

Every leader can use mentorship. Here are 5 ways to find it

Mentorship doesn't have to be a long, involved, or time-consuming commitment. These methods will help you get the guidance and support you need. It can be difficult to get somewhere you've yet to go and grow in your life and business without the guidance of others. Mentorship is a tried-and-true way to help you to do that. In fact, there are a lot of ways to glean the knowledge you're seeking from others that don't all require a long-term commitment or a heavy lift from any party. Specifically, there are five ways (not just one) to access that support and…

Sunday, 06 March 2022 06:12

Buhari’s serial rape of Nigeria’s Lady Justice - Festus Adedayo

Though it looks harmless, political cartooning can be nerve-racking, provoking the bile of political office holders and triggering a huge political umbrage in the process. In February, 2021, an award-winning political cartoonist with the Daily Trust newspaper, Bulama Mustapha, sketched a cartoon flake of a framed photograph sitting majestically on Nigeria’s Aso Rock presidential seat. It looked like an effigy filling space. It was the photograph of President Muhammadu Buhari with a mirthless and expressionless face. Cosseted on both sides by all the paraphernalia of office, to wit, Nigerian flags and coat of arms, Buhari himself was nowhere to be…

Friday, 04 March 2022 06:01

7 business lessons young entrepreneurs can learn from Nigerian billionaire and banking tycoon Jim Ovia

His banking colleagues regard Jim Ovia as one of the founders of Africa's modern banking system. In his book "Africa Rise and Shine", Jim Ovia tells his story of moving from a humble background to starting Zenith Bank with $4 million in shareholders funds' and growing the business to more than $16 billion in assets. His business principles can be applied globally, as demonstrated by Zenith Bank's London Stock Exchange listing and presence in many countries worldwide. Zenith Bank is Nigeria's most profitable bank and the largest listed financial services group on the Nigerian Exchange. In its 2021 full-year audited…

Thursday, 03 March 2022 07:59

Oil nears $120 as supply issues persist on Ukraine war

Oil prices extended their rally on Thursday, with Brent rising above $119 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while U.S. crude stocks fell to multi-year lows. The Organization of the Petroleum Exporting Countries and their allies including Russia have decided to maintain an increase in output by 400,000 barrels per day in March despite the price surge, ignoring the Ukraine crisis during their talks and snubbing calls from consumers for more crude. Brent crude futures rallied to $116.83 a barrel, the highest since August 2013. The contract was…

Thursday, 03 March 2022 07:55

12,000 imported vehicles trapped in ports over strike - Clearing agents

Ndigbo Amaka Progressive Association, Southeast Lagos and Shippers Association of Lagos have said that over 12,000 imported vehicles are currently trapped at the ports as a result of the ongoing strike action embarked upon by clearing agents over the e-valuation policy introduced recently by Central Bank of Nigeria and Nigeria Customs Service. Last week, freight forwarders operating at both the Tin-Can Island as well as the Ports and Terminal Multipurpose Limited commands of the Customs began an indefinite strike following the expiration of a 72-hour ultimatum given to the Federal Government to review its electronic valuation system for imported vehicles…

Thursday, 03 March 2022 06:07

3 steps to creating a profitable business idea

Competition is mounting, so don't waste time and money solving non-existent problems. According to the Bureau of Labor Statistics, 20% of startups are closed in the first year, and half of them within the first five years. CBInsights reports 35% of startups fail because of a lack of market demand, among others failure reasons — cash flow problems, getting outcompeted, a flawed business model and legal challenges. I wasn’t passionate about wasting time and money solving non-existent problems, so before launching my business, I committed to doing great analytic work with my team. Here are three tips I've gained from…

Wednesday, 02 March 2022 06:16

Oil rises further on choked Russian supply as trade finance dries up

Oil prices rose on Wednesday as sanctions on Russian banks following Moscow's invasion of Ukraine hampered trade finance for crude shipments and some traders opted to avoid Russian supplies in an already tight market. Brent crude futures climbed $3.55, or 3.4%, to $108.52 a barrel at 0135 GMT, scaling highs not seen since July 2014. U.S. West Texas Intermediate (WTI) crude futures were up $3.75, or 3.6%, to $107.16, after peaking at $107.55 in early trade, the highest since July 28, 2014. "Trade disruptions are starting to get people's attention," said Westpac economist Justin Smirk. "Issues around trade finance and…

Wednesday, 02 March 2022 06:06

Employee retention is a real concern. Here are 3 ways to alleviate the issue

It's up to employees to respond to the shift in power with empathy. Here are some of the best ways to retain employees in the new business climate. It's no secret that employees want a good salary and a solid benefits packagewhenever they can get them. But thanks to the Great Resignation, providing dependable income and quality perks won't cut it anymore. On the contrary, most serious employers are already offering some version of compensation that can at least compete within their industry. But, with the pandemic pushing so many employees to self-reflect about their employment and fight back against…

Tuesday, 01 March 2022 06:08

The step-by-step guide to finding your niche and target market

The most important aspect of setting up and running a successful business is knowing your ideal clients within your specific niche. Your target audience is the group of people who fall within a similar demographic with shared interests, values and beliefs. When you are clear about your specific niche, it will be much easier to identify your target audience. Once you know who your target audience is, you will then be able to implement your marketing, including the process of your content and product development. Therefore, choosing a niche should never be underestimated. Identify your passion and skills The best…

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Monday, 28 February 2022 06:00

4 kinds of annoying workers and what to do about them

Praise something you like about them, share a specific action they did that does not work for you, and enlist their help to achieve a shared goal Working with other people can be great. I like collaborating with colleagues to achieve shared goals and our joint success has helped us get ahead in the organization. I have also worked with people who made me feel annoyed. One piece of advice for my younger self would be to avoid employment at companies that reward people who you find annoying and seek out companies where such people have short tenures. To do…

Saturday, 26 February 2022 06:12

Seplat acquires Mobil Producing Nigeria Oil assets for $1.3bn

Seplat Energy Plc says it has entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from Exxon Mobil Corporation, Delaware (ExxonMobil). The company disclosed this in a statement on Friday. The statement added that the transaction is subject to ministerial approval and other required regulatory backings. “This is the first transaction to be announced since the Nigerian Government’s recently ratified Petroleum Industry Act (PIA), and supports its key objectives,” the statement reads. According to the statement, Seplat Energy Offshore Limited, a wholly-owned Nigerian subsidiary of Seplat, entered into a sale and purchase agreement…

Friday, 25 February 2022 06:36

Oil surges past $100 on Russian invasion of Ukraine

Oil prices surged, with Brent breaching $100 a barrel for the first time since 2014 on Thursday as Russia attacked Ukraine, exacerbating concerns that a war in Europe could disrupt global energy supplies. After Russian President Vladimir Putin authorised what he called a special military operation, Ukraine's Foreign Minister Dmytro Kuleba said in a tweet that Russia had launched a full-scale invasion of Ukraine and was targeting cities with weapons strikes. Brent crude hit a high of $102.48 a barrel, the loftiest since September 2014, and was at $102.06 a barrel at 0547 GMT, up $5.22, or 5.4%. U.S. West…

Friday, 25 February 2022 06:23

New study of 1m people: Happiness makes you dramatically more successful

Jessica Stillman Here on Inc.com I often write about psychology and personal development topics, like boosting your well-being, tinkering with your personality, or even improving your love life. This is mostly because I find these topics fascinating (though based on traffic data so do many of you). But sometimes I get pushback from my editors. Can't you make this a little more obviously related to entrepreneurs and running a great business?, they ask. From now on I am going to show them this study. It's massive (looking at nearly one million people), conducted by some of the biggest names in…

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