Business News

Monday, 14 February 2022 06:15

Ukraine tensions push oil to 7-year highs

Oil prices on Monday hit their highest in more than seven years on fears that a possible invasion of Ukraine by Russia could trigger U.S. and European sanctions that would disrupt exports from the world's top producer in an already tight market. Brent crude futures was at $95.56 a barrel by 0235 GMT, up $1.12, or 1.2%, after earlier hitting a peak of $96.16, the highest since October 2014. U.S. West Texas Intermediate (WTI) crude rose $1.28, or 1.4%, to $94.38 a barrel, hovering near a session-high of $94.94, the loftiest since September 2014. Comments from the United States about…

Monday, 14 February 2022 05:55

How to be the perfect boss for every employee

Is your team member an Obliger, Questioner, Upholder, or Rebel? The answer matters more than you may think. People tend to respond to expectations in one of four different ways, according to Gretchen Rubin, bestselling author of The Four Tendencies and The Happiness Project. If you're a company founder or manager, a big part of your job is setting expectations for others. Knowing which tendency you're working with could boost your employees' success--and your own. In a webinar for Zoom members this week, Rubin described the four tendencies, and how best to motivate each of them. Obligers (which most people…

Saturday, 12 February 2022 06:07

Oil races towards $100 on Ukraine jitters, tight supplies

Oil prices ended 3 percent higher on Friday at fresh seven-year highs as escalating fears of an invasion of Ukraine by Russia, a top energy producer, added to concerns over tight global crude supplies. Russia has massed enough troops near Ukraine to launch a major invasion, Washington said, as it urged all U.S. citizens to leave the country within 48 hours. Britain also advised its nationals to leave Ukraine as Prime Minister Boris Johnson impressed the need for NATO allies to make it absolutely clear that there will be a heavy package of economic sanctions ready to go, should Russia…

Friday, 11 February 2022 06:27

CBN puts banks on notice: You’ll soon have to find forex for customers yourselves

Central Bank of Nigeria (CBN) has said that it would cease feeding commercial banks with hefty foreign exchange (forex) before year end, urging them to source forex themselves to operate. This was as the Bankers Committee unveiled the “Race to $200 billion in FX Repatriation” programme (RT200 FX), an initiative that aggregates a set of policies, plans and projects for non-oil exports that will enable Nigeria rake in $200 billion in foreign exchange, exclusively from non-oil exports, over the next three to five years. CBN Governor, Godwin Emefiele, made the disclosures in Abuja at a media briefing on Thursday. According…

Friday, 11 February 2022 06:16

Warren Buffett says you can create enormous success by using this simple formula

A personal rule that Buffett follows religiously can work for anyone else. Warren Buffett has garnered the respect of millions largely due to his simple investing wisdom and life tips. They should be common sense, but hardly common practice. One of those famous Warren Buffett tips -- what he calls the key to his success -- is a rule that he follows religiously: Go to bed a little smarter each day. Buffett calls it -- what else? -- the Buffett Formula. He says, "That's how knowledge builds up. Like compound interest." Simple enough and works great in theory. That's where…

Thursday, 10 February 2022 06:27

Mecho Autotech gets $2.15m to expand vehicle maintenance and repair services in Nigeria

Nigeria has more than 12 million registered vehicles, and approximately 90% of them are used cars that need frequent checkups to prevent recurring breakdowns. Given this number, one would expect effective vehicle maintenance to be standard in Nigeria. But that’s not the case: Most of the service providers in the country, usually auto mechanics, are inadequately trained and lack the needed tools to provide consistent, quality service. A couple of startups like Y Combinator-backed Mecho Autotech are beginning to digitize this process. The company which connects car owners with quality vehicle repair and maintenance providers has raised a $2.15 million…

Thursday, 10 February 2022 06:13

These 3 things will make investors fight to write you cheques

Target a huge, expanding market, offer customers compelling reasons to switch, grow faster than 100 percent Business leaders have a rare opportunity to raise capital these days. That's because there has never been so much money chasing after a relatively small number of companies that have what it takes to multiply a venture capital investment 10-fold or more. The amount of capital seeking to invest in these startups is exceptional. How so? PitchBook reports that in 2021 U.S. startups raised $330 billion -- nearly 100 percent more than in 2020. What's more -- this month some 900 startups were valued…

Wednesday, 09 February 2022 06:26

Nigerian fintech Grey gets backing from Y Combinator

Let’s say you’re a freelance engineer in Nigeria working for a U.S. company; how do you facilitate forex conversion from dollars to naira? I bet it involves using a third party or a local Bureau De Change, essentially a foreign currency exchange office. Some people have worked with this model for years not because it’s perfect but other options are limited. A few issues using third parties or a Bureau De Change, or BDC as commonly known in Nigeria, include inflated rates, you can only access them for specific hours, proximity and there are chances you’d get cheated. An online…

Tuesday, 08 February 2022 06:00

Oil prices will shoot up, stock market will shake on Russia-Ukraine war, energy expert projects

IHS Markit Vice Chairman Daniel Yergin warned on Monday that if Russia invades Ukraine oil prices will "go up" and could hit $100 a barrel. He also noted that a potential invasion will lead to a "panic in the market." The energy expert offered insight on "Mornings with Maria" on Monday as tensions between Russia and Ukraine escalate. Russia has assembled at least 70% of the military firepower it likely intends to have in place by the middle of this month to give Russian President Vladimir Putin the option of initiating a full-scale invasion of Ukraine, the Associated Press reported…

Tuesday, 08 February 2022 05:52

3 ways to increase client retention through transparency

"Transparency" is no longer a buzzword -- it's a real necessity in today's business world. Here's how to make sure you're exercising it. Here’s a news flash: The days of corporate silos and veiled marketing are over. No longer can a company hide its real intentions or results from investors or clients. In a Label Insight study of SmartLabel transparency technology, 40 percent of consumers surveyed said they would switch brands if one were more transparent; and 73 percent would be willing to pay more. Let that sink in: Transparency is so important that a majority of people will pay…

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Monday, 07 February 2022 06:03

Authorities in Lagos and Abuja are proposing law to abolish yearly house rent advance payment. Will it work? This is what we know

Finding a decent place to live can be a daunting task anywhere, but finding 12 months' rent in advance is an additional burden faced by millions of Nigerians. Landlords prefer large upfront payments as it reduces the chances of tenants defaulting. It is better to chase a tenant once rather than 12 times a year, goes the thinking. But this system might be about to change. Lawmakers are debating a law to make yearly upfront rents illegal in the capital, Abuja, while authorities in the biggest city, Lagos, are opting for a voluntary scheme beginning next month. Lagos state government…

Monday, 07 February 2022 05:59

Are you looking for money? 5 tips to convince investors with your business idea

Venture capitalists can often determine in a short time whether they want to dig deep with a startup or refuse to fund it. This evaluation occurs in the first 30 seconds. Venture capitalists agree: although business credit is down 12.8% this year and investments in emerging companies are down, they are always on the lookout for good business opportunitiesâ€¦ although not all convince them. What are the essential characteristics to obtain financing? When you have more than 100 startup proposals a year, these five characteristics are crucial: 1. Be direct. Venture capitalists can often determine in a short time whether…

Saturday, 05 February 2022 06:01

Facebook just had its most disappointing quarter ever. Mark Zuckerberg’s response Is the 1 thing no leader should ever do

Facebook (which now goes by the name Meta) had a very rough quarter. That's in contrast to most of its tech brethren. During a week where Apple reported that it had the most profitable quarter of any company, ever, and Google reported record numbers of its own, Facebook--for the first time--reported fewer daily active users. The number of overall users stayed mostly flat, but it's the measurement of how many people use the service on a regular basis that matters. For the three months ending December 31, more people stopped using Facebook than signed up. That sent the company's stock…

Friday, 04 February 2022 06:37

Oil extends gains above $90 as winter storm threatens to further disrupt oil supplies

Oil prices climbed on Friday, extending sharp gains in the previous session as frigid weather swept across large swathes of the United States, threatening to further disrupt oil supplies. Brent crude rose 34 cents, or 0.4%, to $91.45 a barrel by 0206 GMT, after rising $1.16 on Thursday. U.S. West Texas Intermediate crude rose 46 cents, or 0.5%, to $90.73 a barrel, having gained $2.01 cents the previous day to settle above $90 for the first time since Oct. 6, 2014. Both benchmarks are headed for their seventh straight weekly gain. "WTI crude surged over the $90 level after an…

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