Business News

Saturday, 01 January 2022 06:13

Stocks on NGX closed the year with N471bn gain

Nigerian stocks added 2.16 per cent or N471.4 billion on Friday in an end-of-the-year rush for shares that helped equities deliver a 6.07 per cent return, but that was miles away from the 50 per cent reported for last year. Investors doubled down on their resolve to own more shares as trade volume expanded by 100 per cent, with NGX Group, UPDC REIT and Zenith leading the charge. Stocks touched their peak for the year on 9th November, when the benchmark index reached 43,730.55 basis points, and the valuation of shares listed on the Nigerian Exchange hit the N22.8 trillion…

Saturday, 01 January 2022 06:13

Oil posts biggest annual gain since at least 2016

Oil prices fell on Friday but were set to post their biggest annual gains since at least 2016, spurred by the global economic recovery from the Covid-19 pandemic slump and producer restraint, even as infections reached record highs worldwide. Brent crude futures settled down $1.75, or 2.2%, at $77.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures dropped $1.78, or 2.31%, to $75.21 a barrel. Brent ended the year up 50.5%, its biggest gain since 2016, while WTI posted a 55.5% gain, the strongest performance for the benchmark contract since 2009, when prices soared more than 70%. Both contracts…

Friday, 31 December 2021 06:28

FG explains why Nigeria’s agro products are seized by EU countries

About 80 per cent of agro-products from Nigeria intercepted and seized by the European Union member nations are exported illegally, the Federal Government has said. It explained that most of the products were prohibited for exports by the government, adding that people illegally moved the items out of the country without clearance by Nigeria Agricultural Quarantine Service. NAQS is a regulatory agency under the Federal Ministry of Agriculture and Rural Development that harmonises plants, veterinary and aquatic resources quarantine in Nigeria. It promotes and regulates sanitary and phytosanitary measures in connection with the import and export of agricultural products with…

Friday, 31 December 2021 06:20

3 time-wasters all business leaders should let go of in 2022

Stop wasting time being anxious or fearful in the new year by leaving these things in 2021. I was recently talking with a business owner who had a long list of things that she's going to start doing in 2022. She plans on starting a new referral program to increase sales, starting an employee incentive campaign to help with employee retention, and more. After listening to all that she wants to add to her agenda for the upcoming year, I stopped her and asked a question. What are you going to stop doing this year? She paused for a moment…

Thursday, 30 December 2021 05:54

NGX: Stocks lose N238bn on profit taking ahead of new year

Nigerian stocks weakened by 1.08 per cent or N237.9 billion on Wednesday, the first trading day since the market closed for yuletide celebrations, heaping more pressure on a bourse that has been pretty low activity lately. Wednesday’s gloomy trade resulted from the fact that there were few buyers willing to buy the shares of the likes of BUA Cement, UPDC REIT and MTNNcompared to the relatively large quantity of their shares that were up for sale. “We note that sellers would largely be booking profits from the prior week as well as for the year (in the case of short-term…

Thursday, 30 December 2021 05:50

2 hiring lessons many learned the hard way this year (and how to get around them in 2022)

If you learned these hard truths about hiring and retention this year, you're not alone. This past year, we leaders learned how to grow and scale our businesses during some really difficult challenges. We struggled with supply issues and we dealt with long lead times and increased prices. Most of all, we learned just how difficult hiring and retaining good talent can be. I have spoken with many business owners over this past year who have had to learn lessons about hiring, often the hard way. So I wanted to share some of the lessons that many leaders learned (or…

Wednesday, 29 December 2021 06:17

Oil hits one month highs despite Omicron concerns

Oil prices settled higher on Tuesday, with Brent crude ending the session near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude settled up 34 cents, or 0.4%, at $78.94 a barrel by 1:39 p.m. EST (1839 GMT). U.S. West Texas Intermediate (WTI) crude settled up 41 cents, or 0.5%, at $75.98. Both contracts traded at their highest levels in a month, aided by strength in U.S. equities. "The stock market appears poised to finish the year at or near record highs with…

Tuesday, 28 December 2021 06:01

Developing this skill can support happiness at work and in life

Geraint Evans Our ancestors have been creating things for millennia, making tools and dwellings, and drawing hands or animals on cave walls. Now people everywhere are turning to crafting as a coping mechanism during Covid-19. They believe creativity is helping them find more happiness. And science suggests they may be right. According to recent research from Mental Health America (MHA), nearly 50 million American adults experienced mental illness even prior to the Covid-19 pandemic, and a growing percentage of young people are now living with major depression. On top of this, the long-term impact of the sudden and dramatic changes…

Monday, 27 December 2021 05:59

How phone app loan providers exploit Nigerians, violate their rights - Premium Times

In July, Piye Garuba needed N10,000 for an important task. So when he saw 9Credit, an online platform, offering short-term loans, he grabbed the offer. The 31-year-old Abuja-based lawyer was elated when the approval of his loan request arrived shortly after filling, on the app, the Know Your Customer (KYC) form with necessary details such as his Bank Verification Number (BVN). Little did Piye know that it was the beginning of a relationship that would turn sour. After repaying the initial N10,000 with an additional 20 per cent, being the interest for seven days, Garba turned to 9credit for another…

Monday, 27 December 2021 05:58

FG sets up machinery to shut down illegal money lenders using phone apps, others

The joint committee tackling the violation of consumer rights in the money lending industry will shut down illegal businesses at the commencement of its enforcement, the Federal Competition and Consumer Protection Commission (FCCPC) says.Babatunde Irukera, Chief Executive Officer of FCCPC, told the News Agency of Nigeria (NAN) in Abuja on Sunday that the enforcement would commence soon. The joint committee is made up of representatives from FCCPC, the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC). Other agencies involved in the committee are the National Information Technology Development Agency (NITDA) and the National Human Rights…

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Monday, 27 December 2021 05:49

3 reasons why new hires are so good at solving problems

What do you do when you feel stuck on a problem? Often asking a friend or family member for a pair of fresh eyes ends up being the best way to solve your issue. Even just explaining the problem out loud can help you generate new possible solutions. The same is true at work: When you and your colleagues are feeling stumped about what to do, bringing in someone new to the organization can often be just the thing you need. While that new employee might stumble on a creative solution that has eluded everyone else, they are more likely…

Thursday, 23 December 2021 06:10

Shell declares force majeure on Forcados crude

Royal Dutch Shell's Nigerian subsidiary SPDC has declared force majeure on exports of Nigerian Forcados crude oil after the obstruction of a tanker path by a malfunctioning barge, the company said in a statement. The action came into effect on Monday at 12:00 midday and Shell Petroleum Development Company of Nigeria Limited said that efforts were underway to restore access, according to an SPDC statement seen by Reuters on Wednesday. Nigeria relies on oil exports for some 90% of its foreign exchange and more than half its budget. Reuters

Thursday, 23 December 2021 05:59

6 keys to a successful virtual meeting

Invite those who care the most, talk about vital problems, listen to participants' proposed solutions After nearly three years of meeting with people via videoconference, I've reached one conclusion: too many meetings drain so much emotional energy that they are part of the problem, rather than its solution. Too many meetings drain energybecause they happen out of habit and lack a clear and compelling purpose. Before the pandemic, I participated in many meetings that were similarly draining -- but the pandemic has introduced new challenges to effective meetings. How so? Unlike in-person meetings, the casual banter that precedes virtual meetings…

Wednesday, 22 December 2021 05:04

Emirates gets back all 21 weekly flight slots to Nigeria

Federal government has reinstated Emirates’ winter flight schedule to Nigeria. The schedule consisted of 21 weekly passenger flights to Nigeria, comprising two daily flights to Lagos airport and one daily flight to Abuja airport. This was contained in a letter dated December 21 and signed by Musa Nuhu, director-general of the Nigerian Civil Aviation Authority (NCAA). The letter was addressed to the country manager, Emirates Airlines, Nigeria. Emirates is the largest airline and one of two flag carriers of the United Arab Emirates (UAE) – – the other is Etihad Airways. “Following further consultations with various stakeholders and the letter…

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