Business News

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…

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…

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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…

Wednesday, 08 December 2021 06:10

Fuel subsidy consumed all NNPC’s export revenue in October, leaving nothing for remittance into Federation Acct - Report

Nigerian National Petroleum Company (NNPC) says it recorded zero revenue from crude oil export as fuel subsidy gulped another N199 billion in October. Despite recording zero revenue from oil export, the state-owned oil firm said the country produced an average of 1.417 million barrels per day in September. This is contained in NNPC’s November 2021 FAAC report released over the weekend. Nigeria’s oil output belongs to the NNPC and other oil companies through its joint venture arrangements. The corporation also said it paid N14.85 billion to the federation account allocation committee (FAAC) account for the month under review. It added…

Wednesday, 08 December 2021 06:09

These are Nigeria’s export-import numbers for first 3Qs 2021

Nigeria Foreign Trade in Goods Statistics for Quarter Three, 2021 has revealed that the country imported used vehicles worth N185.4bn. Statistician-General, Simon Harry who disclosed this yesterday said Nigeria’s total merchandise trade rose to N13.3 trillion in Quarter Three of 2021, representing 10.43 per cent increase over N12.02 trillion recorded in Quarter Two. According to the recently released foreign trade report published by National Bureau of Statistics, Nigeria spent a total of N601.51 billion on the importation of motor vehicles in the first half of the year. This represents a 15% increase compared to N523.57 billion recorded in the corresponding…

Wednesday, 08 December 2021 06:08

US firm Equinix acquires Nigeria’s MainOne for $320m

Equinix Inc., the world’s digital infrastructure company, on Tuesday announced its expansion into Africa through its intended acquisition of MainOne, a leading West African data centre and connectivity solutions provider, with presence in Nigeria, Ghana and Côte d’Ivoire. The acquisition is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing conditions including the requisite regulatory approvals. The transaction has an enterprise value of US $320 million, marking the first step in Equinix’s long-term strategy to become a leading African carrier neutral digital infrastructure company. With more than 200 million people, Nigeria is Africa’s…

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