Business News

Tuesday, 08 June 2021 05:42

The world economy: Geopolitics and business - Leader, The Economist

Twenty years ago this week the share price of a startup run by an obsessive called Jeff Bezos had slumped by 71% over 12 months. Amazon’s near-death experience was part of the dotcom crash that exposed Silicon Valley’s hubris and, along with the $14bn fraud at Enron, shattered confidence in American business. China, meanwhile, was struggling to privatise its creaking state-owned firms, and there was little sign that it could create a culture of entrepreneurship. Instead the bright hope was in Europe, where a new single currency promised to catalyse a giant business-friendly integrated market. Creative destruction often makes predictions…

Monday, 07 June 2021 05:25

Onion traders threaten to cut supply to Southern Nigeria

Onion Producers and Marketers Association of Nigeria (OPMAN) has said it will cut off supply to entire southern Nigeria beginning from Monday (today) if the government fails to respond to the association’s demands. One of OPMAN’s demands is that its members who had suffered losses as a result of ethno-religious crises in the South be duly compensated. Others include restoration of law and order in those areas as well as a thorough investigation to uncover the remote causes of those attacks on their members. OPMAN also called on host communities to respect the constitutional rights of northern traders in their…

Monday, 07 June 2021 05:14

How do you handle difficult clients? 8 tips to avoid frustrations

Customer service is paramount, but you can't let it affect you on an emotional level either. Have you ever come across a consumer that you just can't connect with because they're upset? Customer service is essential to have a successful business that can grow, but there are times when empathy is not achieved in finding the buyer. â€œYou have to consider that the main objective is to maintain a healthy relationship with the client for the good of yourself and the company. Do not take personally what happens to the difficult client, we are all exposed to having it. Empathy…

Saturday, 05 June 2021 05:51

Naira falls to 4-year low as currency crosses the 500 mark per dollar

Naira on Friday fell to its lowest level at the parallel market since 2017, crossing the 500th mark two weeks after the Central Bank devalued the currency. At the unofficial market, data from abokiFX.com showed the domestic currency exchanged for the greenback at N502, a 0.60 decline from N499 it traded on Thursday. The margin is significant as naira had been at or below N500 for months, when it exchanged hands with the local currency at N500.00 on the dot on November 27 last year. Slight appreciation at I&E However, the unit gained slightly against the dollar at the official…

Saturday, 05 June 2021 05:48

Oil hits two-year high on Covid-19 recoveries, demand hopes

Oil extended gains on Friday, with Brent topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about a patchy Covid-19 vaccination rollout around the globe. Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week. [EIA/S] Oil extended gains after U.S. figures showed nonfarm payrolls increased by 559,000 jobs last month. The U.S. dollar weakened after the report, making oil cheaper for holders of other currencies…

Friday, 04 June 2021 05:49

FG set to concession Lagos, Abuja, two other airports

Federal government is seeking to concession four airports for a period of 20-30 years. Ministry of aviation announced this in a frequently asked questions (FAQ) document released on Wednesday. The airports are Murtala Muhammed Airport (MMA), Lagos; Nnamdi Azikiwe International Airport, Abuja; Malam Aminu Kano Airport, Kano and Port Harcourt International Airport, Rivers state. A concession is a form of public-private partnership (PPP) where a government-owned asset is being operated and maintained by a private investor for a period of time on terms contained in a contract. “Infrastructure concessions of this nature come with a significant financial obligation which any…

Friday, 04 June 2021 05:45

Onion traders in the North suspend supply to Southeast

Onion Producers and Marketers Association (OPMAN) yesterday ordered suspension of supply to markets in the South East citing growing insecurity in the region. It is feared that the decision could result in scarcity and astronomical rise in the cost of the produce should there be no speedy intervention by government. According to OPMAN’s National President, Aliyu Isah, the group decided to suspend supplies based on the recent hijack of two of their members’ trucks by gunmen suspected to be members of the proscribed Indigenous People of Biafra (IPOB) in Imo State. Gunmen were believed to have hijacked the trucks and…

Friday, 04 June 2021 05:42

Naomi Osaka’s withdrawal from the French Open raises a question every leader must be prepared to answer

Citing mental health concerns, tennis superstar Naomi Osaka refused to attend post-press conferences. If you ran the French Open, what would you have done? Naomi Osaka, the world's second-ranked women's tennis player, said she would not attend press conferences while playing in the French Open, citing their disregard for athletes' mental health during press conferences, especially after a loss. "We're often sat there and asked questions we've answered multiple times before," she wrote, "or asked questions that bring doubts into our minds and I'm not going to subject myself to people that doubt me. ... I believe that the whole…

Thursday, 03 June 2021 05:28

The 2 words the world’s best bosses don’t want to hear

Two-time founder and CEO Nicole Bernard Dawes knows how to make best-selling products. It starts with teaching your employees to develop opinions--and stand by them. Entrepreneur Nicole Bernard Dawes wants her team to tell it like it is. When designing the can for a new drink flavor recently at her startup Nixie Sparkling Water, she fell in love with a red color scheme that looked beautiful among the other cans on the shelf, but made the lettering illegible. She leaned on her team, as she always does, for feedback. "The worst thing they could have said was, 'You're right, Nicole,'"…

Wednesday, 02 June 2021 05:43

FG awards marginal oilfields to 50 percent of shortlisted firms - DPR

Nigeria has awarded the rights to develop marginal oilfields to 50% of the 161 firms shortlisted after they met all the conditions, the petroleum regulator said on Tuesday. Nigeria is looking to production from the fields to bolster state finances and increase local participation in the oil sector, which provides the bulk of the country’s foreign exchange. The award comes a year after the marginal field bid round in 2020 in which 591 companies applied to win 57 oil fields located onshore, swamps and offshore, said Sarki Auwalu, head of the Department of Petroleum Resources (DPR). Some of the indigenous…

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Wednesday, 02 June 2021 05:41

Oil hits 15-month highs on demand prospects

Oil prices settled higher on Tuesday, with Brent hitting above $71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output. Brent crude futures for August settled up 93 cents, or 1.3%, to $70.25 a barrel after hitting $71 earlier in the session - its highest intra-day price since March 8. U.S. West Texas Intermediate crude for July was up $1.40, or 2.1%, to $67.72. Tracking service GasBuddy said Sunday’s U.S. gasoline demand, coinciding with the Memorial Day weekend, jumped 9.6% above…

Wednesday, 02 June 2021 05:36

Naira about to hit the 500 mark against $1 as the slide continues

The naira fell against the U.S dollar at the parallel market on Tuesday, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed. According to the data posted, the naira closed at N498.00, this represents a 0.61 per cent depreciation from N495.00, the rate it exchanged hands with the hard currency in the last three consecutive sessions. However, the currency remained stable against the U.S dollar at the Investors and Exporters (I&E) window on Tuesday. Data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N412.00, the same…

Wednesday, 02 June 2021 05:34

7 things I wish I’d known before starting a business

Don't make the same mistakes with your online startup. One year ago, I launched a lifestyle website that helps people make the best purchase decisions and provides them with informational content on different topics. It's a growing platform stacked with valuable reviews and buying guides written by knowledgeable experts in each space. Though the company has been able to stick to its mission and hire several employees, I've made more than a few mistakes along the way. This problem isn't unusual, mind you. Ask any business person, and he or she will be able to list countless blunders he or…

Tuesday, 01 June 2021 05:37

Want to be more successful (and creative)? Science says embrace the paradox mindset

Research shows embracing seeming contradictions can make you even more creative--which could help you become more successful. While it sounds a little silly, Einstein used to sit around and think about how an object could be at rest and yet also moving -- at the same time. Deciding the seeming contradiction was possible depending on the position of the person observing the object helped lead Einstein to his theory of relativity. Einstein was hardly alone in that approach; a 1996 study showed that a number of Nobel Prize winners and groundbreaking scientists all put chunks of time into "actively conceiving…

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