Business News

Friday, 11 October 2024 04:49

Oil prices jump on US storm, Israel-Iran fears

Oil prices jumped about 4% on Thursday on a spike in U.S. fuel use before Hurricane Milton barrelled across Florida, Middle East supply risks and signs that demand for energy could grow in the U.S. and China. Brent <LCOc1> futures rose $2.82, or 3.7%, to settle at $79.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.61, or 3.6%, to settle at $75.85. In the U.S., the world's largest oil producer and consumer, Hurricane Miltonbarrelled across Florida, where about a quarter of fuel stations sold out of gasoline and where the storm also knocked out power to more…

Wednesday, 09 October 2024 04:58

Tinubu’s foreign investment drive falters as FDI hits record low, capital inflows decline

Despite President Bola Tinubu’s efforts to position foreign capital inflows as a solution to Nigeria’s ongoing economic challenges, latest data from the National Bureau of Statistics (NBS) highlights a troubling trend of underperformance. In the second quarter (Q2) of 2024, Nigeria’s capital importation fell by 22.85% to $2.60 billion, down from $3.37 billion in the first quarter, underscoring the difficulties the country faces in drawing foreign investment. This decline comes despite a year-on-year increase of 152.8% compared to Q2 2023, suggesting that while Nigeria has made some gains, they are not sustainable or robust enough to significantly impact the economy.…

Wednesday, 09 October 2024 04:52

How I transformed my business by letting go of low-value tasks and focusing on high-impact activities

Chris Kille Key Takeaways Low-value tasks can trap business owners in unproductive cycles, preventing them from focusing on high-impact activities that drive growth.Delegating, automating and outsourcing non-strategic tasks frees up time for more important business activities and decisions and leads to increased revenue and sustainability.Letting go of control and empowering others to assume certain tasks can be difficult, but it's crucial for growing your business and achieving long-term success. In the life of every businessman, there is always a time when you glance at the clock and at the list of tasks to be done, and you ask yourself where…

Tuesday, 08 October 2024 04:54

Google’s productivity expert: The No. 1 skill that gives successful employees a competitive edge

Morgan Smith Laura Mae Martin has taught some of the world’s brightest engineers and executives how to work smarter. Martin is Google’s executive productivity advisor. It’s her job to help employees and C-suite leaders at the tech giant get more done — without burning out. When it comes to productivity, she says, the most common problem isn’t a missed hack; it’s that people try to take on too much work. The most productive people share one skill that gives them a competitive edge in the workplace, according to Martin: setting specific, concrete priorities instead of vague, indefinite goals. Accomplish more…

Monday, 07 October 2024 04:40

Banks declare N3.81trn profit for Half 1 2024 amid Nigeria’s economic downturn

Amid macroeconomic challenges, Guaranty Trust Holding Company Plc (GTCO) and 11 other financial institutions listed on the Nigerian Exchange Limited (NGX) generated an estimated N3.81 trillion profit before tax (PBT) in the half year ended June 2024. This represents a 108.2 per cent increase from the N1.83 trillion PBT generated by these 12 financial institutions in H1 2023. In the period under review, financial institutions operating in Nigeria, and Sub-Saharan African countries were faced with inflationary pressure, and sustained hikes in monetary policy parameters that drained liquidity in the banking system, among other challenges. However, in the period under review,…

Monday, 07 October 2024 04:33

Are you running your business, or is it running you? Here are 10 strategies to help you stay in control

Chris Kille Key Takeaways Managing a business should should center around direction, planning and growth rather than getting bogged down by day-to-day tasks. Implementing the 10 strategies outlined in this article can help you regain control over your business, build a culture that empowers your team, grows your company and allows you to have time and a stress-free environment to enjoy the process. Managing a business should be about direction, planning and development — not about becoming immersed in the day-to-day operations. However, if you are struggling with urgent work, stress and having no personal life, then it is high…

Sunday, 06 October 2024 04:57

Sales of crude oil to local refineries, purchase of refined products in Naira begin, FG announces

The federal government says Nigeria has officially commenced the sale of crude oil and refined petroleum products in naira. Wale Edun, minister of finance and coordinating minister of the economy, in a statement on Saturday, announced that in line with the federal executive council (FEC) directive, the sale of the products in naira commenced on October 1. “Following a meeting of the Implementation Committee, Chaired by the Minister of Finance and Coordinating Minister of the Economy to conduct a post-commencement review of the Crude Oil and Refined Products Sales in Naira initiative, the commencement of this strategic initiative was affirmed…

Saturday, 05 October 2024 04:26

Industrial sector contracted in Sept amidst rising energy costs, CBN reports

The Central Bank of Nigeria (CBN) has reported that while the service and agriculture sectors expanded in September, the industrial sector contracted, marking a continued struggle for Nigeria’s manufacturing and industrial output. According to the CBN’s Purchasing Manager’s Index (PMI) report published on Wednesday, the composite PMI for September 2024 was 50.5 index points, indicating overall economic expansion for the second consecutive month, slightly up from 50.2 points in August. The PMI serves as an indicator of economic trends within the manufacturing and service sectors. An index above 50.0 points indicates an expansion in business activities, while a reading below…

Thursday, 03 October 2024 04:27

3 success tips for new managers

Sho Dewan Leaders are not born, they’re made. It may sound cliché but it’s true, as leadership is a skill that can be cultivated through experience, learning, and adaptability. Managers play a huge role in their team’s success, as employees reporting to effective managers are 15 times more likely to be high performers, according to a Gartner survey. Whether you’re navigating your first team meeting or making critical decisions, the first days in the role could be overwhelming. To help you find your footing in this new realm, here are three tips to guide you through and shape your path…

Wednesday, 02 October 2024 04:48

Vacant seats to and fro Lagos as Emirates returns to Nigeria after 2 years

The United Arab Emirates (UAE) flag carrier Emirates flight landed at the Murtala Muhammad International Airport (MMIA), Lagos on Tuesday. This is coming two years after the suspension of operation by the airline over several issues including unresolved trapped funds belonging to the airline. However the flight EK 783 which touched down at the old terminal of the MMIA at exactly 3:32 pm arrived with several empty seats on its Boeing 777-300ER. The flight resumed for the first time in two years with 105 passengers on the Boeing 777-300er (Extended range) with a capacity to convey 370 to 392 passengers…

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Monday, 30 September 2024 04:33

Manufacturing companies producing below 30 percent capacity – MAN

The Chairman, Manufacturing Association of Nigeria (MAN) Edo/Delta branch, Ehizogie Osadolor, has said that most manufacturing companies in Nigeria are operating below 30 per cent of their capacity due to some government’s policies which have crippled the sector. Osadolor said this at the 38th annual general meeting of the Edo/Delta branch yesterday in Benin with the theme ‘Igniting Economic Growth and Development through Improved Competitiveness of Made-In-Nigeria Goods’. He listed the policies affecting the manufacturing sector, including high electricity tariffs, high exchange rate, high lending interest rate, multiple taxes and levies, removal of fuel subsidy, floating of the naira, exchange…

Monday, 30 September 2024 04:30

40 companies producing chemicals, leather shut down over faulty economic policies, union leaders say

The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, NUCFRLANMPE, weekend, said no fewer than 40 companies in the sub-sector of the economy have shut down in the last three years due to economic instability in Nigeria. The outgoing President of the Union, Babatunde Olatunji, who disclosed this, also criticized President Bola Tinubu for removing petrol subsidy, describing it as a contributing factor to the country’s economic woes. Olatunji spoke during the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State. Speaking on the theme ‘Leading the Union in an Era of Economic Instability’,…

Monday, 30 September 2024 04:24

9 mistakes to avoid in financial planning

Hiral Bhuta Financial planning is a crucial step towards achieving long-term goals. However, even with the best intentions, it is easy to make mistakes along the way. As a financial advisor, I have witnessed clients struggle with decisions that seemed minor at first but later had a significant impact on their financial health. Early in my career, I also fell into some common traps-like underestimating the importance of budgeting and not factoring in unexpected life changes. These missteps taught me valuable lessons, not just about numbers, but about the importance of being proactive and adaptable in financial planning. This article…

Friday, 27 September 2024 04:44

Manufacturers’ unsold goods hit N1.24trn, capital expenditures 730bn in half 1, 2024 - MAN

The Manufacturers Association of Nigeria (MAN) has decried the latest hike in the Monetary Policy Rate (MPR) to 27.25 per cent from 26.75 per cent. The association stated that the increase would compound the challenges faced by the sector, which included rising production costs in the face of declining consumer purchasing power. Director General of MAN, Segun Ajayi-Kadir, said yesterday in public statement titled “Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024” that MAN is worried about the implications of the continuous rate hikes on the productive sector and earnestly expects the CBN to stop…

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