Business News

Monday, 08 February 2021 04:05

Oil approaches $60/bbl as supply cuts, stimulus hopes lift prices

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020. U.S. West Texas Intermediate crude futures advanced 54 cents, or 1%, to $57.39 a barrel, the highest since January last year. “A weak U.S. jobs report boosted hopes of further stimulus measures,” ANZ analysts said, adding that energy…

Sunday, 07 February 2021 04:12

Poultry business goes further down with scarcity of soybeans

Price of soybeans, a major ingredient used for poultry feeds, has almost doubled in the last year, according to a market survey by PREMIUM TIMES. The survey shows that a 100 kilogramme bag of soybeans which used to sell for N12,000 or N13,000 last year, has risen to N24,000 this year. Worse, this major source of protein for humans and livestock is not readily available on demand. Folake Aina, the managing director of VD&S Farms, which also deals with poultry products, explained the severity of the problem in that sector of the business. She said: “Getting Soybeans has not been…

Sunday, 07 February 2021 04:07

Here's what really happens to the items you return online

You open up the box. For whatever reason, you don't like it. So, you send it back...for free. No questions asked. The retailer pays for the shipping costs and already is losing money. Immediately the hourglass of profit turns. Each grain of sand, a few cents dropping from the original price of that air fryer. Once your return arrives at its destination, an employee needs to open the air fryer, inspect it, maybe even plug it in to test all of its features to ensure it's not broken. This costs the retailer time and money. Not to mention, the box…

Sunday, 07 February 2021 04:06

Apple is the world's most admired company for the 14th year in a row. Facebook isn't even on the list

It doesn't take long to damage your reputation. Just ask Facebook. Your reputation matters. I'm not sure how else to say it. That's as true for an individual as it is for a company or brand. Do you have a reputation for taking care of your customers? Or, do you have a reputation for doing whatever you can get away with? The answer to those questions comes not from what you say, but is built on a series of interactions over time that either build trust and credibility, or don't. In that sense, your reputation is directly linked to your…

Saturday, 06 February 2021 04:22

Capital inflow into Nigeria drops 60 percent - NBS

Foreign capital flow into Nigeria plummeted by more than half in 2020 to $9.68bn, its lowest level in four years, National Bureau of Statistics said on Friday. NBS, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the country fell by 59.65 per cent or $14.3bn last year from $23.99bn in 2019. Foreign capital flow into the country was $16.81bn in 2018, $12.23bn in 2017 and $5.12bn in 2016, NBS data showed. The statistics office said the total value of capital importation in Q4 was $1.07bn, down by 26.81…

Saturday, 06 February 2021 04:21

CBN outlaws trading in Bitcoin, others

Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close accounts used for crypto currency operations. CBN in a circular BSD/DIR/GEN/LAB/14/001 issued on Friday, ordered all financial institutions “to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately”. Any financial institution that breaches this directive the CBN warned “will attract severe regulatory sanctions”. According to CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”. The circular signed by Bello Hassan,…

Friday, 05 February 2021 04:30

Stocks lose further N112bn on market ‘sell pressure’

Equity investors lost N112.053 billion on Thursday as Nigerian stocks went down by 0.51 per cent, marking the fourth time the bourse would post a loss this week as shares were dumped for sale in large numbers. Selling pressure on the shares of Dangote Cement, Julius Berger, NNFM, Champion Breweries and Zenith Bank primarily drove the day’s loss. The Industrial Index was the worst performer of the five sectoral indices, declining by 1.19% to 2,043.63 index points. Market breadth was negative as 25 losers emerged against 22 gainers. All Share Index (ASI) closed at 41,785.80 basis points while market capitalisation…

Friday, 05 February 2021 04:18

Apple CEO, Tim Cook, says this is the 1 question every leader should ask

It isn't "what can I get away with?" I think it's fair to say that Tim Cook knows a little something about leadership. He leads the most valuable company on earth--Apple--which is worth more than $2 trillion, has over 145,000 employees, and is known for creating some of the most innovative products of the last few decades. It's a big job. Under Cook's leadership, Apple has also been a champion of user privacy, something he says is a "fundamental human right." For example, the company has recently required app developers to provide users with detailed information about any data they…

Thursday, 04 February 2021 04:04

13 leadership lessons from prominent SIlicon Valley CEO

How the former Yahoo COO and Silicon Valley veteran digitally transformed Chegg into an $11 billion powerhouse. My ongoing series in partnership with Entrepreneur, If I Knew Then: Leadership Lessons, sets the stage for a unique platform to host virtual fireside chats with high-profile CEOs of major brands, from Indeed and Nextdoor, to GoDaddy and DocuSign. These insightful sessions spotlight the minds of successful leaders as they share advice and lessons for both current and future entrepreneurs. For our latest episode, I wanted to talk to one of Silicon Valley’s most influential CEOs about how his company instantly scaled up…

Wednesday, 03 February 2021 04:10

Profit-taking shaves off N164bn from stocks value on NSE

Nigerian stocks heaped up further loss on Tuesday as the market shed 0.74 per cent, equivalent to N164.313 billion, with mid-cap stocks including Nigerian Breweries, WAPCO, Ardova, BOC Gases and Zenith accounting the most for the depreciation. The Banking Index crashed by 3.06 per cent to 410.72 index points to emerge the worst performer among the sectorial indices, compounding losses. Market breadth was negative, with 50 losers emerging against nine gainers. All Share Index (ASI) edged lower to 42,043.79 index points while market capitalisation slipped to N21.994 trillion. Year to date, the index is up by 4.4 per cent. TOP…

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Wednesday, 03 February 2021 04:06

Jeff Bezos, Amazon’s founder, will step down as CEO

Jeff Bezos, who founded Amazon as an online bookstore and built it into a shopping and entertainment behemoth, will step down later this year as CEO, a role he’s had for nearly 30 years, to become executive chairman, the company announced Tuesday. Bezos, 57, will be replaced in the summer by Andy Jassy, who runs Amazon’s cloud-computing business. In a blog post to employees, Bezos said he planned to focus on new products and early initiatives being developed at Amazon. He said he would have more time for side projects, including his space exploration company Blue Origin, his philanthropic initiatives…

Wednesday, 03 February 2021 04:05

GameStop: David and Goliath or a political fable?

Take a company that's been around for years. Think of a high street VHS video store in the age of Netflix, for example. I, a cynical financial investor, think to myself - I don't like the prospects for that company - it looks out of date, I reckon it's doomed. The shares cost £1 each - a year from now I reckon it will surely be bust. Thanks to the way the financial markets work there is a way I can make money out of this company's seemingly inevitable demise. I find someone who owns the shares and I borrow…

Wednesday, 03 February 2021 04:03

The GameStop saga started a disruption that cannot be stopped

What happened with GameStop will happen again. The rules have changed. GameStop’s stock was once a quirky story for finance geeks. Now it’s about much more than that. It’s an example of accelerated digital disruption — and its effects are here to stay. By now, of course, most people have heard about the stratospheric rise of GameStop’s stockthanks to the concentrated efforts of millions of Reddit users betting against hedge funds. Regulators, brokerages, and hedge funds are in panic as all notions of a “rational” market has gone into a tailspin. These Reddit investors have picked up the gauntlet to…

Tuesday, 02 February 2021 06:13

Nigeria’s crude oil exports decline due to infrastructure issues - Report

Nigeria -- West Africa’s biggest oil producer - has seen its shipments curtailed in recent months by infrastructure issues affecting several of its biggest crude streams. The nation’s loadings fell to 1.37 million barrels a day in January, the lowest for four years, according to separate data based on loading schedules compiled by Bloomberg. Exxon Mobil Corp.’s Qua Iboe stream was placed under force majeure until late Januaryfollowing a fire in mid-December at the grade’s oil export terminal. Revised loadings of Qua Iboe slumped to about 61,000 barrels a day over December and January, the lowest rate in more than…

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