Business News

Friday, 04 December 2020 05:33

Nigerians will start receiving foreign remittances via Western Union, MoneyGram, others in dollars from today - CBN

International money transfer operators (IMTOs) and commercial banks in the country have agreed to start paying beneficiaries of diaspora remittances in foreign currencies through the designated bank of their choice, Central Bank of Nigeria has announced. This followed the apex bank’s insistence that all Deposit Money Banks (DMBs) must close all naira general ledgers through which the naira remittances were hitherto being carried out on Wednesday. CBN governor Godwin Emefiele made the announcement in his remarks on improving remittance inflows into Nigeria, after his engagement with major IMTOs and the DMBs, Thursday in Abuja. He said after the bank’s effort…

Friday, 04 December 2020 05:32

OPEC+ agrees slight easing of oil cuts from January

OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the Organization of the Petroleum Exporting Countries and Russia, a group known as OPEC+, would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. The curbs are being implemented to tackle weak oil demand amid a second coronavirus wave. OPEC+ had been expected…

Friday, 04 December 2020 05:23

How this 101-year-old family business became the world’s most important company overnight

Presenting Inc.'s Company of the Year: A medical supplier in remote Maine executed a lightning-fast expansion to meet an historic challenge. The alarm sounded twice on Saturday, March 14. First came a mid-morning phone call to Timothy Templet, co-owner of Maine's Puritan Medical Products, from Brett Giroir, the U.S. assistant secretary for health, who wanted to know how fast Puritan could ramp up production of its nasal swabs. Two hours later, a second call went to Scott Wellman, Puritan's interim general manager, who was waiting in line for lobster rolls and sent it straight to voice mail. He would soon…

Thursday, 03 December 2020 05:10

Nigeria’s biggest bank in talks to buy assets of bank operating in three southern African countries - Bloomberg

Access Bank Plc is in talks about a potential acquisition of assets belonging to Bob Diamond’s Atlas Mara Ltd., as Nigeria’s biggest lender seeks to expand its reach in the rest of Africa, people familiar with the matter said. Lagos-based Access Bank is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, the people said, asking not to be identified because the matter is private. Deliberations are in preliminary stages and no final decision has been made, they said. If successful, Atlas Mara will be left with its largest investment, a 49.97% stake in Union Bank of Nigeria Plc,…

Thursday, 03 December 2020 05:08

Naira strengthens further at parallel market

The Nigerian currency, Naira, yesterday reversed its two weeks depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar. Meanwhile, Central Bank of Nigeria has directed all banks’ Managing Directors to immediately close all Naira Ledger Accounts meant for receiving proceeds from the International Money Transfers Operators, IMTOs. The Naira had earlier depreciated by N30 against the dollar, as the parallel market exchange inched closer to N500 per dollar on Monday November 30th from N470 per dollar on Friday November 20th 2020. But the new rules introduced by the CBN on…

Thursday, 03 December 2020 04:51

The 1 goal-setting step you’re probably missing

It's the critical one that bridges the gap between workaday employees efforts and big-picture company goals. Quarterly revenue discussions. Investor meetings. End-of-year client calls. Once upon a time, these were the purview of C-levels alone. In recent years, however, top brass have started to fold in lower-level employees. Why? To encourage collective ownership of business success. If everyone buys into a company's goals, those goals will be much easier to achieve. The problem, however, is that CEOs -- and the managers who report to them -- miss a crucial step. They forget that for many employees, there's no clear connection…

Wednesday, 02 December 2020 04:49

Naira appreciates at parallel market after new CBN policy

The naira, on Tuesday, appreciated by 2 percent at N490 per dollar in the parallel market, but weakened by 1 percent at N394 to the dollar in the Import & Export (I&E) window. This is coming a day after it weakened at N500 to the dollar in the parallel market. CBN had, on Friday, announced further devaluation of the Naira and urged Bureau de Change (BDCs) in the country not to sell dollars higher than N392 to end users. “Please be advised that the applicable exchange rate for the disbursement of proceeds of international money transfer service operators (IMTOs), for…

Wednesday, 02 December 2020 04:36

Here’s a secret: Startups are brutal

We all celebrate the successes, but it's far more common to fail. I had already laid off half the team when the pandemic left our capital raise in the lurch. After six years of toil, we were leading the world in a new field of medical diagnostics. Unfortunately, we had also burned through tens of millions of dollars. Despite doing many things right (and not a few things wrong), I had to face my team and tell them that the dream was dead. At that moment, I felt alone and defeated. I lived with those feelings for months as we…

Tuesday, 01 December 2020 05:34

As Naira continues to slide across all windows, CBN amends forex rules

Central Bank of Nigeria said on Monday that it had amended the procedures for receipt of diaspora remittances as part of its efforts to boost the foreign exchange market. It said this in a circular on entitled ‘Amendment to procedures for receipt of diaspora remittances,’ which was signed by Director, Trade and Exchange Department, O. S. Nnaji. The CBN said to liberalise, simplify and improve the receipt and administration of diaspora remittances into Nigeria, beneficiaries of diaspora remittances through International Money Transfer Operators should henceforth, receive such inflows in foreign currency through the designated bank of their choice. It added…

Tuesday, 01 December 2020 05:30

Here’s how Bill Gates would answer 3 of the most common job interview questions - in under 30 seconds

With each 30 second answer, Gates provides insight into how you should evaluate answers job candidates provide during your interviews. There's no shortage of advice where asking job interview questions is concerned. (I should know; I've written a number of job interview question guide articles.) But there's a lot less advice available on how to evaluate a candidate's answers. (Although I've given that a shot, too, especially with behavioral interview questions.) That's why Steph Curry asked Bill Gates to pretend he was interviewing for a software engineering job at Microsoft and answer a few of the common interview questions. How…

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Monday, 30 November 2020 04:46

Oil prices slip in cautious trading ahead of OPEC+ meeting

Oil prices fell about 1% on Monday amid investor jitters ahead of an OPEC+ meeting to decide whether the producers’ group will extend large output cuts to balance global markets. January Brent crude futures, which will expire later on Monday, dropped 58 cents, or 1.2%, to $47.60 a barrel by 0008 GMT. The more actively traded February Brent contract was at $47.77 a barrel, down 48 cents. U.S. West Texas Intermediate crude futures for January fell 40 cents, or 0.9%, to $45.13 a barrel. Both benchmarks are still set to rise more than 20% in November, the strongest monthly gains…

Monday, 30 November 2020 04:32

Want to give a better presentation to investors? Start with these 3 tips

If you're a founder trying to raise money, I bet I can tell you the biggest problem with your pitch deck without even needing to look at the presentation. As an investor myself, I see a lot of pitch decks from entrepreneurs trying to raise money. Of course they span all different stages, industries and ideas. The founders come from all different ages and backgrounds. They are all very different, but they almost always have one thing in common: They fail to truly showcase what is unique about the company. My advice is always the same the first few times…

Saturday, 28 November 2020 05:14

Naira slides further, approaches N500 per dollar at parallel market

Central Bank of Nigeria (CBN) has directed bureau de change operators in the country not to sell dollars higher than N392 to end users. In a circular signed by O.S. Nnaji, director of trade and exchange at CBN, and dated November 30, 2020, the apex bank said the volume of sales for each market is $10,000 per bureau de change (BDC). “Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30 to Friday, December 14, 2020, is as follows: International money transfer service operators (IMTSOs) to banks – N388/$1;…

Saturday, 28 November 2020 05:11

OPEC+ panel's informal online talks postponed - Source

A panel of OPEC+, a group of leading oil producing countries, will hold informal online talks on Sunday - a day later than scheduled - prior to meetings planned for next week, a source with the knowledge of the matter told Reuters. The talks had initially been scheduled for Saturday, according to a letter seen by Reuters and the source. The source said they will be now held on Sunday. No reason for the postponement has been given. OPEC+ is debating whether to ease oil output cuts from Jan. 1, as it previously agreed, or to continue producing at the…

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