Business News

Thursday, 30 May 2024 04:41

Self-made millionaire tells new grads, ‘Do this for as long as you can, and you’ll be a multimillionaire’

As someone in my 30s, it’s tough to read tips for new grads without cringing. Too often, what now seems like obvious, common-sense advice is something that I blissfully ignored in my 20s. Every once in a while, though, I get a little jolt when I realize that a younger version of me managed to do something right. That’s how I felt when I read my colleague Cheyenne Devon's recent writeup from a chat with Ramit Sethi, a self-made millionaire and author of “I Will Teach You to Be Rich.” In it, he offers his No. 1 money tip for…

Wednesday, 29 May 2024 04:24

Psychologist Adam Grant says your overall success at work comes down to 3 familiar words

Some people subscribe to the idea that work-life balance is critical for achieving success. Wharton organizational psychologist Adam Grant has a different take. He once called work-life balance "mostly a myth" and stressed something else as the key to success. We can boil Grant's advice down to three words: Work. More. Hours. Let's put that in the right context. In a previous video posted on the Mic Facebook page, Grant tells viewers, "It's not to say you have to be a workaholic in order to be successful, although the evidence is strong that one of the ways that people become…

Tuesday, 28 May 2024 04:49

Banks raked in N438bn from electronic transactions in 2023 - Report

In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown. Compared to the preceding year, the banking groups’ earnings from electronic transactions rose by 37.54 per cent from N318.64bn. E-business income includes revenue from electronic channels, card products, and related services. These channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sales payments, as well as credit and debit card transactions. The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria. Some of…

Tuesday, 28 May 2024 04:42

Amazon CEO: An ‘embarrassing’ amount of your success depends on this one skill

The trick to getting ahead at work isn’t being the fastest learner or the smartest in the room — it’s having a positive attitude, says Amazon CEO Andy Jassy. Jassy, who took the top job at Amazon after Jeff Bezos stepped down in 2021, shared his “best career advice” in a new interview with LinkedIn CEO Ryan Roslansky. “I think an embarrassing amount of how well you do, particularly in your 20s, has to do with attitude,” Jassy, 56, said. It’s not just about being cheerful, he explained. Having a positive attitude means you work well on a team and…

Monday, 27 May 2024 04:36

62-year-old started her business with $1,000—now it brings in over $25m a year

The 62-year-old is the president and CEO of McKissack & McKissack, the Washington, D.C.-based construction management and design firm behind some of today's most recognizable buildings — from building the Smithsonian African American Museum of History and Culture to repairing the Abraham Lincoln and Thomas Jefferson memorials. The firm's legacy dates back to her great-great grandfather Moses, a skilled brick maker who originally came to the U.S. as a slave in 1790. His skills were passed down and cultivated from generation to generation, prompting two of his grandsons to create a construction company in Tennessee, also called McKissack & McKissack.…

Friday, 24 May 2024 04:43

Younger workers are rejecting assignments. Here's why

If you want to attract – and retain – younger workers, pay attention to their values. Fifty percent of Gen Zers and 43 percent of Millennials say they've rejected an assignment "based on their personal ethics or beliefs," according to Deloitte's 2024 Gen Z and Millennial Survey of 22,841 respondents from across the globe. That's up from 44 percent and 37 percent, respectively, in last year's survey. Forty-four percent of surveyed Gen Zers and 40 percent of Millennials say they've even rejected a job offer due to their ethics or beliefs – also up from last year. Purpose has long…

Thursday, 23 May 2024 04:39

5 principles that sharpen your business edge and boost performance

In marketing and PR, competition is fierce, and leaders are always looking for a strategic edge. As a CEO, I've seen firsthand how the right practices result in massive ROI, and I wanted to explore the elements that have helped me and my agency stay ahead. That's why I met with Jake Thompson, top-ranking podcast host and founder of Compete Every Day, an organization that helps leaders maximize performance. He shared several essential principles that are applicable not only to my industry but to any competitive business environment. Combining his insights with my industry experience, here are five best practices…

Wednesday, 22 May 2024 04:37

The 1 word that can help you hire better

It is no secret that the number of open positions currently far outstrips the number of candidates available to fill them. According to March 2022 U.S. Bureau of Labor Statistics data, the gap between the current number of job openings and the total level of unemployment now exceeds 5 million. Given such a dramatic and critical imbalance, making good hires is among the most important priorities for HR leaders in organizations of all sizes and stripe this year. And it's not just because people are hard to find. A Harris Poll for Career Builder found that 74% of employers admit…

Tuesday, 21 May 2024 04:51

7 strategies to scale your small business and achieve sustainable growth

As we approach the third quarter of 2024, businesses start assessing their performances, and many consider scaling and expanding their operations. With rapid changes in technology, consumer behavior and market dynamics, it's crucial that businesses constantly adopt innovative strategies to remain competitive and achieve sustainable growth within their industries. So, businesses looking to bring themselves to the next level have a few different strategies they can use to achieve long-term growth. 1. Embrace digital evolution In today's fast-paced business landscape, embracing technology is not an option but a necessity. Small businesses can use it to their advantage to help streamline…

Monday, 20 May 2024 04:15

Nigerian manufacturers still in business lament as goods pile up in warehouses due to poor sales

Manufacturers of fast-moving consumer goods, FMCG are in dire agony over the continued rise in unsold goods in their warehouses, a development which would lead to a further significant decline in output level in the sector.The continued rise in unsold goods is caused by two factors namely the rising cost of living and the declining purchasing power of the citizens. Financial Vanguard’s findings show that due to the downturn in the consumers’ disposable income, the stock of unsold goods for manufacturers in the fast-moving consumer good, FMCG, sector of the economy rose Year-on-Year (YoY) by 27 per cent during the…

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Monday, 20 May 2024 04:11

This CEO shares 4 highly effective ways to promote and scale your small to medium-sized business

There's no one-size-fits-all approach to promoting businesses, but there are strategies that can be used based on a business's unique needs. This CEO shares four effective and practical ways to promote SMBs. Businesses in any industry invariably encounter marketing and advertising challenges. In the U.S., small to medium-sized businesses (SMBs) wrestle with the top challenges of budget constraints and lead generation. Difficulties also arise when it comes to returns on investments (ROI), expertise and competition. In the AdTech sector, content creation, data privacy and ad fatigue are marketing pain points. There's no one-size-fits-all approach to promoting businesses, but there are…

Sunday, 19 May 2024 04:57

Insecurity, high energy costs shutting down manufacturing firms - MAN

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has raised concerns that rising insecurity is compelling many manufacturers to cease operations. In a recent television interview reported by Thisday, Ajayi-Kadir disclosed that manufacturers are spending more on security than on government taxes. Ajayi-Kadir also cited multiple taxation and high energy costs as significant challenges for manufacturers in Nigeria. He urged the federal government to mitigate the unintended consequences of its reform policies to improve the competitiveness of the manufacturing sector. “Insecurity is a major challenge. We have lost between 56 to 60 percent of our members in…

Saturday, 18 May 2024 04:35

TotalEnergies secures supply agreement with Dangote Refinery

TotalEnergies, the French energy giant, has finalized its first supply deal with Dangote Refinery in Nigeria, as announced by Chief Executive Patrick Pouyanne on Friday. This development follows a meeting with Africa's wealthiest individual, Aliko Dangote. Speaking at the Africa CEO Forum in Kigali, Rwanda, Pouyanne stated, "We met this morning and reached our first agreement. The two CEOs, along with our head of trading, collaborated to finalize the deal." Dangote has been seeking crude supplies for his 650,000 barrels per day (bpd) refinery, which will be the largest in Africa and Europe once fully operational. In May, Dangote issued…

Friday, 17 May 2024 04:34

Despite Nigeria being Africa’s largest crude oil producer, Dangote Refinery orders 24m barrels from US. Here’s why

Nigeria’s new Dangote mega refinery near Lagos plans to purchase millions of barrels of US crude over the next year, highlighting the challenges Africa’s largest oil producer faces in boosting its own output. According to an analysis by Thisday, the refinery, built by Africa’s richest man Aliko Dangote, has issued a term tender for the purchase of 2 million barrels a month of West Texas Intermediate (WTI) Midland crude for 12 months starting in July, according to a document seen by Bloomberg. The tender closes on May 21. The request for US oil underscores the refinery's growing influence in global…

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