Business News

Tuesday, 31 March 2020 05:30

Covid-19: Shares drop as oil plunges to 18-year lows

Oil took another stomach-churning 8% dive on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months. There were some bright spots, with Australian equities posting a standout jump as the government launched a super-sized support programme and Wall Street futures were fractionally positive, but that was about it. Japan’s Nikkei had led the rest of Asia lower and Europe’s main markets skidded another 1%, adding to what has already been the region’s worst quarter since 1987. The rout in oil took crude to its lowest since 2002. Brent slumped to $22.5…

Saturday, 28 March 2020 04:46

Oil plunges posting fifth straight weekly loss despite stimulus efforts

Oil prices plunged 5% on Friday and posted a fifth straight weekly loss as demand destruction caused by the coronavirus outweighed stimulus efforts by policymakers around the world. Both contracts are down nearly two thirds this year and the coronavirus-related slump in economic activity and fuel demand has forced massive retrenchment in investment by oil and other energy companies. Brent crude (LCOc1) settled down $1.41, or 5.35% at $24.93 a barrel. The contract fell about 8% on the week. U.S. crude (Clc1) settled down $1.09, or 4.82% at $21.51 a barrel. During the week, U.S. crude fell more than 3%.…

Saturday, 28 March 2020 04:39

The second virus shockwave is hitting China’s factories already

Since last week, emails from foreign clients have been flooding into export manager Grace Gao’s in-box, asking to delay orders already made, putting goods ready to be shipped on hold until further notice, or asking for payment grace periods of up to two months. Gao’s firm, Shandong Pangu Industrial Co., makes tools like hammers and axes, 60% of which go to the European market. As the virus ravages the continent from Spain to Italy, the shutdowns there are cutting off orders to Chinese factories just as they were beginning to get back on their feet. It’s a story playing out…

Friday, 27 March 2020 05:37

Warren Buffett says choosing to live your life this way is what separates successful people from the rest

The mind is a powerful weapon. How are you using yours? Warren Buffett, in addition to being the greatest investor of our generation, is also a champion of self-improvement, sharing a trove of advice to help us better our lives. One of those famous Warren Buffett tips -- what he calls the key to his success -- is actually a rule that he follows religiously: Go to bed a little smarter each day. Known as the Buffett formula, he says, "That's how knowledge builds up. Like compound interest." In theory, the Buffett formula should give you an advantage over a…

Thursday, 26 March 2020 05:35

Air Peace suspends flight operations

Air Peace has announced suspension of all its flight operations from Saturday as part of efforts to check spread of the Coronavirus, a move it described as in the nation’s best interest. In a statement signed by its Chief Operating Officer, Mrs. Toyin Olajide, the company said, “It is with a great sense of responsibility that we have decided, in the best interest of our nation, our passengers and workforce, to suspend scheduled flight operations for 23 days effective 23.00hrs on Friday (an hour before Saturday morning) March 27, 2020 as a result of the COVID-19 pandemic. “This difficult decision…

Thursday, 26 March 2020 05:31

Five principles for achieving personal success, happiness, courage and leadership

Rajeev Peshawaria I get interviewed a lot. Questions usually focus on leadership in the digital age, governance, corporate culture, personal success or happiness. People specifically ask about one of these areas based on their individual situation or the interest of the audience for whom they are recording. But the other day someone posed a question I’ve never been asked before: How can one achieve phenomenal success and happiness, develop courage, and be a great leader at the same time? Wow! The question was both deep and broad. How do I answer it succinctly while providing practical guidance at the same…

Wednesday, 25 March 2020 04:48

Nigeria makes brutal oil price cuts. But has it gone low enough? - Bloomberg

Nigeria opened a new front in the oil price war between some of the world’s largest OPEC+ countries, offering to sell its crude in April at unusually large discounts in an effort to undercut its rivals. Even so, traders said the West African country may not have gone cheap enough. Exports of Qua Iboe and Bonny Light crude -- two banner Nigerian grades -- will be sold in April for discounts of more than $3 a barrel to the international Dated Brent benchmark. Even in the depths of the 2008-09 recession, neither grade was sold anywhere near as cheap, but…

Tuesday, 24 March 2020 05:59

Coronavirus: Stock market investors lose N2.3tr in three weeks

Stock market investors have lost over N2.3 trillion barely three weeks after the first case of coronavirus, which is currently ravaging the whole world, was confirmed in Nigeria on January 28, 2020. Specifically, market capitalisation of listed equities, which stood at N13.657 trillion as at Friday, February 28, 2020 depreciated by N2.349 trillion to N11.308 trillion yesterday, while the All-share index which measures the performance of quoted companies closed at 21,700.98 from 26,216.46 representing 4,515.48 points or 20.8 per cent drop. Nigeria has recorded fewer confirmed cases of Covid-19, when compared to other countries, but the global pandemic’s impact on…

Tuesday, 24 March 2020 05:54

Miyetti Allah to herdsmen: Close all cattle markets, stay in the bush

National President of Miyetti Allah Kautal Hore-Fulani Socio- Cultural Association, Mr Bello Bodejo, has directed members to close down all cattle markets across the country. Bodejo said the measure became necessary in order to contain spread of the Coronavirus. He urged herdsmen to remain in the bush, where they will not have contact with people. “Let my people remain in the bush until the problem is all over; even those who are outside should join those in the bush until the situation is brought under control. They should close all cattle markets in every place in Nigeria because, in the…

Monday, 23 March 2020 05:30

CBN stops dollar sales to NNPC, insists on single exchange rate

Central Bank of Nigeria (CBN) has stopped local and international oil companies from selling dollars to Nigerian National Petroleum Corporation (NNPC). The apex bank said the move is in line with the its determination to improve foreign exchange supply to the economy as the impact of the Coronavirus (COVID-19) pandemic bites harder on the economy. The country’s foreign exchange earnings have been depleted. CBN Governor Godwin Emefiele said the new dollar remittance policy will boost local dollar collections. Breaking the news during an emergency meeting with bank chief executive officers in Lagos at the weekend, Emefiele spoke of the urgent…

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Monday, 23 March 2020 05:24

MTN staff to work from home starting today

MTN Nigeria on Sunday said its team would start working from home as part of precautionary measures to stop the spread of COVID-19 Mr Funso Aina, the telcos Senior Manager, External Relations, said in a statement that from March 23, workers are expected to perform their duties from home. Aina said that the telco’s operations would continue to run at full scale with essential staff working limited hours on-site. “We also plan to announce the temporary closure of some of our stores. Those that remain open, will operate reduced hours and maintain strict and social distance measures. “The situation unfolding…

Saturday, 21 March 2020 05:53

CBN finally devalues Naira; merges multiple exchange rates

The much-vaunted devaluation of the Naira came into force on Friday despite denial by Central Bank of Nigeria (CBN) last week that same was not on the cards. The apex bank on Friday sold dollars to deposit money banks at the rate of N380 to one dollar signaling the official return of a single exchange rate regime in the country’s foreign exchange market. An official circular by Director, Trade and Exchange department of CBN, Mr Ozoemena Nnaji, said the development is part of efforts by the apex bank to establish a uniform rate between the official and the parallel market…

Saturday, 21 March 2020 05:46

How respecting others’ time results in better performance for everyone

Entrepreneurs are said to have egos. That’s a fair assessment — I don’t know a single founder who doesn’t have a need to be seen, to leave a mark on the world. But the entrepreneurs I know need something far more important than that: respect. They want people to understand how valuable their time is. The problem is that many of them fail to extend that same respect when it comes to their team members’ time. As noted in a previous Forbes article, respect is the third most important thing employees look for when seeking a new job. While that…

Friday, 20 March 2020 05:41

Many people make this silly mistake when meeting a client for the first time

To build rapport, you need an ice-breaker that's both original and relevant. Scenario: You're meeting a client, customer, or potential investor for the first time. You're ushered into his or her office. You sit down, look around, spot a knickknack, like a prominent photo, a spaceship model, or a team banner. To break the ice and build rapport, you say something like: "Wow, that's a beautiful photo." "Is that from Star Trek or Star Wars?" "Are you a big Red Sox fan?” The "talk about the knickknack" ploy makes you seem unoriginal and boring. Hundreds of others have already brought…

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