Business News

Thursday, 19 March 2020 05:54

FG reduces petrol price to N125 per litre

Federal government on Wednesday announced the reduction of the pump price of petrol to N125. A statement by Nigerian National Petroleum Corporation (NNPC) said the move was in compliance with the directives of Minister of State for Petroleum Resources on petrol pricing. The corporation said it has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly. “Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre,” Mr Mele Kyari, NNPC Group Managing Director said. “These reductions will therefore translate to N125/litre retail pump…

Thursday, 19 March 2020 05:52

Oil rises 20% as confidence buoyed by coronavirus stimulus spending

Oil prices surged as much as nearly 20% on Thursday, bouncing back from days of heavy losses in a relief rally that may yet be short-lived, analysts warned, but which was stoked by economic stimulus efforts to ward off a global coronavirus recession. Brent crude (LCOc1) was up $2.10, or 8%, at $26.98 a barrel by 0028 GMT after tumbling 13% on Wednesday in a third day of relentless selling. U.S. oil (CLc1) gained $3.44, or 17%, to $23.81 a barrel after slumping nearly 25% in the previous session. “After a 24% crash, oil prices are firming up on some…

Thursday, 19 March 2020 05:42

94% of workers want this benefit (and most leaders are screwing it up)

In a recent Deloitte survey of 1,000 white-collar workers, 94% of respondents said they would benefit from one thing: workplace flexibility, in the form of remote work and flexible hours. They cited the top advantages of such flexibility as “less stress/improved mental health” (43%) and “better integration of work and personal life” (38%). Yet 80% also said a traditional work setting — “regular attendance at an office or working normal business hours” — was important for climbing the ladder. Another 30% said “potential consequences to their professional growth and lack of trust from leadership” would prevent them from utilizing the…

Wednesday, 18 March 2020 05:45

Nigerian banks brace for Virus, oil crash in blow to recovery - Bloomberg

Most Nigerian lenders have their oil exposure hedged at $40-$50 a barrel, which will mean they would have to make provisions if prices remain where they are, said Emmanuel Adeleke, a banking analyst at ARM Investment Managers in Lagos. He “expects flat growth in earnings for most banks this year.” What banks are saying: Zenith Bank Plc forecasts loans growth of 2% this year versus 22% in the prior year. Deposits will probably increase 2% and profit-before-tax by 4%. “We have to be conservative and cautious,” Chief Executive Officer Ebenezer Onyeagwu said on an investor conference call from Lagos last…

Wednesday, 18 March 2020 05:44

Port congestion worsens as customs halts barge operations

There are indications that vessel congestions will worsen at Lagos seaports, as Nigeria Customs Service (NCS) placed ban on the usage of barges to convey containers in and out of the ports. The adoption barges as evacuation model was earlier introduced by Nigerian Ports Authority (NPA) in order to reduce congestion at the ports. Since the introduction barges for the evacuation of cargoes, there has been temporary relief on the port access roads and reduction in the number of days spent by stranded vessels at the anchorage. Already, shipping firms are worried that the waiting period in Lagos anchorage now…

Wednesday, 18 March 2020 05:39

In sickness and in health: Rethinking attitudes towards employee illness

The global spread of covid-19 has led to calls for those who might be infected with the new disease to “self-isolate” at home. That could prove a threat to economic activity. It also represents a terrible dilemma for workers, some of whom could face financial hardship if they don’t turn up. The quandary is all the greater when the disease is unfamiliar, with symptoms that are often mild, at first, and resemble common ailments. And if, like a quarter of all Americans working in the private sector, employees get no paid sick leave at all, they are more likely to…

Tuesday, 17 March 2020 05:48

Oil slumps below $30 a barrel as coronavirus spreads, OPEC price war intensifies

Oil prices fell below $30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession. Saudi Aramco reiterated plans to boost output to record levels to boost its share of the global market. Top global oil producers Saudi Arabia and Russia started a price war after failing to agree on a plan to curb supply as the global economic slowdown destroys oil demand. The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus…

Tuesday, 17 March 2020 05:47

Be good to your employees or you'll lose them. Here's how to build a winning company culture

If you want to keep an engaged workforce, focus on loyalty. I've worked in a number of industries-- from political campaigns to state government to tech and more. Each industry provided a unique experience but above all, the most memorable experiences were with those organizations with a great work environment and a culture of loyalty. I can recall when working at one organization, we'd have all-staff meetings where we celebrated the tenure of staff. What impressed me was the length of tenure -- five, 10 and 15 years or more of employment. It struck me as something unique and special…

Monday, 16 March 2020 05:13

Coronavirus, price war push oil further down

Oil extended losses on Monday as an emergency rate cut by the U.S. Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers. Brent crude (LCOc1) fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63. U.S. crude (CLc1) was at $31.01, down 72 cents after slipping below $30 earlier in the session, despite U.S. President Donald…

Monday, 16 March 2020 05:11

Foreign capital inflows slide 32% over naira woes

Uncertainties surrounding the naira at local and international markets have reduced foreign capital inflows into the economy to $3.8 billion. This represents 32.4 per cent drop. Although the naira witnessed major pricing shake-up at the end of last week that pushed it to N375 to the dollar in the parallel market, it remained unfazed at the official market, where it traded at N306.95 to a dollar. The naira also closed at N366.75 to a dollar on the Investors and Exporters’ (I&E) Forex window. A combination of dollar injections by Central Bank of Nigeria (CBN) estimated at $500 million and support…

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Monday, 16 March 2020 05:05

5 ways to hire the best people for the long term

The team determines the kind of company that you build. Whether your company is well established or a new startup, you should approach hiring as a way to build the company, not just fill a position. Hiring is a huge responsibility that will determine your company’s culture and its future. My first two companies were built on the model of "move fast and break things" and heavily funded by VCs. The lessons I learned from those dot-com era ventures — and the pain of having to lay off good people — led me to completely rethink how to hire people…

Saturday, 14 March 2020 05:02

Bill Gates steps down from Microsoft board

Microsoft co-founder Bill Gates is stepping down from the company's board to spend more time on philanthropic activities. He says he wants to focus on global health and development, education and tackling climate change. One of the world's richest men, Mr Gates, 65, has also left the board of Warren Buffett's massive holding company, Berkshire Hathaway. Mr Gates stepped down from his day-to-day role running Microsoft in 2008. Announcing his latest move, Mr Gates said the company would "always be an important part of my life's work" and he would continue to be engaged with its leadership. But he said:…

Friday, 13 March 2020 04:56

Oil falls a third day, Brent crude set for worst week since 1991

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and U.S. crude heading for the worst week since 2008 as panic about plunging demand from the coronavirus outbreak grips the market. Brent crude (LCOc1) was down 67 cents, or 2%, at $32.55 a barrel by 0126 GMT after falling more than 7% on Thursday. For the week, Brent is set to fall 28%, the biggest weekly decline since the week of Jan. 18, 1991, when it fell 29% at the outbreak of the first Gulf War. U.S. West Texas…

Friday, 13 March 2020 04:55

Naira crashes at parallel market, exchanges N420 to $1

On Thursday, naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. President, Association of Bureaux De Change Operators of Nigeria, Mr Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among BDC operators and Nigerians in general. He said this caused speculations in the market which were not necessary. Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to…

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