Business News

Saturday, 15 February 2020 05:12

The number of very rich people surged in 2019. Here's why

The number of rich people around the world shot up in 2019. That's according to a report released Wednesday from market research firm Wealth-X focusing on the "very high net worth" population, defined as those with a net worth of between $5 million and $30 million. The number of people with a net worth of between $5 million and $30 million rose to 2.67 million in 2019, a growth rate of 10% from 2.39 million people in 2018, Wealth-X says. By comparison, the number of people with a net worth of between $5 million and $30 million rose to 2.39…

Thursday, 13 February 2020 05:34

One billion barrel of crude oil reserve discovered in Northeast – Minister

Minister of State for Petroleum Resources, Mr Timipre Slyva, said that about one billion barrels of crude oil have been discovered in Northeastern part of Nigeria. Sylva made the disclosure at a news conference to end the 2020 Nigeria International Petroleum Summit (NIPS), in Abuja on Wednesday. “The figure we are getting, the jury is not totally out yet but from the evaluation results we are getting the reserve that has been discovered in the northeast is about a billion barrels. “Those are the kind of figures we are seeing and we are beginning to understand the geological structure of…

Thursday, 13 February 2020 05:28

It’s found that 56% of companies older than 200 years in 41 countries are in Japan. Here’s why businesses survive for so long there

Tsuen Tea sits on a street corner overlooking a large river and bridge in a sleepy outer suburb of Kyoto, Japan’s ancient capital. In a city famous for extraordinary shrines, temples and gardens (and an inundation of tourists armed with selfie sticks), it’s a relatively unremarkable structure; a quiet place to enjoy some ice cream or green tea. But there’s something special about Tsuen Tea: it’s been open since 1160 AD and claims to be the world’s oldest continually operating tea house. It’s run by 38-year-old Yusuke Tsuen, who sits cross-legged behind a counter low on the floor pouring green…

Wednesday, 12 February 2020 04:52

CBN restricts forex for milk importation to six firms

Central Bank of Nigerian (CBN) on Tuesday announced restriction of foreign exchange for milk importation to six companies in Nigeria. A statement by the apex bank said the companies include Nestle, FrieslandCampina WAPCO Nigeria, Chi Limited, TG Arla Dairy Product limited, Promasidor Nigeria, Nestle Nigeria and Integrated Dairies Limited. According to the statement, the new move is aimed at boosting local production. CBN said that it has engaged the manufacturers because they have keyed into its backward integration to enhance their capacity and improve local milk production “For the avoidance of doubts,” the bank said, “all established form ‘M’ for…

Wednesday, 12 February 2020 04:50

How a simple framework can enable innovation for your company

If you've read any of the million books about how to be more innovative--or seen any of the many TED Talks on the topic--you've undoubtedly heard that "the world is changing faster than ever." You may have also heard you need to "innovate or die," as if threats could somehow inspire creativity. You've likely been introduced to several especially innovative people or products, then been told that a few simple tweaks to the way you think might help you become as creative and world-changing as these titans. It's a popular formula. It's also wrong. Innovation isn't about the way you…

Tuesday, 11 February 2020 05:26

Nigeria’s e-payment transactions receive boost, exceed N590tr

Nigeria’s electronic payment (e-payment) system landscape has risen to a new height of about N592 trillion worth of transactions in 2019, data from Central Bank of Nigeria (CBN), has shown. The e-payment’s value was recorded in about 93.84 billion different transactions across the country, through various electronic channels. These electronic channels include cheque truncations, ACH/Nigerian Inter Bank Settlement System (NIBSS) Automated Payment Services (NAPS)/PMS, Automated Teller Machine (ATM), Point of Sale (PoS), Internet (Web), Mobile Money, NIBSS Instant Transfer (NIP), m-Cash, E-BillsPay, Central Pay, and Inter-Bank transactions. The new record also contrasts with the e-payment’s activity in 2018, which though…

Monday, 10 February 2020 05:54

Cost of funds to drop further as cash saturates interbank market

Cost of funds is expected to decline further this week in response to massive liquidity inflow of N1.3 trillion into the interbank money market. Last week, short term cost of funds fell by 870 basis points (bpts) to 5.9 percent from 14.65 percent the previous week. Specifically, interest rate on Collateralised (Open Buy Back, OBB) lending fell by 850 bpts to 5.5 percent last week from 14 percent the previous week. Similarly, interest rate on Over night lending fell by 897 bpts to 6.33 percent from 15.3 percent the previous week. The sharp decline in cost of funds was triggered…

Monday, 10 February 2020 05:48

Meet the new boss - Leader, The Economist

On paper this is a golden age for bosses. Chief executives have vast power. The 500 people who run America’s largest listed firms hold sway over 26m staff. Profits are high and the economy is purring. The pay is fantastic: the median of those ceos pockets $13m a year. Sundar Pichai at Alphabet has just got a deal worth up to $246m by 2023. The risks are tolerable: your chances of being fired or retiring in any year are about 10%. ceos often get away with a dreadful performance. In April Ginni Rometty will stand down from ibm after eight…

Sunday, 09 February 2020 05:14

Rich Nigerians will pay more tax - FIRS

Those who make more money from the system will pay a more equitable share of their income as tax towards the public good. A clear roadmap to achieving this national imperative was outlined at the weekend in Abuja on the final day of the Federal Inland Revenue Service (FIRS) Management Retreat by paper presenters, discussants and the audience brain-stormed over the 2019 Finance Act. The Lead Paper delivered by tax expert, Mr Taiwo Oyedele, titled Strategies for implementing the New VAT Regime and the panel discussion which dismissed erroneous public apprehension that the new 7.5% VAT would impact negatively on…

Thursday, 06 February 2020 05:41

Market for Nigeria’s LNG threatened amid global glut

Exporters of Liquefied Natural Gas, including Nigeria, have been told to brace for an oversupplied market and weaker-than-expected global demand depressing prices for their output for another two years. Nigeria, which is among the top 10 largest exporters of LNG in the world, has a capacity of 22 million tonnes per annum. This it does through the Nigeria LNG Limited. The company owned by the Federal Government and three international oil companies took the final investment decision in December on its Train 7 project, which aims to increase its capacity to 30mtpa. Market participants who gathered during the first day…

More...

Wednesday, 05 February 2020 05:45

10 invaluable things I've learnt about money in the past 10 years

In the last ten years I've paid off debt, bought property, gotten married, had children, and changed careers. I've learned some lessons along the way. Some of the first lessons I learned were about investing, like how important it is to start early and invest often so you can take advantage of compound interest. I've also learned that planning ahead can save you a lot of headaches, from building your credit before you need it to prioritizing an emergency fund, even when everything is going OK. Ten years ago, I was graduating from college and had just accepted my first…

Tuesday, 04 February 2020 05:51

As bandits turn on train passengers, airline launches Abuja-Kaduna flights

A Nigerian airline has launched daily flights between the capital, Abuja, and North-west Kaduna State, a fairly short distance for daily air service, after insecurity forced commuters to abandon a major road linking the two cities. Misha Travels started operations on Monday with the slogan: ‘No fatigue, no fear’, appearing to be the first airline with a dedicated service to the route, which is less than three hours by road. Tope Popoola, a management official at Misha Travels, said the route was admittedly too short to be taken seriously, but worsening road travel insecurity was the dominant basis for going…

Monday, 03 February 2020 05:56

Banks make huge profits as gap between interest and lending rates widens

Interest rates are falling to all-time low, investigation has shown. This has widened the gap between lending rates and interests. At some banks visited by our correspondent, interest on savings and fixed deposits was as low as 1.25 per cent while lending rates were as high as 25 per cent. Similarly, yields on treasury bills in the secondary market have fallen to between 2.5 per cent and 4.9 per cent. About a year ago, the yield on these securities could be as high as 12 per cent. Central Bank of Nigeria, in a recent circular to lending institutions, slashed most…

Monday, 03 February 2020 05:50

The number of the best: How big should a business team be?

Finding the optimal size of teams and organisations How big should a business team be? It is an enormously important issue for companies. Teams that are too small may lack the skills required to get the job done; teams that are too big may be impossible to co-ordinate. Similar trade-offs may apply when it comes to firms as a whole. Startups are often short of staff. The founders must play a host of different roles, from obtaining finance to product development and marketing, for which they may not be equally suited. But the upside is that they can have highly…

Page 161 of 172

Business News

More...

Search

Most Read

News

Business

Politics

Opinion

Features

Strangely

Crime

Wars

SCIENCE & TECH

SPECIAL REPORTS

Sports

VIDEOS