Business News

Friday, 19 June 2020 05:40

3 reasons the workplace can’t return to normal after Covid-19

Organizations are in crisis mode, and workers are rising to the challenge amid the Covid-19 health emergency. Almost everyone in America who has a job that can be done remotely is now working from home, according to data compiled by Statista. Many are putting in long hours. They’re zooming into meetings, responding to Slack messages around the clock, and willingly blurring the boundary between their work and private lives in order to help their organizations succeed. Many employees assume that when the crisis is over, these “wartime working conditions” will end and things will go back to the way they…

Friday, 19 June 2020 05:39

Why a recession can be a good time to start business

What do General Motors, Burger King, CNN, Uber and Airbnb all have in common? They were all founded during economic downturns. GM launched in 1908, when the US economy was in turmoil after "the Panic of 1907" financial crisis. Meanwhile, Burger King flipped its first patty in 1953, when the US was again in recession, and CNN started its news broadcasts in 1980, when US inflation hit almost 15%. Both Uber and Airbnb set up business during the global financial crisis of 2007-09. These examples show that many of the best, and longest-lasting, companies are set up during downturns, according…

Thursday, 18 June 2020 04:51

Naira slides at official market on plan to align exchange rates

Naira opened 6.2% lower against U.S. dollar on the official market on Wednesday as traders quoted the currency close to over-the-counter spot market rate on indications the government would move to conserve dwindling reserves. In a finance ministry document seen by Reuters on Wednesday, Minister of Finance, Mrs Zainab Ahmed said government would seek to unify exchange rates to generate more naira from its foreign inflows and manage the rate in a sustainable manner. It would also direct oil firms to sell dollars to central bank as opposed to the state-owned petroleum corporation NNPC, Ahmed said, adding that the government…

Thursday, 18 June 2020 04:46

US import of Nigerian oil declined by 63% in Q1, 2020

United States’ import of Nigeria crude oil plunged by 63.03 per cent in the first quarter of this year, compared to the last quarter of 2019. Latest data from US Energy Information Administration showed that the country imported 5.53 million barrels of crude from Nigeria in Q1 2020, down from 15.07 million barrels in Q4 2019. US bought 1.92 million barrels in January; 1.93 million barrels in February and 1.68 million barrels in March, according to the EIA. US has significantly reduced imports of Nigerian crude oil in the past few years as the oil produced in its shale operations…

Wednesday, 17 June 2020 11:08

Food prices, weak currency pushed up prices in May - NBS

Nigeria’s inflation rate rose for the ninth straight month in May as food prices continue to climb and the currency remain under pressure. Consumer prices rose 12.4% from a year earlier, compared with 12.3% in April, the Abuja-based National Bureau of Statistics said in a report published on Twitter Wednesday. Costs increased 1.17% in the month. Key Insights Food inflation quickened to 15.04%, the highest rate since March 2018. Prices are being pushed up as clashes between herders and farmers cause insecurity and inter-state travel is disrupted by the coronavirus pandemic. The Central Bank of Nigeria unexpectedly cut its key…

Wednesday, 17 June 2020 05:31

Why great performers make bad managers

Have you ever wondered why the world is full of so many people who are incredibly incompetent at the very thing they are paid to do? If so, a crotchety educationalist called Laurence J Peter may have the answer. Working as a teacher in Canada the 1940s, Peter had been puzzled by the inept behaviour of his equals and superiors. He had applied to join a new school district, for instance, only to have all his forms and documents returned. There was nothing wrong with the application – rather, the Department of Education told him that they could not accept…

Tuesday, 16 June 2020 05:26

Power generation firm threatens to drag FG to UK court over N13.2b electricity bill

Nigerian Bulk Electricity Trading Plc (NBET) and promoter of Omotosho and Olorunsogo power generation companies (GenCos), Sepco Pacific Energy Partners Limited, are at loggerheads over electricity invoices worth N13.2 billion. The two utilities, which power the entire South West region, have, therefore, threatened to initiate action against Federal Government at the London Court of International Arbitration over the matter. Denying any wrongdoing however, manager of Nigerian Electricity Supply industry (NESI) claimed that the investor owed N15 billion in clawback, insisting that it could be out to “blackmail the Federal Government.” This is coming few weeks after all of the nation’s…

Tuesday, 16 June 2020 05:24

NNPC raked in N1.01tn profit in 2018

For the first time in its history, Nigerian National Petroleum Corporation (NNPC) on Monday, released its audited report (2018), showing that its subsidiaries recorded a total of N5.04 trillion in revenue and a profit of N1.01 trillion. The report, signed by its Group Managing Director, Mr Mele Kyari, is a radical departure from the norms where the national oil company only published its unaudited operational statements. Reacting to the development, Kyari said it was very difficult to explain why Nigeria, an oil-producing country would remain a net importer of petroleum products. “The reason is simple: we could not fix our…

Tuesday, 16 June 2020 05:11

EQ matters more than IQ for group success, new Harvard study says

A team with high emotional intelligence tends to perform better than one composed only of the smartest people in the company. Say you're putting together a team to tackle a critical project for your business. How do you decide whom to assign to this essential work? Do you find the smartest people in the company and put them all on the problem? Or do you look for some other balance of skills and background? Entrepreneurs and other leaders struggle with this dilemma all the time. Helpfully, new research conducted by Harvard researchers and released by the National Bureau of Economic…

Monday, 15 June 2020 04:36

Pandemic leads to bicycle boom, scarcity

Fitness junkies locked out of gyms, commuters fearful of public transit, and families going stir crazy inside their homes during the coronavirus pandemic have created a boom in bicycle sales unseen in decades. In the United States, bicycle aisles at mass merchandisers like Walmart and Target have been swept clean, and independent shops are doing a brisk business and are selling out of affordable “family” bikes. Bicycle sales over the past two months saw their biggest spike in the U.S. since the oil crisis of the 1970s, said Jay Townley, who analyzes cycling industry trends at Human Powered Solutions. “People…

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Sunday, 14 June 2020 18:57

Warren Buffett's love affair with Coke

“We Egyptians believed once in English liberalism and English sympathy; but we believe no longer, for facts are stronger than words. Your liberalness we see plainly is only for yourselves, and your sympathy with us is that of the wolf for the lamb which he deigns to eat.” —Mohammed Abduh, a founder of Islamic Modernism, 1895(1) Jeffrey Dunn was president of Coca-Cola for North and South America, at a time when soft drink sales were steadily rising. American children were drinking a third of a cup of sugar a day, and Coke executives wanted to increase that. In 2001 Dunn…

Sunday, 14 June 2020 05:30

Despite global reopening push, some jobs are gone for good

Factories and stores are reopening, economies are reawakening – but many jobs just aren’t coming back. That’s the harsh truth facing workers laid off around the world, from restaurants in Thailand to car factories in France, whose livelihoods fell victim to a virus-driven recession that’s accelerating decline in struggling industries and upheaval across the global workforce. New U.S. figures released on recently showed a surprise drop in joblessness as some of those who were temporarily laid off returned to work. But it’s only a dent in the recent months’ surge of unemployment, which remains near Depression-era levels. In a pattern…

Saturday, 13 June 2020 05:08

Nigeria’s sukuk bond oversubscribed by N519.12b - DMO

Federal Government’s Sovereign Sukuk bond of N150n offered to investors was oversubscribed by N519.12bn, Debt Management Office has said. DMO said on Friday in a statement that the offer attracted a total subscription of N669.12bn, representing a subscription level of 446 per cent. It said it allotted N162.557bn to investors in the third Sovereign Sukuk. The debt office said the high demand for the bond came from a wide range of investors, including ethical funds, insurance companies, fund managers and retail investors. The statement said the participation by a wide range of investors was in line with the DMO’s objectives…

Saturday, 13 June 2020 04:46

Transporters lose N200bn to interstate travel ban - Operators

Public Transport Owners of Nigeria Association (PTONA) yesterday called for immediate lifting of ban on interstate transportation. The Public Transport Owners said this is imperative to reduce the revenue losses, not only to them, but to the national economy, estimating that the transport owners would have lost N200bn in revenue by the end of 10 weeks of the lockdown. Addressing a press conference in Lagos on Friday, National President of the association comprising over 150 members, Mr Isaac Uhunmwagho decried that since the ban on interstate movement, many businesses have died and more are on the verge of collapse. He…

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