Business News

Friday, 12 June 2020 15:05

British Airways, others sue UK govt over strict quarantine measures

British Airways, easyJet and Ryanair earlier today said they have begun legal action against the British government's quarantine policy in a bid to overturn what they see as overly strict rules. All three airlines had hoped to resume regular flights after air travel came to a total standstill during the Coronavirus pandemic, leading to almost 20,000 job losses between them. But Britain’s 14-day quarantine, introduced on June 8 for arrivals from abroad, is deterring bookings at a time when other European countries are beginning to open their borders. The airlines said in a statement issued by BA's parent company IAG…

Thursday, 11 June 2020 14:18

Oil prices set for worst daily drop since April on inventories, bearish Fed

Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude (LCOc1) futures erased Wednesday's gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude (CLc1) dropped 7.6%, or $3.02, to $36.58 a barrel. Both benchmarks are set for their worst daily drops since April 21 and 27, respectively. “Prices are once again under pressure as concerns over the pace of the demand recovery intensified,” said Rystad Energy’s oil markets…

Wednesday, 10 June 2020 05:31

FG to auction long-term bonds at high interest rates

Debt Management Office (DMO) on Tuesday disclosed that it would offer five, 15 and 30 year bonds at 12.75 percent, 12.50 percent and 12.98 percent interest rates respectively for public subscription this month. The information was contained in a notice published on debt management agency’s website. The document showed the breakdown of the N150 billion bond as including N40bn five-year reopening bond that would mature in April 2023, N50bn 15-year reopening bond that would mature in April 2035 and N60bn 30-year bond expected to mature in April 2050. The document also showed that the auction date is June 17, 2020…

Wednesday, 10 June 2020 05:29

Nigeria imported more than it exported by N138bn in Q1, 2020 - NBS

As the ravaging Covid-19 intensifies, Nigeria recorded a trade deficit of N138.98 billion in Q1 of 2020, making two consecutive quarters of negative balance of trade, with value of imports surpassing exports. This was contained in the report by National Bureau of Statistics (NBS) on its website, yesterday. The bureau noted that the consecutive quarters of negative trade balances (and lower imports and exports) occurred against the backdrop of a global slowdown in economic activity as a result of the Covid-19 pandemic. The global health crisis, it said, resulted in several countries implementing varying degrees of restrictions with respect to…

Tuesday, 09 June 2020 05:56

CBN waives guarantor requirement for Covid-19 loans

Central Bank of Nigeria has said all successful applicants that have submitted their account details for the Covid-19 Targeted Credit Facility should expect to be credited within 48 hours. Director, Corporate Communications of CBN, Mr Isaac Okorafor, disclosed this in a statement on Monday. The applicants are households and small and medium enterprises hard hit by the Covid-19 pandemic, according to CBN, Okoroafor advised all successful applicants whose accounts had not been credited to visit the website of NIRSAL Microfinance Bank and input their account details. He said “any successful applicant that does not receive a credit alert within 48…

Tuesday, 09 June 2020 05:47

Why your business needs to invest in training and development today

Karen McCandless Training is not a cost center; it can be incredibly beneficial to your business if deployed in the right way. Here are the main benefits that you can gain from investing in training and development. And here’s a spoiler: It’s a win-win situation for you and your employees. 1. Improve employee retention Learning and development is a priority for employees, with 94% of employees saying they would stay with a company longer if there was an investment in learning. If you want to retain your top talent while ensuring they are motivated to work to the best of…

Monday, 08 June 2020 05:02

Oil prices rise further in reaction to OPEC+ extension of output cuts

Oil prices rose more than 2% early on Monday to their highest in three months after OPEC and its allies including Russia agreed to extend record oil production cuts until the end of July. Brent crude climbed to as high as $43.41 a barrel and was trading at $43.32 by 0000 GMT, up $1.02, or 2.4%. U.S. West Texas Intermediate (WTI) crude CLc1 gained 83 cents, or 2.1%, to $40.38 a barrel. Both hit their highest since March 6. Brent has nearly doubled since the start of April, propped up by an unprecedented production cut of 9.7 million barrels per…

Monday, 08 June 2020 05:01

Electricity companies blame FG for poor power supply

Electricity generation companies in Nigeria, GenCos, on Sunday, blamed the federal government for the current poor state of the privatised power sector. GenCOs were reacting to a call by Senate President Ahmad Lawan for the review of the privatisation exercise for failing to deliver on its objectives. Executive Secretary of the Association of Power Generation Companies, Ms Joy Ogaji, pushed back the accusation, saying Bureau for Public Enterprises (BPE) should be held responsible for failing to meet its obligations in two of the three foundation agreements reached with the operators in 2013. Ogaji told reporters the governing contract agreements reached…

Monday, 08 June 2020 05:00

CBN disburses N107.45b to beneficiaries of Covid-19 intervention funds

At least N107.45 billion has been accessed by beneficiaries from the N1.15 trillion Central Bank of Nigeria’s (CBN’s) Covid-19 pandemic intervention funds within the last 90 days, data by the apex bank has indicated. Data showed that close to 6,000 beneficiaries, comprising organisations and individuals, had accessed the loans so far. The various CBN Covid-19 intervention funds include, N100 billion healthcare sector intervention fund, N1 trillion intervention targeted at agriculture and manufacturing firms, and N50 billion targeted credit facility for households and SME’s. CBN data showing the disbursements indicated that under the N100 billion healthcare sector intervention fund, CBN has…

Monday, 08 June 2020 04:54

This company's winning Covid-19 strategy: Follow the supply chain to find who needs help

Fathom, a 3-D-printing services firm, is finding ways to source, design, or make whatever the medical community needs to fight the coronavirus. On March 22, eight people on a Zoom call implored manufacturers and medical-supply companies for help. An innovation manager at a staffing firm for emergency rooms around the U.S. explained that his hospital clients were running dangerously low on PPE. Could someone hook them up? The owner of a medical device company described a project to develop 3-D-printed nasal swabs for Covid-19 test kits. He needed assistance with the "last mile": sterilization and packaging. Presiding over the session…

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Sunday, 07 June 2020 04:48

Inter-state travel ban crippling hotels, other businesses - Proprietors

Hotels proprietors in the country under the aegis of Nigeria Hotels Association have decried the continuous inter states travel ban imposed by the federal government to contain the spread of Coronavirus, saying it has crippled their hotels and other businesses. National president of the association, Mr Eze Patrick Anyanwu, while addressing journalists at a press conference held at Zaranda Hotel, Bauchi, yesterday said, they had recorded huge losses since the imposition of the travel ban. He noted that 95 per cent of their customers were travellers, who come from other states, lamenting also that many hotels had resorted to borrowing…

Sunday, 07 June 2020 04:45

OPEC+ extends record oil cuts to end of July, boosting oil prices

OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market. The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September. OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the…

Saturday, 06 June 2020 05:21

Nigerians have been alert to prevalence of adulterated diesel in fuel stations. This is what to do, according to NNPC

Nigerian National Petroleum Corporation (NNPC) has warned consumers of petroleum to beware of fake and adulterated diesel in circulation. The corporation raised the alarm in a statement in Abuja by its spokesperson, Mr Kennie Obateru. Obateru said the alarm followed reports of prevalence of low grade and contaminated diesel being offered at discounted prices in some parts of the country to consumers. Managing Director of NNPC Retail Limited, the products distribution subsidiary of the corporation, Mr Billy Okoye, raised the alarm in a monitoring report issued in Abuja. He admonished motorists and other consumers relying on diesel for their businesses…

Saturday, 06 June 2020 05:11

My employee has a crush on me

Inc.com columnist Alison Green answers questions about workplace and management issues--everything from how to deal with a micromanaging boss to how to talk to someone on your team about body odor. A reader asks: I am a female manager at a small, mostly male company, and directly manage several people (all male). One of the six has worked for me for multiple years. Since he began his employment, I always felt he had a "crush" on me and kept my distance (as much as I could as his manager). His crush has gotten increasingly more obsessive over the past year:…

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