Business News

Monday, 06 January 2020 06:09

Oil surges again after Trump threatens Iraq sanctions, Iran retaliation

Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel, after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. Brent crude futures (LCOc1) soared to a high of $70.27 a barrel at 0222 GMT, up $1.67, or 2.4%, from Friday's settlement. U.S. West Texas Intermediate (CLc1) crude was at $64.39 a barrel, up $1.34, or 2.1%, after touching $64.44 earlier, the highest since April. The gains extended Friday’s more-than-3% surge after a U.S. air strike in Iraq killed top Iranian commander…

Monday, 06 January 2020 05:56

5 lifestyle changes to make if you want to get rich in 2020

If your're looking to build more wealth in 2020, money won't simply appear — you're probably going to have to make some changes to reach your goals. Here are five lifestyle changes that have helped self-made millionaires get to where they are today. If they worked for them, they could also work for you. Generate two incomes — or more The richest people focus on earning, and they typically aren't content with one source of revenue. As author Thomas C. Corley found in his multi-year study of self-made millionaires, the rich "do not rely on one singular source of income,"…

Sunday, 05 January 2020 05:59

FG reviews electricity tariffs for power distribution companies, freezes hike till April

Nigerian Electricity Regulatory Commission (NERC) has published a reviewed power tariff for December 2019 with no hike for customers of the 11 Distribution Companies (DisCos) until April 2020. NERC, in the published December 2019 Minor Review of the Multi Year Tariff Order (MYTO) 2015 and the Minimum Remittance Order (MRO) for 2020, gave a caveat on the frozen tariff hike. “The Federal Government’s updated Power Sector Recovery Programme (PSPRP) does not envisage an immediate increase in end-users tariffs until 1st April 2020 and a transition to full cost reflectivity by end of 2021.” To bridge this gap since customers won’t…

Saturday, 04 January 2020 06:09

Oil, safe havens surge after U.S. strikes kill Iran commander

Oil prices surged as much as $3 a barrel as gold, the yen and safe-haven bonds all rallied on Friday after the U.S. killing of Iran’s top military commander in an air strike in Iraq ratcheted up tensions between Washington and Tehran. Traders were spooked after the death of Major General Qassem Soleimani, head of the elite Quds Force who was also one of Iran’s most influential figures, and by Iranian Supreme Leader Ayatollah Ali Khamenei’s vow of revenge. U.S. Secretary of State Mike Pompeo said the strike aimed to disrupt an “imminent attack” that would have endangered Americans in…

Friday, 03 January 2020 05:46

Boko Haram, herdsmen undermining food production in Nigeria - World Bank

Boko Haram insurgency and herdsmen attacks in parts of the country undermined the growth of Nigeria’s agricultural sector, according to a report released by the World Bank. Federal Government’s Economic Recovery and Growth Plan targets agriculture as a key sector to support economic diversification and promote import substitution. The strategy aims to achieve production self-sufficiency in certain partly imported commodities, including rice, wheat, sugar, and palm oil. In recent years, Central Bank of Nigeria had supported agriculture through concessionary financing and risk-sharing programmes such as the Commercial Agricultural Credit Scheme, the Nigerian Incentive-Based Risk Sharing in Agricultural Lending programme, and…

Wednesday, 01 January 2020 05:34

FG orders Discos to stop collecting cash from electricity consumers

Federal Government has ordered power distribution companies to migrate to cashless settlement platforms with respect to collection of electricity bills from residential, industrial and commercial customers. It stated that the distributors have till January 31 and March 31, depending on the class of customers, to comply with the order issued by Nigerian Electricity Regulatory Commission in a document with reference ‘Order No/NERC/183/2019.’ The document, dated December 30, 2019 and obtained by our correspondent in Abuja, was signed by both NERC Chairman, Mr James Momoh; and NERC Commissioner, Legal, Licensing and Compliance, Mr Dafe Akpeneye. In the document, the commission noted…

Wednesday, 01 January 2020 05:25

Want to motivate your employees in the new year? Foster a sense of community with these 5 tips

If you want your employees to do their best work, use these tips to enhance social connectivity at the office. With what can be years of work ahead of you, it can be difficult to feel passionateabout the job you're doing, especially if you've been at it for a while. A lack of motivation among employees is a dangerous issue that every leader must tackle head on, otherwise it could lead to burnout, poor performance, dragging sales, and resignation letters. Wouldn't it be great if you could create an environment where your employees feel welcomed, inspired and useful at work,…

Tuesday, 31 December 2019 05:50

Nigeria’s stock market ends 2019 in red

With today being the last day of trading this year, it is almost certain that transactions on Nigerian Stock Exchange (NSE) will close in the red zone. The outgoing year is, indeed, turning out to be yet another locust year for both local and foreign investors, due to an unfriendly operating environment. This, analysts said, was in spite of the impressive financial results churned out by most quoted companies. According to the analysts, the market was negatively impacted by the general elections, insecurity and unstable monetary and fiscal policies, among others, even in the face of stability in foreign exchange…

Monday, 30 December 2019 06:27

FG-owned refineries process no drop of crude oil in 3 months, incur loses for 13 months

Refineries under the management of Nigerian National Petroleum Corporation stayed dormant for three consecutive months as they processed no drop of crude oil, latest report on the operations of the facilities has shown. An analysis of the consolidated operations of the refineries showed that the plants were dormant in July, August and September with respect to the processing of crude oil. The refineries under the management of NNPC are the Warri Refining and Petrochemical Company, Port Harcourt Refining Company and Kaduna Refining and Petrochemical Company. It was also observed that the consolidated capacity utilisation of the facilities was zero per…

Monday, 30 December 2019 06:23

FIRS eases process to obtain Tax Clearance Certificate

Federal Inland Revenue Service (FIRS) yesterday announced a new Tax Clearance Certificate (TCC) regime. In a public notice signed by its Chairman, Mr Muhammad Nami, the service granted eligible taxpayers a 30- day window to enable them obtain TCC. The new TCC regime, according to the public notice, will make it easier for taxpayers to obtain their clearance certificate. Nami said the offer to ease issuance of TCC is in accordance with provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011. He warned that the service will not fail to invoke the provisions…

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Monday, 30 December 2019 06:22

The rich get richer still: $1.2 trillion added to their wealth in 2019

The leveraging of a giant social-media presence, a catchy tune about a family of sharks and a burgeoning collection of junkyards are just a few of the curious ways that helped make 2019 a fertile year for fortunes to blossom around the world. Kylie Jenner became the youngest self-made billionaire this year after her company, Kylie Cosmetics, signed an exclusive partnership with Ulta Beauty Inc. She then sold a 51% stake for $600 million. It has been almost two months since the Washington Nationals captured their first World Series championship, but people around the world are still singing along to…

Monday, 30 December 2019 06:14

The scientific case for hiring a narcissist

Craig Wallace When it comes to hiring, most managers want applicants who are not only smart, conscientiousness and collaborative, but also humble, honest and considerate. If you are nodding your head in agreement, stop — research says you’re wrong. Mounting evidence suggests that extolling “bright” personality traits (think generosity, heightened regard for others’ wellbeing, optimism) while simultaneously demonizing “dark” traits (such as arrogance, willingness to manipulate others, singular focus on one’s own goals) is not only misguided, but may cause many to miss out on valuable potential talent. In one 2017 study, people who bear more pronounced dark personality traits…

Saturday, 28 December 2019 04:30

‘Mr Cement’, Joseph Makoju retires as Dangote Cement GMD

Group Managing Director/CEO , Dangote Cement Plc, Mr Joseph Makoju, will retire as GMD/CEO effective January 31, 2020, a position he has held since 2018; according to a report from Nigerian Stock Exchange. Makoju, popularly called Mr Cement, is bowing out after 45 years of transformational leadership in the cement industry. The board has however approved the appointment of Michel Puchercos as his replacement as the Group CEO, effective February 1, 2020. The outgoing GMD/CEO of Nigeria’s largest cement manufacturer, holds a B. Sc (1st Class) honours degree in Mechanical Engineering from University of Nottingham, UK and an M.Phil. in…

Friday, 27 December 2019 04:32

Oil hits three-month highs

Oil prices rose on Friday, hitting three-month highs after data showed record online spending by U.S. consumers, stoking faith in the world’s no. 1 economy even before the hoped-for end to the trade war between Washington and Beijing. Brent crude futures were up 13 cents, or 0.2%, at $68.05 a barrel at 0150 GMT, while the West Texas Intermediate (CLc1) contract was up 13 cents, or 0.2%, at $61.81 a barrel. A survey on Thursday showed that online holiday purchases by U.S. consumers reached a record, beating analysts’ expectations and sending U.S. stocks to fresh. U.S. consumers are “showing few…

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