Business News

Friday, 29 December 2023 04:50

Oil prices to end year 10% lower as demand concerns weigh

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 18 cents, or 0.2%, at $77.33 a barrel at 0126 GMT on Friday, the last trading day of 2023, while the U.S. West Texas Intermediate (WTI) crude futures were trading 11 cents higher at $71.88 a barrel in early Asian trade. At these levels, both benchmarks are on track to close at the lowest year-end levels since 2020, when the pandemic…

Saturday, 23 December 2023 04:39

CBN removes restrictions on cryptocurrency transactions

Central Bank of Nigeria (CBN) has issued operational guidelines on virtual assets service providers (VASPs) to all banks and other financial institutions (OFIs). Released on Friday, the guidelines are contained in a circular dated December 22, 2023, and signed by Haruna Mustapha, CBN’s director of the financial policy and regulation department. According to the CBN, VASPs means any entity that conducts exchange between virtual assets (cryptocurrencies) and fiat currencies, and transfers of virtual assets. The development signals a shift from CBN’s initial position which restricts crypto transactions. In February 2021, CBN issued a circular to deposit money banks (DMBs), non-bank…

Tuesday, 19 December 2023 04:40

Spike Lee: Don't believe this 'lie' about how to become successful

No matter who you are, you won’t become successful overnight — and the sooner you internalize that, the better, says film director Spike Lee. “One of the worst lies that’s been told to young people is that there’s a thing called ‘overnight success.’ That’s done a lot of damage to people,” Lee, 66, said at the 2023 LinkedIn Talent Connect Summit in New York earlier this year. “It’s not like you’re just out there, and the hand of God is going to come down from the heavens and say, ‘You are the next one.’ That is BS.” For even the…

Monday, 18 December 2023 04:44

Investors on NGX gain N464bn in 5 days of trading

After recording four bullish trade sessions last week, investors in the Nigerian Exchange gained N464 billion. The market opened on a positive note and sustained the sentiment till Thursday, with investors earning N501 billion in the process However, the market suffered a decline on Friday on the back of sell-offs in some banking stocks. The NGX All Share Index concluded the trading week with a 1.18 per cent week-on-week increase, as it crossed the 72,000 mark to close at 72,389.23 points. This appreciation in the ASI was underpinned by robust rallies observed across key sectors, namely banking, consumer goods, telecoms,…

Thursday, 14 December 2023 04:43

Stock holders on NGX gain N415bn in 3 days of trading as bull run continues

Benchmark index of the Nigerian Exchange Limited, All-Share Index rose by 0.55 per cent on Wednesday at 72,299.79 points, thus crossing the 72,000 basis points for the first time in history. This was as trading activities on the NGX entered the fourth day of positive trading, which resulted in an N415bn gain for equity market investors. On November 1, the ASI crossed the 70,000 mark milestone to close at 70,581.76. This had followed days of sustained bullish trading. Thus far, the year-to-date gain of the ASI has risen above 40 per cent. At the close of trading on Wednesday, market…

Thursday, 14 December 2023 04:41

Jumia to shut down its food delivery business in Nigeria, 6 other African countries

African e-commerce firm Jumia Technologies will close its food delivery business in all seven countries in which the unit operates by the end of the year to focus on growing its core online retail business, it said on Wednesday. Jumia is aggressively cutting costs in order to turn profitable, including head count reductions, exiting everyday grocery items and reducing delivery services not related to its e-commerce business. The move is in line with Jumia's "strategy to optimize its capital and resource allocation and to continue its path to profitability," the retailer said, adding that Jumia Food is not suitable to…

Thursday, 14 December 2023 04:31

Apple's simple rule of 3 S's is the last productivity hack you'll need

We all want to be able to do more in less time because, in an ideal world, it would mean that we will have more time to do everything else we want to do. However as we manage to fast-track our productivity, we aren't left with more time to ourselves but just more time to do more work. The result of high productivity is often highly burnt-out staff. But as Apple is working to prove, it doesn't have to. Perhaps what we need isn't another productivity hack that helps us cross an extra item off our ever-growing to-do list. Instead,…

Wednesday, 13 December 2023 04:33

With 10 short words, Warren Buffett explains the simple success strategy most people never notice

They call him the Oracle of Omaha, and sure enough, thousands descended on the Cornhusker State to hear what Warren Buffett had to say at the annual Berkshire Hathaway shareholders meeting. There's a lot to pull out of it, but Buffett, 92, has a way with words sometimes, and when he was asked at one point what the future looks like for investors, he had such a pithy answer that I think people will be repeating it among his other Buffett-isms for a while to come. Are we running out of opportunities? The exchange went like this: Buffett was asked…

Tuesday, 12 December 2023 04:34

Taking this one extra step after a job interview can pay off—'hardly anyone' does it, says career coach

In-person job interviews typically last between 45 and 90 minutes, according to job search site Indeed. In that time, you'll probably be asked about your work history and be told about the role you're interviewing for. When the interview's over, It's customary to send a thank you email to everyone who interviewed you within 24 to 48 hours — but if you want to go that extra mile, send a physical thank you note as well. "Hardly anyone does that ever," says Vicki Salemi, career expert at Monster. But it can pay off — here's why. It shows you 'really…

Monday, 11 December 2023 04:48

Workers pension funds get N8trn profits from investments by PFAs - Report

Pension Fund Administrators have recorded N7.98tn profit from investing contributions made by workers into their Retirement Savings Accounts under the Contributory Pension Scheme, according to a new report. The report, obtained from the Pension Fund Operators Association of Nigeria, revealed that the total funds under the CPS was 17.37tn as of the end of second quarter of 2023. Contributions made by the workers from both private and public sectors totaled N9.37tn in the period under review. The report titled, ‘At the dawn of 20 years of pension reform, what are the gains?’ and released by the Chief Executive Officer, PenOp,…

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Monday, 11 December 2023 04:42

5 ways to elevate your presentation skills and command the room

Communicating effectively is not just a skill it's a strategic advantage. In my journey as a public speaker, I'm deeply committed to empowering individuals and organizations, leveraging my extensive experience as a successful entrepreneur and leader to share invaluable insights rooted in real-world challenges and triumphs. As entrepreneurs, our capacity to articulate ideas, influence stakeholders, and command attention directly impacts our business and career trajectory. The journey to becoming a confident and compelling speaker is a continuous process, we are never done improving. In this article, we explore the essential strategies to develop your speaking and presentation skills as an…

Friday, 08 December 2023 04:30

P&G, others’ exit from Nigeria paves way for ‘investors partnering with politicians’ - Atedo Peterside

Atedo Peterside, president and founder, Anap Foundation and Anap Jets, said investors who cherish the rule of law are being replaced by those who “partner with politicians”. He made this known in a post via his X, formerly Twitter, account, on Thursday, while addressing a report by TheCable that Procter & Gamble (P&G) is halting local production. On Tuesday, during a presentation at the Morgan Stanley global consumer & retail conference in New York, United States, Andre Schulten, chief financial officer, P&G, disclosed the company’s plan. Schulten said P&G, producer of Pampers, Always, Oral B, Ariel and Gillette, will end…

Thursday, 07 December 2023 04:45

P&G, manufacturer of pampers, pads for Nigerian children & women is also leaving the country

Procter & Gamble (P&G), an American multinational consumer goods, says it has plans to transition from local production to solely importing its products as the firm winds down its on-ground presence in Nigeria. Andre Schulten, chief financial officer, P&G, disclosed this on Tuesday, during his presentation at the Morgan Stanley global consumer & retail conference in New York. P&G is the manufacturer of common Nigerian household items such as Pampers, Always, Oral B, Ariel, Ambi-pur, SafeGuard, Olay and Gillette. Schulten said the decision is a result of the challenging business environment in Nigeria, as well as the difficulty in creating…

Thursday, 07 December 2023 04:36

Trends in innovation that’ll affect your 2024 business growth

There's an ever-changing landscape in today's business world. It's vital for companies to constantly stay ahead of the curve for consistent growth. Failure to do so can render your business practices outdated at best and obsolete at worst. One of my favorite events to attend each year is Ernst and Young's Strategic Growth Forum. In 2016, I was an award winner and have attended every year since. It's fascinating to meet the individuals and companies who also attend and to note the changing trends in growth and innovation each year. With that being said, here are a few innovative trends…

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