Business News

Monday, 03 February 2025 04:11

Oil prices jump on supply disruption fears from US tariffs

Oil prices jumped on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of crude supply disruption from two of the biggest suppliers to the U.S., but the prospect of lower fuel demand capped gains. U.S. West Texas Intermediate crude futures were at $73.97 a barrel, up $1.44, or 2%, by 0042 GMT, after hitting more than a week's high at $75.18 a barrel earlier in the session. Brent crude futures rose 62 cents, or 0.8%, to $76.29 a barrel, after touching a high of $77.34. Trump on Saturday ordered sweeping tariffs on goods…

Sunday, 02 February 2025 04:38

Dangote Refinery slashes N60 off petrol price

Dangote Petroleum Refinery has announced a reduction in its ex-depot petrol price from N950 to N890 per litre. The price cut was revealed in a statement issued on Saturday by Anthony Chiejina, the group's chief branding and communications officer. The company attributed the price adjustment to favorable conditions in global energy markets, particularly noting the recent decline in Brent crude oil prices from $81 to $77.48 per barrel between early January and Friday. "This price revision directly responds to positive trends in global energy markets," the refinery stated. The company expressed confidence that the N60 reduction would help lower nationwide…

Friday, 31 January 2025 04:40

3 tried-and-true strategies For small businesses to emerge stronger no matter what the economy looks like

Nathan Miller Key Takeaways Small businesses showcase optimism for 2025 despite economic challenges such as inflation, rising operational costs and unpredictable interest rates. Adaptability, financial prudence and a customer-first approach are key strategies for small businesses navigating the economic volatility. Property management industry insights reveal the importance of leveraging technology and customer feedback to maintain a competitive edge. The Small Business Optimism Index from the National Federation of Independent Business is trending upward as we begin 2025. Still, small businesses continue to face nationwide challenges from rising operational costs to supply chain disruptions to wage pressures. Unpredictable inflation and fluctuating…

Thursday, 30 January 2025 04:51

Nigeria achieves historic milestone in digital payments, crosses the quadrillion Naira mark

Nigeria's digital payment ecosystem has reached a significant milestone, with electronic transactions totaling N1.07 quadrillion in 2024, marking the first time transactions have crossed the quadrillion naira threshold. This figure, equivalent to approximately $702.6 billion at the reported year-end exchange rate, represents a 79.6% increase from the previous year's N600 trillion. The NIBSS Instant Payment (NIP) platform processed 11.2 billion transactions throughout the year, up 15.5% from 9.7 billion in 2023. December 2024 saw peak activity with N115.1 trillion in transactions, attributed to increased festive season spending. This dramatic growth in digital payments appears to be driven by several factors:…

Wednesday, 29 January 2025 04:46

FG grants gas distribution licences to 6 companies

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has issued 10 Gas Distribution Licences (GDLs) to six companies as part of efforts to expand and deepen gas utilisation in Nigeria. The GDL, as outlined in Sections 148–152 of the Petroleum Industry Act (PIA), grants exclusive rights to establish, construct, and operate gas distribution systems within designated Local Gas Distribution Zones (GDZs). The recipients of these licences include NNPC Gas Marketing Company, Shell Nigeria Gas Limited, NIPCO Plc., Central Horizon Gas Company, Falcon Corporation Ltd., and AXXELA. At the award ceremony in Abuja on Tuesday, Farouk Ahmed, Chief Executive Officer…

Tuesday, 28 January 2025 04:22

DeepSeek, the Chinese nemesis of ChatGPT, Claude, others triggers global AI stocks selloff

Investors sold technology stocks across the globe on Monday as they worried that the emergence of a low-cost Chinese artificial intelligence model would threaten the dominance of current AI leaders like Nvidia, shaving $592.7 billion off the chipmaker's market value. Last week, Chinese startup DeepSeek launched a free AI assistant that it says uses less data at a fraction of the cost of incumbent services. By Monday, the assistant had overtaken U.S. rival ChatGPT in downloads from Apple's app store. This led the tech-heavy Nasdaq to fall 3.1% on Monday. Nvidia was the Nasdaq's biggest drag, with its shares tumbling…

Monday, 27 January 2025 04:51

Marketers shun Dangote Refinery as imported petrol becomes cheaper

A significant shift is occurring in Nigeria's petroleum market as imported fuel becomes more cost-effective than domestically refined products from the Dangote Petroleum Refinery. According to recent data, the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to N922.65 per litre, undercutting Dangote's gantry price of N955 per litre by N32.35. This price differential could prompt oil marketers to return to importing fuel, despite recent efforts to promote domestic refining. The landing cost includes various expenses such as shipping, import duties, and current exchange rates, which are calculated at N1,550 per dollar. Market analysts note…

Monday, 27 January 2025 04:44

At age 24, he made a website out of pure ‘frustration’—now, it’s worth $9bn

Ashton Jackson Drew Houston’s company was born from a very millennial problem. As a student at MIT, Houston repeatedly lost USB drives with important information on them, he told “Lenny’s Podcast” in an episode that aired earlier this month. In 2007, at age 24, he got fed up and created a cloud storage platform for his own personal use. Later, he built it out into the file-hosting company Dropbox — which has a $9.62 billion market cap, as of Thursday afternoon. “I started Dropbox more out of just personal frustration,” said Houston, now 41. “It really felt like something only…

Friday, 24 January 2025 04:17

The billion-dollar mistake: Why failed plans create more success stories than perfect ones

Andrea Zanon Discover why failed plans often lead to greater success than perfect ones. Learn how persistence, adaptability, and unexpected opportunities create billion-dollar breakthroughs. "I'm going to build the next Facebook," declared James, a bright-eyed developer, back in 2012. Today, he runs a thriving cybersecurity firm that protects social media companies, including Facebook. Not quite what he planned, but a success story that perfectly captures life's beautiful irony. Here's what no one tells you about success: it rarely shows up wearing the “outfit” you picked out for it. The real magic happens when you stop forcing things and start recognizing…

Thursday, 23 January 2025 04:14

Nigerian stock market surges on telecom tariff hike, MTN shares shine

The Nigerian stock market experienced a significant boost on Tuesday, with the main equity index rising 0.8 percent, adding N472 billion in value. The surge was primarily driven by the Nigerian Communications Commission's approval of a 50 percent tariff increase, which sparked heightened interest in MTN Nigeria's shares. MTN Nigeria, a telecommunications giant and the country's second-largest company by market capitalization, saw its stock jump 10 percent to close at N256.3. This performance was particularly notable, as the company represents 8.5 percent of the market's total value. The insurance sector emerged as the top performer among market indexes, with the…

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Thursday, 23 January 2025 04:07

High-profit, low-failure business ideas that are built for success

Melissa Houston Starting a business can be one of the most rewarding and exciting journeys you can go on, but if the business fails, the failure can be tough to manoeuvre. Research shows that about 20 percent of small businesses fail within their first year, so choosing business ideas with high profit and low failure rates is a smart strategy. When you combine strong profit potential with lower failure rates, you set yourself up for long-term business success. These two factors create a foundation that allows your business to not only thrive but also weather challenges more effectively. Choosing the…

Wednesday, 22 January 2025 04:16

Start a business or stay employed? How to make the right choice

Melissa Houston Many are taking the entrepreneurial leap in 2025, and if you have that burning desire to join them but aren’t quite sure if it’s the right move for you, you are in good company. Transitioning from steady employment to start a business is a big decision, and one that shouldn’t be taken lightly. Understanding Your Motivation When it comes to entrepreneurship, you need to know why you want to start a business. Is it because you have a passion for an idea, or maybe you are dissatisfied with your current job, or have a strong desire for independence.…

Tuesday, 21 January 2025 04:47

MTN, Airtel, Glo, others get green light for 50% tariff increase

The Nigerian Communications Commission (NCC) has authorized telecommunications companies to implement their first tariff increase since 2013, though at a lower rate than requested. The approval caps the increase at 50%, falling short of the 100% hike sought by some operators. In an announcement released Monday, NCC Director of Public Affairs Reuben Muoka explained that the decision was made under the commission's statutory authority to regulate telecommunications pricing. The adjustment aims to address the growing disparity between operational costs and existing tariffs while ensuring service quality remains uncompromised. "This measured increase reflects our careful consideration of ongoing industry reforms and…

Monday, 20 January 2025 04:49

Here’s what a good boss does during a company crisis

Art Markman It’s easy to be in a leadership role during good times. You’re the equivalent of Oprah telling everyone in the audience that they just got a new car. But, when times are tough, that’s when you have to look in the mirror and say “that’s why they pay me the big bucks.” To be prepared for these times, you should make sure that you have a plan for how to address a crisis, when one inevitably arises. Obviously, the details of that plan will have to be developed on the fly, because the specifics of most crises are…

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