Business News

Thursday, 21 September 2023 04:14

Now it’s clear: Hard work doesn’t make you rich - Faiza Shaheen

Every parent wants their child to reach their full potential and flourish: my mum called me Faiza because it means “winner” in Arabic in the hope that success would be inevitable. It’s an emotion that runs deep, and one that politicians across the spectrum are keen to tap into, for ever promising to build an “aspirational” or truly “meritocratic” society where any individual can make it as long as they work hard enough. Equality of opportunity is a phrase commonly used by our politicians, even for those too scared to talk about equality more generally. Yet for decades we’ve been…

Wednesday, 20 September 2023 04:47

Foreign airlines still unable to repatriate $783m trapped in CBN - IATA

International Air Transport Association has said that as of August 2023, Nigeria accounts for $783m of airlines’ blocked funds. This was contained in a statement by the trade association which said that the IATA’s Regional Vice-President for Africa and Middle East, Kamil Al Awadhi, has had engagements with the Federal Government to resolve the situation. Foreign airlines operating in the country have been unable to repatriate their commercial revenue amid a protracted scarcity of forex. The statement read in part, “Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, Festus Keyamo, during which he called on…

Wednesday, 20 September 2023 04:41

Avoid this common job interview tip, says recruiter who’s screened over 10,000 candidates

TikTok is full of advice on how to ace your job interview — but not all of those tips are actually a good idea, some recruiters say. It’s smart to come prepared with questions for your interviewer when they inevitably ask if you have any. But one question often floated as a way to make yourself stand out could actually end your interviews prematurely. “When you ask questions at the end of your interview and ask your interviewer, “Do you have any hesitations about my candidacy?′ That is the worst advice,” says Farah Sharghi, who estimates she’s conducted more than…

Tuesday, 19 September 2023 04:37

31-year-old mom left her job for a side hustle. She brings in $101,000 a month, works 30 minutes a day

Cassiy Johnson always wanted a second income source. But selling concrete candles and coffee mugs swirled in nail polish from her Howell, Michigan, home proved too time-consuming and heavy to ship. Then, she tried designing T-shirts. It was April 2020, and Johnson had been furloughed from her full-time job as a daycare salesperson, where she made $70,000 per year. Her Etsy shop launched the next month — and in the fall, it brought in $30,000 in revenue in just two months, she says. Even better, she adds: She spent less than 30 minutes per day on the side hustle, running…

Monday, 18 September 2023 04:32

The 3 phases of leadership in business, others

How confident are you in your leadership abilities? In my 20-plus years of experience in startups -- having filled every position from new hire to CEO -- I've never seen a company reach its potential under anything less than exemplary leadership. The reverse can be true, of course. Any business can fail regardless of how good the leadership might be. But if your company leadership sucks, your business doesn't stand a chance. Leadership -- despite the millions of dollars and hours spent coaching it -- isn't that difficult to wrap your brain around. You know it when you see it,…

Friday, 15 September 2023 04:47

Oil prices rise to 10 month-high on supply concerns

Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5%, to $94.16 as of 0027 GMT, while the U.S. West Texas Intermediate crude (WTI) was up 0.6% at $90.74. Both the benchmarks were trading at their highest levels since November. Analyst Tina Teng at CMC markets said China's reserve requirement cuts were instrumental in lifting energy and industrial metal prices in general, adding that Chinese…

Friday, 15 September 2023 04:38

Want to be a great boss? Navy SEAL describes the 4 laws of effective leadership

When I worked in manufacturing, I regularly visited other facilities to assess productivity, waste, costs, retention – basically everything the plant measured. (And to recommend a few areas they should measure.) I was fairly good at spotting problems and creating plans to address those problems, but I didn't follow a formal structure. A little pattern matching, a dollop of experience – those were my guides. What I needed was the approach described by Jocko Willink, a former Navy SEAL, bestselling author, and leadership instructor in his new class on MasterClass. "There are four laws of combat leadership," Jocko says. "Cover…

Thursday, 14 September 2023 04:46

Nigerian stocks lose N757bn after FTSE downgrade

Investors on the stock market of the Nigerian Exchange Limited (NGX) have lost N757 billion in two days over the demotion of the exchange from frontier to unclassified market status by FTSE Russell. The downgrade by FTSE Russell, a subsidiary of London Stock Exchange Group (LSE), was against the backdrop of Nigeria’s foreign exchange (FX) challenges, which was a new source of negative sentiment capable of triggering stock sell off on the market. The stock market, which had closed last week at N37.295 trillion, dropped by 2.07 per cent or N757 billion to close yesterday at N36.538 trillion. The NGX…

Thursday, 14 September 2023 04:41

How to deal with customers who are angry, and prevent others from getting that way

Inc.com columnist Justin Bariso answers questions about how to handle workplace and management problems using emotional intelligence. (Note: Some names have been changed.) A reader asks: How do you deal with angry or irate customers, and/or prevent others from getting angry in the first place? For example: A product they are waiting for is not ready in time due to factors outside of our control (being short-staffed, extremely busy) How to deal with customer that is being unreasonable How to best promote a product (required by the company) without coming across as pushy Thanks in advance for your help. Jason …

Wednesday, 13 September 2023 04:59

Nigerian importers to start clearing goods from Cotonou ports – Customs

Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on Tuesday, announced that Nigerian importers would soon be able to clear their goods from the ports in Cotonou, Benin Republic. He disclosed this in Abuja at the end of a two-day working visit by the director-general and senior officials of the customs service of Benin Republic. Customs personnel from both countries entered into various agreements during the two-day meeting in order to boost trade relations between Nigeria and Benin Republic, as well as curb smuggling. While responding to a question at the event, Adeniyi said, “We are building confidence in…

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Wednesday, 13 September 2023 04:53

Goldman Sachs exec: The No. 1 soft skill successful people use to get ahead at work—and how to develop it

Shekhinah Bass cut her teeth — and built her career — at one of the most competitive, powerful firms on Wall Street: Goldman Sachs. After 17 years at the firm, the mother of five is now Goldman Sachs’ head of talent strategy within the firm’s human capital management division. The most important soft skill that distinguishes high performers at Goldman Sachs, and propels people to successful careers on Wall Street at large, she’s discovered, isn’t creative dealmaking or a confident attitude — it’s having a growth mindset. “They’re the ones who come to a job hungry to learn new skills,…

Tuesday, 12 September 2023 05:00

Nigerian index constituents deleted at zero value from FTSE Frontier Index Series

Nigeria has been demoted from a frontier market to an unclassified market one year after an annual equity country classification review by FTSE Russell, a subsidiary of London Stock Exchange Group, placed Africa’s largest economy on its watch list of countries monitored for possible reclassification. The downgrade takes effect from 18 September when Nigerian index constituents will be deleted at zero value from FTSE Frontier Index Series, including the FTSE Frontier 50 Index, FTSE IdealRatings Islamic Index Series, FTSE/JSE All Africa Index Series, FTSE Middle East & Africa Extended Index Series and FTSE/MV Exchange Index. FTSE Russell equity indices are…

Tuesday, 12 September 2023 04:57

Don’t spend FX revaluation gains, CBN directs banks

Central Bank of Nigeria issued a directive instructing commercial banks on Monday to refrain from utilizing their foreign exchange revaluation gains for dividends and operational expenditures. The new directive was conveyed in a letter dated September 11, 2023, signed by the Director, Banking Division Department, Haruna Mustafa, and it is expected to be implemented immediately. FX revaluation gains refer to the increase in the value of a bank’s assets and liabilities denominated in foreign currency when there is a change in the exchange rate between the foreign currency and the local currency. CBN said it had assessed the consequences of…

Tuesday, 12 September 2023 04:52

28-year-old’s side hustle makes up to $113,500 per year—and it only costs $50 to start

When Carter Osborne needed extra cash for graduate school tuition, he decided to monetize his strongest skill: writing. It was 2017 and Osborne realized he could get paid to advise high school seniors on their college admissions essays. He himself had a consultant review his undergraduate personal statement before getting into Stanford University in 2013. He went back to that mentor for help getting the side hustle off the ground. Because the demand for admissions consultants was on the rise, she referred three of her clients to him. Osborne had planned to shutter the side hustle after he finished his…

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