Business News

Tuesday, 21 January 2020 06:17

World's richest 2,000 people hold more than poorest 4.6 billion combined - Oxfam

The world’s richest 2,153 people controlled more money than the poorest 4.6 billion combined in 2019, while unpaid or underpaid work by women and girls adds three times more to the global economy each year than the technology industry, Oxfam said on Monday. The Nairobi-headquartered charity said in a report released ahead of the annual World Economic Forum of political and business leaders in Davos, Switzerland, that women around the world work 12.5 billion hours combined each day without pay or recognition. In its “Time to Care” report, Oxfam said it estimated that unpaid care work by women added at…

Monday, 20 January 2020 05:30

VAT has been increased to 7.5 percent. Here are items exempted from the new rate

The presidency has listed certain items exempted from Value Added Tax (VAT) by the Finance Act 2019. The act recently became law after it was signed by President Muhammadu Buhari. Some of the items listed by presidential spokesperson Mr Laolu Akande include locally produced sanitary pads, food additives and table water. Here’s the statement in full: In a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the Value-Added Tax, several basic food items, locally manufactured sanitary towels, pads and tuition relating to nursery, primary, secondary and tertiary education have been…

Monday, 20 January 2020 05:27

Border closure, CBN’s support for farmers have reduced foreign rice in Nigerian market by half - Report

The interventions of Nigerian Customs Service (NCS), through the partial border closure against smuggling, and Central Bank of Nigeria (CBN) via the Anchors Borrowers Programme (ABP) on the rice sub-sector of the Nigerian economy, have drastically reduced foreign rice prevalence in the Nigerian markets, bringing the figure to 37 per cent, Economic Confidential can report. Recall that Economic Confidential conducted a 3-week survey on foreign rice imports and smuggling in April last year to the effect that over 70 per cent of rice in the Nigerian market was foreign. The report prompted further actions by various agencies of government. In…

Monday, 20 January 2020 05:19

Bill Gates on spending his $110 billion: ‘How many hamburgers can you eat?’

Catherine Clifford The good thing about having a lot of money is that you can buy your own plane. The challenging thing about having a lot of money is that you have to figure out how you are going to spend it all. So says Bill Gates. The 64-year-old co-founder of Microsoft has $110.5 billion, according to Forbes, making him one of the richest people in the world. (As of Friday, he trailed behind LVMH’s Bernard Arnault and Amazon founder Jeff Bezos.) “Where can you put your money?” Gates asked in October at a centennial celebration of the high school…

Monday, 20 January 2020 05:17

How to know if you're intimidating employees (and how to stop it)

Take a step back from being the scary boss. You’re not one to intimidate employees. You lead by example, strive for a collaborative environment and value input from your staff. All of which is why you may be surprised to hear -- or maybe just sense -- that you intimidate your team. There are warning signs: Everyone agrees with you, even when you’re asking for honest feedback; staff tends to quiet down when you walk into a room; or you see a quick look of nervousness on a junior employee’s face when you ask them to complete a task. A…

Sunday, 19 January 2020 06:36

Nigerians buying American assets, stocks - Report

Financial technology, (fintech) start-ups are helping a generation of young Nigerians to invest in American stocks and assets easier than ever before. These fintech platforms, according to a report by Quartz Africa Weekly Brief, are the rave across African technology ecosystems but the sector has become increasingly defined by payments specialists. This is somewhat unsurprising given how global payments giants have fueled interest by investing hundreds of millions of dollars. But beyond payments and digital banks, there’s a growing crop of “wealthtech” or wealth management start-ups offering investment opportunities to willing users in Nigeria, the Quartz Africa Weekly Brief report…

Friday, 17 January 2020 06:13

Capital flight: Foreign investors withdrew N482bn in 11 months –NSE

Foreign Portfolio Investors withdrew a total of N481.96bn from the stock market between January and November 2019. The latest data obtained from Nigerian Stock Exchange showed that the N481.96bn was a 20.41 per cent decrease from the N605.54bn withdrawn in the corresponding period of 2018. As of November 30, 2019, total transactions at the nation’s bourse increased by 5.74 per cent from N163.16bn (about $532.35m) in October 2019 to N172.52bn (about $562.89m) in November 2019. The performance in November, when compared to the performance in the same period in 2018, revealed that total transactions increased by 15.23 per cent. In…

Thursday, 16 January 2020 05:23

US and China sign deal to ease trade war

The US and China have signed an agreement aimed at easing a trade war that has rattled markets and weighed on the global economy. Speaking in Washington, US President Donald Trump said the pact would be "transformative" for the US economy. Chinese leaders called it a "win-win" deal that would help foster better relations between the two countries. China has pledged to boost US imports by $200bn above 2017 levels and strengthen intellectual property rules. In exchange, the US has agreed to halve some of the new tariffs it has imposed on Chinese products. However the majority of the border…

Wednesday, 15 January 2020 05:36

10 mistakes that rich and successful people never make, according to these self-made millionaires

Learning from the mistakes of others can make a big difference in helping you to achieve greatness and wealth in life. That's why we asked 10 self-made millionaires and Advisors in The Oracles to share their advice on common actions that hold people back from success: 1. Failing to show up. "Not showing up is the No. 1 reason most people fail, and it's a very common and easy mistake to make. Showing up again and again requires faith and persistence, but it also creates discipline. You'll never conquer what you don't move toward. If you don't make any moves,…

Monday, 13 January 2020 05:44

Nigerian Stock Exchange posts best performance globally

The nation’s equities market, last week, recorded the largest weekly returns in two-years to become the world’s best performing stock market for the week. Specifically, Nigerian Stock Exchange (NSE) All-Share Index (ASI) and market capitalisation appreciated by 9.07 per cent and 16.55 per cent to close the week at 29,415.39 points and N15.175 trillion respectively. All other indices finished higher with the exception of NSE Oil/Gas index, which depreciated by 0.04.per cent and NSE ASeM Index, which closed flat. Also, the enthusiasm, which greeted the listing of BUA Cement boosted investors’ appetite for stocks, especially at the twilight of the…

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Monday, 13 January 2020 05:42

Behind the hype, is Dangote’s refinery a game changer?

In December 2019, an ambitious refinery project in the remote Ibeju-Lekki suburb of Lagos, Nigeria, took delivery of the world’s largest single crude distillation column, to much fanfare. After years of hopes and delays, Aliko Dangote’s 600,000 barrels a day refinery – one of the world’s second biggest – is due to start operations in just over a year’s time. Government officials and citizens are united in the hope that the Dangote refinery complex, which will also produce fertilizer and petrochemicals will do for Nigeria’s stalled economy something comparable to what signing a 26 year-old Cristiano Ronaldo would do for…

Monday, 13 January 2020 05:41

Angola has frozen personal assets of Africa’s richest woman. This is why

Chidinma I. Nwoye When an Angolan court froze the assets of Isabel dos Santos, Africa’s richest woman it was widely seen as the strongest signal the country’s president, Joao Lourenço’s is intent on cracking down on ending corruption and decades of crony capitalism in the country. But for Isabel dos Santos, the 46-year-old daughter of former Angolan president, José Eduardo dos Santos the move is part of a concerted campaign to discredit what she often describes to journalists as the self-made success and hard work which made her a billionaire. Last month, the Angolan court froze the personal bank accounts…

Monday, 13 January 2020 05:39

Why you should think twice before saying 'Thank You' in a business email

Be specific about what you're thankful for. We thank people all the time. We thank them in person, on the phone, and in emails. It's a social custom. Good graces. Parents and school teachers tell their children all the time: "Mind your P's and Q's. Remember to say 'Thank you.'" Plus, experts explain that practicing gratitude is one of the best ways we become happier human beings. The question is: when you're typing that business sign-off, is your gratitude just a platitude -- or are you being authentic and really expressing thanks? So many people write an email and sign…

Saturday, 11 January 2020 05:03

MTN withdraws ‘tax dispute’ suit against FG

MTN Nigeria Communications Plc on Friday said its case with the federal government over alleged revenue indebtedness of N242.24 billion and $1.28 billion had been withdrawn. MTN stated this in a regulatory filing to Nigerian Stock Exchange (NSE) signed by its Company Secretary, Mr Uto Ukpanah. The company said its legal counsel received a letter from Attorney General of the Federation, which formally withdrew the government’s demand for the funds. “MTN Nigeria is pleased to report that its legal counsel has received a letter dated Jan.8 2020 from Attorney General of the Federation and Minister of Justice formally withdrawing the…

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