Business News

Tuesday, 10 December 2024 04:31

Jeff Bezos on meetings: ‘I’m skeptical If it’s not messy’

If you ever find yourself in a meeting with Jeff Bezos, don’t expect the Amazon founder to speak up first. Instead, Bezos flips the traditional meeting hierarchy, instructing participants to speak in reverse order of seniority, starting with the most junior person. As one of the senior-most individuals in the room, Bezos usually reserves his comments for the very end. This approach, he explained at The New York Times’ DealBook Summit, helps prevent "group think" and ensures that everyone’s opinions are heard before his own influence can shape the discussion. Bezos believes this method encourages honest, open dialogue instead of…

Monday, 09 December 2024 04:40

Naira is appreciating in both official and parallel markets. These are the forces driving the rebound

The recent appreciation of the Naira in the parallel foreign exchange (FX) market is being attributed to a combination of Central Bank of Nigeria (CBN) interventions, Nigeria’s bond market activities, and other key economic factors, according to analysts. On Friday, the naira recorded its strongest performance in four months, trading at N1,600 per dollar in the parallel market. This marked a 7.78% improvement from the N1,735/$ exchange rate seen on November 29. This represents a notable recovery from when the naira first crossed the N1,700/$ threshold on September 27. In the weeks following, the naira had fluctuated between N1,670/$ and…

Monday, 09 December 2024 04:33

Geologists might have stumbled upon world’s largest gold mine

A “supergiant” gold ore deposit under an existing gold mine in China could be the world’s largest gold ore deposit. Officials estimate that the extent of the find could be 1,100 tons stretching as deep as 9,800 feet below the surface. The find also shows promise as that of a high-quality producer of gold. A deposit of gold ore just discovered in China isn’t just giant. It’s supergiant. So much so, in fact, that Chinese experts claim it could be the largest deposit of any precious metal—not just gold ore—in existence today. How big is the “supergiant” deposit located under…

Saturday, 07 December 2024 04:56

Nigeria recorded N5.8trn trade surplus, reduced capital importation in Q3 2024

Nigeria's economic landscape showed mixed signals in the third quarter of 2024, with the National Bureau of Statistics (NBS) reporting a robust trade surplus of N5.81 trillion and a moderate capital importation of $1.25 billion. The trade data revealed a significant expansion in total merchandise trade, which increased by 81 percent from N19.38 trillion in Q3 2023 to N35.16 trillion in Q3 2024. Exports dominated the trade balance, accounting for 58.27% of total trade at N20.48 trillion, with crude oil remaining the primary export, valued at N13.4 trillion and representing 65.44 percent of total exports. Regarding capital importation, the figure…

Saturday, 07 December 2024 04:53

Local rice prices surge 137%, NBS survey finds

The price of local rice in Nigeria surged by 137.32% in October 2024 compared to the same period last year, according to the National Bureau of Statistics (NBS). This sharp increase has propelled rice into the top ten most expensive staple foods in the country. The NBS's Selected Food Prices report for October 2024 highlighted the significant rise, with the average price of local rice reaching N1,944.64 per kilogram, up from N819.42 in October 2023. This increase underscores the ongoing inflationary pressures affecting food prices and exacerbates the economic challenges faced by Nigerian households. Month-on-month, local rice prices also saw…

Friday, 06 December 2024 04:29

How to eliminate unnecessary tasks and focus on what really matters

Key Takeaways It's freeing to let go. Bruce Lee captured it perfectly: "It's not the daily increase but daily decrease. Hack away at the unessential." It's an idea that's turned businesses on their head and made life easier — one that's changed the definition of productivity and success in a world full of information and distractions. In a time of endless options, every task and every decision can take our attention. But success isn't about doing more; it's about doing less and focusing only on what genuinely matters. Now, let's discuss the daily decrease. This is about getting rid of…

Thursday, 05 December 2024 04:54

Bitcoin surpasses $100,000 as rally fueled by Trump’s election victory gains momentum

Bitcoin has surpassed the $100,000 mark, continuing its impressive rally spurred by Donald Trump's election win. The latest surge follows a key announcement from the President-elect, who signaled a more favorable regulatory environment for cryptocurrencies with his choice of Paul Atkins as the next chair of the Securities and Exchange Commission (SEC). Trump revealed on Wednesday that he plans to nominate Atkins, a former SEC commissioner during George W. Bush's presidency, known for his stance against excessive market regulation. This move has been seen as a positive signal for the crypto industry, fueling investor optimism. Since Trump’s victory on November…

Thursday, 05 December 2024 04:46

3 job interview red flags, according to a recruiter who’s interviewed ‘thousands’: Showing up very early looks ‘too eager’

Gili Malinsky When you’re doing a job interview, whether virtual or in person, you’ll want to follow the appropriate etiquette. “You want to make sure that you’re making good eye contact,” says Emily Levine, executive vice president at recruitment firm Career Group Companies, “that you’re reading the room in terms of when it’s appropriate to speak, when it’s appropriate and time to ask questions.” Levine has interviewed “thousands and thousands of people” in her career, she says, often for A-list celebrities looking for personal assistants or chiefs of staff. Here are Levine’s best tips for avoiding her top red flags…

Wednesday, 04 December 2024 04:34

Entrepreneur turns Nigerian superfood into global export business

Interview with Timi Oke CO-FOUNDER and CEO, AGROEKNOR Timi Oke is the co-founder and CEO of AgroEknor, a company exporting dried hibiscus flowers grown in Nigeria to global markets, including the US, Mexico and Europe. He secured his first agricultural trading deal through LinkedIn while still working at a bank in the UK. How we made it in Africa editor-in-chief Jaco Maritz spoke to Oke about building the company and the opportunities within Nigeria’s agricultural industry. Topics discussed during the interview include: How he landed his first commodities trading deal through LinkedIn The booming market for hibiscus flowers Key lessons…

Tuesday, 03 December 2024 04:47

Founder of $633m startup: True innovators share this crucial trait that most people don’t have

Tom Huddleston Jr. To become successful, you might have to learn to take yourself less seriously and be willing to keep doing the work, even when times get tough. That’s according to Jake Loosararian, the co-founder and CEO of Gecko Robotics, a tech startup that makes wall-climbing robots for jobs too dangerous for humans, like scanning the inside of a power plant boiler or nuclear missile silo for critical structural issues. After starting as a college engineering project, Gecko launched as a business in 2013. It ranked 42nd on the 2024 CNBC Disruptor 50 List and was most recently valued…

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Monday, 02 December 2024 04:42

Cement maker, Holcim to exit Nigeria, offloads equity in Lafarge to Chinese firm

Holcim, a Swiss building materials company, has agreed to sell its Nigerian business to Huaxin Cement Ltd., a Chinese firm. The deal, valued at $1 billion, would lead to the sale of Holcim’s 83 percent stake in Lafarge Africa, according to a statement on Sunday. Lafarge Africa Plc is a member of the Holcim Group — a maker of roofing and other housing products, such as cement, aggregates for construction and ready-mix concrete. The company said the agreement has been signed, noting that the transaction is expected to close next year. “Holcim has signed an agreement with Huaxin Cement Ltd…

Monday, 02 December 2024 04:34

How to refresh your brand with purpose and precision

When I think about rebranding, it’s a bit like cleaning out my closet. At first glance, everything seems fine—comfortable, familiar. But when I start looking closer, I realize some of the clothes I’ve held onto no longer fit who I am or where I’m headed. That’s when I know it’s time for a refresh, not just to feel better about the present, but to reflect the future I’m stepping into. Rebranding is similar. It’s not about discarding everything, but about taking stock, making purposeful changes, and positioning yourself for where you want to go next. Why are you rebranding? Before…

Thursday, 28 November 2024 04:58

Marketers ramp up fuel importation as prices from local refineries higher than imported products

Oil marketers have outlined the conditions that will make them patronise the newly rehabilitated Port Harcourt Refinery Company in Rivers State. PHRC, under the management of the Nigerian National Petroleum Company Limited, must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery, the dealers stated. But the NNPCL, in reaction to claims on Wednesday that its petrol price was about N1,045/litre, stated that the refinery had yet to release its prices, as products from the plant were currently dispensed to only NNPCL stations. The oil firm’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing…

Thursday, 28 November 2024 04:53

Want to scale your business? First, work on your trust issues

A lesson many business owners learn the hard way is that chasing growth too early can compromise the quality of a product or service. It can also overwhelm a young company’s operations, with potentially disastrous results. So how do you scale a successful business that’s inherently difficult to scale? To answer this question, we turned to three founders whose business models don’t readily lend themselves to fast growth: Sarah LaFleur, founder of womenswear brand M.M.LaFleur; Ariela Safira, founder of mental health care company Zeera; and Christina Tosi, founder of bakery chain Milk Bar. All three of these founder-CEOs have faced…

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