Business News

Monday, 25 July 2022 07:01

Elon Musk reportedly had an affair with wife of Google co-founder, Sergey Brin. This is what happened next

The long term friendship between the world’s richest man, Elon Musk, and Google co-founder, Sergey Brin, has ended following an alleged affair between the SpaceX boss and Brin’s wife, Nicole Shanahan. This is according to a report released by Wall Street Journal on Sunday. Quoting “people familiar with the matter”, WSJ noted that the brief love affair which happened in December 2021 caused Brin to file for divorce in January 2022. According to records filed in Santa Clara County Superior Court, Brin had filed for divorce from Shanahan citing “irreconcilable differences.” According to the sources, Brin filed for the divorce…

Sunday, 24 July 2022 07:23

EU looks to replace gas from Russia with Nigerian supplies

The European Union is seeking additional gas supplies from Nigeria as the bloc prepares for potential Russian supply cuts, Matthew Baldwin, deputy director general of the European Commission's energy department, said on Saturday. Baldwin was speaking in Nigeria where he held meetings with officials from Africa's largest oil producer this week. He was told that Nigeria was improving security in the Niger Delta and planned to re-open the Trans Niger pipeline after August, which would yield more gas exports to Europe. The EU imports 14% of its total LNG supplies from Nigeria and there is potential to more than double…

Saturday, 23 July 2022 06:52

Naira crashes to lowest level ever at parallel market

Naira, on Friday, fell at the parallel market to N658 per dollar amid higher dollar demand. The figure represents a depreciation of N38 or 6.13 percent from the N620 it traded last week. Bureaux De Change operators (BDCs) who spoke to TheCable blamed the depreciation on ongoing foreign exchange (FX) supply constraints. Traders put the buying price of the dollar at N640 and the selling price at N658, leaving a profit margin of N18. A street trader explained that the unpredictability of the market is the reason for the depreciation. “The thing is this; they don’t give it much gap…

Saturday, 23 July 2022 06:51

Airlines say flights will be delayed, cancelled in coming days due to aviation fuel scarcity

Nigerian airlines, under the aegis of Airline Operators of Nigeria (AON), say there will be major disruptions of flights due to scarcity of aviation fuel, also known as JET-A1. Obiora Okonkwo, spokesperson, AON, said this in a statement released on Friday. This is the second announcement on the disruption of services over the scarcity of aviation fuel in three months. In May, AON said the scarcity of fuel negatively impacted the seamless conduct of air transport operations and “would lead to flight rescheduling, and, or, cancellations”. According to the statement, the current situation would lead to cancellations and prolonged delays…

Friday, 22 July 2022 06:09

Nigeria startup to expand electric vehicle use in 8 African countries

A Nigerian startup backed by private-equity firm Lightrock LLP is looking to deploy electric vehicles in about eight African countries by next year as demand grows for investment in low-emission transport. Metro Africa Xpress Inc. raised $31 million last year to develop an EV market on the continent, a challenging task due to the chronic power shortage in the region. The firm plans to enter nations including Egypt, Cameroon and Uganda by 2023 compared with just Nigeria and Ghana now, according to Chief Executive Officer Adetayo Bamiduro. The investment will expand the company’s number of cars to 100,000 by next…

Friday, 22 July 2022 06:03

3 signs you're letting pride get in the way of being successful

You may be a newly minted entrepreneur who just launched a start-up company. Or a seasoned business leader who's running a multi-billion-dollar enterprise. Both strive to hear the words, I'm proud of you. But what happens when you become obsessed with that empowering statement? That you only strive to hear these compliments from other people? Many psychologists argue that pride is a self-conscious emotion that evokes two facets of emotional responses: Authentic pride is the primary emotion that is derived from the joy and excitement of accomplishing a personal, financial or professional goal. Hubristic pride is the secondary emotion that…

Thursday, 21 July 2022 06:25

Price pressures build as diesel costs surge 200 percent

Central Bank of Nigeria’s plan to rein in inflation that’s a at five-and-a-half-year highmay prove to be even more difficult after diesel prices tripled in June and show little signs of relenting. Average diesel prices increased 203% from a year earlier in June to 733.8 naira ($1.74) a liter, according to data published by the National Bureau of Statistics on Wednesday. That’s the highest level since at least June 2016, its data shows. Diesel prices have risen further to 780 naira a liter this month. The statistic office does a monthly survey of fuel prices that are deregulated and used…

Thursday, 21 July 2022 06:23

FG grounds Dana Airlines over financial troubles

PRESS RELEASE Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines' Air Transport Licence (ATL) and Air Operator Certificate (AOC) indefinitely, with effect from midnight of Wednesday, 20th July, 2022. The suspension was made pursuant to Section 35(2), 3(b) and (4) of the Civil Aviation Act, 2006 and Part 1.3.3.3(a)(1) of the Nigeria Civil Aviation Regulations (Nig.CARs), 2015. The suspension order, handed down by the Director General, Musa Nuhu, has since been communicated to the management of Dana Airlines. The decision is the outcome of a financial and economic health audit carried out on the Airline by the Authority, and…

Thursday, 21 July 2022 06:22

Workers picket MTN office, allege anti-labour practices

Workers under the aegis of the Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) on Wednesday picketed MTN Nigeria PLC plaza in Falomo, Lagos to drive home some demands.They held placards with inscriptions such as “Workers Rights are Human Rights”; “Unionism is a Right and not a Privilege”, and chanted solidarity songs. Some of the union’s grievances include MTN’s alleged resistance to workers’ right to freedom of association, freedom to organise and collective bargaining. The union also accused MTN of paying exit packages to its management staff but refusing to do the same to the lower cadre. PTECSSAN’s…

Thursday, 21 July 2022 06:16

And it turns out we've been giving our kids the wrong advice

Boy, were we ever wrong. I'm sorry to report that for years now we've been misleading our kids, as well as the young adults who work for us, about certain attitudes, ideas and life skills we've assumed were effective and reliable, and written, like gospel, in stone. But decades of non-stop, self-congratulatory conferences, unending TED and TEDx lectures, the entrepreneurial liturgy, the adulatory business press and, of course, celebratory films, TV shows and other media have led all of us - employers, parents and kids - woefully astray. Or maybe it's just that the world has changed so quickly and…

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Wednesday, 20 July 2022 06:35

NNPC was yesterday unveiled as a private company. Here’s what that means for FAAC remittances, fuel subsidy, others

Nigerian National Petroleum Company Limited on Tuesday made it clear that it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly. It said this was based on its latest transition from a public corporation to a limited liability company and that it currently owed no money to FAAC, as all monetary arrears to the committee were owed by the old corporation and not the new oil company. This came as President Muhammadu Buhari officially unveiled the NNPC Limited on Tuesday and declared that the new entity was henceforth…

Wednesday, 20 July 2022 06:23

Your brain may be sabotaging your financial or career success - and it's due to this reason

A 2021 report by researchers at George Washington University showed that 50% of surveyed U.S. adults felt stressed when discussing their personal finances, and 60% experienced anxiety just thinking about their finances. That's often true even for high-earners, or people who have earned a steady paycheck for decades on end now. And according to Ed Coambs, a couple's therapist who specializes in financial therapy, there's a psychological explanation for it: Your anxiety around money is often deeply tied to your childhood experiences with financial stability. What's more, Coambs adds: What you think you're capable of achieving as an adult is…

Tuesday, 19 July 2022 07:11

Nigeria’s oldest airline, Aero grounds scheduled operations over ‘challenging environment’

Aero Contractors, Nigeria’s oldest airline, says it will suspend passenger flights from Wednesday, July 20. The airline, in a statement on Monday, said the suspension is temporary but did not indicate when it will resume operations. In May, Aero had denied plans to shut down operations after reports alleged that the airline was cash-strapped and might soon go out of business. Aero said the decision to suspend passenger flights was taken due to the fact that most of its aircraft are currently undergoing maintenance, resulting in an inability to offer a seamless and efficient service to customers. “We are working…

Tuesday, 19 July 2022 07:09

Oil climbs back above $100 as traders weigh tight market, OPEC+ limits

Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders. West Texas Intermediate was steady after rallying by more than 5% on Monday. That surge came after Saudi Arabia declined to commit to output increases following a visit by US President Joe Biden, and a disruption along the Keystone pipeline cut shipments of some Canadian oil to US refiners. Oil markets have seen volatile trading in recent weeks as traders navigated concerns that a looming recession would hurt demand, the fallout from a stronger dollar, and signs that…

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