Business News

Friday, 20 May 2022 06:32

A respected MIT professor said your success will be determined by 3 things. Here's how to get better at each of them

The quality of your ideas is important. Even more important: being able to communicate those ideas effectively. Before he died, beloved MIT Professor Patrick Winston would give a famous lecture to university students teaching them the value of good communication. In his introduction, he drew attention to the Uniform Code of Military Justice, which calls for court martial for any officer who sends a soldier into battle without a weapon. Winston says there ought to be a similar protection for students--and we might add, that protection should be provided for entrepreneurs and aspiring business owners, too. Namely, that no one…

Thursday, 19 May 2022 06:17

A simple formula for running a successful business

Earlier in her career, Ann McNeill had a very different time-management approach than she does now. "I was one of those people that if I had to be to work at eight o'clock, I got up at seven-thirty," says McNeill, the founder and CEO of MCO Construction and Services, a Miami-based consulting company that partners with private-sector firms working on public sector land projects. Following the 1980 race riots in Miami, McNeill decided to leave her role as a contract administrator for Pratt & Whitney aircraft group to become an entrepreneur, set on rebuilding the affected neighborhoods. Today the 68-year-old…

Wednesday, 18 May 2022 06:20

Six attributes to look for when choosing a business partner

Business partners can be co-founders in a startup, multiple owners of an existing business or a joint venture. In every case, a partner can be an asset, bringing new skills and perspectives to the business; or a burden, making every decision more difficult, and taxing your lifestyle satisfaction. You need to do the due diligence to make that decision before you sign away your equity. As a former startup investor, I was often involved with due diligence on founders, and I felt that founders should do the same on co-founders, as well as investors. Differences you find after the deal…

Tuesday, 17 May 2022 06:35

Naira tumbles at parallel market, reaches N600 to dollar

Naira plunged against the U.S. dollar on Monday with a 0.60 per cent depreciation at the official market. According to FMDQ, where forex is officially traded, the naira which opened trading at N417.30 closed at N421.50 to a dollar at the close of business on Monday. This implies N2.50 or 0.60 per cent devaluation from N419.00 it exchanged hands with the greenback currency Friday, last week. This is the second lowest level the naira exchanged officially with the dollar in five months after closing at N422.67 to a dollar on January 5, early this year, and the first time it…

Tuesday, 17 May 2022 06:27

Despite West’s sanctions Russian rouble hovers near five-year highs vs euro, stocks up

The Russian rouble firmed past 64 per dollar on Monday and climbed towards a near five-year high against the euro, supported by continuing restrictions on currency trading. The rouble is the world’s best-performing currency this year, although this is due to artificial support from capital controls that Russia imposed to shield its financial sector in late February after sending tens of thousands of troops into Ukraine. At 0744 GMT, the rouble was 0.9% stronger against the dollar at 63.96, hovering near its strongest mark since early February 2020 of 62.6250, which it hit on Friday. Against the euro, the rouble…

Tuesday, 17 May 2022 06:25

Eight interview questions to ask job candidates

The best business leaders ask the best questions, especially when hiring new staff. After all, these are the people who will drive their company's growth and success. But savvy business leaders and execs aren't always looking for a 'right' answer. Instead, they're more interested in how potential employees handle the questions being asked. First of all, understanding what interview questions to ask is key. Equally important is knowing the intentions behind the toughest questions you're choosing to ask. Here's a look at interview questions asked by successful business leaders. They were put together by online CV builder resume.io, with some…

Monday, 16 May 2022 05:56

How African collectivism offers new ways of doing business

In a rapidly decolonising world, it is remarkable how Eurocentricity remains the hallmark of today’s organisational culture. But what happens when organisations transform their culture and lean it towards an Afro-centric model? Since the technology boom and machine replacements in businesses, human hands have become increasingly redundant. However, human brains and creative thinking have become the most critical force for any company. The problem is that you cannot force human brains to give you the creative and innovative magic you may need. “Getting the best out of human brains means establishing the best conditions under which human beings thrive,” says…

Sunday, 15 May 2022 06:32

FG issues guidelines on cryptocurrencies, other digital assets

Federal government has released new guidelines aimed at protecting investors in digital assets as trades in cryptocurrencies get boost in Africa’s most populous nation. The rules issued by the Securities and Exchange Commission (SEC) offer more clarity on trading in cryptocurrencies, it was learnt. The rules cover “issuance, offering platforms and custody of digital assets” for virtual technologies, according to a statement on its website. This is coming amidst controversy over the acceptability of cryptocurrencies in Nigerian financial ecosystem. Despite order by the Central Bank of Nigeria (CBN) to commercial banks to stop transactions in cryptocurrencies, Nigeria is said to…

Saturday, 14 May 2022 06:11

Dangote mulls investing in steel sector ‘in a big way’

Dangote Group says it is making plans to invest in the steel sector of the economy “in a big way.” Olakunle Alake, group managing director, Dangote Group, disclosed this on Thursday during a panel discussion at the Infrastructure Solutions Summit organised by the African Finance Corporation (AFC) in Abuja. Alake said the conglomerate is making plans to expand operations into the steel sector of the economy. He also said in a couple of years, the company will no longer go to the Central Bank of Nigeria (CBN) for foreign exchange. “We do have something right now that we are trying…

Saturday, 14 May 2022 06:09

Musk puts $44bn Twitter deal 'temporarily on hold'

Elon Musk tweeted that his $44-billion deal for Twitter Inc was “temporarily on hold” on Friday while he waits for data on the proportion of its fake accounts, sending shares in the social media platform plunging. Tesla CEO Musk, who added that he was still committed to the acquisition, decided to waive due diligence when he agreed to buy Twitter on April 25, in an effort to get the San Francisco-based company to accept his "best and final offer". Since then, technology stocks have plunged amid investor concerns over inflation and a potential economic slowdown. The spread between the offer…

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Friday, 13 May 2022 06:38

Naira falls to four-month low at both official and parallel markets

Naira hit a four-month low Thursday, depreciating 0.30 per cent against the U.S. dollar at the official market. The currency which opened trading at N416.50 closed at N420.00 to a dollar at the close of business on Thursday, data published by FMDQ, where forex is officially traded showed. This represents a N1.25 or 0.30 per cent devaluation from N418.75 it traded in the previous market session on Wednesday. The naira hovered within an intraday high of N412.38 and slipped to a low of N444.00 before closing at N420.00 per $1 on Thursday. This is the weakest rate the naira exchanged…

Friday, 13 May 2022 06:21

5 steps to start slowing down and leading better

The best way to move faster is to take your time Thomas was going a million miles an hour. For years, he worked 12 to 14 hour days, asserting that whatever he was working on was too crucial to the company's success to slow down. Thomas's behavior taught his leadership team that he was available 24/7, so that's what they expected and emulated. Then Thomas had a stroke, putting both his life and the company's future at risk. It's so tempting to think that being a good leader means working constantly - and it's what the business world rewards. Amare…

Thursday, 12 May 2022 06:26

The world's first psychologist came up with this great marketing hack 150 years ahead of everyone else

Whether it's "conversational marketing" or "AI-based tailored touchpoints", the trends for today's envelope-pushing marketers have a single red thread running through them: they recognize the human being on the other side of the business transaction. Human beings have a finite set of attentional resources. The founding father of our science, William James, once wrote, "attention implies a withdrawal from some things in order to deal effectively with others." Innovative marketers and brand strategists may be forward-thinking, but their foundational thinking on human attention and psychology is ancient. They recognize that to succeed, a business needs to master the art of…

Wednesday, 11 May 2022 06:25

The 5 most toxic co-workers or employees and how to deal with them

Are you stuck with a workplace jerk? Here's your survival guide. If you're stuck sharing a workplace with a toxic co-worker or boss, you know just how disheartening it can be. But if you're the boss, you may have even more reason to worry because having difficult people among your employees can cost you valuable talent. "We're seeing right now that the number one reason people leave jobs is because of dealing with difficult bosses or co-workers," says Tessa West, associate professor of psychology at New York University and author of Jerks at Work: Toxic Co-Workers and What to Do…

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