Business News

Friday, 24 September 2021 06:10

Oil approaches 3-year high as supplies tighten

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a barrel, having closed 1.5% in the previous session, the highest since the start of August. “Crude prices appear to be on a one-way…

Friday, 24 September 2021 06:08

Akeredolu signs N160bn foreign direct investment for establishment of glass factory in Ondo

Governor of Ondo State, Rotimi Akeredolu, has decried importation of glass into the country despite the huge availability of the needed raw materials for its production in the state. Akeredolu spoke on Thursday while receiving investors from the Horn Glass Industries from Germany led by the Chief Executive Officer, Stephan Meindl. The Governor recalled that when the Moribund Oluwa Glass was functional, it was supplying the then Peugeot glasses windscreen and mirror as part of the production of the vehicles. The Ondo State Government had signed a Public Private Partnership agreement with the ZMP Industrial Limited for the establishment of…

Friday, 24 September 2021 05:49

Have you noticed that companies rarely indicate proposed salaries on job adverts? This is why

You’re scrolling through LinkedIn when you come across a promising job ad. The description is inspiring, the team members look compatible and you meet most of the qualifications for the role. Then, when you get to the part about the expected salary, you find that instead of an actual figure there are phrases like “depending on experience” or simply “competitive”. What do those words even mean? And why don’t companies simply list the salary upfront? “In traditional corporate environments, the salary is often hidden because it’s a game of cat and mouse trying to figure out what salary the candidate…

Thursday, 23 September 2021 05:46

How to intervene when a manager Is gaslighting their employees

Mita Mallick Summary Gaslighting is a form of psychological abuse where an individual tries to gain power and control over you by instilling self-doubt. Allowing managers who continue to gaslight to thrive in your company will only drive good employees away. Leadership training is only part of the solution — leaders must act and hold the managers who report to them accountable when they see gaslighting in action. The author presents five things leaders can do when they suspect their managers are gaslighting employees.close “We missed you at the leadership team meeting,” our executive vice president messaged me. “Your manager…

Wednesday, 22 September 2021 06:11

Investors demand more than four times the amount on offer as Nigeria raises $4bn Eurobond

Nigeria raised $4 billion via a Eurobond issue on Tuesday after investors demanded more than four times the amount on offer, Debt Management Office (DMO) said. DMO said Nigeria attracted demand of $12.2 billion for the notes, which enabled it to raise the value of its initial offering by $1 billion. Nigeria opened its order book for the bond offering on Tuesday, aiming to issue the bond next week, according to a notice to investors seen by Reuters. Nigeria issued the debt in tranches of three tenors. It raised $1.25 billion for seven years at a yield of 6.125% and…

Wednesday, 22 September 2021 05:43

5 tips for building trust as a new manager

Hannah Pitstick The definition of trust is an "assured reliance on the character, ability, strength, or truth of someone or something". When a manager is placed in charge of a new team, they typically have to build that foundation of trust from scratch by demonstrating those key attributes. Joe Bonfante, ACMA, CGMA, a finance business partner based in London with experience running effective team coaching initiatives, has developed his trust-building strategy by observing the missteps and shining moments of past managers. Years ago, he had a new manager who came in on his first day and immediately started establishing his…

Tuesday, 21 September 2021 05:57

AbokiFX no longer publishes parallel market rates, but Naira depreciated nevertheless

Bureaux De Change operators (BDCs), popularly known as ‘abokis’, on Monday quoted naira at N575 to the dollar at the street market. Checks by TheCable on Monday showed that the naira exchanged N575 to the dollar at three different markets in Lagos, the country’s commercial nerve centre. The figure was higher by N1 or 0.2 percent from the N574 it traded last Friday. A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules. Last week, Godwin Emefiele, governor of Central Bank of Nigeria (CBN), said the only recognised foreign exchange market is the Importers…

Tuesday, 21 September 2021 05:50

New Microsoft study of 60,000 employees: Remote work threatens long-term innovation

The new study confirms what Microsoft CEO Satya Nadella calls 'the Paradox of Hybrid Work.' Whatever managers previous fears about remote work, the pandemic has proven that most knowledge workers can get their daily tasks done just as well from their living rooms as from the office. Study after study confirms most people's personal experience that, for those without childcare, health or other challenges at least, productivity has actually inched upwith the advent of widespread remote work. Which means working from anywhere is a great thing, and companies don't need to worry about its impacts on performance, right? Not so…

Monday, 20 September 2021 05:55

Buhari directs incorporation of NNPC Ltd, appoints board members

President Muhammadu Buhari said on Sunday he had appointed a board for state-oil firm NNPC and directed that it should be incorporated within six months, a move that could allow it to sell shares in the future. Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm. The new oil law requires NNPC to be incorporated within six months, Buhari said in a statement, appointing Ifeanyi Ararume as NNPC chairman and…

Monday, 20 September 2021 05:44

Emotionally intelligent people embrace the ‘law of strength and weakness’

Are you more like Mark or Jen? The answer can help you leverage your strengths and mitigate your weaknesses. Let me tell you about Mark and Jen. Mark leads a team of 30. He likes to challenge his team to do more than they think they’re capable of, and he often inspires them to do so. He thinks and moves fast, always quick to “run the experiment,” i.e., try out new ideas and adjust on the fly. Mark gets results. But not everyone loves Mark’s management style. Many feel he’s more concerned with ticking boxes off his task list than…

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Saturday, 18 September 2021 05:29

CBN threats force AbokiFx to suspend operations

Management of Abokifx, a website that collates black market exchange rates in Nigeria, has announced the website will suspend publishing rates after the Central Bank of Nigeria threatened the group. This was disclosed in a statement published on its website in the late hours of Friday. “abokiFx has taken the decision today, the 17th of September 2021, to temporarily suspend rate updates on all our platforms, until we get better clarity of the situation,” the statement published partly reads. It said the final rates have been posted Friday evening and that its news section and the Crypto rates section will…

Saturday, 18 September 2021 05:24

United Airlines announces date for commencement of flights between Lagos, Washington D.C.

United Airlines announced Friday that new service between Washington, D.C. and Lagos, Nigeria will begin November 29 (subject to government approval). The airline will operate three weekly flights connecting the U.S. capital to Nigeria’s largest city, which is also the top Western African destination for U.S-based travelers. Tickets will be available for sale on united.com and the United app this weekend. “This new flight to Lagos has been highly anticipated by our customers and offers the first ever nonstop service between Washington, D.C. and Nigeria, as well as convenient, one-stop connections to over 80 destinations throughout the Americas including Houston…

Friday, 17 September 2021 05:25

Nigerian agritech startup Releaf secures $4.2m to scale its food processing technology

The distance between their farms and the nearest processor is key for smallholder farmers who need to process their crops. And though Nigeria’s food processing systems have a keen resemblance to the West with respect to big factories and huge economies of scale in high-demand cities, farmers still suffer from poor logistics networks. With distance and logistics problems, farmers’ crops can go bad and when factories buy them, it affects their processing yields and price. Farmers, witnessing post-harvest loss, also get paid less and miss the opportunity to invest in their crops production. Nigerian agritech startup Releaf is solving this…

Friday, 17 September 2021 05:14

Why learning to notice better will help you disrupt your industry

The simple habit of noticing is the difference between forward motion and being left behind Some of the best advice I ever received was packaged in this eight-word statement: "Speed is your enemy; momentum is your friend." It is counsel anchored in a simple idea-- that while we crave forward motion, it is the forward part, in the truest and fullest sense of the word, that we need most of all. The motion part, the part about speed and obsessing over it, and the part we tend to treat with undo reverence, is secondary and supporting. It's a critical distinction…

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