Business News

Wednesday, 30 December 2020 04:56

Buhari again instructs CBN not to provide forex for food importation

President Muhammadu Buhari has, again, directed Central Bank of Nigeria (CBN) not to release from the country’s reserves for the importation of food items. He said seven states are already producing rice for the citizens’ consumption. Buhari had, while hosting All Progressives Congress governors to Eid-el-Kabir lunch at his country home in Daura, Katsina State in August, directed the apex bank to stop providing foreign exchange for importation of food into the country. He reiterated the same warning in September when he directed the CBN not to release ‘a kobo’ for the importation of food items and fertilisers. Buhari gave…

Wednesday, 30 December 2020 04:53

Stocks gain N167bn after holidays

Nigerian Stock Exchange reopened trading on Tuesday after the holidays to mark Christmas and Boxing Day celebrations with the All-Share Index crossing 39,000 mark. Specifically, All-Share Index which opened at 38,800.01 inched higher by 310.16 points or 0.80 per cent to close at 39,110.17. Also, market capitalisation rose by N167 billion to close at N20.446 trillion compared with N20.279 trillion achieved on Thursday. The uptrend was driven by price appreciation in medium and large capitalised stocks amongst which are; BUA Cement, Zenith Bank, Access Bank, NPF Microfinance Bank and NEM Insurance. A breakdown of the price movement chart shows that…

Wednesday, 30 December 2020 04:46

Why the century-old family business behind Dum-Dums Lollipops is thriving in 2020

Candy sales are up across the U.S. as we seek out life's small pleasures. In Ohio, the Spangler Candy Company has been churning out tasty treats since 1906. Walk into the gift shop in Spangler Candy's factory and you'll find several displays that highlight the various confections--Coconut Balls, Creme Peanut Clusters--the company has launched and retired over the years. It's what CEO Kirk Vashaw lovingly refers to as a "museum of failures." But that's quite all right. "You can have product lines that fail," he says. "You just have to know when to let things go." Candy companies know one…

Monday, 28 December 2020 04:37

7 questions every leader should ask themselves at the end of the year

The first step to a better year ahead is taking the time to reflect on the one prior. The best way to make sure you don't re-live the same year over and over is to do a formal review of the past 365 days and create a plan of what to do throughout the next. Sure, there is comfort in sticking to routines, but this quickly will lead you into a groundhog day lifestyle. You'll be going nowhere fast. I've seen people around me live the same year over and over, be it in work, relationships, or personal growth-- and…

Friday, 25 December 2020 05:34

Manufacturing sector contracted in December, 2020 - CBN

The manufacturing sector recorded contraction in December, Central Bank of Nigeria said on Thursday. Statistics Department of CBN said this in its ‘Purchasing Managers’ Index Survey Report’ for December 2020. Part of the report read, “The Manufacturing PMI in December was 49.6 index points, indicating a contraction from the expansionary level recorded in November 2020. “Of the 14 surveyed subsectors, four subsectors reported expansion (above 50 per cent threshold) in the review month in the following order: “Transportation equipment, non-metallic mineral products, paper products and food, beverage and tobacco products. “Textile, apparel, leather and footwear subsector remained stationary.” It added…

Friday, 25 December 2020 05:33

CBN revokes licences of switch operator, 7 payment service providers

Central Bank of Nigeria (CBN) has announced revocation of operating licences of seven payment service providers (PSP), and one switch operator. The apex bank, in an official gazette of the federal republic of Nigeria, listed the affected switch operator as 3Line Card Management Limited. The affected PSPs are Easifuel Limited, Transaction Processing System (TPS), Grand Towers Limited, Paymaster Limited, E-Revenue Gateway Limited, Eartholeum Network Limited, and Globasure Limited. The gazette noted that the affected operators failed to comply with the obligations imposed on them by CBN in accordance with provisions of the Banks and other Financial Institutions Act (BOFIA) Cap…

Friday, 25 December 2020 05:32

EU and UK strike last-minute post-Brexit trade deal

The EU and UK have reached a post-Brexit trade deal, ending months of disagreements over fishing rights and future business rules. At a Downing Street press conference, Boris Johnson said: "We have taken back control of our laws and our destiny." The text of the agreement has yet to be released, but the PM claimed it was a "good deal for the whole of Europe". The UK is set to exit EU trading rules next Thursday - a year after officially leaving the 27 nation bloc. It will mean big changes for business, with the UK and EU forming two…

Friday, 25 December 2020 05:31

Brexit trade deal explained in five basic questions

British and European Union negotiators sealed a Brexit deal on Thursday, just a week before the United Kingdom finally leaves the orbit of the 27-nation bloc, its biggest trading partner. Here is what it means - in five basic questions. WHAT IS BREXIT? Brexit - or “British exit” - refers to the process of the United Kingdom leaving the EU after 47 years in the economic and political alliance of European countries built from the ashes of World War Two. Following a referendum that the “vote leave” camp won by 52-48% in June 2016, Britain became the first country to…

Thursday, 24 December 2020 06:00

Oil gains 2% after draws in U.S. product inventories

Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand. Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel. U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million barrels, the Energy Information Administration said on Wednesday. Gasoline stocks fell by a surprise 1.1 million barrels in the week to 237.8 million barrels,…

Thursday, 24 December 2020 05:59

Importers, exporters lament as 500k containers remain trapped at Lagos port

Despite the marching orders given by Minister of Transportation, Rotimi Amaechi, when he visited Apapa last week that the port access roads be cleared immediately, the situation has worsened. According to our investigation, no fewer than 500,000 containers laden with raw materials belonging to manufacturing companies and traders are currently trapped at the Tin Can Island Port, Lagos. A top management staff of an international beverage company, who craved anonymity, said yesterday that his company had run out of substrate used in manufacturing one of its soft drinks. “We exhausted our stock and the container loads we imported arrived more…

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Thursday, 24 December 2020 05:56

Facebook declared war on Apple, and it just may signal the end of Facebook

Justin Bariso Facebook is starting to look desperate. Over the past weeks, the world's largest social network has taken out several full-page ads in The Wall Street Journal, New York Times, and the Washington Post. The ads attacked Apple's new privacy changes, which Facebook claims will severely hurt small businesses, and "will change the internet as we know it--for the worse." Facebook's recent desperation isn't surprising. It's the culmination of a series of events that began years ago, and that we've been building towards for a long time. How Facebook moved fast and broke things "Move fast and break things.…

Thursday, 24 December 2020 05:53

Say goodbye to the 'I don't have time' excuse in 2021

In the pandemic, many of us have noticed that we use this excuse to not do what we really do not want to do. For many, the pandemic has shown us that the phrase "I don't have time" is really just an excuse. How many times have we stopped going with friends, learning a new skill, exercising, or even starting our own business because we say we don't have time? Surely, you, like me, several. These months of confinement have changed the routines for most of us. Although there have been cases of people who have had to even double…

Wednesday, 23 December 2020 05:16

Exxonmobil says it has issued a force majeure on Nigeria's Qua Iboe terminal

ExxonMobil issued a force majeure on Nigeria’s Qua Iboe crude oil export terminal last week, a spokesman said on Tuesday, after a fire hit the facility and injured two workers. The spokesman did not say how much production would be lost, or when the terminal would come back online. At the time of the incident, ExxonMobil said it did not anticipate any impact to operations at Qua Iboe, which is among the largest oil export streams in Nigeria, Africa’s largest crude exporter. A source told Reuters production is expected to resume in early January. Reuters

Tuesday, 22 December 2020 05:21

Nigerian stocks move further up with N334bn gain

Nigerian equity market on Monday sustained its positive outlook as the overall performance measures, NSE ASI and market capitalisation rose further by1.73 per cent. However, market breadth closed flat with 23 gainers against 23 decliners. Consequently, All-Share Index grew by 638.65 basis points or 1.73 per cent from 36,804.75 index points last Friday to 37,443.40. Market capitalisation of equities appreciated by N334bn to close at N19.57tn from N19.24tn. On the activity chart, the insurance sub-sector dominated in volume terms as 153.47 million shares exchanged in 766 deals. The sub-sector was enhanced by activities in the shares of AIICO Insurance Plc…

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