Business News

Tuesday, 20 August 2024 04:35

27-year-old bought a $100 sewing machine to start a side hustle—now it brings in six figures a year

Megan Sauer Two weeks before her side hustle’s launch party, Olivia Cleary did the math: At five minutes per inch of fabric, she was running out of time to sew 20 polyester scarves. She started working on the scarves from 7 p.m. until midnight, and 5 a.m. to 8 a.m. — when she had to leave for her full-time architectural design job. She finished the edges of her “crappy little scarves” on a $100 sewing machine that sat atop a folding TV table in the New York apartment she shared with two roommates, she says. That was in June 2022.…

Monday, 19 August 2024 04:42

FG’s $2bn domestic dollar bond sale opens today. Here’s who’s qualified to buy

The federal government is targeting as much as $2 billion through the issuance of dollar-denominated bonds to domestic investors, according to the lead arranger United Capital Plc. The domestic dollar bond has a programme size of $2 billion, with series one opening on Monday (today) at a size of $500 million, the investment bank said in an emailed document. The bonds will have a five-year tenure. The bond, which is available to Nigerians residing in the country and abroad as well as local pension firms, is targeting funds from “domiciliary accounts, diaspora remittances and foreign investments,” United Capital said. Dollar…

Monday, 19 August 2024 04:38

15-year-old who created soap that could treat skin cancer named Time's 2024 Kid of the Year

A teen who created a soap that could "transform skin cancer treatment" was chosen as the 2024 Kid of the Year by Time magazine and Time for Kids. Heman Bekele from Annandale, Virginia, is a 15-year-old scientist "who could change how we treat skin cancer," stated Time in its announcement released Thursday. "It’s absolutely incredible to think that one day my bar of soap will be able to make a direct impact on somebody else’s life," Bekele told Time. "That’s the reason I started this all in the first place.” The teen was chosen after he created a soap that…

Friday, 16 August 2024 04:43

5 phrases smart people always use to get noticed and succeed at work—without being the loudest in the room

Jessica Chen Have you ever sat in a meeting and wondered why it feels like only two or three people dominate the entire conversation? These louder colleagues usually speak up first, share their two cents, and take up most of the meeting time. Before you know it, the meeting is over and you never said a thing. As a global communications expert, I work with a lot of smart and talented people. Even among these skilled and capable professionals, the biggest frustration I hear goes something like this: “I work hard and deliver, but I still don’t feel like I…

Thursday, 15 August 2024 04:45

Showing up to work early and staying late won’t get you ahead—here’s what will, says career expert

Ambitious workers get a lot of advice early in their career about how to get ahead. One common tip is: Be among the first to arrive at the office and the last to leave to show your boss you’re committed to the job. Brianna Doe used to feel that way. When the marketing professional began her career about a decade ago, she’d often clock into the office early and work long hours “to show that I have the drive and the motivation, and that I want to grow within the company.” Doe was eager to show her manager and people…

Wednesday, 14 August 2024 04:44

Doubling your profit without increasing sales: A strategic approach

In the pursuit of doubling profits, many businesses feel the pressure to resort to aggressive sales tactics. However, sustainable growth doesn’t always require higher sales numbers. By focusing on three key profit drivers (pricing profitably, managing expenses, and setting strategic sales targets) you can achieve your desired profit margins without having to increase sales. 1. Pricing Profitably Pricing is more than just assigning a dollar amount to your products or services; it’s about understanding the value you deliver and ensuring that your pricing reflects that value. One of the first steps in pricing profitably is understanding the true value of…

Tuesday, 13 August 2024 04:55

Dangote Refinery, others seek 597,700 bpd of oil. Producers supplied less than a third of demand for two reasons

Nigerian refineries including the Dangote Refinery have raised their domestic crude requirements for the second half of 2024 to 597,700 barrels per day from 483,000 bpd in the first half, the national oil regulator said, despite tight domestic supply. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) was only able to help secure 177,777 bpd from oil producers in the first six months of the year, way below what the refiners had asked for, it said in a statement released on Friday. The refineries' rising crude requirements and oil producers' struggle to meet demand has put the 650,000-bpd Dangote Refinery in…

Tuesday, 13 August 2024 04:48

3 phrases the most successful employees never use at work, from CEOs and psychologists

Sometimes, what separates successful people from everyone else isn’t what they say — it’s what they don’t say. You might want to avoid jargon in the workplace: phrases like “ducks in a row” or “move the needle” that probably confuse your co-workers, according to research published by LinkedIn and Duolingo last year. Other sayings, like “keep me in the loop” or “just checking in,” can unintentionally come across as passive-aggressive, Slack executive Jaime DeLanghe told CNBC Make It in 2022. In particular, the best employees typically steer clear from these three phrases and sayings, according to CEOs, psychologists and linguistics…

Monday, 12 August 2024 04:40

5 fundamental differences between entrepreneurs and everyone else

As someone who meets and speaks about entrepreneurs regularly, there is one sentence I hate hearing and that sentence is: "I want to be an entrepreneur." A person who says that sentence is most likely to fail at entrepreneurship. You cannot want to be an entrepreneur. You either are or you aren't. And if you are an entrepreneur, you can't work a regular job because you need to be creating and building, not working behind a computer. So, how do you know if you're an entrepreneur or not? Here are 5 signs that you might be an entrepreneur. You're willing…

Sunday, 11 August 2024 04:50

Enforce law mandating crude supply to local refineries by oil producers, Dangote urges Regulator

The Dangote Oil Refinery has called on Nigeria's upstream oil regulator to force producers to abide by a law that stipulates they supply local refineries, saying that lax enforcement was raising its operational costs. The 650,000-barrel-per-day capacity refinery, built by Africa's richest man Aliko Dangote on the outskirts of Lagos for $20 billion, has struggled to get sufficient supplies from Nigeria, where vandalism and low investment impede oil production. In a statement issued on Friday, Dangote Refinery accused the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) of failing to enforce the Domestic Crude Supply Obligation (DCSO), a provision that requires crude…

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Friday, 09 August 2024 04:50

Small businesses in Nigeria plagued by high energy costs, multiple taxes, others - PwC

The PricewaterhouseCoopers (PwC) says high energy costs, interest rates, and excessive taxes, are major challenges faced by micro, small and medium enterprises (MSMEs) in Nigeria. The PwC highlighted the challenges in its 2024 MSME survey, titled, ‘Building Resilience: Strategies for MSME Success in a Changing Landscape’. According to the financial services firm, the survey included 567 MSMEs across 13 sectors and 29 states. PwC said over 50 percent of MSMEs reported falling sales due to high prices and low consumer spending power. “When asked about the reasons for this decline, 38% of respondents pointed to the high cost of their…

Thursday, 08 August 2024 04:56

5 lessons on life as an entrepreneur that you don't learn in school

As we focus on continuing to elevate entrepreneurs from all parts of the world and from all backgrounds, I’m reflecting a lot on how nontraditional entrepreneurs can realize their dreams. Sometimes that means unlearninglessons we were taught in school. On the day you graduate and enter the professional world, there is no instruction manual waiting for you. (If only!) There is so much I wish I’d known at the start of my own career, and I wish I could spare young entrepreneurs that same learningcurve. Below are a few key lessons about entrepreneurship that aren’t taught in school. 1. Your…

Wednesday, 07 August 2024 04:50

Dangote to sell 12.5% stake in refinery as crucial debt repayment date nears

The Dangote Group, Africa’s largest conglomerate, is exploring the sale of a 12.5 percent stake in its newly commissioned refinery as it grapples with liquidity concerns, according to the Global rating agency, Fitch Rating. In 2021, Nigerian National Petroleum Corporation (NNPC) acquired a 7.25 percent stake in the Dangote refinery’s project entity for $1.0 billion, with an option to purchase the remaining 12.75 percent stake by June 2024. “Since the option has not been exercised, the group plans to divest a 12.75% stake in DORC in 2024,” Fitch Ratings said in its latest note. Fitch added, “The group intends to…

Wednesday, 07 August 2024 04:49

Investors on NGX lose N371bn amid global stock markets rout

The Nigerian Exchange Limited (NGX) on Tuesday, extended its previous day losses declining by N371 billion as investors continue to react to the volatility in the global stock market. The benchmark All-Share Index (ASI) dropped by 653.89 basis points or 0.67 per cent, closing at 96,928.52 basis points from its opening value of 97,745.73. Consequently, market capitalisation fell, ending the day at N55.00 trillion compared to N55.404 trillion at the start while Year-to-Date (Ytd) gain moderated at 30.5 percent. Experts warn that the ongoing volatility and domestic unrest could further affect investor confidence on the local bourse, although the global…

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