Business News

Monday, 15 April 2024 04:51

Investors on NGX lose N633bn as banks’ recapitalization bids induce negative sentiments

Investors have continued to backpedal on the stock market, especially in the banking sector, on the back of the proposed recapitalization of the banks announced late last month by the Central Bank of Nigeria, CBN. The risk-off sentiment resulted in the loss of N633 billion as investors took profits from the banks. Consequently, the market capitalization of all the listed equities fell to N57.87 trillion at the close of the holiday-shortened week from N58.498 trillion in the previous week, representing a 1.1 per cent decrease. Also, the benchmark All Share Index (ASI) of the Nigerian Exchange Limited (NGX) declined by…

Saturday, 13 April 2024 04:58

Nigerian Breweries shuts down two of its 9 plants due to ‘persistently challenging business environment’

Nigerian Breweries Plc (NB plc) has indicated plans for company-wide reorganisation as part of strategic recovery plan which entails the temporary shutting down of two out of its nine breweries in Nigeria. Following the recent announcement of its business recovery plan, the conglomerate which is a member of the HEINEKEN Group and Nigeria’s pioneer and largest brewing company indicated plans for a company-wide reorganisation aimed at securing a resilient and sustainable future for its stakeholders. The company said the move is essential to improve its operational efficiency, financial stability and enable a return of the business to profitability, in the…

Friday, 12 April 2024 04:44

How to master business growth on a shoestring budget

Attaining business growth on a shoestring budget can be a daunting task, but it is by no means impossible. Over the past few years, we have seen some compelling stories across industries, but one of the strong use cases is playing out in the entertainment and film industry, revolutionized by the growth of streaming platforms. The recent changes in the industry have seen a steady growth in independent film studios, which are beginning to take their slice of the pie in the industry where major studios have monopolized for over a century. To glean some industry insight, I had a…

Thursday, 11 April 2024 04:49

Cocoa extends gains as supply shortage boosts prices

Cocoa gained in New York, with prices heading back toward a record high amid lingering fears about global shortages. Futures climbed as much as 4% to head for a fourth straight increase. Prices have surged this year — recently exceeding $10,000 a ton — as poor West African harvests put the world on course for another annual deficit, threatening to further raise chocolate prices. “West African near-term supply remains very tight at the start of the mid-crop harvest, and that has provided underlying support to the cocoa market,” the Hightower Report said. The crunch is making it harder and more…

Wednesday, 10 April 2024 04:50

Air Peace CEO speaks about foreign airlines’ conspiracy to block airline from Lagos-London route

Allen Onyema, chairman of Air Peace, has raised the alarm over the alleged conspiracy by foreign governments to frustrate his airline out of business. Recounting his experience on the Lagos-London route during an interview on Channels TV’s Politics Today, on Tuesday, he said Air Peace commenced its London flight with special students’ fares to make travelling affordable for students going to study. He alleged the airline was being segregated, calling on the Nigerian government to do more to ensure the operation is sustained. “We are aware that there are devilish conspiracies. All of a sudden airlines are under pricing below…

Tuesday, 09 April 2024 04:52

The real reason why so many managers don’t know how to manage

New bosses are often promoted for the wrong reason and are unprepared for the role. On the latest episode of ‘The New Way We Work,’ we explore what it would look like to treat management like the important job it is. One of the most universal problems with work is bad bosses. Part of the reason so many people end up with a terrible manager is that as a society, we associate personality characteristics like charisma to mean someone has strong leadership skills. Instead, it’s often a sign of narcissism. But personality isn’t the only reason why so many people…

Monday, 08 April 2024 04:43

How to tell what kind of employee you have

As a business coach, one of the things that we work on with our clients is not only helping them find and retain top talent, but also help them coach their team to help increase productivity and growth within the business. And one of the ways that we do that is we help them learn how to distinguish their employees into two different categories of workers. And while neither one is good or bad, it does affect the way that you interact with, train and retain those team members. So today I wanted to talk a little bit more about…

Friday, 05 April 2024 05:01

‘Surely not. They have not cleared it’, manufacturers, again, refute CBN’s claims of having cleared FX backlog

Manufacturers Association of Nigeria has said that its members have lost at least N1.5tn in the last six months to forex-related transactions. Director-General of MAN, Segun Ajayi-Kadir, made the disclosure to The PUNCH in an exclusive interview on Monday. The revelation came amid dissent by manufacturers that contrary to claims made by the Central Bank of Nigeria that all valid forex requests had been cleared, several manufacturers still have pending dollar requests, some of which have been left unattended for an extended period. Two weeks ago, the CBN announced it had successfully cleared all valid foreign exchange backlogs, effectively eliminating…

Friday, 05 April 2024 04:50

Feeling too busy can harm your mental health—3 easy ways to fix it

I dread having a busy schedule.Often, it feels like there aren’t enough hours in the day to fulfill my work obligations, spend time with loved ones, have a hobby and dedicate enough time to self-care without crashing.As a result, dinners with friends I haven’t seen since college get pushed back, appointments get rescheduled, and there’s no time for the dance, pottery and piano classes I used to take. Lori Santos, a Yale University psychology professor, called this a “time famine” at SXSW in early March. It can lead to poor work performance and burnout and even harm your mental health,…

Thursday, 04 April 2024 04:32

34-year-old making $49,000 a month in passive income: What I always tell people who want to build successful side hustles

In 2016, I was working two jobs as a senior web developer and an adjunct professor. On the side, to help me get by, I was a freelance web developer. I knew almost nothing about business. Today, I’ve built more than 10 passive income streams, including multiple e-commerce brands, a YouTube channel and an online school. Combined, these businesses bring in about $49,000 a month in passive income. I’ve learned a lot about how to create a profitable company. I always tell people that if they want to build successful side hustles and passive income streams, they need to stop…

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Wednesday, 03 April 2024 04:50

Dangote refinery supplies diesel, aviation fuel to local market

Dangote oil refinery started supplying petroleum products to the local market on Tuesday, a company executive and fuel marketing associations said, a major step in the country's quest for energy independence. The refinery, Africa's largest, was built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion by the continent's richest man Aliko Dangote and was completed after several years of delays. It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this or next year. Dangote's group executive,…

Wednesday, 03 April 2024 04:42

This soft skill is the new Harvard degree, says expert: It’s ‘the biggest competitive differentiator’

There’s no shortage of stories about how technical skills in IT, software and data are in high demand and can command a handsome six-figure salary. But according to one LinkedIn expert, one particular soft skill may be as coveted as an Ivy League education. Given the fast-changing world of business, hiring managers “want to look for growth mindset,” says Aneesh Raman, a vice president and workforce expert at LinkedIn. “This is the new degree, the way that you’ve been looking for a Harvard degree.” A growth mindset, coined by psychologist Carol Dweck, is the idea that you can continue to…

Tuesday, 02 April 2024 04:52

Oil rises on escalating Middle East tensions, supply concerns

Oil prices gained in early Asian trading on Tuesday, underpinned by signs of improved demand and escalating Middle East tensions that had sparked a rally in U.S. futures to a five-month high in the previous session. Brent futures for June delivery rose 37 cents to $87.79 a barrel by 0046 GMT. The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel. Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. Manufacturing activity in China and the U.S.expanded in March…

Tuesday, 02 April 2024 04:46

Elon Musk shares 5 game-changing tips to success for young people

Young individuals often struggle to recognise opportunities that may lead them to success and also make the world a better place. However, Tesla CEO Elon Musk — the world's third richest person on the Bloomberg Billionaires Index — has revealed five key steps for the young generation to achieve success in their lives. In a resurfaced episode of the "Lex Fridman Podcast", Musk shared advice for high schoolers and college students aiming to make a positive impact on the world. Here are the five tips the billionaire thinks would help young people become successful. Be useful Musk's first tip for…

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