Business News

Oil refiners are making less money selling their gasoline as demand during the peak summer driving season has fallen short of what they expected when many of them boosted production. Softness in gasoline markets have upended years of record profits on selling transportation fuels. In the U.S., the world's largest gasoline market, refiners ramped up sharply, expecting demand that never materialized. U.S. gasoline demand was 9 million barrels per day (bpd) in the first week of June, 1.7% below last year and seasonally the lowest since 2021, government data showed. In Asia, weakness in the gasoline market has already led…
Accomplishing a longtime career goal — whether that's crossing the six-figure mark in your salary or getting a huge promotion — might seem like the solution to feeling completely satisfied at work. But chances are, you could still feel empty, bored, or unfulfilled even after achieving this milestone. That's normal, Joseph Fuller, a Harvard Business School professor and co-chair of the school's "Managing the Future of Work" initiative, tells CNBC Make It. "Our careers rarely align with every expectation we have for them," he says. The same logic applies to any professional goal you pursue: If you have unrealistic expectations…
Just the mention of budgeting can conjure up thoughts of scarcity and cutting out fun, enough to have even the most seasoned entrepreneurs shaking in their boots. But it's time to reframe how you think about budgeting for your business. Your financial numbers represent the reality of your company's performance, regardless of whether you know them or monitor them. Can you confidently answer if you have sufficient funds to expand into a new office space, hire additional staff or launch a new product line? How can you make informed decisions if you don't know your numbers? Without a clear understanding,…
Seplat Energy is pursuing a swift conclusion to its $1.28 billion acquisition of ExxonMobil's Nigerian shallow water oil assets, it said on Friday after being notified that NNPC had halted a legal challenge to the deal. State oil company NNPC had challenged Exxon's sale of the assets to Seplat, saying it had first right of refusal. The deal was further held up by regulatory issues. "Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage (with) all key stakeholders, including the government, in progressing towards a swift completion of the acquisition," a Seplat statement…
Hint: Effective communication isn't just about talking. With the increase in flexibility in how and when individuals work, people are reporting higher levels of burnout and difficulty in finding work-life balance. To combat this, leaders and employees alike will have to focus on increasing their empathic social skills. One skill, in particular, increasingly separates average leaders from great ones: Active listening. Activating Your Active Listening Skills Effective communication isn't just about talking; it's having the ability to listen intuitively to the other person's story, ask questions and search conversations for depth, meaning and understanding with their needs in mind. This…
Aliko Dangote, Africa’s richest person, announced a delay in petrol supply from the Dangote Petroleum Refinery, now set to commence in July. Dangote made this announcement on June 9 during the inauguration of the Dangote Sinotruk West Africa’s completely knocked-down (CKD) plant in Lagos. Previously, on May 18, Dangote had stated that the refinery would start producing petrol in June, eliminating the need for Nigeria to import the product. However, providing an update, Dangote indicated that the refinery is now expected to begin supplying petrol to the downstream market by July 15. “We had a bit of delay, but PMS…
After operating in Nigeria since 1950, Guinness’ core investor has announced its departure from the Nigerian market, citing the adverse economic climate. The company plans to sell its controlling shares to Singaporean conglomerate Tolaram Group. Between July 2023 and March 2024, Guinness Nigeria recorded a significant loss of N61.9 billion after tax. This financial downturn followed President Bola Tinubu’s decision to float the naira to unify its value across official and parallel foreign exchange markets, a move that backfired and severely impacted multinational companies, including Guinness. The brewery's N61.7 billion loss after tax in Q3 starkly contrasted with the N5.9…
I often write down my goals in a tiny notebook that I keep close to my bed. Most of the time, I don’t go back and read what I wrote — I just move on to the next.But maybe I’ll start revisiting the aspirations in my notebook after reading Julia Stewart’s success story. Stewart, who became IHOP’s first-ever female CEO in 2002, types out her “life’s goals,” then prints and frames them on her desk.It’s something the 68-year-old has been doing for roughly five decades, and says it helped her succeed in her career.“I started my first life goals when…
How to build businesses that last America is not just the land of red-blooded capitalism. It has an esoteric tradition of capitalist altruism, too. Take Trader Joe’s, an own-label grocery chain like m&s in Britain. It somehow retains a local-community feel, like an indoor farmers’ market with good prices and wonderful staff, despite having 549 stores. Whole Foods Market, a 530-store Mecca for well-heeled health nuts and epicureans, has a similar vibe. Or at least it did until 2017, when it was sold to Amazon for $13.7bn. Its co-founder, John Mackey, has recently published a book full of joie de…
Aliko Dangote, Africa’s richest person, has revealed that some international oil companies (IOCs) are facing difficulties in supplying crude oil to the Dangote Petroleum Refinery. Dangote made these comments during an appearance on CNN’s ‘Connecting Africa’ programme, which aired on June 3. When asked whether domestic oil companies have been able to supply crude to the refinery, Dangote acknowledged there are "challenges." However, he noted that the Nigerian National Petroleum Company (NNPC) Limited has been very supportive in supplying crude to the 650,000 barrels-a-day refinery. "The NNPC does its part, but some IOCs are struggling to provide us with crude…
May 11, 2025

Petroleum marketers to Dangote: We’re no cabal; we only have vested interest just like you

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) says no cabal in the…
May 11, 2025

Northern governors call for security strategy overhaul as violence escalates

The Northern States Governors' Forum (NSGF) has praised President Bola Tinubu's ongoing commitment to national…
May 10, 2025

The No. 1 lesson I learnt about relationship building, from a human connection specialist

Developing healthy, lifelong connections is something that Mark Groves knows all about: He equips individuals…
May 10, 2025

Town residents involutarily get high after Police burn 20 tons of confiscated cannabis

The 25,000 residents of Lice, a town in Turkey’s Diyarbakır province, involuntarily got high after…
May 10, 2025

Gunmen kill 30 travellers, burn 20 vehicles in Imo, Amnesty says

Gunmen shot dead at least 30 travellers in an attack in Nigeria's southeastern Imo state,…
May 11, 2025

What to know after Day 1172 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin offers Ukraine direct talks without preconditions Russian President Vladimir Putin has offered…
May 11, 2025

African diet – plantains and cassava can be as healthy as tomatoes and olive oil,…

Plantains, cassava and fermented banana drink should be added to global healthy eating guidelines alongside…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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