Business News

Saturday, 01 June 2024 04:56

100 manufacturing companies shut down due to new electricity tariff - MAN

The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, has disclosed that electricity distribution companies have disconnected over 100 manufacturing firms. In an exclusive interview with The PUNCH at the annual general meeting of the MAN’s food, beverage and tobacco sector, on Thursday in Lagos, he revealed that 10 of the association’s members had been disconnected in Kano. “We do not favour legal action against the Discos and NERC. We do not want to go there. One of our branches has done so, and that subsists. The Disco in Kano is still disconnecting our members despite the injunction. As…

Saturday, 01 June 2024 04:54

Cocoa shortage much higher than projected - ICCO

Cocoa’s shortage this season will be bigger than previously expected as consumption holds up despite higher prices, according to the International Cocoa Organization. Demand will exceed production by 439,000 tons, driven by higher cocoa grinding in consuming countries, the ICCO said in its second estimate for the current October-September year. That compares with a Februaryprojection for a deficit of 374,000 tons. “Current available data reveal that cocoa grinding activities have so far been unrelenting in importing countries despite the record cocoa price rallies,” the ICCO said. “As the 2023-24 season progresses, it is certain the season will end in a…

Friday, 31 May 2024 04:58

Firm which makes same products as Procter & Gamble set to also shut down operations in Nigeria

Kimberly-Clark will soon shut down its Ikorodu production facility, citing economic challenges despite a $100 million investment two years ago. High energy costs, expensive raw materials, and reduced customer demand have forced the company to reduce shifts and implement cost-cutting measures. The closure reflects broader industry challenges, mirroring exits by Procter & Gamble and strategic reviews by PZ Cussons, impacting Nigeria’s drive for foreign direct investment Diaper and sanitary pad manufacturer, Kimberley Clark will soon announce an imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Sources within the company informed Nairametrics that the…

Friday, 31 May 2024 04:43

4 things to consider before starting a restaurant business

An unforgiving industry means you have to plan that much more. Restaurants that open within the first year have a high failure rate, and they're extremely risky investments. Truth be told, I didn't fully grasp why this was until I researched restaurants for a college assignment. I quickly learned that the restaurant industry is extremely challenging. A restaurant's success depends on more than its ability to prepare quality meals and serve them on location. A restaurant's success is influenced by many factors, and many of them are not simply related to the food's amazing quality and freshness. I recently spoke…

Thursday, 30 May 2024 04:51

Investors shun Nigeria despite initial excitement over Tinubu’s reforms - Bloomberg

One year after President Bola Tinubu came to office, investor excitement over his reforms has faded, with some saying they’ll reconsider their positions if Nigeria stabilizes its currency and enacts more change. “We are likely to add to local currency bonds once FX volatility declines, but the timing of that remains up in the air,” said Kevin Daly, a portfolio manager at London-based Abrdn Investments Ltd. “It will require a combination of factors such as further foreign portfolio flows, and more importantly some de-dollarization as the central bank can’t be the sole provider of FX liquidity for the market,” he…

Thursday, 30 May 2024 04:41

Self-made millionaire tells new grads, ‘Do this for as long as you can, and you’ll be a multimillionaire’

As someone in my 30s, it’s tough to read tips for new grads without cringing. Too often, what now seems like obvious, common-sense advice is something that I blissfully ignored in my 20s. Every once in a while, though, I get a little jolt when I realize that a younger version of me managed to do something right. That’s how I felt when I read my colleague Cheyenne Devon's recent writeup from a chat with Ramit Sethi, a self-made millionaire and author of “I Will Teach You to Be Rich.” In it, he offers his No. 1 money tip for…

Wednesday, 29 May 2024 04:24

Psychologist Adam Grant says your overall success at work comes down to 3 familiar words

Some people subscribe to the idea that work-life balance is critical for achieving success. Wharton organizational psychologist Adam Grant has a different take. He once called work-life balance "mostly a myth" and stressed something else as the key to success. We can boil Grant's advice down to three words: Work. More. Hours. Let's put that in the right context. In a previous video posted on the Mic Facebook page, Grant tells viewers, "It's not to say you have to be a workaholic in order to be successful, although the evidence is strong that one of the ways that people become…

Tuesday, 28 May 2024 04:49

Banks raked in N438bn from electronic transactions in 2023 - Report

In 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown. Compared to the preceding year, the banking groups’ earnings from electronic transactions rose by 37.54 per cent from N318.64bn. E-business income includes revenue from electronic channels, card products, and related services. These channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sales payments, as well as credit and debit card transactions. The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria. Some of…

Tuesday, 28 May 2024 04:42

Amazon CEO: An ‘embarrassing’ amount of your success depends on this one skill

The trick to getting ahead at work isn’t being the fastest learner or the smartest in the room — it’s having a positive attitude, says Amazon CEO Andy Jassy. Jassy, who took the top job at Amazon after Jeff Bezos stepped down in 2021, shared his “best career advice” in a new interview with LinkedIn CEO Ryan Roslansky. “I think an embarrassing amount of how well you do, particularly in your 20s, has to do with attitude,” Jassy, 56, said. It’s not just about being cheerful, he explained. Having a positive attitude means you work well on a team and…

Monday, 27 May 2024 04:36

62-year-old started her business with $1,000—now it brings in over $25m a year

The 62-year-old is the president and CEO of McKissack & McKissack, the Washington, D.C.-based construction management and design firm behind some of today's most recognizable buildings — from building the Smithsonian African American Museum of History and Culture to repairing the Abraham Lincoln and Thomas Jefferson memorials. The firm's legacy dates back to her great-great grandfather Moses, a skilled brick maker who originally came to the U.S. as a slave in 1790. His skills were passed down and cultivated from generation to generation, prompting two of his grandsons to create a construction company in Tennessee, also called McKissack & McKissack.…

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Friday, 24 May 2024 04:43

Younger workers are rejecting assignments. Here's why

If you want to attract – and retain – younger workers, pay attention to their values. Fifty percent of Gen Zers and 43 percent of Millennials say they've rejected an assignment "based on their personal ethics or beliefs," according to Deloitte's 2024 Gen Z and Millennial Survey of 22,841 respondents from across the globe. That's up from 44 percent and 37 percent, respectively, in last year's survey. Forty-four percent of surveyed Gen Zers and 40 percent of Millennials say they've even rejected a job offer due to their ethics or beliefs – also up from last year. Purpose has long…

Thursday, 23 May 2024 04:39

5 principles that sharpen your business edge and boost performance

In marketing and PR, competition is fierce, and leaders are always looking for a strategic edge. As a CEO, I've seen firsthand how the right practices result in massive ROI, and I wanted to explore the elements that have helped me and my agency stay ahead. That's why I met with Jake Thompson, top-ranking podcast host and founder of Compete Every Day, an organization that helps leaders maximize performance. He shared several essential principles that are applicable not only to my industry but to any competitive business environment. Combining his insights with my industry experience, here are five best practices…

Wednesday, 22 May 2024 04:37

The 1 word that can help you hire better

It is no secret that the number of open positions currently far outstrips the number of candidates available to fill them. According to March 2022 U.S. Bureau of Labor Statistics data, the gap between the current number of job openings and the total level of unemployment now exceeds 5 million. Given such a dramatic and critical imbalance, making good hires is among the most important priorities for HR leaders in organizations of all sizes and stripe this year. And it's not just because people are hard to find. A Harris Poll for Career Builder found that 74% of employers admit…

Tuesday, 21 May 2024 04:51

7 strategies to scale your small business and achieve sustainable growth

As we approach the third quarter of 2024, businesses start assessing their performances, and many consider scaling and expanding their operations. With rapid changes in technology, consumer behavior and market dynamics, it's crucial that businesses constantly adopt innovative strategies to remain competitive and achieve sustainable growth within their industries. So, businesses looking to bring themselves to the next level have a few different strategies they can use to achieve long-term growth. 1. Embrace digital evolution In today's fast-paced business landscape, embracing technology is not an option but a necessity. Small businesses can use it to their advantage to help streamline…

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