Business News

Monday, 01 April 2024 04:44

4 ways to speak up without payback

It takes courage to stand up and say when something isn’t right. But all too often, we meet these acts of integrity and accountability with suspicion and resentment. “People are dying, Scott, you’ve got document after document here telling you why, and you haven’t said one word. I wanna know. . . . How the hell you sleep at night?”Erin Brockovich (2000) In the movies, whistleblowers are usually portrayed as courageous individuals willing to brave serious harm to their reputation, livelihood, and even their lives, to speak truth to corruption or other grave misconduct. From All the President’s Men to…

Friday, 29 March 2024 04:47

CBN raises capital base of banks, gives deadline

Central Bank of Nigeria (CBN) has announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks. In a statement on Thursday, CBN said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks. The statement was signed by Haruna Mustafa, director, financial policy and regulation department. According to the apex bank, the upward review will enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy. CBN increased the capital base for commercial banks with international licences to N500 billion, while national and…

Friday, 29 March 2024 04:38

Elon Musk announces significant changes to X. Here's what to know

Elon Musk has announced new changes to social media platform X (formerly Twitter) that will allow certain accounts to unlock free premium features. Posting on the platform Thursday, the 52-year old tech billionaire, and TIME’s 2021 Person of the Year, said: “Going forward, all X accounts with over 2500 verified subscriber followers will get Premium features for free and accounts with over 5000 will get Premium+ for free.” Previously, X Premium features would cost a user $8 per month and include the ability to share longer posts and video uploads, have larger reply prioritization, and see fewer adverts on their…

Thursday, 28 March 2024 04:36

A Nigerian woman reviewed some tomato puree online. Now she faces jail - CNN

Chioma Okoli, a 39-year-old entrepreneur from Lagos, is being prosecuted and sued in civil court for allegedly breaching the country’s cybercrime laws, in a case that has gripped the West African nation and sparked protests by locals who believe she is being persecuted for exercising her right to free speech. What did she say? Okoli, a small-scale importer of children’s wear, told CNN that on September 17 she asked her 18,000 followers on Facebook to share their opinions about a tomato puree she bought in place of her usual brands, saying she found it too sweet. Her post, accompanied by…

Wednesday, 27 March 2024 04:32

Confident or cocky? How to tell the difference, and why it matters

You see it all the time in business: people who are vocal about their achievements, who assert their opinions, and who have a certain swagger. The person may be a boss, a coworker, or an employee. But how can you tell if the person’s behaviors come from a place of confidence or cockiness? What’s the difference? And why does it matter? The whole key to a cocky person’s persona is that they exude confidence that masks inadequacy. Cocky people don’t have the ability to perform at the level required, so they have to make themselves look good through arrogant, boastful…

Tuesday, 26 March 2024 04:40

Hate meetings? Research reveals the loophole that makes every meeting worthwhile

I've long believed the only person who thinks a particular meeting is important is the person who called the meeting. Science backs me up. A meta-analysis of more than a decade of research shows 90 percent of employees feel meetings are "costly" and "unproductive" and that they're right: Employee productivity increased by over 70 percent when the number of meetings was reduced by 40 percent. Still, sometimes meetings are necessary. Maybe that's why smart leaders – and, as you'll see in a moment, leaders who look out for the best interest of their employees – prefer walking meetings. Like Richard…

Monday, 25 March 2024 04:45

Here’s why cash flow should be the main focus in your company

Traditionally, when founders start a business, the first thing they seek is financing, even before mastering the numbers. They mistakenly believe that generating the first sales indicates the liquidity and health of the business. I have known companies that generate up to $5 billion in sales but, behind the scenes, lose half or more of that in operational expenses. Sales are important but not the true indicator of the cash the company has. Cash is the lifeblood of companies. It is the fuel that propels them forward and helps them grow. You can keep a company moving with operational issues…

Friday, 22 March 2024 04:35

7 bold leadership steps for an underknown and undervalued brand

"We do such great work, and no one knows or cares!" This was the fundamental complaint of the large complex organizations that came to my firm for help with their brand image. They felt underknown and undervalued, and it hurt. The solution was not jumping into advertising or PR campaigns. Instead, it begins with them getting super-clear on their core identity-and determining if they were being who they wanted to be. As part of the process, we ask these challenging questions: In a few words, what is the core of your organization's identity? How do you want the world to…

Thursday, 21 March 2024 05:02

7 critical steps from a lone business founder to a winning team

You can't win as a new venture founder working alone. You need to have business relationships with team members, investors, customers and myriad other support people. That doesn't mean you have to be a social butterfly to succeed or introverts need not apply. It does mean that you need to look, listen and participate in the business world around you and network through all available channels, like business-oriented social networks online (LinkedIn), local business organizations (Chamber of Commerce) and events or conferences in your school or industry. I hope all this seems obvious to you, but I still get a…

Wednesday, 20 March 2024 04:36

CBN removes restrictions to FX access for importation of diary products

Central Bank of Nigeria (CBN) has lifted its restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN added milk and dairy products to the list of items not eligible for forex. However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12. “Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),”…

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Wednesday, 20 March 2024 04:30

3 red flags recruiters look out for in job candidates

A majority of people, 95%, intend to look for a new job this year, according to a January 2024 survey by jobsite Monster. And many anticipate it will be challenging. More than half, 68% say they think it will be difficult to find one given the state of the economy. While finding work opportunities can be challenging, there are ways to conduct yourself that could make doing so even harder. “There’s something called validation seeking behavior, aka desperation,” says Lindsay Mustain, a former Amazon recruiter and current CEO of career coaching company Talent Paradigm. She adds that “it’s that ‘pick…

Tuesday, 19 March 2024 04:49

The No. 1 trait bosses look for when promoting employees, says ex-CEO

I’ve always thought that promotions were largely based on how hard you worked, or how long you’ve been at a company. While those two qualities may play a role in someone moving up the corporate ladder, I recently learned that bosses often look for something more subtle as the deciding factor.I chatted with Bill George, a Harvard Business School executive fellow and former CEO of health-care company Medtronic, who told me the top traitleaders look for when considering employees for a promotion is someone who guides and inspires their team.People who “focus on doing an outstanding job in leading [their]…

Monday, 18 March 2024 04:19

Mark Cuban looks for 2 qualities in employees: ‘If they fail on either one, you’re going to be in trouble’

Whether or not you get hired by billionaire Mark Cuban comes down to two qualities: culture and competency. They’re the “two things that matter the most,” Cuban said during a MasterClass course released last month. “Are they competent enough to do the job? And do they fit in the culture of the organization? If they fail on either one, you’re going to be in trouble.” Culture is more important than raw talent, Cuban said. Most of the workforce agrees: 56% of workers rank a strong workplace culture as more important than salary, with more than 75% of employees saying they’d…

Friday, 15 March 2024 04:41

4 powerful ways to set goals like a pro

Setting goals is the way most of us get things done – in life and in business. We set the goal to get a new job or move to a new place. We set the goal to learn how to speak a new language or make money by investing in real estate. And when it comes to delivering the very best products and services to our customers, we set goals to give our people direction and a target to shoot for. The thing is, many leaders spend far too much time creating long lists of goals and too little time…

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