Business News

Thursday, 28 September 2023 04:35

Diesel sells for N1,100 per litre. Here’s what that means for manufacturing, other businesses

There are clear indications that more manufacturing companies and businesses in the country may shut down in the coming months due to the unabating energy crisis, which has now pushed diesel prices to over N1,100 per litre. This dire situation is worsened by the foreign exchange crisis and the floating of the naira, all occurring amid dwindling purchasing power as there are signs that the prices of Liquified Petroleum Gas and Compressed Natural Gas, which are being adopted as alternative energy sources, may spike further. The Nigerian Association of Liquefied Petroleum Gas Marketers Gas said last week that the price…

Thursday, 28 September 2023 04:30

Ray Dalio says AI will greatly disrupt our lives within a year—you should be both excited and scared of it

Billionaire investor Ray Dalio is sure that artificial intelligence will soon be a “great disruptor” in all of our lives — for both better and worse. AI will help people make strides in productivity, education, healthcare and even usher in a three-day workweek, Dalio said on Tuesday at Fast Company’s Innovation Festival 2023. On the other hand, it’ll likely “disrupt jobs” and be a cause of “argument” for employees and legislators who support halting or slowing down AI’s evolution, he said. “All these changes are going to happen in the next five years,” Dalio, the founder of hedge fund giant…

Wednesday, 27 September 2023 04:44

Foreign suppliers to Nigerian importers reject Letters of Credit, insist on forex cash transfers

Several Nigerian businesses that rely on imports have been cut off by their foreign suppliers who are rejecting letters of credit (LC) and refusing to deliver goods without payment as foreign currency shortages worsen in Africa’s biggest economy. A letter of credit is a mode of payment used for the importation of visible goods. It is a written undertaking given by a bank at the request of its customer, in which the bank obligates itself to pay the exporter up to a stated amount within a prescribed time frame upon presentation of stipulated documents in exchange for goods. Foreign suppliers…

Wednesday, 27 September 2023 04:42

Greece holds 70% of global tonnage on ships. Now shipping companies in that country prevent their ships from coming to Nigeria over these issues

About 30 percent of shipping companies in Greece have removed Nigeria from their charter party, following complaints over hostile environment and alleged harsh treatment meted out to crew members of vessels caught up in maritime security issues.Disclosing this during the Maritime and Offshore Awards (OMIS) at the weekend, President of Maritime Security Providers Association of Nigeria (MASPAN), Emmanuel Maiguwa, said Greece, which holds about 70 per cent of global tonnage on vessel operations, has stopped its vessels from coming to Nigeria.Consequently, Grecian vessels with Nigerian-bound cargoes stop in Togo or any other ports.Maiguwa said insecurity, hostile environment and other harsh…

Wednesday, 27 September 2023 04:33

Elon Musk's skill that makes him a 'force of nature'

Few people who write about Elon Musk get the kind of access to the controversial genius as Walter Isaacson did. Simon & Schuster sent me an early copy of Isaacson's new, 600-page biography, Elon Musk. It has everything you'd expect from a book on Musk – stories of tragedy, triumph, and turmoil. Isaacson spent two years shadowing Musk, watching him make decisions, and getting a peek – as best as anyone could – into what makes Musk tick. While the stories are fascinating and guaranteed to spark a mountain of coverage, founders and entrepreneurs will also unearth valuable lessons, especially…

Tuesday, 26 September 2023 05:02

Equinor divests from major Nigeria oilfield, chooses newcomer as buyer

Equinor ASA has chosen a little-known company as the preferred buyer of its stake in one of Nigeria’s largest deep-water oil fields, according to people familiar with the matter. The Norwegian energy giant is trying to sell its 20.2% interest in the Agbami field – joining other international producers such as Shell Plc, Exxon Mobil Corp. and Eni SpA in looking to offload assets in Africa’s biggest crude producer. Chappal Energies Mauritius Ltd. has emerged as the favored buyer of Equinor’s interest in the asset, which is operated by Chevron Corp. and produces about 100,000 barrels of oil a day,…

Tuesday, 26 September 2023 04:50

Airbnb CEO shares the No. 1 thing people get wrong about success: I thought ‘everything in my life would be fixed’

Most people imagine reaching their career goals will result in lifelong happiness. The opposite was true for Airbnb CEO Brian Chesky. For Chesky, the goal was an IPO, he recently told Dax Shepard’s “Armchair Expert” podcast. Even as Airbnb’s popularity and private valuation soared throughout the 2010s, Chesky didn’t feel successful, he said — and he thought taking the company public would help. But when the IPO occurred in December 2020 — with its opening valuation of $47 billion rising to $86.5 billion in less than a day — Chesky didn’t feel happy, satisfied or even relieved. Instead, it marked…

Monday, 25 September 2023 04:53

If you have one of these 10 jobs, AI has some of the skills to replace you

Here are 10 popular jobs with skills most replicable by AI, according to ChatGPT itself. The jobs site Indeed analyzed GPT-4's ability to perform skills required for these common jobs. Though GPT-4 is able to perform some skills, others — like driving a car — still require a human touch. In a new report, the jobs site Indeed's economic research team analyzed over 55 million job postings published between August 2022 and July 2023 and identified more than 2,600 skills employers were seeking. The researchers then studied how well the GPT-4 version of the generative-AI tool ChatGPT could perform these…

Friday, 22 September 2023 04:46

35-year-old CEO dumped his ‘pretty good’ startup—and built a $1.4bn business instead

This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown. Sometimes, you need to recognize that pretty good isn’t good enough. Just ask Spenser Skates and Curtis Liu. Today, the two MIT graduates are known as co-founders of Amplitude, an analytics software business with a market cap of $1.35 billion and more than 2,300 corporate clients. A decade ago, they were on a completely different track — running a voice recognition…

Thursday, 21 September 2023 04:14

Now it’s clear: Hard work doesn’t make you rich - Faiza Shaheen

Every parent wants their child to reach their full potential and flourish: my mum called me Faiza because it means “winner” in Arabic in the hope that success would be inevitable. It’s an emotion that runs deep, and one that politicians across the spectrum are keen to tap into, for ever promising to build an “aspirational” or truly “meritocratic” society where any individual can make it as long as they work hard enough. Equality of opportunity is a phrase commonly used by our politicians, even for those too scared to talk about equality more generally. Yet for decades we’ve been…

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Wednesday, 20 September 2023 04:47

Foreign airlines still unable to repatriate $783m trapped in CBN - IATA

International Air Transport Association has said that as of August 2023, Nigeria accounts for $783m of airlines’ blocked funds. This was contained in a statement by the trade association which said that the IATA’s Regional Vice-President for Africa and Middle East, Kamil Al Awadhi, has had engagements with the Federal Government to resolve the situation. Foreign airlines operating in the country have been unable to repatriate their commercial revenue amid a protracted scarcity of forex. The statement read in part, “Al Awadhi also met with Nigeria’s new Minister of Aviation and Aerospace Development, Festus Keyamo, during which he called on…

Wednesday, 20 September 2023 04:41

Avoid this common job interview tip, says recruiter who’s screened over 10,000 candidates

TikTok is full of advice on how to ace your job interview — but not all of those tips are actually a good idea, some recruiters say. It’s smart to come prepared with questions for your interviewer when they inevitably ask if you have any. But one question often floated as a way to make yourself stand out could actually end your interviews prematurely. “When you ask questions at the end of your interview and ask your interviewer, “Do you have any hesitations about my candidacy?′ That is the worst advice,” says Farah Sharghi, who estimates she’s conducted more than…

Tuesday, 19 September 2023 04:37

31-year-old mom left her job for a side hustle. She brings in $101,000 a month, works 30 minutes a day

Cassiy Johnson always wanted a second income source. But selling concrete candles and coffee mugs swirled in nail polish from her Howell, Michigan, home proved too time-consuming and heavy to ship. Then, she tried designing T-shirts. It was April 2020, and Johnson had been furloughed from her full-time job as a daycare salesperson, where she made $70,000 per year. Her Etsy shop launched the next month — and in the fall, it brought in $30,000 in revenue in just two months, she says. Even better, she adds: She spent less than 30 minutes per day on the side hustle, running…

Monday, 18 September 2023 04:32

The 3 phases of leadership in business, others

How confident are you in your leadership abilities? In my 20-plus years of experience in startups -- having filled every position from new hire to CEO -- I've never seen a company reach its potential under anything less than exemplary leadership. The reverse can be true, of course. Any business can fail regardless of how good the leadership might be. But if your company leadership sucks, your business doesn't stand a chance. Leadership -- despite the millions of dollars and hours spent coaching it -- isn't that difficult to wrap your brain around. You know it when you see it,…

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