Business News

Tuesday, 15 November 2022 06:53

Jeff Bezos pledges to give away most of his $124bn to climate charities, others

Amazon founder said he wants to support people who can unify humanity and heal deep social and political divisions. The tycoon did not give any details about the exact charities he will donate to or how much he will give. Sitting alongside his partner Lauren Sanchez, the businessman told CNN they are 'building the capacity to be able to give away this money'. When asked if he plans to donate most of his wealth during his lifetime, Bezos replied: 'Yeah, I do.' Daily Mail

Tuesday, 15 November 2022 06:50

3 steps for building bold teams that dream big

Building a superstar team is a mixture of art and science. As Google's Project Aristotle taught us, hiring a team of all-stars is not necessarily the surest route to success. In their efforts to crack the code on team effectiveness, Google's researchersdiscovered that the real magic lies in some key characteristics and intangible factors such as dependability, structure and – most important – psychological safety. When everyone on a team feels safe to offer up ideas, take risks, and ask questions, teams become something more than the sum of their parts. It's important to remember that a group of workers…

Monday, 14 November 2022 06:24

Price hike in Nigeria’s Eurobonds leads to lower yields - Report

Following a surge in prices, yields on Nigeria’s Eurobonds tumbled as investors’ demand in the secondary market persisted since the beginning of November 2022, latest data by Debt Management Office (DMO) has revealed. Experts attributed the hike in prices to the Naira redesigning policy of the Central Bank of Nigeria (CBN) as high network investors are demanding risk-free instruments to preserve their wealth in foreign currency. “Once there is high demand in Eurobond, the prices will be increasing and the yield will drop. Part of the reasons for lower yields on Eurobonds could be the recent policy of CBN on…

Monday, 14 November 2022 06:14

How to hire the first 50 people into your company

Hiring is hard. When you're a startup – with no track record, scant funds and less than top-of-line resources and benefits – it's usually a nightmare. Thus, many startups never make it out of the solopreneur stage, a one-person show. There's nothing wrong with that, of course. But if you have billion-dollar valuation dreams or heck, even if you just want the slightest chance of an exit at some point, well, I probably won't be the first to tell you that you can't do it alone. I've been down the growth startup hiring path many times, several as a self-funded…

Sunday, 13 November 2022 06:35

Naira continues its rally at parallel market. Here’s why

The naira yesterday recorded major gain against the dollar, closing at N680/$ at the parallel market in a new wave of sustained recovery after weeks of depreciation. The recovery of the local currency is linked to ease in dollar demand and release of huge dollars by forex speculators who wanted to take advantage of previous rate spike in the market. The naira, which nearly hit N900/$ early last week, made a major comeback after the Central Bank of Nigeria (CBN) also injected unspecified volume of dollars into the market to boost liquidity. A monitor of the market and rate quotes…

Saturday, 12 November 2022 05:51

FG starts concession process on $1.3bn China-funded hydro power plant

Federal government plans to grant a concession on its $1.3 billion hydropower plant now under construction and is seeking bids from private investors to operate the China-funded plant, authorities said on Friday. The Zungeru Hydroelectric Power Plant (ZHPP), the biggest of its type in Nigeria, is expected to generate 700 megawatts and is being funded by loans from China's Exim Bank, the Bureau of Public Entreprises (BPE), Nigeria's privatisation agency, said. The project, located in northcentral Niger state, will meet around 10% of Nigeria’s domestic energy needs when completed, the agency said. Africa's biggest economy has an installed capacity of…

Saturday, 12 November 2022 05:46

FG promises support for auto manufacturing firm in partnership with UNILAG

Minister of Science, Technology and Innovation, Olorunnimbe Mamora, has expressed excitement over the establishment of an auto assembly plant in University of Lagos by Nord Automobile Limited. He commended the partnership between the University and Nord during the inauguration of the multi-purpose automobile complex in Lagos on Thursday, describing the initiative as “a demonstration of abundant innovative energy of the youths of this country.” Mamora said the project was in line with the motive behind the President Muhammadu Buhari’s recently signed Executive Order 5, “which essentially has to do with indigenous components across all sectors of the economy. That is…

Friday, 11 November 2022 06:47

Naira is appreciating at parallel market. Operators explain why

The naira, which has been falling against major currencies in the past two weeks, has staged a comeback, recording gains on the parallel market as it exchanged for about N730 to a dollar on Thursday. Recall that the Nigerian currency hit an all-time low of about N850 to the US dollar on the black market shortly after the Central Bank of Nigeria (CBN) announced plans to redesign high-value currency notes of N200, N500 and N1,000 and re-issued from December 15. CBN said the affected currency notes will cease to be accepted after January 31, 2023, and asked currency holders to…

Thursday, 10 November 2022 06:02

Tim Cook says there are 4 traits he looks for in Apple employees

Tim Cook doesn't spend his days reviewing resumes — but in his 11-year stint as Apple's CEO, he's determined what it takes to thrive at the company. At University of Naples Federico II's commencement ceremony this week, Cook told graduates from the Naples, Italy, university that he noticed Apple's success depends on its culture and who it hires. For instance, the company typically seeks out employees with four shared skills: the ability to collaborate, creativity, curiosity and expertise. "It's been a very good formula for us," he said, noting those traits also contribute to an ambitious, yet supportive workplace culture.…

Wednesday, 09 November 2022 06:45

3 things you sacrifice by trying to control everything in your business

As a business owner, the urge to micromanage is really strong for a lot of us. You put a lot of time and energy into building your business, and as such, you may have the desire to have a hand in everything surrounding your business. But this desire to control everything and the micromanaging that follows can have some serious, long term effects on your business and your ability to be successful. So today, I want to discuss the three things that you may be sacrificing because of your inability to let go in your business. 1. Team Growth You…

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Tuesday, 08 November 2022 05:39

3 commonly overlooked office organization systems you won't want to ignore

Setting up an office is always an exciting endeavor. Unfortunately, one aspect of office setup that woefully goes overlooked by entrepreneurs is that of office organization. You may be tempted to delay setting up your office for a future date. But taking time now to identify where and how items will be stored in your office offers countless benefits. Having items organized in an office allows you to quickly respond and pivot to queries and requests, provide excellent service to clients and customers and confidently prepare for future growth and expansion. Whether you address these items or work closely with…

Monday, 07 November 2022 06:12

More airlines set to suspend flights to Nigeria as trapped funds hit $567m

Federal Government is to meet foreign airlines operating in Nigeria over issues bordering on the trapped funds belonging to the international carriers, which has risen to over $567m, it was learnt on Sunday. Dubai-based Emirates Airlines had on Thursday announced the suspension of its flight operations in Nigeria indefinitely due to the blocked funds. Operators also stated that other international airlines could halt services too. Data obtained on Sunday from the International Air Transport Association, the umbrella body for airlines globally, showed that as of September 2022, the highest amount of blocked funds ($567m) belonging to foreign carriers was in…

Monday, 07 November 2022 06:03

I quit a stressful marketing job and took a warehouse job. I realized other people's opinions don't matter

This as-told-to essay is based on a conversation with Dainis Gzibovskis, a 32-year-old marketing specialist from Latvia about why he went to work stacking shelves. It has been edited for length and clarity. I remember the first time I had the chance to pack orders at a warehouse. It was then I realized I wanted to do it for a living. I was the head of marketing of one of the country's largest supplement-and-vitamin suppliers, Pro Supply. One day, the power went out and I found myself in the warehouse packing orders. The few hours I spent there felt like…

Friday, 04 November 2022 06:15

Ukraine war: Western companies count the cost of ditching Russia

Hundreds of Western companies that announced their exit from Russia, or suspension of activities there, after Moscow's invasion of Ukraine on Feb. 24 have reported associated losses. These are among the biggest names or highest costs incurred by companies after they have halted operations or left the country: APPAREL: ADIDAS The German sportswear company warned of a one-off cost of around 500 million euros ($498 million) in 2022. H&M The Swedish retailer estimated the wind-down of its Russian business will cost about 2 billion Swedish crowns ($183.57 million), of which about 1 billion crowns will hit cash flow. INDITEX Zara…

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