Category: Business

Workplace wellbeing programs don’t work; here’s what actually helps

Nobody needs to be reminded that you spend the majority of your waking life at work. Your job has the capacity to impact your mental health (and by extension, your physical health) as much as — if not more than — any other aspect of your world. This puts your employer in a unique position. The company culture they adopt has the ability to directly…

Libya displaces Nigeria as largest crude oil producer in Africa – OPEC

Libya displaced Nigeria, the largest producer of crude oil in Africa, in March. This is according to the Organization of Petroleum Exporting Countries’s monthly March oil report released Thursday. The report said Libya produced an average higher figure of 1.236 million barrels per day, but Nigeria’s production dropped to 1.23 million bpd, representing a differential of 5,000 barrels. According to OPEC, Nigeria’s crude production figure…

World Bank reveals solution to economic growth in Nigeria, other West African countries

The World Bank has told Nigeria and other West African countries to imbibe a more stable macroeconomic environment and accommodative monetary policies as a solution to spur economic growth in the region. The Washington-based bank disclosed this in its recent economic outlook on Western and Central Africa. The report said that improved offshore Baleine Oilfield, rising oil production and exports are expected to boost economic…

Nigeria’s electricity supply increased by 14.64 in 2023 – NBS

Nigeria’s electricity supply increased by 14.64 per cent in the fourth quarter of 2023 on a year-on-year basis. This was disclosed by the National Bureau of Statistics’ latest electricity report. The report said the country’s electricity supply surged to 6,432 gigawatt-hours in Q4 2023 from 5,732gwh in the previous quarter. Also, the figure represents an increase compared to 5,611Gwh reported in Q4 2022. Meanwhile, the…

Annual inflation ticks higher to 3.5 percent in March

Inflation ticked higher in March, according to new Labor Department data released Wednesday. The consumer price index (CPI), a popular measure of inflation, rose 0.4 percent last month and 3.5 percent annually, largely in line with economist projections. Economists had anticipated that inflation would increase 0.4 percent in March and 3.4 percent annually. The latest numbers come after two months of hotter than expected inflation…

DIY Vs Professional End of Tenancy Cleaning

Moving out of a rental property can be both exciting and overwhelming. As the end of your tenancy approaches, one crucial task that often looms overhead is the end of tenancy cleaning. The question on many renters’ minds is whether to tackle this task themselves or hire professionals. In this blog post, we will explore the pros and cons of DIY vs professional end-of-tenancy cleaning…

Nigeria govt pays N4.83trn CBN ways & means loan with NTBs

The Nigerian federal government has used part of the Nigerian Treasury Bills, NTBs, and Bonds issued in 2024 amounting to N4.83 trillion to pay Ways and Means advances from the Central Bank of Nigeria, CBN. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this in a recent paper presented at the Lagos Business School Breakfast Club titled, “Reconstructing the Economy for…

Trump appointees barred EPA staff from warning Senate about ‘forever chemical’ loophole: Internal staff messages

Trump administration officials barred experts from warning legislators that they were about to write a major environmental loophole into law, Environmental Protection Agency (EPA) staffers alleged in newly revealed internal communications.   The loophole, arising from a clause in the 2020 National Defense Authorization Act (NDAA), enabled many companies to avoid disclosing releases of toxic “forever chemicals” to the EPA.  Internal EPA correspondence obtained by…

Don’t transact in dollar – EFCC warns schools, hotels, others

The Economic and Financial Crimes Commission, EFCC, has warned schools, supermarkets, hotels and others against charging for services in the country in dollar or any other foreign currency. EFCC Chairman Ola Olukoyede, in the latest edition of the commission’s monthly e-magazine, released on Monday, threatened to jail anyone found dollarising the economy. The EFCC boss cautioned that anyone caught collecting dollar for services or goods…

Part falls off Boeing plane during takeoff in Denver

The engine covering of a Boeing plane fell off during takeoff at Denver International Airport Sunday morning, officials said. The Federal Aviation Administration (FAA) said the Southwest Airlines flight “returned safely” to the Denver airport at about 8:15 a.m. local time Sunday after the crew reported that a covering over the engine, called a cowling, fell off during takeoff. The part struck the wing flap of the…

Abbott: US economy improving is because ‘Texas economy is doing so well’

Texas Gov. Greg Abbott (R) appeared to take credit for the boost in the U.S. economy on Sunday, saying that the improvements across the country is because his state’s economy is “doing so well.” Fox News host Martha MacCallum pressed Abbott on how the latest jobs report showed that the surge in migrants has helped increase payrolls and “keep a lid on consumer prices.” He…

FG decries penchant for imported products, urges Nigerians to review habit

Minister of Innovation, Science and Technology, Chief Uche Nnaji has decried the penchant for imported products, calling on Nigerians to patronise and support local products. He stated this on Friday in his keynote address at the 35th Enugu International Trade Fair, with the theme “Promoting Made-in-Nigeria Products for Global Competitiveness.” The Minister said: “Supporting products made in Nigeria goes beyond just aiming for economic independence;…

Meet the ‘subprime auto king’ who arranged Trump’s $175 million bond

After weeks of uncertainty, former President Trump posted a $175 million bond in his New York civil fraud case Monday with the help of little-known California billionaire Don Hankey.  Hankey’s Knight Specialty Insurance Company underwrote Trump’s bond, allowing the former president to move forward with his appeal of the case and preventing New York Attorney General Letitia James (D) from seizing his properties. Hankey did…

We generated N1.3trn revenue in first quarter of 2024 – Customs

The Nigeria Customs Service, NCS, says it generated more than N1.3 trillion revenue in the first quarter of 2024. The Comptroller General of NCS, Adewale Adeniyi, disclosed this while briefing newsmen on its activities in the first quarter of 2024, on Wednesday in Abuja. “The total revenue collected during this period amounted to N1,347,675,608,972.75. “The collection for the first quarter represents a substantial increase of…

Dangote refinery supply of diesel to crash price – IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN, says Dangote Refinery’s commencement of domestic supply of Automotive Gas Oil (Diesel) will crash the pump price of the product. Abubakar Maigandi, the National President of IPMAN, disclosed this on Tuesday in a statement while confirming that the $20 billion worth Dangote Refinery had begun domestic diesel supply. He said the product is sold at N1,225 per…

It’s cheaper to rent than buy a starter home in top 50 US metros: Report

Due to rising mortgage rates and falling rents, it’s cheaper to rent than buy a starter home in every one of the country’s 50 largest metropolitan areas, according to new data from Realtor.com published Monday. February marked the seventh consecutive decline in rental prices for apartments and small homes, with rents falling by about 0.4 percent compared to a year before. That compared to a rise in…

Truth Social parent company lost $58 million in 2023

The parent company of former President Trump’s Truth Social platform lost $58 million in 2023, according to new regulatory filings. Trump Media & Technology Group, which went public last week, generated about $4.1 million in revenue last year, with a little more than $750,000 coming in during the fourth quarter, a Securities and Exchange Commission (SEC) filing showed. The company spent roughly $16 million on…

Social Security Administration issues new rule preventing food assistance from affecting payouts 

The Social Security Administration (SSA) will implement a new rule aimed at removing barriers and increasing monthly payouts for those who receive certain government benefits, the government agency announced Wednesday.  Beginning at the end of next September, the agency will no longer include food assistance when calculating one’s eligibility for Supplemental Security Income (SSI) monthly payments.  Those who qualify for SSI benefits include adults and…

Sam Bankman-Fried sentenced to 25 years in prison for fraud

FTX founder Sam Bankman-Fried was sentenced to 25 years in prison Thursday. The disgraced cryptocurrency mogul was convicted last fall in the Southern District of New York on federal fraud and conspiracy charges related to his role in the collapse of his crypto exchange firm FTX in November 2022. “A lot of people feel really let down, and they were very let down, and I…

FAAN shuts down KFC outlet at MMIA over discrimination against customer

The Federal Airport Authority in Nigeria, FAAN, has shut down the KFC outlet in Murtala Muhammed International Airport in Lagos over discriminatory treatment meted out to a Passenger with Reduced Mobility. The Director of Public Affairs and Consumer Protection of FAAN, Mrs Obiageli Orah, disclosed this in a statement on Thursday. Recall that Dabola Daniel took to his official X account to narrate how he…

Group commends Tinubu, CBN for stabilizing Naira

The Independent Media and Policy Initiative, IMPI, has said that the fiscal and monetary policy authorities in Nigeria have found a way of setting the economy on a path of resilience. The group, in a statement issued Wednesday, said its Chairman, Niyi Akinsijiu, commended President Bola Tinubu and the Governor of Central Bank of Nigeria, CBN, Yemi Cardoso, for policies that are addressing the supply…

Washington governor signs ‘strippers’ bill of rights’ into law

Washington Gov. Jay Inslee (D) signed the so-called “strippers bill of rights” into law on Tuesday, the most comprehensive legal protections for the adult entertainment industry in the nation. Proponents held up the measure as critical for providing the often-overlooked industry with adequate worker protections. “Strippers are workers, and they should be given the same rights and protections as any other labor force,” bill sponsor…

Stewart hits O’Leary for Trump defense after fraud verdict: ‘The f—ing entitled arrogance’

“The Daily Show” host Jon Stewart blasted “Shark Tank” investor Kevin O’Leary for defending former President Donald Trump’s business tactics leading to a $464 million judgment, plus interest, in a New York civil fraud trial against Trump, his company and its executives. Stewart pushed back on the idea that crimes of tax fraud were “victimless,” during the Monday night broadcast, and criticized O’Leary for saying…

Kevin O’Leary slams New York AG’s attempts to seize Trump’s assets: ‘This is not America’

“Shark Tank” host and investor Kevin O’Leary slammed New York Attorney General Letitia James’ (D) attempts to seize assets from former President Trump in relation to his recent civil fraud trial Friday. “Property rights are mentioned 37 times in the Constitution. Due process — very important. Why steal someone’s assets in 27 days? Why not give them more time to come up with the cash…

Investors gain N146.95bn in market capitalization at NGX

Investors at the Nigerian Exchange Limited, NGX, gained N146.95 billion in market capitalization as the All-Share index soared by 259.90 points to close Friday at 104,647.37 points. The development further heightened investors’ confidence as the total market capitalization hit N59.17 trillion at the close of trading on Friday. Accordingly, the financial sector significantly pioneered the gains recorded in the market. The market sentiment stayed buoyant,…

Homeowners spent $600,000 on a Hail Mary to save their beachfront homes from flooding. The sand dune collapsed after 3...

Salisbury Beach, MA sustained significant coastal erosion after a storm swelled tides to 13.5 feet on March 10, destroying a human-made dune funded by residents. MyCoast Salisbury Beach residents pooled funds for a sand dune to protect their homes from coastal erosion. But “king” high tides washed away half of the human-made dune after only three days. An ocean engineer says the dune did exactly…

House sends Senate bill to avert shutdown

The House on Friday approved a $1.2 trillion government funding bill, sending the sprawling package to the Senate hours before the deadline and officially capping off the fiscal year 2024 appropriations process in the lower chamber. The legislation — which includes six funding bills — cleared the House in an 286-134 vote, hours before a slew of agencies and programs are set to run out of funding….

Conservatives rail against spending package ahead of shutdown deadline: Live coverage

Congressional leaders unveiled their $1.2 trillion, 1,012-page government funding package in the early hours of Thursday morning. Now, they’re racing to try to pass the six-bill measure — which covers the departments of Homeland Security, Defense, Labor, Health and Human Services, Education, and State; the IRS; and general government and foreign operations — by a Friday night shutdown deadline. Many rank-and-file lawmakers got their first look at the…

5 things to know about the Fed’s March rate decision

The Federal Reserve is expected to hold steady Wednesday after a run of strong economic data delayed the central bank’s plans to cut interest rates this year.  The Fed closed out 2023 with inflation falling steadily and the job market slowing slightly after the bank jacked interest rates up to a range of 5.25 percent to 5.5 percent.   Members of the Federal Open Market Committee…