Latest Brand News Headlines for today, 30th July 2022, can be accessed below.
Brand Spur Nigeria has compiled top Business News headlines from Nigerian newspapers today, this means the latest Brand News, top business news headlines, and happenings in Nigeria can be accessed on this page.
Below are the Latest Business News Headlines, Brand News. Good morning! Here is today’s summary.
Moove Signs An Agreement With Uber In India
Moove, an auto financing startup, has signed a deal with Uber in India to provide auto financing to the country’s drivers.
Moove will finance 5,000 electric and compressed natural gas vehicles for Uber drivers in Mumbai, Hyderabad, and Bangalore over the next year under the terms of the agreement.
Moove was founded in 2020 and recently raised $105 million in funding to provide auto financing for gig economy drivers who, according to the company, are typically excluded from traditional financial services. The company began operations in several African countries and is now expanding into Asia and other emerging markets.
Mondelez Reports 9.5 Percent Sales Growth And Raises Its Full-Year Forecast
Mondelez International increased its second-quarter sales by 9.5 percent and raised its full-year forecast for organic net revenue growth.
In the second quarter, the owner of Toblerone and Oreo reported revenue of $7.27 billion, up from $6.64 billion in the previous year. Organic net revenue increased by 13.1 percent.
During the quarter, the company announced an agreement to acquire snack bar company Clif Bar, as part of its efforts to accelerate its core business and reshape its portfolio.
In the second quarter, the snacking giant’s emerging markets business saw a 22.4 percent increase in net revenue. Meanwhile, the company’s developed markets saw a 2.7 percent increase in net revenue.
How To Choose An Ideal Price For Your Product
The price of a product determines what customer segment would make demands for them and determines its classification as a luxury good or one for the middle class. There are many factors used in determining the price of a product or service and they can determine your market share.
The Price of Your Competition
Your competition comprises of those who have been in the market and established a name, a growing brand, and network, they could be a startup like you and already have a differentiating factor to make customers have a rethink should they consider switching to a different product. You should consider your price range falling into what is affordable for both the existing and new products, therefore making room for flexibility to accommodate the needed change when it arises. This shouldn’t mean to copy what the competition is doing, but to watch the changes made by them can give a signal of not just holding the market share but to also establish new connections.
Your Suppliers or Service Providers
The supply chain is a key factor in the delivery of superb product or service. Some organizations have created synergy with suppliers that make raw materials available all year round and at a stable price, and this helps with consistency, however, this would not always be the case as the price could change, transportation cost could increase or loss due to theft. A selection of suppliers with quality service, integrity and proximity to raw materials are best bet that can make the product or service deliver a reasonable price.
That’s today’s summary of Business news headlines from Brand Spur Nigeria. Read more Brand News, Business news, and world news on Brandspurng.com. See you again tomorrow.
Wall Street Breakfast: More Big Tech
This week we’re joined by Will Thomson, Portfolio Manager and Founder at Massif Capital. We dive into the recession (or not?), Europe’s woes, the strong U.S. dollar and where it goes from here, and the undersupply of precious metals. Plus, Kim covers why he is watching AMC earnings like a hawk next week for Catalyst Watch.
Shares of Apple (AAPL) climbed 3% to $162 in extended trading on Thursday after posting FQ3 results that were better-than-expected and saying sales should “accelerate” in the current quarter despite U.S. economic uncertainty. Revenue attributed to the iPhone, which accounted for nearly half of all sales, came in at a whopping $40.7B (+3% Y/Y), while the company saw a “record” number of people switch over from Android during the quarter. That helped boost revenue at Apple’s Services division, which rose to $19.6B (+12% Y/Y) and saw the number of people paying recurring subscription fees climb 23% over the past 12 months to 860M.
Quotes: “There is no obvious evidence in our data that there is macroeconomic effect on iPhone sales… and we’re continuing to hire,” CEO Tim Cook said on an earnings call. “The situation on supply is improving,” added CFO Luca Maestri. “The big question mark, as always, are potential COVID restrictions, but in the current environment, if nothing changes, we expect supply constraints to be less than what we saw in June.”
Investors also bid up shares of Amazon (AMZN), betting that strong AWS cloud computing growth will outweigh weakness at its core retail operations. The stock even soared 13.5% to $138 AH despite a $2B net loss, which was skewed heavily due to a massive writedown on its investment in EV maker Rivian (RIVN). A positive revenue forecast helped counter that sentiment, while advertising revenue reached $8.76B (+18% Y/Y), suggesting that Amazon could be taking market share from its mega-cap tech rivals.
Airlines Increase Fares Over Rising Fuel Cost
Nigeria airlines have increased fares for domestic flights to at least N80,000 depending on the trip over the rising cost of aviation fuel and foreign exchange (FX) crisis.
Checks by TheCable on Friday showed that Azman Air flight from Lagos to Kano/Kaduna increased from about N60,000 to N100,000.
Air Peace also increased fares to N80,000 for flights to Abuja from Lagos, while a return journey is now N85,000.
From Port Harcourt to Kano, the flight price is pegged at N85,000 for the same airline.
Ibom Air, on its website, pegged the price at N80,000 for the same routes, while Max Air goes for N84,000 for Lagos to Abuja flights while Port Harcourt to Kano is around N130,000.
The increase in fares may not be unconnected to the multiple challenges in Nigeria’s air travel sector. The aviation industry is faced with a surge in the prices of jet A1 fuel which is significantly affecting operations.
During an emergency meeting with Hadi Sirika, minister of aviation, on Tuesday, the Airline Operators Association of Nigeria (AON) decried that aviation fuel has surged to about N1000 per litre from N180 per litre.
Abdulmunaf Yunusa Sarina, president, AON, said the forex crisis was also a huge burden on the industry.
On his part, Sirika said the variables impacting the crises in the aviation sector were beyond the industry’s control, and as such, “there is no immediate solution”.
He, however, said the federal government is working to end the hike in aviation fuel prices through the revitalisation of refineries and coming on stream of the Dangote refinery.
CBN Chides MAPs And Discos Of Diverting Funds Intended For Metering Nigerians
The Central Bank of Nigeria (CBN) has frozen 157 accounts of Meter Asset Providers (MAPs) for allegedly diverting funds intended for prepaid meter procurement.
The apex bank requested commercial banks to restrict the accounts of 10 companies that received power sector intervention funds under the National Mass Metering Programme (NMMP) for 180 days pending the outcome of its investigation in a suit filed on July 20 at the Federal High Court in Lokoja, Kogi State.
The Nigerian Electricity Regulatory Commission, in collaboration with the Presidential Power Task Force, launched the National Mass Metering Program (NMNP).
