(

i ( I

18 JBIJSINESS

Google to repOSition IG in Nigeria

CONTINUEO FROM PAGE 17

the business opportunities, which the Interne~ particular­ly Goggle, provide. Urging Nigerians to maximize

such opportunities, he cited the example of a small busi­ness outfit which later trans­fonned to a multimillion naira venture within four months. Accordins to Aina, a Nigerian trader, SImply called Mrs. Funke, sold one year inventory in a month by takin!/, advan­tage of the Internet 'Indeed, her business moved from NISO,OOO to NIS million in four months," he disclosed.

What Mrs. Funke did, Aina explained, was to simply use a her baby productS. - -

He also dted the example of another Nigerian who present­ly make millions of naiIa yearly oJ: selling Nollywood online."

Such is the amazing transfor­mation that the Internet could provide" Aina stressed. .

Significantly, he cautioned business organisations, espe­dally Banks, to be more cus­tomer-friendly and ensure prompt and effident service -delivery, because dissatisfied customers have commenced taking their complaints to the Internet He dted examples: "Some cus­

tomers were in some banks which name I will not mention. And right there in the Banldng premises, they were reporting their frustrations in those banks on the Internet through their Mobile phones. You can imagine what damage such could do. So, business outfits, especially banks, should pay attention to their customers, because t11ey are gong online."

On a general note, one sure path to b usiness success, Aina also advised, is for business out­fits to ensure that their local products appeal to a global audience. "It's a global world. Look beyond your country and let your product appeaf to other countries," he stated.

The Expert added: "Create ,.products that are so good that cQ(lsumers will become your advocates, spreading the good news of your product to others.

Group Managing DIrector, Chief Executive Ufficer, First Bank of Nigeria PIc , Bisl Onasanya (left) ; Enugu Slale Governor, Sullivan Chime: and Executive Director, managemenllo Ihegovemor, In Enugu .... recently. '

Oil prices slip below $101 on weal< economic data OIL prices dropped below

$101 per barrel yester­day on aiscou(aging eco­nomi c news, as U.S. manu· facturing growth slowed and an ind ustry group said private employers added the fewest jobs si nce September.

Benchmark West Texas Intermediate crude for July delivery lost $2.01, or rwo . per cent, at $\00.69 per bar­rel on the New York Mercantile Exchange. In London, Brent crude fe ll $\.87 $1\4.86 per barrel on the ICE Futures exchange. "

Prices have wavered around $100 per barrel dur­ing the past few weeks. Oil h it the highest level since

2008 in April, but declini ng but analysts think travel surveys show a nine-week gasoline consumption and will be impacted this year decline in U.S. gasoline reports of a weakening jobs as soa ring fuel prices consumption. market pushed prices squeeze family budgets. Cons umers a lso may be down. 'Summer is a real boom dealing with higher gaso-

Payro ll processor ADP time for energy ma rkets," line prices in other ways. added to those concerns sa id Michael Lynch, presi- Oil analyst Stephen Schork yesterday. The group sa id dent of Strategic Energy & n oted that Burea u of private em ployers created Economi c Research. 'fhis Economi c Ana lysis data just 38,000 jobs' in May, yearthough he said a lot of show that sales of used cars down from 177,000 in Ap ril. people may wan t to keep rose in April while sales of That's the weakest number their cars at home. "And new cars decl ined. since September. ' The gov- I'm not sure if gas prices "Consu mers are likely scal-ernment unem ploym ent dropping fro m $4 to $3 per ing back on new cars and report for May is due out ga llo n is going to convince putting that money Friday. t hem to hop back in the towards their gasoline

. For the next few weeks, car," Lynch added. bills," Schork said. ~nvesiors and energy econ: ',The latest data 'on retail .. '. Carmakers re lease May omists will keep a close eye . gas d emand ' wi ll come sa les figures Wednesday. o n how mu ch Americans from a MasterCa rd Both GM and Ford reported are driving. U.S. highways Spend ingPu lse survey lower sales overall. are usually filled with "vaca- tha t's expected Wednesday. . Analysts expect total U.S.

cent compared to a year ago.

Meanwhile, gaso lin e prices continue to drop. The nationa l average declined for the 20th day to $3.775 per gallon, according to AAA, Wright Express and Oi l Price Information Service. A ga llo n of regu lar is 17.7 cents cheaper tha n' it was a month ago, but it's still $\.05 higher than the same time last year.

In other Nymex trading for July contracts, heating oil gave up four cents at $3.0177 per gallo n and gaso­line futures fell 6 cents to $2.99 05 pe r gall on. Natural gas lost tliree cents at $4 .633 per 1,000 cubic feet.

tioners during the summer, Previous SpendingPulse auto sa les to fall four per

1:;::;:;·"~·;.~g::::i:i~s··:::::~·~·~:···:· :-:~~~=:;::;:=~::::==?::=:=~:~~===::=======inli;j~gfc~~'"l-P~'~- .~~-~ 3 "!T7't' f RiSing food prices increase

a-a . Dear. valued Cllenf:.

DnrnCTLODGE~NTTO

GUARDIAN' N~SPAPE.R.sl:.J.M.ITED BANK ACCOUNT This is to express our si.nc:;e.1~ appr;ecjatlon and gnit1nJde io you. OUI:" e.St:ee.n:aed 'client £oryau,,"

contln.ued lnte.rcst tn. and pa,tronage ofou.t:" nevv.spnpcr_ . (n a Did to sten ... d:,e rlskof"movtng cash to :nulke.payu. .... en'b; ror adv-ertlsct:\'u:::nt; o ... anat;C.ID.e.nt has _ .. ~ ileerned it" necessaryt.'O deslgu.ate sOfTIe branches ofUnlO:n'Bank of Nigeria P.lc.. an.·d~ F.lt-... .. t:..Ba.nk oJ .- ' . ,.:~. N igeria P l ein. tbe Uag~ Mc.t:ropoUsas lodgement ceht:res "us·i.hg Accoont detalls as ~~Jfied ~~ip~ i }

- S49 lkorod .... no ... d. Kct.u . . Maz ,arnolo.J'...II. · .. A otd OJ") Ro .... d. Mn:L1tTTH.7."ft.

I sola '

_ Char1£y Il/stoop . ..... pn.pn/oshodl E>q:> .... "".s W .. y.

- Plot: K,. Jy ...... ", I s ola .. Aptipa,Ok bodJ Exprc!8S 'N"ay.

I;t .... LO .. rik"-'''.-ln ...

" lr: ... u.:. n ~.Ad~l'a Odck-u T-'r3,·s.,nkMllc 2osh-odt "'rsII;Sank lnvC!lO" lI;n,!,,,,,.t: HOU5C!!- t.;"\gos TSland F jr)rt.Bl'n'ttC K",ru ' . . .

squeeze on poor, says Oxfam .n ISINdfood pricesaretighten- trend will accelerate over the ,Nngthe squeeze on papula- next 20 years. tions ajready strurodinJ>; to buy ' In its report, Growing a ~dequatefoixl,deiiiindfngIadi- . BetterFuture,Oxfam says pre­CalrefurmofthegJobalfoOdsys- dictions suggest the wond's terti;Oxtamhaswariled population Will reach 9 bi!: By 203o" .the average cost of lion by 2050 but the aveIage key crops could increase by growth rate in agricultural between 120 penent and 180 yields has almost halved since per cent; the eharity forecasts. 1990.

It is the acceleration of a According to the charity's trend, which has already seen research, the world's poorest 'food prices double in the last people now spend up to 80 20 years. . . per cent of their incomes on Halfofthe rise to come willbe food - with those in the caused ' by climate . change, . Philippines spending propor­Oxfalli'predictS •.• _.' .- tiona rely ·four. titnes more

It calls on warid leaders. t~ . than those in the UK, for improve regulation of food instance - and more people markets and invest in a global will be pushed into hunger as climate fund. . . food prices climb. - '1be foo'd system must be . The report highlights four overhauled iI we are to over- "food insecurity hotspots"; come the. increasingly press- ' areas which are already strug­ing challeng~s oc: climate gling to feed their dtizens: change, spiralling food prices ' Guatemala, where 865,000 ~d the scardtyofland, water people are said to be at risk of .and energy," said Barbara food insecurity because of a Stoclting, OXfarri's t hief' exec- . lack of state investment in utive. . '. smallholder farmers who are

.. "j,'o bmn",", ".,"0""'''''' World jood priCes have highly dependent on import-We t:hanl<you forybur. cb;<>pera~on. and und erStanding... already more than .doubled eafood;

.. ... - .... -..~. ','.-11' " sin~e19~O"accordiJ)gtoFood· India, where people spend ....... E.. • and AgricUltUral more than twice the propor-

· t'::fDJe(iu~ -""'i;l-.>f.'~'!"""~* : Today. + __ :-. ' Orga,nization (FAa). figu,res, tion of their income on food R."""""'==...,,..,, .... _"""a __ ~~~~~~~=:..;;,;;,;;;,;;;.;;,;;;,;.;;;,;;;;,,._::ii.iIII_ia,j;.,.;,. ...... _ .... _IIIiiIi .... .1 and. Oxfam predicts that this than UKresidents.