General News
Air Freight Volumes Hit Highest Level in 2 Years
As a result of the July upbeat performance in the global aviation industry, air freight volumes are at their highest level since mid-2011.
Capacity increased 3.4% versus July 2012, pushing load factor down to 43.3%. However, load factors have stabilized compared to earlier in 2013.
The International Air Transport Association (IATA) announced global air cargo traffic results for July showing a continuation of the modest improvement trend experienced in June.
Global freight tonne kilometers (FTKs) were up 1.2% in July year-on-year, slightly better than the 0.9% year-on-year increase recorded in June, as growth in Europe and the Middle East offset weakness in Asia.
“The growth is encouraging, particularly in Europe. However, it is premature to say that air cargo may be emerging from the doldrums of the past 18 months. The weakness in Asia-Pacific freight markets and the deteriorating political situation in parts of the Middle East give ample reason for continued caution,” said Tony Tyler, IATA’s Director General and CEO.
On regional performance, African airlines experienced a 4.9% contraction in July year-on-year. Despite a relatively supportive demand environment, reflected in the year-to-date FTK growth of 2.2%, airlines in the region continue to face intense competition for their product.
Airlines in Europe, the Middle East and Latin America contributed to the improved performance versus a year ago.
For instance, cargo demand fell 1.4% compared to July 2012, while capacity climbed 2.6%. Asia-Pacific airlines have seen air freight contract 2.1% through the first seven months of 2013, the largest decline among regions.
Business activity in China remains sluggish, with the Markit/HSBC Purchasing Managers Indices for manufacturing and export orders continuing to show softness.
Moreover, the weakness extends beyond China, with emerging Asia trade volumes shrinking almost 5% in the first half of the year.
European carriers experienced a 1.5% increase in FTKs in July, while capacity climbed 3.5%. July was the second consecutive month in which air freight demand increased, giving rise to cautious optimism.
Questions remain, however, regarding the Eurozone’s ability to sustain growth. Although the Eurozone’s 18 month recession ended in the second quarter, performance among countries varies widely, with Portugal, Germany and France leading the expansion and Italy, Spain and the Netherlands showing contraction. Through the first eight months of 2013, FTKs rose 0.2% year-over-year.
North American airlines had another month of weak demand for air freight in July. FTKs fell 1.1% compared to the year-ago period, contributing to a 1.7% contraction in the first seven months of 2013 versus last year.
Signals out of the US are mixed. July’s performance represented a decline compared to June, but month-on-month growth rates have been especially volatile and recent indicators suggest rising business confidence, in line with an improving economy.
Middle East airlines led all regions with a 14.4% rise in FTKs compared to July 2012. Capacity climbed 11.1%. Year-to-date demand was up 11.7%.
The Middle East was one of just two regions in which airlines saw demand growth exceed capacity growth.
Part of the rise in year-on-year growth rates in July is owing to the timing of Ramadan, which took place mostly in July 2013, while in 2012, most of the holiday occurred in August.
Ramadan typically gives a boost to air freight demand for Middle Eastern carriers, as air transport of perishable foods and gift parcels increases to/from the region.
Latin American carriers’ cargo traffic was up 3.1% in July compared to a year ago, with capacity up just 1.7%. This result was broadly in line with the region’s performance during the first seven months of the year, when FTKs rose 3.4%. Demand for certain Latin American exports has shown strong growth momentum over recent months, providing a solid foundation for expansion in air freight demand.
General News
Nigeria Recovers $52.88m in Assets Linked to Former Petroleum Minister Diezani Alison-Madueke
Federal government has received $52.88m recovered Galactica assets linked to a former Minister of Petroleum Diezani Alison-Madueke from the USA.
The Attorney-General of the Federation and Minister of Justice Lateef Fagbemi disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the United States of America in Abuja on Friday, January 10.
While speaking at the ceremony, Fagbemi explained that $50m of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2m will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.
Speaking further, Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the United States in combating corruption and upholding the rule of law
He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.
Meanwhile, in his remarks, the United States Ambassador to Nigeria Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.
Diezani served as Minister under the Goodluck Jonathan administration.
TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.
“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”
Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.
The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.
In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.
The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.
Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.
“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”
O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”
However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.
“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”
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