Connect with us

Uncategorized

Yuletide: Expect flight disruption on Benin, Enugu, other routes, says Arik Air

Published

on

The management of Arik Air on Wednesday issued a notification of expected flight disruptions during the yuletide season.

 

In a statement released by the Airline stated that slight disruption that will be experienced by customers during this yuletide will be due to some operational issues and adverse weather conditions in the coastal areas, especially Benin, Enugu, Asaba and Warri.

 

“Therefore some flights may either be rescheduled or cancelled, subject to aircraft and airport closure time constraints.

 

“We regret the inconveniences this disruption will cause our customers and want to assure them of our sincere efforts to reducing the impact to the barest minimum. Our staff shall contact customers affected by this disruption, making alternative arrangements for them or refunds as the case may be.

 

“Arik wishes to assure that it considers the safety of customers and crew as paramount. Arik will therefore only operate safe and secure flights. All hands are also on deck to make all flight experiences pleasurable.

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

Continue Reading
Comments

Uncategorized

CBN to maintain status quo on rates as inflation quickens

Published

on

Lukman Otunuga, Senior Research Analyst at FXTM,
 

The latest inflation figures from Nigeria will most likely deter the Central Bank of Nigeria (CBN) from cutting interest rates anytime.

Consumer prices in Nigeria accelerated for the fourth straight month in December last year, hitting its highest level since April 2018 at 11.98% as food prices continued to climb amid the on-going border closure. With inflationary pressures making an unwelcome return into early 2020 and moving further away from the CBN 9% upper target band, the Naira will continue to be vulnerable. Although central bank Governor Godwin Emefiele said in November 2019 that “the impact of the border closures on inflation is temporary,” this may be questioned if inflation continues to escalate in 2020.

Rising inflationary pressures should force the CBN to maintain status quo on interest rates next week. However, all eyes will be on the loan to deposit ratio for banks which has been set to 65%. With monetary easing out of the question, the central bank could increase the loan to deposit rate to 70% in an effort to boost economic growth through investments in Nigeria’s real sector, particularly small and medium-sized enterprises.

Continue Reading

Uncategorized

Eat’N’Go Shares Plans to Expand Operations to 14 Cities Across Nigeria

Published

on

Eat’N’Go Limited, leading franchisee for world class food brands, Domino’s Pizza, Cold Stone Creamery and Pinkberry Gourmet Frozen Yoghurt, has today announced that it is looking to establish itself in new cities across Nigeria, following its successful capital raising through bonds for the organization.

With this development plan, the company aims to set up 38 new outlets across Kaduna, Benin, Awka, Asaba Owerri, Warri, Onitsha, Sagamu, Choba, Umuahia, Osogbo, Lagos Island, Ejigbo, Ado Ekiti and is calling for interested parties with properties for lease in high profile sites in these cities.

According to Olusola Adeeko, Head of Development Eat’N’Go Limited, all interested parties with properties to lease should get in touch and send in information if the site is an existing building or bare land in a non-flooding area, has a parking space for a minimum of 15 – 20 cars and has a lease period of 10years and above available.

Commenting further, he said “The opening of new outlets in these new cities we have identified, represents a very exciting time in the growth of our business. Our goal is to keep investing strongly and creating more opportunities to provide access to all our customers across the country, while also creating employment.”

Eat’N’Go has, over the years maintained its position as the leading food franchisee in Nigeria with 104 stores, currently employing over 2600 individuals. As it looks to expands its presence to touch all regions of the country, the organization also places a strong focus in the quality of its products and services of all its three brands.

The expansion to these new cities are in line with the company’s plans to increase its physical outlets by up to 50 outlets a year over the next five years and progressively grow its workforce across Nigeria.

With this expansion plan, Eat’N’Go will be establishing its footprint in new regions including the Northern part of the country.

Continue Reading

Uncategorized

Trade deal hopes lift risk mood; Gold loses luster

Published

on

Lukman Otunuga,  Senior Research Analyst at FXTM,

The mood across financial markets continues to brighten on Tuesday amid signs of goodwill between the United States and China ahead of the “phase one” trade deal.

Reports of the U.S Treasury Department dropping the designation of China as a currency manipulator is a move seen easing tensions as both sides move one step closer to finding a middle ground on trade. This encouraging news has certainly injected global equity bulls with confidence as shares in Asia rallied on Tuesday morning. The positive sentiment was also reflected on Wall Street which logged record highs overnight, driven by sharp rises in tech stocks.  While hopes of a “phase one” trade deal should continue supporting risk sentiment, investors could still be left empty handed if the finer details of the deal disappoint expectations.

In other news, corporate earning season kicks off with some of the biggest U.S banks. J.P. Morgan, Wells Fargo and Citigroup will be under the spotlight as they report quarterly earnings before the bell. US stocks could extend gains if earnings from these major banks meet or exceed market expectations.

Dollar on standby ahead of US inflation

It could be an eventful trading week for the Dollar with the latest inflation figures on Tuesday and retail sales report on Thursday offering insight into the health of the US economy. The annual Inflation rate during the last month of 2019 is expected to remain broadly in line with the Fed’s golden 2% target, reinforcing speculation around the Federal Reserve taking a pause on rates.

The Dollar’s valuation is likely to remain influenced by trade developments and global sentiment this week. Should risk-on remain the name of the game this week, appetite towards the Dollar is set to fade as investors turn to riskier assets. Focusing on the technical picture, the Dollar Index may slip towards 97.00 should 97.50 prove to be a stubborn resistance level.

Oil shaky as supply disruption fears recede

 

Oil prices weakened towards $58 on Tuesday morning, extending four straight days of decline as geopolitical tensions eased and concerns over possible supply disruptions faded.

However, the commodity could rebound this week if the “phase one” US-China trade deal boosts market sentiment and revives optimism over the global economy. This outcome will be good news for emerging market crude producers like Nigeria, especially when considering how oil still accounts for roughly 90% of export earnings and over 70% of government revenues.

All eyes will be on Nigeria’s latest inflation figures scheduled for release on Wednesday, Jan 15. If inflation jumps to the forecasted 12.10% in December 2019, the Central Bank of Nigeria will be one step further to cutting interest rates during the first half of 2020. With a rate cut out of the picture in the meantime, much focus will remain on the loan to deposit ratio which is currently at 65%.

Gold hammered by risk-on sentiment

Gold prices stumbled to their lowest level in nearly two weeks on Tuesday as trade hopes boosted risk sentiment and blunted appetite for safe-haven assets. The precious metal is trading around $1539 as of writing and could extend losses when the United States and China formally sign the “phase one” trade deal. However, the precious metal may rebound if the finer details of the deal underwhelm markets.

Technical traders will continue to closely observe how price behave around the $1555 level. A daily close below this point should signal a decline towards $1535. However, a move above $1555 may open the doors towards $1570.

 

image.png

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.