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Business News

Thomas Cook: 70 planes to repatriate 16,000 people to UK 

70 aeroplanes have been scheduled to return about 16,000 people to the UK barely 4 days after Thomas Cook collapsed. 

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Thomas Cook: 70 planes to repatriate 16,000 people to UK 

70 aeroplanes have been scheduled to fly back about 16,000 people to the United Kingdom (UK) barely 4 days after British travel company and airline, Thomas Cook collapsed. 

According to Britain’s Civil Aviation Authority (CAA), over 150 Thomas Cook crew and 30% of the total number of passengers were flown back to the UK in the first three days of the operation. 

[READ MORE: Ethiopian Airlines leaves Enugu Airport to begin flight operation in Rivers State]

Nairametrics reported that Thomas Cook had shut down and was declared bankrupt, leaving 600,000 people stranded across the world.  Reports have it that the company failed to meet a deadline to secure new funding and so had no choice but to collapse.  

Thomas Cook had been trying to avoid collapse after the Royal Bank of Scotland and a range of other banks demanded that Thomas Cook Group Plc find £200 million ($250 million) in funding.  

The news was conveyed by Thomas Cook’s Chief Executive, Peter Fankhauser in a statement released early on Monday morning.  

What you should know: As at the time of the closure, around 600,000 Thomas Cook customers were reported to be travelling, some of whom were scheduled to fly to their destinations with the airline.   

An operation was put in motion to solve the crisis on the ground by the British Department for Transport and Civil Aviation Authority under the code name “Operation Matterhorn,” where stranded passengers were assisted to get to their destinations.  

[READ ALSO: Nigerians might be hit with higher ticket price as airlines battle fuel scarcity, fuel…]

However, travellers, who had booked flights, could encounter up to 2 weeks delay in rebooking with another airline. Costs of the flights were expected to be covered by the ATOL or Air Travel Organiser’s License protection scheme, a fund which provides for repatriation of British travellers if an airline ceases to operate. 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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