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Business News

Coronavirus: Prices of face masks, hand sanitizers rise by 300%

Barely a day after the Federal Government confirmed the first case of Coronavirus in the country, owners of pharmaceutical stores and supermarkets have increased the prices of face masks, infrared thermometer and hand sanitizers between 150% and 300%

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Coronavirus: Prices of face masks, hand sanitizers rise by 300%, Corona Pandemic for Nigerian Tech Startups

Barely a day after the Federal Government confirmed the first case of Coronavirus in the country, owners of pharmaceutical stores and supermarkets are beginning to exploit the situation, as they increase the prices of face masks, infrared thermometer and hand sanitizers between 150% and 300%.

Already, some of them have ran out of stock of the personal items as the demand for the products  have been unprecedented. A Pharmacist, Tope Oresegun, told Nairametrics that the cost of face masks (a box of 50 masks) in the open market has rose from N700 to N3,500 now.

He said, “As we speak, you can hardly get the stock from major stores. There is an unconfirmed report that some of the hand sanitisers being hawked around are fake.”

Manager, Health Havens Pharmacy, Magboro, Ogun State, who prefer anonymity, explained that his pharmacy has also ran out of stock due to increasing demand as residents of Magboro know that the victim went to Ogun State before he was transferred to Lagos.

READ ALSO: Update: Five travellers from China test negative to Coronavirus

He said, “I have also observed that in many stores, the prices have gone up because it is scarce now. The cost of a single infrared thermometer imported from Europe that were sold for N10,000 per unit before now has rose to N25,000 per unit now and it is amazing to know shop owners can take advantage of the situation to make more money.”

Meanwhile, Ogun State government had stated that no fewer than 28 persons that had contact with a 44-year-old Italian, who brought the deadly coronavirus to Nigeria have been identified and quarantined by the government.

The government also said the firm visited by the victim in Ewekoro, Lafarge Cement Factory, had been closed.

Governor Dapo Abiodun disclosed these while addressing newsmen on Friday on the latest development regarding the Coronavirus outbreak in the state.

Abiodun assured residents that efforts were still being made to identify more contacts to checkmate the spread of the deadly disease.

The governor said, “The particular company in question has been practically shut down and they have set up two isolation centres within the premises.

“They have identified all those that have been in contact with this index, totalling about 28. All those 28 people have been quarantined.

READ ALSO: Coronavirus causes price of Chinese products in Nigeria to soar

The state Commissioner for Health, Dr Tomi Coker, said the unidentified Italian victim fell ill in a cement company in Ewekoro, where he visited for a business after his arrival from Milan, Italy.

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The health commissioner, who explained how the Italian victim arrived in the state, said, “In the last 12 hours, the first case of the chronic virus has been identified in Nigeria and the individual was visiting Ogun State.

“The individual is of Italian origin and he is a consultant to the Lafarge, Ewekoro factory.”

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Cryptocurrency

PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.

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Paypal

PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.

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Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.

 

Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.

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www.transcorphotels.com

Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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