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Home Business News

FG travel restrictions on 13 countries: A little too late?

CSL Stockbrokers by CSL Stockbrokers
March 21, 2020
in Business News, Politics
Vaccine, COVID-19: How the tables turned on Europe, FG travel restrictions on 13 countries: A little too late?, Slack founder takes a swipe at Microsoft, says Teams is not a threat https://www.marketwatch.com/story/slack-ceo-the-week-of-march-9-was-the-most-productive-in-our-companys-history-2020-04-13?mod=investing The founder of Slack, Stewart Butterfield, has taken a swipe at rival, Microsoft after Slack gained 2 million in about two weeks, increasing its connected users to 12.5 million in March 2020. Butterfield said Microsoft is no threat to Slack in the team-messaging app market, citing its performance and customer base. Butterfield said Microsoft has been pushing its rival, Teams, with free service for three years, despite this, no Slack enterprise customer has switched to Teams, “Microsoft has made a huge push the past three years with a free service, but can you find a single Slack enterprise customer who has switched to Teams?” “If Microsoft is such a competitive threat to Slack as it says, we would not have grown in sales and $1 million customers,” Butterfield told MarketWatch. He asserted that Slack's wide breadth, with up to 25,000 channels and security features give it a competitive advantage in the market. It took Slack about four years to move from 1 million simultaneously connected users on its platform to reach 10 million on March 10. The team-messaging app later hit 12.5 million on March 25, “The week of March 9 was the most productive in our company’s history,” he said. How both firms performed in March: Both Teams and Slack have both been having an impressive performance in March following the lockdown. The work-from-home caused by the Coronavirus outbreak has fueled the rise in Teams and Slack usage. Microsoft announced that teams recorded 2.7 billion meeting minutes on March 31, a 200 per cent increase from the 900 million recorded mid-March. Meanwhile, its Total video calls saw a 1000 per cent rise in same March. Before March ending, Teams accounted for 32 million on March 11 2020, but now clocks 44 million people on daily basis; a significant growth from the 20 million in November 2019. One of the biggest feat for Teams is Pentagon, which launched a Microsoft-based teleworking service for 4 million employees. Meanwhile, the cumulative number of minutes of active use of Slack during weekdays by all users globally now exceeds 1 billion. It was revealed that the company added 9,000 new paid customers from February 1 to March 25, an 80% increase over the full quarterly total the preceding two quarters. Slack also saw paid subscribers, which includes the U.S. Department of Veterans Affairs, KPMG and TD Ameritrade AMTD, -4.99 per cent, have climbed to 110,000. Slack experienced a surge in customers that spent more than $1 million annually on its product - the number climbed from 39 year-ago quarter to 70. This reflected in Slack's share, which gained 10 per cent this year, as its fiscal fourth-quarter revenue hit $181.9 million from $122 million a year ago; this is a 49 per cent surged. Scolding Microsoft further, Butterfield said, “I mean, 44 million is an impressive number, but that is out of 200 million Office 365 customers. That’s about a 20% adoption rate.” He added that, “The smaller startup has an advantage against the large, established company because its focus is narrowed on doing one thing better,” Butterfield said.
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As part of efforts in mitigating the spread of the COVID-19, policymakers across the globe are increasingly taking more stringent measures, ranging from imposing travel restrictions, shutting down airports as well as closure of borders.

Notably, world powers such as the United States, Russia, China, Germany, United Kingdom and France have all imposed travel restrictions. In Africa, Egypt, South Africa, Cameroon, Ghana and Algeria are amongst the list of countries that have also followed suit with travel ban.

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For Nigeria, the Federal Government announced on Wednesday it had restricted entry into the country for travellers from 13 countries (China, Italy, Iran, South Korea, Spain, Japan, France, Germany, the US, Norway, the UK, Switzerland and the Netherlands). The restriction is expected to take effect on March 21 and will be in place until further notice. The Federal government also suspended the issuance of visa on arrival to travellers from these countries.

While we applaud the decision of the government, we think it could have been put in place earlier as we understand that travellers from high-risk countries have been coming into the country, which poses a great risk to widespread contamination.

As of March 19, the country’s National Centre for Disease Control announced that four new cases of the virus had been discovered in the country, bringing the total number of confirmed cases to twelve. Notably, many of the new cases involved nationals who arrived from the USA and the UK.

[READ MORE: Reduction in PMS: A nod to the deregulation of the downstream sector?)

In a related development, we highlight that the National Youth Service Corps on Wednesday also announced the suspension of the ongoing orientation for the 2020 Batch A corps members.

The Lagos and Ogun state governments have also announced an immediate ban of all high-density gatherings that would bring together 50 or more persons such as social clubs, halls, cinemas, night clubs, restaurants, cafes, and sport arenas. Furthermore, schools in Lagos, Ogun and Abuja have suspended activities for now while several businesses have begun to work from home.

To effectively contain the spread of the virus and prevent a nationwide outbreak, we think the government needs to enhance the capacity of the health workers to detect cases promptly, improve health care facilities at the quarantine centres and work on techniques to better track all persons who have come in contact with those that have tested positive. We understand that about 3,000 persons are being tracked.

Furthermore, we believe the government should take a cue from experiences of other countries by shutting non-essential economic activities for a reasonable period to curtail avenues for sustained spread of the virus. Along with the ban, relief packages should be made available for poor households whose income stream would be affected by the shut down.

_______________________________________________________________________

CSL STOCKBROKERS LIMITED CSL Stockbrokers,

Member of the Nigerian Stock Exchange,

First City Plaza, 44 Marina,

PO Box 9117,

Lagos State,

NIGERIA.


Follow us for Breaking News and Market Intelligence.
Tags: CoronavirusCoronavirus pandemicCOVID-19 outbreakCOVID-19 PandemicFederal GovernmentNational youth Service CorpsTravel restrictions
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