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FG Sues Turkish Airlines For Passenger Abuse

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Turkish Airlines

The Federal Government says it has taken Turkish Airlines to court for alleged impunity and violation of the rights of some Nigerian passengers.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, filed a three-count charge against the airline and two of its principal officers, Liker Ayci and Rasak Shobowale, before the Federal High Court in Abuja.

A statement by the Consumer Protection Council on Sunday said the prosecution became imperative as a result of the persistent refusal of Turkish Airlines to respond to lawful requests by the council for a full situation report on the alleged shoddy treatment of its passengers on Flight 623.

The development, according to the statement, prompted the council to approach the Office of the Attorney General of the Federation for the prosecution of the airline.

The statement read in part, “The accused persons were arraigned before the court for allegedly neglecting, without sufficient cause, to attend and testify before the CPC on the number of passengers aboard the Turkish Airlines Flight 623 from Istanbul to Abuja on the 25th and 31st of December, 2015, as well as the 9th of January, 2016, who were affected by its untimely delivery of baggage, thereby committing an offence punishable under section 18 of the CPC’s enabling law.

“The Federal Government also accused the airline and its two principal officers of violating the same section of the CPC Act by neglecting, without sufficient cause, to attend and testify before the Consumer Protection Council on the detailed steps taken by the airline to provide redress and compensation to passengers aboard its Flight 623 from Istanbul to Abuja on the said dates, who were affected by its untimely delivery of baggage.

“The prosecution of the airline and its principal officers followed a warning by the Federal Government to the airline to respond within 21 days to the Consumer Protection Council’s request for full situation report on the airline’s alleged shoddy treatment of passengers of flight TK 623 of Sunday, December 20, 2015 and other subsequent flights during the Yuletide or face prosecution.”

The statement said the AGF had in a letter of March 17, 2016, signed on his behalf by the Director of Public Prosecution of the Federation, Mohammed Diri, threatened to prosecute the airline if it failed to respond to the council’s lawful demand for the full situation report, irrespective of its engagement with any other relevant agency.

The statement quoted the AGF letter to have stated, “It is our considered opinion that you are not in any position to choose which government institution or laws to comply with and which one to disdain.

“Your refusal, neglect or omission to oblige the CPC with detailed information relating to delayed baggage of your passengers from December 2015 to January 2016 as requested is in breach of section 18 of the Consumer Protection Council Act, 1992 and a deliberate attempt to ridicule a duly constituted authority.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Interswitch is the Most Valuable African Startup

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Interswitch, the leading payment processing company headquartered in Lagos, Nigeria, is Africa’s most valuable start-up at a US$ 1 billion valuation.

Founded in 2002, Interswitch uses switching infrastructure to connect different banks in Nigeria and powered banks’ ATM cards. Presently, the company has over 11,000 ATMs on its network.

In 2010, Helios Investment Partners bought two-thirds of the company and in the following year, Interswitch bought a 60 percent stake in Bankom in Uganda.

Interswitch owns Verve, Nigeria’s most used payment card, and accounted for 18 million of 25 million cards in circulation in Nigeria. The company also owns Quickteller and recently purchased VANSO, a mobile-focused technology provider to banks.

Like Interswitch, Stripe, the company that acquired Nigeria’s Paystack for over US$200 million, is the most valuable startup in the USA at over US$70 billion valuation.

Klarna, Nubank, Paytm and Grab leads in Europe, Latin America, India and Southeast Asia with valuations of US$10.65 billion, US$10 billion, US$16 billion and US$14 billion, respectively.

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E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion

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The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend.

Researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5% on Thanksgiving day, totaling $6.18 billion in revenue. Black Friday is calculated to reach $10.2 billion in sales, exceeding last years numbers by 39.4%

Rachel Welch, COO of Atlas VPN, shares her tips on how to stay safe when shopping online during the holiday season:

“Watch out for too-good-to-be-true deals from unknown sellers, as cybercriminals will also expect to turn a profit during the holiday season, even though they are not selling anything, except maybe a bag full of disappointment.”

 Finally, analysis shows that on the last day of the long and full of special offers Thanksgiving weekend, consumers will go all out to bring record sales for e-commerce businesses, adding up to $12.89 billion.

To look at these five days from a wider perspective, e-commerce companies can expect to earn around 39.72% more than they did last year.

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Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales

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Singles Day 2020 was a roaring success, cementing its position as the world’s biggest shopping holiday. Sales across Alibaba’s platforms during the event totaled $74.1 billion, up from $38 billion in 2019.

According to the research data analyzed and published by Stock Apps, within the first 30 minutes of the event, the gross merchandise volume (GMV) surpassed 2019’s full-event sales, reaching $40.87 billion.

Moreover, instead of live events, Alibaba had 400 company executives and 30 celebrities hosting livestreams. Based on a study by Coresight, the Chinese livestream market is set to rack in sales worth $125 billion in 2020, compared to $63 billion in 2019. The US livestream market is a small fraction of that, valued at $5 billion.

China’s Tech Heavyweights Lose $280 Billion in Market Cap

Alibaba Singles Day 2020 dwarfed other major shopping holidays as has been the trend in previous years.

According to Practical eCommerce, Amazon Prime Day 2020 sales totaled $10.4 billion up from $7.16 billion in 2019. Cyber Monday sales in the US amounted to $7.9 billion in 2020 according to Statista. Black Friday and Thanksgiving added $9.7 billion to the figure to make $17.6 billion for the weekend.

Similarly, in 2018, Singles Day sold $30.8 billion while Prime Day sold $4.19 billion and Thanksgiving weekend got $14.2 billion.

However, the 2020 Singles Day event came in the wake of Ant Group’s suspension of a $37 billion listing. The suspension resulted in a $76 billion drop in Alibaba’s market cap, as the tech giant owns a two-thirds stake in Ant Group. Moreover, China’s regulators released anti-trust draft rules prior to the event, aimed at controlling monopolistic behavior.

Following the release, Alibaba shares plunged by 9.8%, as JD.com shed off 9.2%. Tencent similarly saw a 7.39% drop and Xiaomi fell by 8.18%. For the five companies, there was a combined loss of $280 billion in market capitalization.

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