- EU Bars Med-View Airline Over Safety Concerns
The European Commission has barred a Nigerian carrier, Med-View Airline, from operating in its airspace over safety concerns.
The airline is one of those under the EU Air Safety List Annex A, which have been banned from operating in Europe.
A total of 181 airlines were prevented from flying into Europe, with 174 airlines barred due to safety oversight by aviation authorities in their home countries.
The EU Air Safety List is a list of non-European airlines that do not meet international safety standards and are, therefore, subject to an operating ban or operational restrictions within the European Union.
In the updated version, all carriers from Benin Republic and Mozambique were removed from the list, while four individual airlines, one each from Nigeria, St. Vincent and the Grenadines, Ukraine and Zimbabwe, were added.
Med-View said in a statement signed by its Executive Director, Business Development and Commercials, Mr. Isiaq Na’Allah, on Thursday that the ban was not as its Lagos-London flight remained unaffected and that it had since been operating on the route with its wet-leased aircraft.
According to the airline, the ban falls under exception rule in EASA, Annex A, which states that air carriers listed in the annex can be permitted to exercise traffic rights by using wet-leased aircraft of an air carrier, which is not subject to an operating ban.
“There is no basis for alarm as the Lagos-London flight remains unaffected. We at Med-View Airline are committed to safety, and currently working with EASA and the NCAA to restore normalcy,” Na’Allah said.
He added that the airline had on Wednesday, May 17, 2017 operated its normal schedule flight to London.
Na’Allah stated, “It will be recalled that in March 2016, Med-View Airline passed through one of the most stringent operations audit of the global airlines’ body, the International Air Transport Association, after which it was issued with the International Operational Safety Audit.
“The airline has secured a B777 aircraft leased from an EU-member state to boost its international operations, which will soon join the fleet.”
Meanwhile, the Managing Director of the Nigerian Aviation Handling Company Plc, Mr. Norbert Bielderman, has resigned his appointment.
NAHCO said in a statement on Thursday that Beilderman, who had submitted the notice of his resignation with a three-month notice, would formally disengage from the company on August 13, 2017.
According to the company, Bielderman joined NAHCO Aviance in May 2010, was appointed executive director, operations on December 6, 2013, named the acting managing director in October 2014 and confirmed in April 2015.
The company said it had since made other changes, including the retirement of Dr. Faruk Umar, who was appointed a director representing minority shareholders on the Board on June 22, 2011, and his replacement by Sir Sunny Nwosu.
“With an eye to tapping into emerging opportunities in the energy and aviation infrastructure sectors, the board has approved the immediate appointment of Mrs. Folashade Ode as the new acting MD/CEO of NAHCO Energy, Power and Infrastructure.”
Global Digital Consumer Spent $900B In 2020 – Mastercard
According to Mastercard’s latest Recovery Insights report, this amounted to an additional $900bn being spent in retail online around the world in 2020. Put another way: in 2020, e-commerce made up roughly $1 out of every $5 spent on retail, up from about $1 out of every $7 spent in 2019.
For retailers, restaurants and other businesses large and small, being able to sell online provided a much-needed lifeline as in-person consumer spending was disrupted.
Roughly 20-30% of the Covid-related shift to digital globally is expected to be permanent, according to Mastercard’s Recovery Insights: Commerce E-volution. The report draws on anonymised and aggregated sales activity in the Mastercard network and proprietary analysis by the Mastercard Economics Institute. The analysis dives into what this means by country and by sector, for goods and services, and within countries and across borders.
“While consumers were stuck at home, their dollars traveled far and wide thanks to e-commerce,” says Bricklin Dwyer, Mastercard chief economist and head of the Mastercard Economics Institute. “This has significant implications, with the countries and companies that have prioritized digital continuing to reap the benefits. Our analysis shows that even the smallest businesses see gains when they shift to digital.”
Venmo Launches Cryptocurrency Trading
Venmo, owned by PayPal, is launching cryptocurrency trading for four major coins: Bitcoin (BTC), Ether (ETH), Litceoin (LTC) and Bitcoin Cash (BCH).
This service set to be widely available within the new few weeks, Venmo’s 70 million+ customers will be able to buy, hold and sell crypto directly within the Venmo app. The launch is offering users access to in-app guides to help them to better navigate the cryptocurrency trading space and will encourage them to share their cryptocurrency experiences via the Venmo feed.
Venmo users will be able to buy as little as $1 worth of cryptocurrency and can use either funds from their Venmo balance or from a linked bank account or debit card to buy and sell their holdings.
Over 30% of Venmo customers have already begun to purchase cryptocurrency or equities, according to the company’s research into 2020 customer behavior. Of these, 20% began their purchase during the COVID-19 pandemic, suggesting that the public health and concurrent economic crisis has accelerated trends in digitization and experimentation with new financial technologies.
Support for cryptocurrency on Venmo is facilitated through a partnership with Paxos Trust Company, a regulated provider of crypto products such as its stable coin and other services. Venmo owner PayPal is also the holder of a conditional Bitlicense from the exacting New York State Department of Financial Services. Conditional licensees, such as PayPal, are required to pair off with firms that have already been granted full-blown licenses — as, in this case, has Paxos.
Just under a week ago, PayPal CEO Dan Schulman hinted at developments underway since the payments giant first went live with its crypto offering in the United States in November of last year. Schulman said that PayPal aims to support the use of crypto for everyday transactions and to tap into smart contracts and other, more expansive features of blockchain technology. He also pitched the company’s vision of leveraging crypto for the attainment of a more “inclusive economy,” in which “things will be done much differently than today.”
WeWork Starts Accepting Cryptocurrency as Form of Payment
WeWork, the leading flexible space provider, has announced that it will begin servicing a new economy by accepting payment in select cryptocurrencies.
In partnership with BitPay and Coinbase, the company will expand its flexibility by utilizing cryptocurrency for inbound and outbound transactions.
Through BitPay, a cryptocurrency payment service provider, WeWork will accept Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), Paxos (PAX), and several other cryptocurrencies as payment for its offerings. WeWork will also hold the currency on its balance sheet. The company will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase, a WeWork member and the largest U.S. cryptocurrency trading platform.
In addition, Coinbase will be the first WeWork member to use cryptocurrency to pay for its WeWork membership. As a leader in the fintech sector, Coinbase’s decision to pay WeWork in cryptocurrency demonstrates the growing demand for flexible and easy-to-use payment options.
Understanding this growing demand for optionality and convenience, WeWork has accelerated its focus on leveraging technology to take flexibility to the next level. In 2020, WeWork digitized its real estate portfolio with the release of its WeWork On Demand and WeWork All Access products, enabling members to choose when, where, and how they work.
WeWork CEO, Sandeep Mathrani, said: “WeWork’s strength is in our ability to evolve and best meet the diverse needs of our members around the world. As our member base continues to grow in the fintech sector, so will our ability to adapt to their needs and service a new economy. WeWork has always been at the forefront of innovative technologies, finding new ways to support our members. It only makes sense for us to expand on the optionality we provide by adding cryptocurrency as an accepted form of payment for our members.”
WeWork Chairman and Softbank Group International CEO, Marcelo Claure, said: “When we think about the workplace of the future and business, we have to consider cryptocurrency a central part of that conversation. Cryptocurrency helps build a stronger global economy and WeWork’s announcement demonstrates the company’s commitment not only to innovation but also to being a globally-focused business. WeWork’s ability to provide members with an additional convenient means of payment is hugely exciting. I am very pleased that WeWork is taking steps to recognize the value this technology can provide our current and future members.”
CEO of BitPay, Stephen Pair, said: “BitPay believes crypto is the future of fintech and payments and our goal is to transform how businesses and people send, receive, and store money. WeWork is giving their customers an innovative payment option that is cheaper and easier than credit cards and taps a community valued at over $2 trillion.”
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