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Transcorp Hotel to Layoff 40 Percent of its Staff as COVID-19 Bites

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Transcorp Hotel Cuts Jobs as COVID-19 Bites

Transcorp Hotels Plc has joined the numbers of companies laying off amid severe negative impacts of COVID-19 on operations.

The hotel Managing Director, Mrs Dupe Olusola, in a statement titled “Transcorp Hotels hard hit by impact of COVID-19,” said the demand for the hotel services had plunged to five percent due to the negative impacts of COVID-19.

Therefore, the management of the hotel said it would take steps to ensure business continues despite the ongoing challenges and losses suffered.

Olusola said, “The impact of COVID-19 on the business is like nothing the company has ever witnessed.

“The hotel and hospitality industry in Nigeria has never faced a crisis that brought travel to a standstill, including the Ebola virus outbreak of 2014 and the recession of 2015.

“The slow pick-up of international travel, restriction on large gatherings, the switch to virtual meetings and fear of the virus, has drastically reduced demand for our hotels and occupancy levels to its lowest of less than five per cent.

She added, “Despite the losses incurred we have fulfilled our obligations to staff.

“At the inception of the pandemic, we maintained a 100 per cent salary payment to our over 900 employees in March and April.

“We also activated various cost-saving initiatives such as renegotiations of service contracts and restructuring of our loans.

“We suspended further acquisition and investment in fixed assets and operating equipment as well as reducing our energy consumption and maintenance costs.

“Despite undertaking these, it has become apparent that more fundamental changes need to be made for the business to survive.

“To this end, our workforce headcount will be reduced by at least 40 per cent, and our reward system will be optimised.”

She added that negotiations were ongoing to ensure that employees who would be impacted were adequately compensated given the peculiarities of the economy at this time.

A health insurance package to reduce their health burden costs, especially during the pandemic, among other payment settlements, will be activated,” she said.

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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An Average of 48% Global Consumers to Significantly Cut 2020 Holiday Spending

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Data presented by Buy Shares indicates that an average of 48% of global consumers plans to significantly reduce their 2020 compared to 2019. The research sampled consumer feedback from 13 countries.

Pandemic triggers reduced spending 

The data also highlights that an average of 13.46% of global consumers plans to spend more on 2020 holidays than last year. Consumers from Indonesia at 71% plan to shrink their budget in 2020 while 16% will spend more.

About 69% of Mexican consumers will spend less, while 12% plan for more spending. In Brazil, about 65% of consumers will cut their budget while 11% plan to spend more than last year. At 63%, South African consumers will cut back on holiday spending while 12% plan to increase their budgets from last year.

In Spain, 55% of consumers will reduce their spending while 7% plan an increase from a year ago. Italian consumers spending less will be at 54%, with 6% planning to increase their budget.

In India, about 47% of people will cut back on the holiday budget, while 36% plan to increase spending. French consumers at 44% have intentions of reducing holiday spending while 6% will raise the spending from a year ago. 43% of UK consumers will spend less, while 9% have plans to spend more.

In the United States, 42% of consumers will spend less, while 17% will increase the budget. For Germany, about 29% of consumers will spend less than 7% planing to pay more. It is only in China where more people plan to spend more at 29% than 25% planning to spend less at 25%.

Elsewhere, 21% of Japanese consumers plan to spend less, while 7% will pay more. The research highlighted some of the reasons behind the massive slash in this year’s holiday spending. According to the research report:

“The less spending comes as most consumers lost their jobs and faced pay cuts as employers struggled to remain afloat in the course of the health crisis. Some consumers have been saving more to pay debts, while those on stimulus paychecks cannot sustain daily needs and holiday spending.”

The research also notes that most Americans at 30% look forward to the Christmas holiday while 23% anticipate Amazon Prime Day. Only 7% of Americans look forward to Fathers Day.

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President Buhari to Inaugurate Waltersmith 5,000bpd Modular Refinery Today

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President Muhammadu Buhari will inaugurate the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

According to Waltersmith Group, the President will lead a team of other top government officials, oil regulators and stakeholders to Imo State today for the inauguration, the Group stated in a statement released on Monday.

It said the modular refinery has a storage capacity of 60,000 barrels and is expected to deliver over 271 million litres per annum of refined petroleum products, including kerosene, diesel, naphtha and heavy fuel oils, to the domestic market.

Mr. Abdulrazaq Isa, the Chairman, Waltersmith Group, said the first of 50,000 bpd modular refinery to be inaugurated today would process 5,000bpd of crude oil.

We are looking at 50,000bpd refining capacity that will come with the planned additional two modules; 25,000bpd and 20,000bpd refining capacity respectively which will then add PMS, aviation fuel and LPG to the product slates,” he added.

The statement added that Waltersmith obtained the ‘Licence to Establish’ the refinery from the Department of Petroleum Resources in June 2015 and got the ‘Authority to Construct’ in March 2017.

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Central Bank of Guinea Selects Refinitiv Trading solutions to Enhance Transparency and Digitize Guinea’s Financial Markets

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GUINEA – Central Bank of Guinea has adopted Refinitiv Trading solutions to effectively manage currency flows, primary market liquidity provision, and facilitate regional and international trade and investment.

With the scarcity of liquidity across Sub Saharan African markets, it is crucial for African countries to protect their FX reserves and tab on new liquidity pools. Leveraging technology and deploying efficient FX and trading infrastructure systems enhances transparency, accuracy and credibility to the marketplace and facilitates economic growth. The Refinitiv FX Trading platform will offer the local market in Guinea access to deeper offshore liquidity, efficient execution, and automated trade reporting tools.

Refinitiv Auctions will enhance the efficiency of Guinea’s forex auction capabilities and provides a real-time view of bid submissions which will simplify the allocation process. Last year, Refinitiv Auctions reached a key milestone having helped facilitate over $1trillion for its central bank and large corporate customers in Africa, Middle East, Asia and Europe.

Dr. Louncény NABE, Governor of the Central Bank of Guinea, said: “We are delighted to announce the deployment of Refinitiv Auctions in Guinea. The step comes in line with the Central Bank’s vision to run a transparent and compliant auctions infrastructure. The deployment will help us improve the efficiency of our FX auction process and enhance the financial sector’s confidence in Guinea.”

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said: “We are proud to be part of The Central Bank of Guinea’s digital transformation vision. Following the COVID-19 outbreak, Central Banks in Africa are facing increasing risks in managing their currency flows and protecting FX reserves. To do this effectively, central banks need to be able to run a transparent and compliant process across multiple asset classes including FX and money markets.”

Refinitiv Auctions has seen rapid growth and adoption in 2019, with a 27% year on year increase in customers, and is now used by central banks in Europe, the Middle East, Africa and Asia. Refinitiv is able to address central banks’ needs around data residency and infrastructure costs by offering its solution on either a hosted or deployed basis.

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