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Foreign Airlines Regretting Not Using Kaduna Airport – FG

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  • Foreign Airlines Regretting Not Using Kaduna Airport

Foreign airlines that refused to use the Kaduna International Airport as an alternative to the Nnamdi Azikiwe International Airport, Abuja, are currently regretting their decisions, the Federal Government has said.

The only foreign carrier that had agreed to operate into the Kaduna airport, Ethiopian Airline, flew in from Addis Ababa on Wednesday, as well as a domestic flight operated by Azman Air from Lagos.

The Minister of State for Aviation, Senator Hadi Sirika, who welcomed local and international passengers to the airport, said the closure of the NAIA had revealed the airline operators who were true friends of Nigeria.

He expressed confidence that other foreign airlines would eventually come to Kaduna in order to reduce their losses.

Sirika said, “They will come. For sure, whoever is not in Kaduna at the moment, I’m sure you cannot count his losses. So, I believe that British Airways, Lufthansa Air France etc. are probably regretting now, and I pray that they will respond and start landing in Kaduna.

“This is because Nigeria is identifying its friends in times of need.”

The minister stated that the Kaduna airport was chosen as an alternative to Abuja due to the failed runway at the NAIA, but reiterated that the capital city’s airport would be fixed within the stipulated six-week period.

Sirika said, “But I’m happy because we thought proactively and there was an alternative. There are quite a few doubting Thomas on whether Kaduna can work. Kaduna is working and we have a Dreamliner from Ethiopian Airline; and for that, we thank the airline for believing in us, for partnering Nigeria when the country is in a time of need.”

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 market.

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Nike, Adidas, and Puma Lost €7.3bn in Revenue Amid COVID-19 Outbreak

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Over the last few decades, the global sportswear market has turned into an enormous revenue-generating machine, with the profits reaching almost €153bn value in 2019. However, the first half of 2020 has brought a huge hit for the world’s largest sports brands, with thousands of their shops closed amid coronavirus lockdown.

According to data presented by SafeBettingSites.com, Nike, Adidas, and Puma, as the world’s largest suppliers of athletic apparel, lost €7.3bn in revenue amid the COVID-19 crisis.

Nike’s Revenue Plunged by €3.87bn

As one of the largest and most recognizable brands on the planet, Nike represents the leader in the industry of sports equipment and athletic apparel. The US-based company, traded as NKE on the New York Stock Exchange, has acquired several footwear and apparel companies over its history, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International. Today, it sponsors many high-profile professional athletes like Cristiano Ronaldo, Rafael Nadal, Lebron James, and Rory Mcllroy, and manufactures uniforms for a wide range of sports teams including Barcelona, Chelsea and Paris Saint-Germain.

In the third quarter of the fiscal year ending on May 31st, 2020, Nike generated €10.10bn in revenue, a €493 million increase compared to the Q3 2019 figures. However, the company’s Q4 2020 financial report revealed the staggering effects of the coronavirus crisis, with the revenues falling to €6.31bn, a €3.87bn plunge year-on-year.

Due to the excellent financial results in the first three quarters, Nike ended the fiscal year with €37.4bn in revenue, a €1.7bn drop in a year. Statista data also revealed that 41% of that amount was generated in the North American market. EMEA and Greater China follow with 26% and 19%, respectively. In 2020, footwear accounted for 66% of Nike’s total revenues. Apparel follows with a 31% revenue share.

Adidas and Puma Combined Revenues Tumbled by €3.47bn

Europe’s largest sportswear manufacturer and the second-largest globally, Adidas, generated €4.75bn in revenue in the first quarter of 2020, a €1.13bn plunge year-on-year. The company’s Q1 2020 financial results also revealed that earnings per share from continuing operations dipped 96% year-on-year, standing at €0.13. Although Adidas e-commerce sales jumped 35% in the first quarter, it wasn’t enough to balance widespread closures of brick-and-mortar stores.

The downsizing trend continued in the second quarter of the year, with the revenue falling to €3.58bn, a €1.93bn drop in a year. From April to June, almost all Adidas stores except those in the Asia-Pacific region were closed. In Latin America and emerging markets, sales decreased by more than 60%, while European and North America witnessed a 40% drop. Statistics show that the company’s revenue plummeted by €3.06bn in the first half of the year.

As the third-largest sportswear manufacturer in the world, Puma lost more than €415 million in revenue amid coronavirus outbreak. Statistics show the company generated €2.13bn in revenue in the first half of 2020, a 16.3% drop year-on-year.

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Volkswagen Opens Vehicle Assembly in Accra Ghana

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Volkswagen Launches Vehicle Assembly in Accra Ghana

The German automobile company, Volkswagen, has officially launched its vehicle assembly facility in Accra Ghana, one of the sub-Saharan African countries.

The facility is the fifth Volkswagen assembly in Sub-Saharan African nations following an official launching of Nigeria, South Africa, Kenya and Rwanda assemblies.

It would be recalled that in 2005 Volkswagen awarded the initial phase of the project to Universal Motor Facility, a Volkswagen importer.

The facility is the fulfillment of the Memorandum of Understanding (MoU) Volkswagen signed with Ghana in the presence of the German Chancellor Angela Merkel about two years ago.

According to the details of the facility, the facility has the capacity to assemble about 5,000 units per annum. Tiguan, Teramont, Passat, Polo and Amarok are five models expected to be assembled in the facility as they assembly planned to focus on vehicles that use Semi Knocked Down (SKD).

The announcement of Volkswagen’s investment and the unveiling of the first vehicle assembled in Ghana was witnessed by Ghana President, Nana Addo Dankwa Akufo-Addo with Minister of Trade and Industry, Alan Kyerematen, and other cabinet ministers.

“I assure Volkswagen and its local assembler in Ghana of the full support of the government in creating an enabling environment and incentive framework to make their investment a major success,” Alan Kyerematen stated.

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High Pesticide is Reason Nigerian Beans Not Acceptable in Most Countries

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High Pesticide is the Reason Nigerian Beans Not Acceptable in Most Countries

High pesticide residue is the reason exporters of Nigerian cowpea (beans) can no longer access certain foreign markets, according to the Nigeria Agricultural Quarantine Service (NAQS).

Vincent Isegbe, the Director-General, NAQS, disclosed this on Monday in Abuja during a strategic engagement with the President of Cowpea Association of Nigeria, Shittu Mohammed.

Isegbe advised stakeholders to work together to address the weak cowpea value chain in order to establish a continuous market for Nigerian beans.

In a statement issued by Gozie Nwodo, the Head, Media, Communications and Strategies, NAQS, Isegbe said “The pattern of boom and bust in cowpea export owes to the ingrained issue of high pesticide residue.

“The pesticides are largely introduced during the storage phase. The residue levels in the cowpea tend to rise above the maximum threshold set by certain Customs union and this makes the product unacceptable in crucial destinations.

Isegbe added, “We need to make a clean break from imprudent application of storage pesticides and consolidate a reputation for producing and delivering cowpea that satisfy relevant quality criteria.”

He said Nigeria is losing thousands of jobs and foreign exchange due to the suspension of cowpea or other agricultural commodities on account of intolerable quality defects.

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