- IATA Projects Global Air Passenger Growth for 2018
The International Air Transport Association says airlines should expect a rise in passenger numbers to 4.3 billion this year.
The association noted that this would be a six per cent rise from the 4.1 billion passengers recorded in 2017.
“Passenger numbers are expected to increase to 4.3 billion in 2018. Passenger traffic is expected to rise 6.0 per cent, slightly down on the 7.5 per cent growth of 2017 but still ahead of the average of the past 10-20 years of 5.5 per cent, which will exceed a capacity expansion of 5.7 per cent,” the association said in its forecast for 2018.
It added that the number would push up the average load factor to a record 81.4 per cent, helping to drive a three per cent improvement in yields.
According to IATA, revenues from the passenger business are expected to grow to $581bn, representing 9.2 per cent rise from the $532bn recorded in 2017.
“Strong performance of the passenger business is supported by expected robust Gross Domestic Product growth of 3.1 per cent, the strongest since 2010,” the association said.
It also predicted a rise in cargo to 62.5 million tonnes, about 4.5 per cent higher than the recorded 59.9 million tonnes in 2017.
The association added, “The cargo business continues to benefit from a strong cyclical upturn in volumes, with some recovery in yields. Volumes are expected to grow by 4.5 per cent in 2018, down from the 9.3 per cent growth of 2017.
“The boost to cargo volumes in 2017 was a result of companies needing to restock inventories quickly to meet unexpectedly strong demand. This led cargo volumes to grow at twice the pace of the expansion in world trade of 4.3 per cent. Cargo yields are expected to improve by 4.0 per cent in 2018, slower than the 5.0 per cent in 2017.
“While restocking cycles are usually short-lived, the growth of e-commerce is expected to support continued momentum in the cargo business beyond the rate of expansion of world trade in 2018.”
IATA noted that cargo revenues would continue to do well in this year, reaching $59.2bn, about 8.6 per cent higher than 2017 revenues of $54.5bn.
The association had earlier predicted that global industry net profit would rise to $38.4bn in 2018, an improvement from the $34.5bn net profit in 2017 but, however, noted that rising cost would be the biggest challenge to profitability this year.
Fate of Bristow Pilots, Engineers To Be Decided on Thursday
Pilots and Engineers of Bristow To Know Their Fate Next Week
Bristow pilots and engineers whose appointments were terminated would have to wait till next week to know their fate as the negotiation between the National Association of Aircraft Pilots and Engineers and the Federal Ministry Labour and Employment has been shifted to Thursday.
Capt. Yakubu Dukas, the National Vice President of National Association of Aircraft Pilots and Engineers, confirmed this on Friday.
On Tuesday, Bristow Helicopter announced it would sack 100 pilots and engineers, hinging its decision on plans to restructure the company’s finances amid the COVID-19 pandemic.
But on Wednesday, NAAPE issued two weeks ultimatum to the company, demanding for reversal of such action at a time families are struggling with COVID-19 crisis.
On Friday, the Nigeria Labour Congress also issued two weeks warning to the companies, demanding the affected staff be recalled or they will have to deal with a nationwide action from NLC.
He said, “Both parties are to return to status quo. We are to report back next week Thursday to continue the negotiation.
“If both of you are returning to the negotiation table, it would be something that is favourable. The members will be happy to move out of the picketing and continue their work.
“The meeting went well. We met with the Ministry of Labour to reverse the status quo. Whoever they made redundant is null and void and they would revert to status quo.”
Buhari Signs Bill to Make Registration of SMEs Affordable and Easier
Buhari Signs New Bill to Make SMEs Registration Affordable
President Muhammadu Buhari on Friday signed a new bill to make the registration of Small and Medium Enterprises (SMEs) easier and affordable.
Femi Adesina, the Special Adviser to the President on Media and Publicity, disclosed this in a statement made available to media on Friday.
In the statement titled “After 30 years, President Buhari signs amended Companies and Allied Matters Bill,” the Senior Special Adviser said Buhari has signed the Companies and Allied Matters Bill, 2020 into law.
It read, “President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.
“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.
“Such innovations include: filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way.”
“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing ‘authorised share capital’ with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;
“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.”
Nigeria Railway Corporation Realises N3.1bn in 2019
NRC Generates N3.09 Billion in 2019
The Nigeria Railway Corporation (NRC) has said it realised N3.09 billion from railway services in 2019.
In a statement issued by the corporation, N1.5 billion of the total amount was generated from the Abuja-Kaduna rail service, according Fidet Okhiria, the Managing Director, NRC, who was quoted in the statement.
In the statement signed by Taiye Elebiyo-Edeni, the Media Assistant to the Minister of Transportation, the Abuja-Kaduna rail line realised N130 million per month in the year under the reveiw.
“The Abuja-Kaduna railway generated over N130m monthly as revenue,” Okhiria stated.
Okhiria explained that, that particular rail line has been able to breakeven, adding that the revenue from Abuja-Kaduna rail line was used to service other railway stations in the Northern region.
Maiduguri station, which is presently not functioning was named as one of the stations financed with the revenue realised from Abuja-Kaduna rail line.
“N90m was spent on running cost and payment of staff at the Maiduguri station, which could not operate for now due to insecurity in the state.”
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