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coronavirus Archives - Inside Business Africa
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Tag: coronavirus

Coronavirus – African countries face high risk of COVID-19 resurgence

Coronavirus – African countries face high risk of COVID-19 resurgence

Health
The risk of COVID-19 resurgence remains high in several African countries due to poor adherence to public health measures, mass gatherings, low testing and vaccination rates, an analysis by the World Health Organization (WHO) has shown. Three countries face very high risk of COVID-19 resurgence, 20 face high, 22 moderate risk, and only one country faces low risk, according to the risk assessment of 46 countries. The risk was estimated using seven indicators with data from the past four weeks, including COVID-19 cases per million people; the percentage of change in new cases; the percentage of change in new deaths; the reproductive number (the rate at which an infection spreads); the pandemic trend; the average weekly number of tests per 10 000 people; and the percentage of the populati...
Geely Auto to invest $54 million in development of healthy cars

Geely Auto to invest $54 million in development of healthy cars

Business
First healthy and intelligent car by Geely As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus. The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles. The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occup...
Experts want government to distil CAMA 2020 into articles, info-graphics

Experts want government to distil CAMA 2020 into articles, info-graphics

Business
As the Companies and Allied Matter Act seeks to promote the ease of doing business in Nigeria, there is a need for the Corporate Affairs Commission (CAC), to distil the laws as articles, info-graphics for better understanding and use to businesses, experts have said. Experts, who gathered at a webinar organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), in conjunction with Aelex, opined that all features of CAMA 2020 are geared towards making business easier in the areas of corporate governance, tax payment, starting a business, among others. The experts, who decried the cumbersome and time-wasting procedures that marred the CAMA 30 years ago, said the CAMA 2020 has too many details while applauding the brilliant work of the present administration to boost Niger...
Coca-Cola to cut 4,000 jobs after COVID-19 hits Q2 profits

Coca-Cola to cut 4,000 jobs after COVID-19 hits Q2 profits

Business
Coca-Cola announced Friday it will cut 4,000 jobs in North America as part of a reorganization following a rough second quarter in which Covid-19 slashed profits. As sporting events, theaters and entertainment all shut down to stop the spread of the coronavirus, the beverage maker suffered a 32 percent plunge in net income to $1.8 billion in the April-June period while sales fell 28 percent to $7.2 billion. The iconic American brand, that owns dozens of juice, water and soft drink labels, said it plans to cut down to nine business units from 17 currently, but will offer severance packages to employees costing between $350 million and $550 million. “In order to minimize the impact from these structural changes, the company today announced a voluntary separation ...
CITN seeks better implementation of national tax policy

CITN seeks better implementation of national tax policy

Appointments
The Chartered Institute of Taxation of Nigeria (CITN), has called for a well-structured incentive design, implementation and monitoring mechanism of the National Tax Policy (NTP). It argued that there are good prospects and many benefits that could be derived from tax incentives if properly implemented and monitored for Nigeria to achieve its aim of export expansion and infrastructural development. The reviewed National Tax Policy (NTP), CITN maintained, has been adjudged as the best for its robustness, simplicity, conciseness, less ambiguities, equity and its dispute resolution mechanism, which seemed to guarantee the ease of doing business in Nigeria. A revised national tax policy (NTP) was approved by the Federal Executive Council on February 1, 2017, with a deliberate effo...
Bristow sacks 100 pilots, engineers over welfare row

Bristow sacks 100 pilots, engineers over welfare row

Business
Barely 24 hours after Air Peace sacked 75 pilots, Bristow Helicopters yesterday fell in line, terminating the contract of over 100 pilots and engineers in its operations. Some of the affected workers, in collaboration with the National Association of Aircraft Pilots and Engineers (NAAPE), had on Monday embarked on indefinite strike, picketing the airline office in Lagos over welfare issues and alleged infractions. Apparently displeased with the actions, the management fired the majority of the staffers including some expatriates, with an offer of three-month salary as redundancy compensation. The workers had lately engaged the management over wage disparity, management’s proposal to suspend negotiation on Condition of Service (COS), alleged subversion of established terms of agree...
Weakening demand, rising supply weigh crude futures

Weakening demand, rising supply weigh crude futures

Energy
Weakening demand due to anticipated second wave of the coronavirus pandemic and rising supply have continued to weigh on market sentiment, dampening crude futures. Oil prices opened lower on Monday with Brent Crude dropping by 0.94 per cent to $43.11, while WTI Crude traded at $39.75, dropping by 1.29 per cent. Nigeria’s Bonny Light however traded higher, recording 1.43 per cent rise to $43.23 per barrel. The unabated COVID-19 spread and rising fatalities worldwide, continue to be the most significant issue capping oil demand recovery. The global case count stands at 17.97 million, with total deaths at 687,067, according to the latest data from the John Hopkins University. Recently, it became evident that oil demand recovery wouldn’t be as anticipated, as the recent resurgence...
Oil demand to slow by 3.7million bpd for rest of 2020

Oil demand to slow by 3.7million bpd for rest of 2020

Energy
Oil demand for the rest this year may continue to fall by as much as 3.7 million barrels per day (Mb/d), Outlook released by global research body, Rystad Energy, backed the projections with the second wave of Coronavirus pandemic, saying the development would stall demand. Like Rystad Energy, the Organization of the Petroleum Exporting Countries (OPEC), had earlier in the month, revised world oil demand in 2020 to an estimated drop of 8.9Mb/d (bpd), adjusting it up by 0.1Mb/d against last month’s projection. This comes as OPEC+ agreed to ease output cuts. The cartel had agreed on a 9.7Mb/d, but the cuts are slated to expire at the end of July, which is likely to reduce from 9.7Mb/d to 7.7Mb/d. Reopening of economies in Europe and other parts of the world had triggered an increase in oil...
Twitter sees surge in users; revenue slides amid turmoil

Twitter sees surge in users; revenue slides amid turmoil

Innovation
Twitter said Thursday user growth soared in the past quarter even as ad revenues took a hit amid civil unrest in the United States. The short-messaging service reported a net loss of $1.2 billion in the quarter, most of that coming from setting aside funds for income taxes. Revenue slumped 19 percent from a year ago to $683 million. Despite some modest rebound from the pandemic-induced economic slump, Twitter said that “many brands slowed or paused spend in reaction to US civil unrest” in May and June. Twitter said ad revenue declined 15 percent over the last three weeks of June, but appeared to have rebounded since then. A key metric for Twitter, the number of “monetizable” daily active users, hit 186 million for a jump of 24 percent from last year. This was “driven by ...
Unilever holds 95th AGM, declares N60.487bn turnover

Unilever holds 95th AGM, declares N60.487bn turnover

Business
Unilever Nigeria Plc has declared a turnover of N60.5 billion for the financial year ended December 2019. In line with its resolve to enhance profitability, the Board and Management of Unilever Nigeria Plc. has assured the shareholders of their commitment to good corporate governance that would, in turn, drive sustainability and efficiency across every aspect of the Company’s operations. Addressing shareholders at the 95th Annual General Meeting of the Company, the Chairman of the Board, His Royal Majesty, Nnaemeka Achebe commended the shareholders for their trust and loyalty to the Company. He noted that despite the challenging business environment, which has now been complicated by the Covid-19 pandemic, the management at Unilever Nigeria will remain strategic in their approach to ...