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Shanghai Disneyland to Reopen June 30 as China Eases Covid-19 Curbs - BLOOMBERG

JUNE 28, 2022

Catherine LarkinBloomberg News

(Bloomberg) -- Shanghai Disneyland is set to reopen this week with limited capacity and enhanced health and safety protocols, after a months-long shutdown because of the coronavirus.

The majority of attractions, rides, shows, shopping and dining will resume operations on June 30, according to a statement on the park’s website. Some experiences including Explorer Canoes, Selfie Spot with Mickey at the Gardens of Imagination and Marvel Universe will remain closed.

Walt Disney Co.’s Shanghai resort and parks were temporarily closed in March after a rise in the number of Covid-19 infections reported in the city. Some operations were reopened earlier this month.

Disney shares gained 2.1% in premarket trading in New York.

Auto Sales Expected to Fall 17% This Year Amid Supply-Chain Woes - BLOOMBERG

JUNE 28, 2022

(Bloomberg) -- Vehicle sales in the US are expected to fall 17.3% this year to the lowest level in a decade as semiconductor shortages and other supply-chain problems continue to hamper production.

Researcher Cox Automotive lowered its forecast to 14.4 million vehicles, citing production constraints. Despite the lower forecast, Cox believes lower auto sales belie the state of the economy because the job market and consumer demand remain strong. 

“We don’t think a recession is inevitable,” said Cox Chief Economist Jonathan Smoke. “We still have pent-up demand in retail. There are people who can’t get what they want.” 

New-vehicle inventory has risen so far this year but remains at about 25 days worth of stock. Before the Covid-19 pandemic, dealers were carrying on average close to 70 days of supply.

The only caveat, Smoke said, is that inflation fears and falling consumer confidence could slow the economy.

“The consumer is close to thinking we’re in a recession and behaving like that,” he said. “We’re on that thin line.”

Cheap Gasoline Fails To Curb Rising Transport Fares in Nigeria - BLOOMBERG

JUNE 28, 2022

(Bloomberg) -- Transportation fares in Africa’s largest economy are surging even as the country spends billions of dollars subsidizing gasoline to curb prices and temper public discontent over the high cost of living. 

The average cost of an intra-city bus journey increased 46% to 582 naira ($1.39) a trip in May compared with a year earlier and flight tickets soared 53% over the same period to 55,907 naira, according to data released on the National Bureau of Statistics’s website. 

Prices have jumped despite Africa’s biggest crude producer spending 1.49 trillion naira subsidizing gasoline in the first four months of this year to keep pump prices at 162 to 165 naira a liter, which is among the lowest in the world. It has allocated 4 trillion naira for the intervention in 2022. 

Oil prices have climbed by a fifth since Russia invaded Ukraine in late February. Nigeria has been unable to benefit due to its own sluggish output, which has declined in every month of this year, according to government data.

The surge in transportation prices that are fanning inflation -- already at almost 18% -- is likely to be a campaign issue ahead of presidential elections in February. Both major party candidates have promised to fix the economic situation of rampant unemployment, sluggish growth and high poverty rates. 

Read: Fried Bean Breakfast Snack Hit by Soaring Prices in Nigeria

Nigerians spend about 57% of their income buying food and almost a 10th on transport, according to the statistics agency. 

China cuts quarantine time for international travelers in big step toward easing Covid controls - CNBC

JUNE 28, 2022

KEY POINTS

  • Overseas travelers will only need to quarantine at a centralized facility, such as a hotel, for seven days upon arrival in mainland China, the National Health Commission announced Tuesday.
  • Previously, overseas arrivals in China typically had to spend 14 to 21 days in centralized quarantine, depending on the city of entry and destination within the country.
  • Tuesday’s announcement also said that within China, close contacts of confirmed Covid cases would likewise only need to spend seven days in centralized quarantine, followed by three days of health monitoring at home.


For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations. For more than two years, overseas travelers have had to quarantine upon arrival in China because of Covid restrictions. Pictured here at Beijing International Airport on June 18, 2022, are passengers waiting to be taken to quarantine-designated destinations. Leo Ramirez | Afp | Getty Images

BEIJING — China cut the quarantine period for international travelers on Tuesday, a big step toward loosening Covid controls that have persisted for more than two years.

Overseas travelers will only need to quarantine at a centralized facility, such as a hotel, for seven days upon arrival in mainland China, the National Health Commission announced Tuesday. Travelers will need to spend three additional days at home before they can venture out, the commission said.

Previously, overseas arrivals in China typically had to spend 14 to 21 days in centralized quarantine, depending on the city of entry and destination within the country.

Tuesday’s announcement also said that within China, close contacts of confirmed Covid cases would likewise only need to spend seven days in centralized quarantine, followed by three days of health monitoring at home.

Previously, Covid-related isolation requirements tended to last for at least 14 days.

Mainland China reported for Monday one confirmed Covid case with symptoms — in the southern province of Guangdong — and 21 cases with no symptoms. The cities of Beijing and Shanghai reported none in either category.

In the last few months, some cities began to reduce the length of mandatory isolation.

The capital city of Beijing in early May had required 10 days in centralized quarantine and seven days at home, down from 14 days of centralized quarantine.

China began to tighten its borders in late March 2020 as Covid-19 started to come under control domestically while spreading rapidly overseas. Covid-19 first emerged in late 2019 in the Chinese city of Wuhan.

Nigerian students — which countries will give you the best shot for visa approvals? - STUDY INTERNATIONAL

JUNE 29, 2022

Nigeria is fast emerging as one of the world’s top source countries for international students, and the numbers are predicted to expand rapidly in the coming years. Even as thousands of students have found success abroad each year, getting a visa for Nigerians comes with many barriers that go beyond financial hurdles. 

Nigeria is the most populous country in Africa and is projected to become the world’s third-most populous country by 2050. The sheer number of college-age students in the country makes it a robust market for foreign universities. Push factors from within, such as soaring inflation amid a flagging economy and rising insecurity throughout the country, have propelled many to seek greener pastures elsewhere. 

In fact, most Nigerian youths prefer to study abroad: a recent study titled “The Nigeria Market Sentiment & Study Motivations Report” published earlier this year revealed that as many as nine out of 10 Nigerians are interested in pursuing a degree overseas. According to the report, the number one concern for Nigerian students is affordability, hence why institutions that can offer financial aid have an edge over others in winning them over. 

The top four countries of preference from the students surveyed are the UK (32.71%), Canada (16.67%), the US (16.54%), Germany (10.60%), and Australia (7.96%). The difficulty in securing a student visa for Nigerians would probably account for why 46.61% of them favour distance learning, while 40.57% prefer studying in person overseas with the remaining 12.82% opting for hybrid learning if given the chance.

As university application reaches its peak this summer, a sharp surge in visa submissions is surely to follow, especially since most international borders have reopened. If you’re a Nigerian student aiming to go abroad in the near future, it’s worth factoring visa processing times and approval rates into your chosen study destination.

Here’s a quick breakdown of your chances to be greenlighted for entry by the top three countries preferred by Nigerian students, based on current data:

Student visa for Nigerians: Which countries are more likely to approve them?

UK

It’s unsurprising that British universities rank high among Nigerian students. Given the country’s long-standing educational exchange with the UK as a member of the Commonwealth, and the presence of a sizable diasporic community in Britain, Nigeria continues to be a top source country for UK’s international recruitment. 

There’s been an upward trend of Nigerians applying to UK universities since 2018. The number has risen by 47% between 2021 and 2022. Last week, the British High Commissioner to Nigeria Catriona Laing announced on Twitter that UK student visas would now take an average of five weeks to be processed, after many students bemoaned the delays in getting a decision. 

Despite the wait, the prospects of UK-bound Nigerian students are promising: visa approvals as of 2022 recorded a meteoric leap of 415.3% compared to two years ago. 

Visa for Nigerians: Approval rates by country

The UK continues to draw a large number of Nigerian students, especially in the post-Brexit climate, which opens up more post-study opportunities due to reduced competition. Source: Daniel Leal/AFP

US 

There are a myriad of reasons why the US is popular among Nigerian students. It has introduced several measures to incentivise Nigerian students to come to its shores, such as offering attractive scholarships and waiving interviews for some visa renewals. However, getting the F-1 visa comes with a hefty price, as Nigerians have to pay a reciprocity fee on top of the application costs.

Presently, getting a visa appointment in Nigeria might be the biggest challenge that could push back study plans. Sun News Online reports that the earliest available date on the application portal is in January 2024.  

Even so, the growth rate of Nigerian students has overtaken the average for all other countries for nearly a decade now. Between 2014 to 2018, the Nigerian student population in the US grew by 19%, excluding those under the Optional Practical Training (OPT). The growth has been steady over the years, which indicates positive outcomes in visa approvals. 

Visa for Nigerians: Approval rates by country

The US has been experiencing consistent growth in Nigerian student populations for nearly a decade despite challenges in securing visa appointments in Nigeria. Source: Andrew Harnik/Pool/AFP

Canada

Canada is another country that has benefited from an influx of Nigerian students — they are among the top earners in median salary among post-graduation work permit holders between the years 2008 to 2018, thus contributing significantly to the local labour market. 

In 2021 alone, more than 21,000 Nigerian students submitted their applications for a Canadian study permit. The numbers reflect an 80% leap compared to 2020, yet the outcomes are disproportionate to their study interest. African nationals are presently experiencing unusually high rejection rates, hurting Nigerian students’ chances of getting their Canadian degrees. 

An extensive study by education and immigration stakeholders in Canada found that the trend has persisted since 2019. A total of 75% of African students who applied for their study permits that year within a five-month period were met with rejection, and Nigerians were among those who suffered gravely. 

The issue is currently under the attention of the Standing Committee of Citizenship and Immigration, who are investigating the differential treatments faced by African students in their quest to get a student visa. 


London and Paris Cut More Flights as Travel Turmoil Persists - BLOOMBERG

JUNE 30, 2022

(Bloomberg) -- London Heathrow and Paris- Charles de Gaulle airports are cutting more flights as Europe’s travel chaos continues into the summer. 

Heathrow asked airlines to cut 30 flights from their schedules Thursday morning amid concern that peak passenger numbers will exceed the level it can safely handle.

France’s civil aviation authority has ordered a 17% reduction in flights out of Paris-Charles de Gaulle on Thursday due to a strike by firefighters. The walkout will lead to a shutdown of two out of the the hub’s four runways between 7 a.m. and 2 p.m. local time. The labor strife could continue into the weekend and spill over to Paris’s other hub at Orly, as more categories of workers plan walkouts. 

As a result of the disruptions Thursday, Air France-KLM’s French arm canceled 62 flights, while maintaining all of its long-haul and 90% of short and medium-haul connections, according to a spokesman. 

While the flights affected represent only a small portion of the total from the two airports, the last-minute cancellations add to the chaos surrounding travel in Europe as staffing shortages upend timetables and labor unrest gathers steam. 

Heathrow, Europe’s busiest prior to the coronavirus pandemic, will work with carriers to rebook passengers onto services outside peak hours so that as many as possible can still fly, it said in a statement Wednesday.

The scrapping of flights at Heathrow comes even after British Airways, the airport’s biggest carrier, slashed summer capacity 10% to reduce pressure on operations.

“We are working hard to ensure everyone has a smooth journey through Heathrow this summer,” the hub said. “The most important thing is to make sure that all service providers at the airport have enough resources to meet demand.”

At Paris-CDG, the country’s biggest international airport, the upheaval could get worse on Friday when a strike is planned by unions representing a broader swath of workers. 

Talks between operator Aeroports de Paris and labor representatives failed to reach a wage deal earlier this week, with staff demanding better compensation to reflect inflation and improved working conditions. 

(Adds details from Air France from fourth paragraph.)

Why passport delays are ‘kryptonite’ for Ottawa -YAHOO FINANCE

JULY 01, 2022

Prime Minister Justin Trudeau announced last week that the government would create a task force aimed at reducing wait times for immigration and passport services. Passport offices across the country have been swamped in recent weeks amid a surge of people applying for new documents.

“We know service delays, particularly in recent months, are unacceptable,” Trudeau said in a statement.

“We will continue to do everything we can to improve the delivery of these services in an efficient and timely manner.”

The Public Policy Forum’s Sean Speer says the passport issue should be the top priority for the government, and that a task force is not enough to deal with “such a fundamental problem.”

“This is an issue that not only will resonate with a lot of people, it's an issue where the perceptions will harden and last for some time,” Speer said.

“If I was working for the Prime Minister, this would be priority No. 1.”

If you have any policy-related questions, or feedback about the show, please email [email protected].

ALICJA SIEKIERSKA: Ottawa has announced a new task force to deal with the delays in immigration and passport processing. Sean, what do you make of that response to this issue?

SEAN SPEER: As I said, Alicja, these kinds of just basic service provision issues are kryptonite for governments. You know, people pay a lot of taxes. Most people don't interact a lot with the government. Or I don't know about you, but my expectations for my personal sort of relationship with the government is pretty limited at this stage in my life.

But I do expect that at some just basic level I should be able to get a passport without having to sleep outside a passport office or sit out there for several hours at a time. So I think if anything, the government's probably slow to react to this. And I think you've seen some amount of metaphorical eye rolling to the creation of a task force to deal with such a kind of fundamental problem.

You know, it seems to me that if the government doesn't have a more substantive response in the short term, this is the kind of issue that, again, a politician like Pierre Poilievre is going to seize on. And I'll just say one final thing. Governments typically lose elections over time because of issues that are really tangible, that people can kind of connect with in a personal way.

People don't necessarily always follow or understand some of these, like, hyper-complex political issues. But I think people-- this is an issue that not only will resonate with a lot of people. It's an issue that will the perceptions will harden and last for some time. And so if I was working for the prime minister, this would be priority number one. How do we-- do you how do you solve for this kind of immediate crisis around lengthy delays?

And what's interesting is today in "The Globe and Mail--" we're having this conversation on June 28-- a former senior official at Passport Canada set out what struck me is some pretty practical ideas on how to deal with the backlog, including temporary renewals of passports that are expiring, at least to take some of the pressure off the system in the medium term. It's just shocking to me that we haven't seen ideas like that pursued by the government instead of a task force comprised of politicians, which just strikes me as the kind of thing that ordinary people roll their eyes at.

Nigerians eyeing overseas studies battle FX scarcity - BUSINESSDAY

JULY 01, 2022

BY  


“Since May 14, I have been waiting for the £4,000 I requested from the bank to pay for the deposit I must make at the British university where I intend to pursue my master’s degree,” a young Nigerian who identified herself simply as Veronica told BusinessDay.

She said the deposit is needed for her to be able to get a confirmation of acceptance for studies (CAS), and my course is slated to start in September.

“Without the CAS, I would not be able to apply for a visa, and visa application these days takes up to five weeks,” she added.

BusinessDay learnt that it is difficult for Nigerian students studying or seeking to study abroad to access the funds they need to fulfill their academic obligations because of foreign exchange (FX) shortage in the country.

Last week, there were comments on Twitter that the Central Bank of Nigeria (CBN) wanted to restrict international students from using Form A to pay for their tuition from their bank accounts.

Form A is an application form designed by the CBN to pay for service transactions. The form allows customers to purchase funds at the CBN or interbank rate to make payments for eligible services as predetermined by the foreign exchange manual.

On Twitter, an email purportedly written to a Nigerian student at the University of Hull in the UK said: “From 2023, the requirement to use Form A when transferring your money from your bank account to the university is no longer needed. The change has occurred following a decision by the Central Bank of Nigeria which has resulted in the Form A scheme being eliminated.

“Payers that plan to leverage the Form A scheme over the coming weeks should prepare to do so in advance to ensure sufficient time to meet their financial commitments.”

However, the CBN released a statement, saying it had not stopped the allocation and sale of foreign exchange for the purpose of paying school fees and medical bills overseas.

The International Monetary Fund said in June that despite supportive oil prices, Nigeria’s gross foreign exchange reserves fell to $38.6 billion at the end of May 2022 from $41.5 billion in September 2021.

“The external reserves have been impacted by a lot of factors, which include pressure on importation of goods services, particularly petroleum, rigid foreign exchange fixed policy of the CBN, among others,” Muda Yusuf, chief executive officer of Centre for Promotion of Private Enterprise, said.

The limited access to FX from CBN by commercial banks has led to these banks coming up with rules to manage FX spending.

Banks require a month’s notice for students to request FX. A recent email sent to customers by Access Bank said, “Due to limited FX availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfil requests for school fees, upkeep, and rent payment.”

Those who also require Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) were instructed to submit their applications 14 days earlier to allow disbursement within the timeline.

In March, some banks reviewed the spending limit on their naira cards for international online and PoS transactions to $20 monthly, an 80 percent reduction from the previous limit of $100.

Students are not the only ones affected by the FX scarcity. Some foreign investors have been unable to access their funds. This has discouraged investors from investing, thereby limiting the inflows into the country.

According to the Capital Importation report of the National Bureau of Statistics (NBS), the total value of the foreign investment in the country declined by 28.1 percent to $1.6 billion in the first quarter of 2022 from $2.2 billion in the fourth quarter of last year.

The World Bank, in its latest Nigeria Development Update report, said the country would not be able to attract the desired level of foreign investment if it fails to implement a single exchange rate regime and embrace the timely implementation of foreign exchange policy.

The multilateral lender said favourable external conditions such as high crude oil prices provide the country with the opportunity to implement a single exchange rate that is reflective of the market dynamics.

UK Covid Cases Surge 32% in One Week as Subvariants Spread - BLOOMBERG

JULY 01, 2022

(Bloomberg) --

Britain’s Covid-19 infections are rising sharply as omicron subvariants spark new outbreaks across the country.

The number of people testing positive for Covid-19 is estimated at 2.3 million in the week through June 24, up 32% from the previous week, according to data published by the Office for National Statistics on Friday. 

This suggests that coronavirus is estimated to be infecting every 1 in 30 people in England and Wales, every 1 in 25 people in Northern Ireland as well as every 1 in 18 people in Scotland. 

News of a country-wide jump in cases comes a day after the UK Health Security Agency reported that England’s hospital admissions are climbing again, with intensive-care cases spreading among older age groups. 

UK Sees ICU Admissions Rise Among Elderly as Covid Cases Climb

A recent upturn in infections could lead to more pressure on health systems and disruption to businesses, although deaths and hospitalizations are still well behind levels during earlier Covid waves thanks to widespread immunization. 

Two omicron subvariants -- BA.4 and BA.5 -- have now become dominant, making up more than half of new Covid cases in England, a government report last week found. The rise in prevalence of these subvariants has also led to an increase in hospitalizations and ICU admissions in some other nations, the World Health Organization said in a report last week. Still, there’s currently no evidence that they cause more severe illness than previous variants, health officials said.

Britain has largely dropped its Covid restrictions since early 2022. Face covering is no longer compulsory in most places and border entry rules related to Covid have largely been ended. 

“In the absence of any population scale mitigations, we are left relying upon vaccination to prevent infection and severe disease,” said Stephen Griffin, associate professor in the School of Medicine, University of Leeds. “Whilst the latter is largely successfully achieved, there remains a considerable minority for whom this does not apply, plus we should remember that any severity of infection can lead to long Covid.” 

The government has been urging elderly people, as well as those living in care homes or who are clinically vulnerable, to get their spring booster for protection against serious illness.

UK vaccine advisers last month recommended a new round of Covid boosters for elderly and vulnerable people in the fall, saying the threat could mount again as winter approaches. The new campaign would follow spring boosters for a more limited population.

Flight cancellations: How to rebook quickly, according to an expert - YAHOO FINANCE

JULY 01, 2022

As more passengers head to the airport, airlines are struggling to keep up with demand, resulting in a chaotic summer travel season with thousands of delayed or canceled flights.

More than 5,800 flights within, departing from, or arriving in the U.S. were delayed on Wednesday, according to flight-tracking website FlightAware, and another 600 flights were canceled.

The recent disruptions add to what has been a very rough summer for travelers, with more than 2,800 U.S. flights canceled over Memorial Day weekend and more than 3,000 scratched over the Father’s Day and Juneteenth long weekend.

So what should you do if your flight gets canceled? The Points Guy Founder Brian Kelly shared some tips on how to rebook quickly and secure your refund.

“If you need to get to where you're going immediately, pull out your phone and buy yourself a new ticket,” Kelly advised (video above). “The airline is probably not going to be able to rebook you. If you're going to wait in line for hours to be rebooked, then chances are any of the remaining seats will be snatched up.”

For reimbursement, Kelly warned it may be best to go through a credit card company because U.S. carriers "don't owe you anything" for canceled flights.

American Express Platinum and Chase Sapphire credit cards “have what's called trip delay and cancellation coverage,” Kelly added. “So if you're disrupted, ... go to your credit card company to get reimbursed for hotels and rental cars and all those extra expenses.”

Trip protection has become a popular add-on for travelers amid a tumultuous travel season, but where you obtain that coverage is important, Kelly said.

“If you booked through Expedia and others, they're going to pass you around, and no one's going to take responsibility,” he cautioned. “Always decline their coverage to protect your trip.”

Kelly recommended travel coverage from independent online marketplace InsureMyTrip.com instead. "You can look at all the different policies, and you're going to get much better coverage at a cheaper price,” he said.

FILE - Planes sit on the tarmac at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. With an eye on the upcoming July Fourth weekend, airlines are stepping up their criticism of federal officials over recent widespread flight delays and cancellations. The industry trade group Airlines for America said Friday, June 24, 2022, that understaffing at the Federal Aviation Administration is crippling traffic along the East Coast. (AP Photo/Charlie Neibergall, File)
Planes sit on the tarmac at the Des Moines International Airport, Monday, June 13, 2022, in Des Moines, Iowa. (AP Photo/Charlie Neibergall, File)

'Be prepared for disruptions'

Mass cancellations and delays are unlikely to be resolved anytime soon, and airlines are blaming pilot shortages and understaffed air traffic control as two culprits.

“Going into this busy holiday travel weekend, airlines still don't have their footing," Kelly said. “People should be prepared for disruptions, and it's pretty much every airline.”

Despite efforts to improve reliability amid soaring demand, airlines have preemptively trimmed schedules this summer.

Delta cut about 100 flights per day in July while United axed about 50 flights a day from Newark Liberty International Airport starting July 1. Alaska Airlines and JetBlue also announced flight reductions.

Meanwhile, the Transportation Security Administration (TSA) projects a busy summer season, with passenger volumes that "will match and may occasionally exceed those of 2019 for the first time since the pandemic began."

Last Sunday, TSA screened more than 2.46 million people, the most air travelers in the U.S. since the start of the pandemic. This coming weekend, 3.55 million people are expected to fly ahead of the Fourth of July holiday.

“As long as that demand is high and planes are full, we’re going to continue to see these disruptions,” Kelly said. “The demand just continues to grow, and I don't see that stopping unless a big recession hits the U.S.”

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