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Freezing Weather to Bring Snow to UK and Nordics Next Week - BLOOMBERG

NOVEMBER 13, 2024

 

(Bloomberg) -- A cold front is set to bring freezing temperatures to northern Europe next week, threatening snow and boosting heating demand.

Colder air will push into the UK over the weekend, according to the UK’s Met Office. Snow is expected over the hills of Scotland and possibly further south. 

Temperatures are set to drop below zero in London by the middle of next week, according to Weather Services International, while Edinburgh reaches lows of -5C (23F). The UK overall will see its coldest temperature since January, with levels 5C below seasonal averages as the cold front spreads south over much of England.

The cold weather will lift heating demand across northwest Europe to the highest level since February, according to WSI. Lower wind generation during the upcoming cold snap could put pressure on power grids, exposing the region’s increasing reliance on renewable energy.

Wind generation forecasts for the UK were downgraded by more than 70% for Nov. 20, with generation now set to average less than 4 gigawatts. Light winds last week sent power prices to their highest level this year, even as the weather remained mild. 

Europe’s Dark, Windless Days Show Risk of Renewables Rollout

In Oslo, temperatures are forecast by WSI to drop toward -10C by the end of next week, with the Nordic region also seeing a sharp jump in heating demand.

Overall forecasts are showing a milder winter overall, but forecasters from Atmospheric G2 say western Europe is likely to experience colder spells early in the season due to La Nina. Unlike the sharp warming trend in aggregate winter temperatures, “there is little or no trend in extreme cold spells,” the forecaster said in a recent briefing. Unusually warm periods will also be more frequent, it added.

(Updates with declining UK wind generation in fifth paragraph)

New Zealand house prices rise in October as rate cuts boost confidence - REUTERS

NOVEMBER 15, 2024

SYDNEY, Nov 14 (Reuters) - House prices in New Zealand rose slightly in October, as falling interest rates inspired confidence among buyers, the Real Estate Institute of New Zealand (REINZ) said on Thursday.
Seasonally adjusted median house prices rose 1% in October from the previous month, and by 0.7% on the same time last year, data from REINZ showed.
"There seems to be light at the end of the tunnel. Although challenges like the cost of living remain, positive signs are emerging. Falling interest rates, increased inventory in the market, and greater activity during open home events are all reflected in the data for October,” REINZ Chief Executive Jen Baird said in a statement.

18,955 baggage missing on international flights in 6 months - DAILY TRUST

NOVEMBER 15, 2024

    By Abdullateef Aliyu, Lagos

International airlines operating in Nigeria recorded 18,955 cases of delayed/missing luggage in the last six months, analysis by Daily Trust indicated.

The development is causing unease for passengers; some of whom are said to be waiting endlessly before their baggage can arrive.

Many passengers have expressed frustration over the loss of their baggage in different international trips.

While some bags get missing in transit as passengers join connecting flights, others were as a result of wrong tags by airlines.

No fewer than 26 international airlines operated 7,144 flights between January and June, 2024, according to the Executive Summary on International and Domestic Flight Operations compiled by the Nigeria Civil Aviation Authority (NCAA).

Out of these flights, 2,305 flights were delayed while 69 flights were cancelled with the airlines airlifting a total of 908,235 in-bound and 1,024, 909 outbound passengers.

Apart from the delay which characterised the flights, there were concerns over the cases of missing luggage on the flights.

While most of the baggage were found (with 17,365 of the 189,55 found), there has been an increase in the number of cases of missing/delayed flights by international airlines.

According to the NCAA data, Air France recorded the highest number of missing/delayed luggage of 2,074 with 2,014 baggage found followed by KLM with 1,938 cases with 1,871 baggage found while Royal Air Maroc recorded 1,745 cases with 1,386 of the baggage found.

Egypt Air had 1,850 cases of missing baggage in six months while 1,706 bags were found; Lufthansa recorded 1,535 and found 1,389; British Airways recorded 1,428 cases and 1,291 baggage found just as Kenya Airlines recorded 1,346 and 1,363 respectively in six months of 2024.

Delta had 1,101 cases with 1,036 baggage found; Qatar Airways recorded 980 missing luggage and 937 found; Ethiopian Airlines recorded 545 cases and found 530 baggage while United Airline recorded 407 cases of missing luggage while 383 were found.

Daily Trust reports that the high rate of missing luggage on international flights reflects the dilemma of passengers travelling from different countries.

Cases of missing luggage blamed on airlines ‘tankering up’   

Sources said the high number of delayed or missing luggage is connected to the high cost and scarcity of aviation fuel (Jet A1) in Nigeria prompting most of the foreign airlines to tanker up to avoid buying fuel at destination.

Our correspondent reports that some airlines use tankering when fuel is cheaper at the departure airport than at the destination airport to reduce fuel costs.

Speaking on this, aviation analyst, Olumide Ohunayo said when an airline ‘tankers up’, it makes the aircraft heavier, making it difficult to carry much luggage on the flight.

He noted that cases of baggage delay are also experienced on local flights, recalling a recent flight to Enugu where the airline could not carry the passengers’ baggage because it had to tanker up from Lagos since there was no fuel in Enugu.

 In this situation, he said the airline should ensure that the baggage should be sent directly to the address of the owner and not asking them to come to the airport.

 He said, “What some of those foreign airlines do is that they are tankering up from their base to get to Lagos or Abuja and because they have tankered up, the aircraft becomes heavy and it is the luggage that would suffer and oftentimes the luggage would come after the aircraft had landed.

 “So, I expect that such luggage is sent to the address of the owner, not them coming to the airport. This is something that we are not doing. They should send the luggage directly to the owner.

 “The airline that has not made that luggage to come in by virtue of operational reasons should be the one that would process that baggage to get to the final destination.”



‘African economies need 100 ships to enjoy AfCFTA benefits’ - PUNCH

NOVEMBER 15, 2024

By Anozie Egole

For African economies to benefit from the African Continental Free Trade Area Agreement, estimated to be worth $3.4tn, the continent will need around 100 ships to facilitate the transport of goods, the Secretary-General of the Abuja MoU, Capt. Sunday Umoren has stated.

Operating under a Cooperative Agreement with International Maritime Organisation, Abuja MoU was established as an inter-governmental organisation comprising the maritime administrations of 22 countries abutting the Atlantic Coast of Africa.

Umoren stated this while presenting a paper during a recent event organised by the Nigerian Association of Master Mariners.

Umoren explained that once fully implemented, the AfCFTA agreement is expected to increase intra-African freight by 28 per cent and demand for maritime freight by 62 per cent. weddings, others

According to Umoren, shipping, and maritime transportation have been the main drivers of globalisation.

“A substantial increase in traffic flows is anticipated across all transport modes in Africa in the coming years. This will require enormous investments in transport equipment and infrastructure, including the addition of 100 vessels if AfCFTA is fully realized,” he said.

He mentioned that scholars, business experts, and African ship owner associations all agree that AfCFTA presents a great opportunity for the growth of the Blue Economy in Africa.

Umoren maintained that the African Union has reported that intra-African trade currently stands at about 10 per cent, compared to 60 per cent, 40 per cent, and 30 per cent in Europe, and North America, among others.

“It is anticipated that AfCFTA would improve this ratio to 20 per cent through increased cross-border trade,” he said.

The Abuja MoU scribe reiterated that the United Nations Economic Commission for Africa projects that implementing the AfCFTA could double maritime freight from 58 million tons to 131.5 million tons.

    “With current tonnage levels, this surge in demand will require significantly more tonnage, necessitating substantial investment in maritime infrastructure and services,” he said.

    He highlighted that the investments expected due to AfCFTA also provide an opportunity for a green economic recovery in Africa.

    He added that the paper focuses on three key aspects of the Blue Economy that will require urgent investment if African nations aim to excel in shipping-related gains linked to trade liberalisation within Africa.

     “Boosting intra-African trade is an extensive endeavor, beyond the scope of this paper, but it includes conscious investment in manufacturing, understanding the purpose of regional economic communities like the Economic Community of West African States, and fostering economic resilience,” he explained.


    He disclosed that considerable research has identified key factors contributing to low levels of intra-African trade, including flawed economic and trade policies, and a focus on raw material production without refinement, leading to the export of unprocessed materials that are then imported back as finished goods.

    Umoren stated that there is also inadequate infrastructure and logistics and the production of lower quality products compared to those from Europe and Asia, “geographic and climatic challenges, limited economic diversification; high production costs and a lack of globally competitive goods and services.”

    He emphasised that a significant issue is the inadequacy of financing mechanisms and the weak financial health of many African countries burdened by debt, which he said causes them to favor financially stable customers who can pay or enter financing arrangements.

    Umoren opined that AfCFTA offers an extraordinary platform to revive and boost intra-African trade, leading to positive economic development.

    “Trade can only thrive when commodities can move from the producer to the consumer. This movement depends on freight transportation across various modes, including vehicles, railways, ships, aircraft, and trucks,” he said.

    NRC expands Abuja-Kaduna train services - PUNCH

    NOVEMBER 15, 2024

    By Damilola Aina

    The Nigerian Railway Corporation has expanded its train operations on the Abuja-Kaduna route, increasing the number of services from four to six during weekdays, specifically from Monday to Friday.

    A statement signed by the Deputy Director, Public Relations, Yakub Mohmood, on Wednesday, disclosed the new update.

    This expansion is aimed at meeting the growing demand for train services on the route.

    The corporation said the decision followed a five-month trend analysis which revealed a 22 per cent increase in the number of new passengers registering on the ticket platform to use the Abuja-Kaduna Service.

    This growth, it noted, reflects a significant rise in the number of Nigerians opting for train services as a preferred mode of transportation due to its comfort, reliability, and safety.

    He highlighted the corporation’s commitment to improving customer satisfaction and addressing complaints of ticket racketeering.

    The statement read, “The Nigerian Railway Corporation, in reaffirming its commitment to responding to customer demands, improving customer satisfaction and tackling complaints of ticket racketeering, has increased the number of train services from 4 services to 6 services from Friday to Monday when demand tends to peak on its AKTS Route.

    “According to the Ag. Managing Director of the Corporation, Mr Ben Iloanusi, trend analysis over five months revealed a significant increase of 22 per cent in the number of new passengers registering on the ticket platform to use the Abuja-Kaduna Service trend analysis over five months revealed a significant increase of 22 per cent in the number of new passengers registering on the ticket platform to use the Abuja-Kaduna Service, signifying a surge in the number of Nigerians turning to the use of train services as a comfortable, reliable and safe option of commuting.”

    It also noted that similar trends have been established on the Lagos-Ibadan, Warri-Itakpe, and Port Harcourt-Aba routes, and efforts are already ongoing to beef up services along these routes as well.

    “NRC has observed similar trends on the Lagos-Ibadan, Warri-Itakpe, and Port Harcourt-Aba routes, and efforts are already ongoing to beef up services along these routes as well.

    “The Ag. MD assured Nigerians of the increased presence of Senior Management of NRC across all the train service routes to drive continuous efficiency and tackle the issue of ticket racketeering head-on.

    “Our valued customers are encouraged to use NRC ticket platforms online to take advantage of the increased services and shun patronage of ticket racketeers.

    “Additional information can be obtained from the NRC website – www.nrc.gov.ng,” It added.

    The introduction of additional train trips on the Abuja-Kaduna rail route closely follows the Nigerian Railway Corporation’s recent expansion of services on the Lagos-Ibadan route.

    This adjustment, aimed at accommodating increased passenger demand, includes extra trips on Fridays and Saturdays to provide more flexible travel options.

    Immigration raises alarm over increasing irregular migrants entering Nigeria - VANGUARD

    NOVEMBER 15, 2024

    By Ozioruva Aliu

    The Controller of the Nigeria Immigration Service, Edo State Command, Martins Moye, has raised alarm over the rising number of irregular migrants entering Nigeria.

    Speaking at the 2024 Nigeria Immigration Service (NIS) enlightenment campaign against irregular migration in Benin City, Edo State, themed “Say No to Migrant Smuggling. If You Must Migrate, Migrate Safely, Orderly, and Regularly,” Moye emphasized the urgency of the campaign given the increasing numbers of irregular migrants.

    During the three-day sensitization program, which took NIS officers to the palace of the Enogie (Duke) of Eyaen, as well as markets, motor parks, and main streets, Moye underscored the need for public awareness to curb irregular migration.

    Assistant Controller of Immigration David Amanahu, a facilitator from NIS headquarters in Abuja, highlighted Edo State’s historical role in irregular migration. He shared, however, that due to recent efforts by the Edo State Command, the state has improved in the national ranking on irregular migration.

    “The positive news is that Edo State is no longer ranked number one in irregular migration. Credit goes to the dedicated team in Edo who worked tirelessly to improve the situation,” Amanahu stated.

    Delivering a message from the Controller-General of Immigration, Kemi Nandap, Amanahu noted, “The Controller-General’s message is clear: the NIS is now more focused than ever on border management and migration issues.”

    Another facilitator, Deputy Superintendent of Immigration Woshak Danladi, outlined the severe dangers of irregular migration. “Irregular migration can cost you your freedom, and in some cases, even your life.

    There’s a risk of organ harvesting, human rights abuses, and many more dangers,” he warned, urging officers to actively educate the public on these risks.


    ‘No longer £1,334,’ UK increases proof-of-funds for Nigerian students, others - VANGUARD

    NOVEMBER 15, 2024

    The UK Home Office has announced an increase in the monthly proof-of-funds requirement for student visa applicants, raising the amount to £1,483 (approximately N3 million) starting January 2, 2025.

    This adjustment aims to address inflation and reflect the rising cost of living in the UK.

    In an official document, the Home Office outlined that the maintenance level will increase from the current £1,334 per month for students in London to £1,483.

    For those studying outside London, the requirement will rise from £1,023 to £1,136 (around N2.4 million).

    New Financial Requirements for Student Visas

    Under the updated regulations, international students must demonstrate they have adequate funds to cover their living expenses throughout their stay in the UK.

    According to the Home Office, this change aligns the financial requirements for international students with those for domestic students, ensuring all students can sustain themselves independently during their studies.

    What is Proof of Funds?

    Proof of funds is a document that confirms an individual has sufficient financial resources to meet future obligations or complete a transaction without relying on external borrowing.

    For student visa applicants, proof of funds is a mandatory requirement, providing immigration authorities with assurance that students can financially sustain themselves while studying abroad.

    Failure to present valid proof of funds can lead to visa rejection, jeopardizing study plans.

    Acceptable sources of proof of funds include:

    Personal savings Family sponsorship Scholarships Educational loans

    Impact on Nigerian Students

    Nigerian students represent a substantial proportion of the UK’s international student population. In the 2022/2023 academic year, 53,790 Nigerian students were enrolled in UK universities, accounting for 6.5% of the international student body.

    This placed Nigeria behind only China and India in the ranking of international student populations.

    However, the increased proof-of-funds requirement is expected to reduce the number of Nigerian students pursuing education in the UK. With the Naira’s persistent depreciation against the pound, many Nigerian families may find it increasingly challenging to meet tuition fees and living expenses under the new rules.

    The adjustment underscores the importance of financial preparedness for prospective international students and the need for targeted support systems to enable access to global education opportunities despite economic challenges.

    Part of N90bn Hajj subsidy returned to FG – NAHCON - THE GUARDIAN

    NOVEMBER 15, 2024

    The National Hajj Commission of Nigeria (NAHCON) has revealed that a portion of the N90 billion subsidy allocated for the 2024 Hajj operation has been returned to the Federal Government.

    The commission, however, did not disclose the exact amount returned to the government.

    NAHCON’s Commissioner of Operations, Olarewaju Elegusi, disclosed this on Wednesday while appearing before the House of Representatives Ad-hoc Committee investigating NAHCON and the FCT Muslim Pilgrims Board over the 2024 Hajj exercise.

    According to Elegusi, the returned funds were part of the subsidy paid to the commission to facilitate the Hajj exercise.

    The NAHCON commissioner, however, failed to properly account for how the N90 billion subsidy was spent.

    Elegusi said he was aware that a subsidy was paid but was unable to tell the lawmakers how the money was disbursed.

    Queried by the Chairman of the Committee, Sada Soli, Elegusi said: “I am aware of the subsidy of N90bn by the Federal Government. I did not see the document until the former chairman addressed a press conference and stated how it was disbursed. The money was paid in Naira through the Central Bank of Nigeria.”

    The NAHCON commissioner said some part of the subsidy was remitted back to the Federal Government through the CBN.

    He promised to furnish the committee with the required documents at the next sitting.

    Speaking, Vice President of the Kano branch of the Association for Hajj and Umrah Operators of Nigeria (AHUON), Haruna Ismail, advised that Hajj operations in the country should be managed by the private sector.

    He urged the Federal Government to be proactive in putting the right measures and laws in place to drive this process.

    Ismail recommended that NAHCON should be limited to regulatory and supervisory duties only.

    According to him, the future of Hajj is in the hands of private operators in Nigeria, insisting that AHUON was ready to provide expertise and support for the required legislative process.

    “We recommend the committee visit the Kingdom of Saudi Arabia to verify some of our submissions and interact with some of the active players in the provision of services to Nigerian pilgrims.

    “The committee should look at developing a standard operational practice for all operators in the Hajj management chain. This will act as a model upon which future Hajj reforms shall be based.

    “The need for a joint committee of all players in Hajj management in the country is long overdue to constantly review Hajj processes, reports, and complaints.

    “As we gear up to full private operator control, we suggest this committee recommend a regime where the share of the slots should be increased gradually by 10,000 slots annually, thereby building the capacity to take over the operation,” he said.

    Also, the Managing Director of Comerel Travels, Abubakar Siddeeq, said that the management of Hajj must revolve around qualified individuals who thoroughly understand the complexities of Hajj operations.

    He said that the problem of Hajj in Nigeria has been a “vile” system that has been changing its name repeatedly.

    According to him, no Hajj operation will succeed in Nigeria with such an entity being the service provider for Nigerian pilgrims.

    Siddeeq said that Section 3 of the NAHCON Establishment Act should include representatives of tour operators and state welfare pilgrim boards and agencies on the NAHCON board.

    He said: “NAHCON has no single pilgrim in Nigeria. I am saying that tour operators and the state pilgrims welfare boards are the owners of the pilgrims.

    “The problems in Hajj operations will continue since the owners of the pilgrims are excluded from the board of NAHCON.

    “This Act that we are working on and discussing lacks a clear definition of private tour operators, and the terms ‘agency’ and ‘agencies’ are not enough.

    “Priority should be given to the implementation of the existing Act, because there is nothing wrong with it, only the amendment that we are discussing. Now, it is a fine document but has not been allowed to work properly.

    “NAHCON should rather enhance its regulatory oversight by implementing effective regulations and enforcement mechanisms. It has nothing to do with being a party in the operation.

    “NAHCON should not determine Hajj fares for states. Why will NAHCON licence private tour operators and licence states’ pilgrims boards, produce a template for the Hajj fare for them, and announce it?”

    South Africa Border With Mozambique Faces Further Disruption - BLOOMBERG

    NOVEMBER 15, 2024

     


    (Bloomberg) -- Protesters again blocked Mozambique’s main border crossing with South Africa on Thursday, after operations had resumed earlier in the day.

    Demonstrators on the Mozambican side angered by the result of the country’s election last month blocked the route, with vehicles in the late afternoon still unable to enter, according to the highway operator. The border that connects South Africa’s industrial heartland with the Maputo port — Mozambique’s biggest — had earlier restarted processing cargo.

    South Africa is the world’s biggest producer of chrome, a key ingredient in the manufacture of stainless steel, with about half of its production exported via Maputo. Mozambique also imports food through the border post and shortages were reported in some supermarkets in the capital after flows were disrupted last week. 

    Mozambique has been wracked by the worst election unrest since the end of its 16-year civil war in 1992, after opposition leader Venancio Mondlane claimed victory in an Oct. 9 election that official results showed the ruling party won by a landslide.

    The former lawmaker and pastor called for more demonstrations from Wednesday through Friday, urging supporters to paralyze Mozambique’s main trade corridors to pressure the authorities to restore what he called the true election result. 

    The land border between Mozambique and South Africa, one of the busiest in the region that handles hundreds of trucks daily, has suffered repeated closures this month due to the unrest.

    (Recasts lead with border being closed again)

    Budget travel icon Spirit Airlines files for bankruptcy protection after mounting losses - REUTERS

    NOVEMBER 18, 2024

    Key Points

    • Spirit Airlines CEO said customers can continue to book tickets on the airline.
    • Spirit has struggled since its failed acquisition by JetBlue Airways, a Pratt & Whitney engine recall and weaker-than-expected sales.
    • The company has faced mounting losses and has been against a deadline to renegotiate $1.1 billion in debt payments due next year.

    Spirit Airlines, an icon of budget air travel that reshaped the industry, has filed for bankruptcy protection after years of mounting losses, a failed merger and more demanding consumer tastes.

    The carrier early Monday said it reached a prearranged deal with its bondholders including $300 million in debtor-in-possession financing to help it through the bankruptcy, which it expects to exit in the first quarter of next year. It said that vendors, aircraft lessors will not be impaired.


    The airline said it expects to continue operating normally and said told customers can continue to book as the busy holiday season approaches.

    “The most important thing to know is that you can continue to book and fly now and in the future,” Spirit CEO Ted Christie said in a letter to customers on Monday. He said customers can use tickets, credits and loyalty points normally.

    Spirit is the first major U.S. airline to file for Chapter 11 since American Airlines 13 years ago.

    The Dania Beach, Florida-based airline had struggled with an engine recall that grounded dozens of its jets, a surge in costs after the pandemic, and the failure of its planned acquisition by JetBlue Airways, which was blocked by a federal judge earlier this year on antitrust grounds. Its shares fell more than 90% this year.

    The airline had repeatedly pushed back a deadline with its credit card processor to renegotiate a $1.1 billion debt due next year or risk losing the ability to process those transactions.


    It said Monday that it had reached a deal with bondholders for $350 million in equity and that it “will complete a deleveraging transaction to equitize $795 million of funded debt.”

    Spirit filed for protection in U.S. Bankruptcy Court of the Southern District of New York. Spirit will be delisted from the New York Stock Exchange as a result of the filing, the company said.

    Last week, Spirit said it had to delay its quarterly filing and said it was in discussions for a deal with a majority of creditors that would not affect customers, vendors, suppliers and others, but that it would wipe out the company’s existing equity.

    Spirit said in the filing that it expects its third-quarter margins to be 12 percentage points lower than during the same period a year ago and that sales were $61 million lower than last year, while costs surged and fares slipped.

    Spirit Airlines, an icon of budget air travel that reshaped the industry, has filed for bankruptcy protection after years of mounting losses, a failed merger and more demanding consumer tastes.

    The carrier early Monday said it reached a prearranged deal with its bondholders including $300 million in debtor-in-possession financing to help it through the bankruptcy, which it expects to exit in the first quarter of next year. It said that vendors, aircraft lessors will not be impaired.

    The airline said it expects to continue operating normally and said told customers can continue to book as the busy holiday season approaches.

    “The most important thing to know is that you can continue to book and fly now and in the future,” Spirit CEO Ted Christie said in a letter to customers on Monday. He said customers can use tickets, credits and loyalty points normally.

    Spirit is the first major U.S. airline to file for Chapter 11 since American Airlines 13 years ago.

    The Dania Beach, Florida-based airline had struggled with an engine recall that grounded dozens of its jets, a surge in costs after the pandemic, and the failure of its planned acquisition by JetBlue Airways, which was blocked by a federal judge earlier this year on antitrust grounds. Its shares fell more than 90% this year.

    The airline had repeatedly pushed back a deadline with its credit card processor to renegotiate a $1.1 billion debt due next year or risk losing the ability to process those transactions.

    It said Monday that it had reached a deal with bondholders for $350 million in equity and that it “will complete a deleveraging transaction to equitize $795 million of funded debt.”

    Spirit filed for protection in U.S. Bankruptcy Court of the Southern District of New York. Spirit will be delisted from the New York Stock Exchange as a result of the filing, the company said.

    Last week, Spirit said it had to delay its quarterly filing and said it was in discussions for a deal with a majority of creditors that would not affect customers, vendors, suppliers and others, but that it would wipe out the company’s existing equity.

    Spirit said in the filing that it expects its third-quarter margins to be 12 percentage points lower than during the same period a year ago and that sales were $61 million lower than last year, while costs surged and fares slipped.

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