BUSINESS ROUNDUP: Emirates Airlines suspends flights to Nigeria; Nigerian govt to transfer petroleum products pipelines to private investors; other stories

Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

· $4m per day loss caused sack, Elon Musk says, as advertisers boycott Twitter

· Emirates Airlines suspends flights to Nigeria

· UK residents, businesses face tough times over historical interest rates, inflation

· Nigerian govt moves to transfer petroleum products pipelines to private investors

Summary:

Elon Musk has stated that Twitter losing $4 million per day led to the sack of some workers at the company, following his $44 billion acquisition.

Musk explained that the company had no choice but to cut workforce in a bid to protect Twitter’s earnings at a period the social networking site was losing advertisers.

Already, GM and General Mills Inc have suspended placing ads on Twitter, and Volkswagen Group, owner of VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati and Porsche brands, has joined the list.

Residents and businesses in the United Kingdom have been told to brace for a rise in cost of living, as the Bank of England (BoE) expects the highest rate of inflation in the last 40 years.

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The Bank of England told the public on Thursday that it forecasts inflation to hit 11 percent in the fourth quarter of 2022, pushing the financial regulator to raise interest rate.

As the historical inflation rate kicks in between October and December 2022, individuals, small businesses and corporate organisations will also battle with a 33-year high interest rate of 3 percent.

In an effort to stop the ongoing vandalism of the assets, the Federal Government conducted a workshop on Thursday to set up a framework for the concession of petroleum product pipelines to private investors.

Pipelines across the country are completely owned by the Federal Government, and as a result of frequent vandalism acts, the nation’s output of crude oil has been drastically reduced.

The government announced on Thursday that it will sell all the assets to private investors as part of measures to solve this, with the hope that they would operate the pipelines more effectively.

Emirates Airlines has suspended flight operations into Nigeria over blocked funds.

In a statement issued on Thursday, the airlines said the decision took effect from October 29.

It added that the suspension of flight operations into the country was aimed at preventing further losses in its business.

On NSE ROUND UP: Investors trade N15.510bn shares, Dangote, NAHCO gain big

On the trading floor of the Nigerian stock market this week, 1.410 billion shares exchanged investors’ hands in 19,025 deals valued at N15.510 billion.

The volume of trades this week surpassed the 598.817 million shares traded last week in 15,859 deals, worth N14.234 billion.

The Financial Services Industry led the top performing sectors by measure of volume, recording 804.570 million shares valued at N6.300 billion traded in 9,922 deals.

The Agriculture Industry took the second spot with 357.623 million shares worth N287.992 million in 560 deals.

On the tech scene, Bluesky, AfyA Care, Privilège Ventures, Meta, Twitter, Yabx, Google, Leslie Berland, techparley.com, IKEA, Lendbuzz, Payhippo, were some of the names that made the headlines in the tech ecosystem this week.

A Nigerian healthcare group, AfyA Care, during the week, secured $6M Series A Funding from West African private equity fund manager, CardinalStone Capital Advisers (CCA).

Also, during the week, a FinTech venture, Yabx, headquartered in Harland, India, launched a physical office in Nigeria with plans to democratize Credit Access.

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