Connect with us

Business News

Nigeria’s Air Peace To Begin Commercial Flights To Johannesburg Soon

Published

on

The Air Peace will soon begin regular commercial flight operations from its Lagos hub to Johannesburg, South Africa, the airline spokesman, Mr Stanley Olisa, said in a statement in Lagos on Monday.

He added that this was in keeping with the airline’s vision to provide seamless connectivity across cities.

Olisa said the airline had made huge progress in meeting the stipulated requirements of the aviation authorities in both South Africa and Nigeria.

According to him, this is to enable it to launch flight operations into the country before the year runs out.

He said the airline had hinted that South Africa was one of the destinations, in which the Federal Government had designated Air Peace to operate, and it would operate thrice a week on Lagos-Johannesburg-Lagos route.

According to him, the airlines is reputed for its trail blazing footprints, foremost Nigerian airline and West Africa’s largest carrier.

Olisa said that South Africa has always been on the radar of Air Peace, saying that the airline was constantly reviewing its route network.

He said it was also looking at strategic ways of expanding it to provide immense value to Nigerians first, and other Africans.

The airline spokesperson added that this focussed route planning and expansion was driven by the airline’s ‘no-city-left-behind’ initiative.

“It is an ambition to interconnect various cities through the provision of safe, comfortable, and cost-effective flights,” he said.

Olisa said that apart from South Africa, Air Peace had also been designated to operate commercial flights into Mumbai, London, Guangzhou-China, Houston, with other destinations still in the works.

“We shall continue to strategically increase existing connections to give our customers more network options, while also creating more employment opportunities for Nigerians.

“Air Peace, in a historic feat, had kicked off international flight operations with United Arab Emirates in July 2019, and has consistently shown vibrancy and reliability by operating several evacuation flights to and from China.

“Others include United Kingdom, Malaysia, Thailand, Indonesia, Israel, India and Turkey during the COVID-19 lockdown, as well as the free airlift of 503 Nigerians from South Africa, amidst the xenophobic onslaught last year.

Business News

East Africa Optimistic The U.S. Will Revive Trade Talks

This came to the fore as leaders from the EAC congratulated Biden for his election win, with many expressing hopes that his presidency will boost ties with the regional bloc.

Published

on

The East African Community is optimistic that U.S. President-elect Joe Biden will revive the negotiations and implementations of the EAC-U.S. Trade and Investment Partnership.

This came to the fore as leaders from the East African Community congratulated Biden for his election win, with many expressing hopes that his presidency will boost ties with the regional bloc.

The Trade and Investment Framework Agreement (TIFA), which is a trade pact that establishes a framework for expanding trade and resolving outstanding disputes between countries, was agreed between U.S. and EAC partner states in June 2012, but was never implemented.

TIFA was signed on July 16 2008, as a framework for expanding trade and investment between the U.S. and EAC.

But since United States President Trump took over from his predecessor Barack Obama in 2016, not much has been heard from the arrangement.

Read also: Kenya, UK, Secure Trade Deal

“We all look forward to working with the new US administration and of course hope that America’s trade and investment policies will also advance the interests of East Africa. Reviving TIFA is one of them,” said Prof Manasseh Nshuti, EAC chairperson of the Council of Ministers, who is also Rwanda’s Minister of State in charge of the East African Community.

“EAC is better negotiating multilateral trade rather than bilaterally. This is because at the end of the day, what happens in Kenya affects Rwanda, Uganda, and Tanzania, in terms of trade and investments.”

In April 2016, Ministers from EAC and U.S. signed the EAC-US Co-operation Agreement on Trade Facilitation, Sanitary and Phytosanitary (SPS) Agreement and Technical Barriers to Trade (TBT) but so far very little has been implemented despite the existence of agreed work plans.

Under the United States-East African Community-Trade and Investment Framework Agreement, partners consult on a wide range of issues related to trade and investment, but under President Donald Trump, this was never implemented.

Related: Kenya to be in breach of EAC, AfCFTA rules in proposed American trade deal

Topics for consultation and possible further cooperation include market access issues, labour, the environment, protection and enforcement of intellectual property rights, and in appropriate cases, capacity building.

However, since 2016, the negotiations for the regional investment treaty stalled due to lack of consensus on the approach for discussions on the regional investment treaty.

“The U.S. has TIFAs with countries at different levels of development and trade and investment interests but none with the EAC,” said Dr. Peter Mathuki, CEO East African Business Council.

“As the private sector, we are expecting the revival of an up-scaled US-EAC Trade and Investment Partnership under U.S. presidential elect Joe Biden.”

EAC’s Director-General of Customs and Trade Kenneth Bagamuhunda also said he looks forward to a return to a multilateral trading system “where the trade rules will prevail over unilateralism”.

“We look forward to engagement with the US as a bloc at EAC and Continental level.”

Continue Reading

Business News

Ivory Coast, Ghana Cancel Hershey’s Cocoa Sustainability Schemes

Published

on

The world’s largest producers of cocoa, Ivory Coast and Ghana have cancelled sustainability schemes organised by US-based chocolate manufacturer, Hershey.

Both countries accused the company of avoiding the payment of a cocoa premium, aimed at improving the financial state of farmers in their countries.

According to Reuters, both countries found Hershey demanding very high volumes of physical cocoa on the ICE futures Stock exchange. The countries, who produce 2/3rd of the world’s total cocoa said the company did that to avoid paying the premium, called the living income differential (LID).

The countries have also accused Fuji Oil Holdings of playing a part in helping Hershey in the schemes.

The schemes, according to the chocolate manufacturers are to protect cocoa of any environmental and human rights abuses, meaning it was rightly sourced and is devoid of any problems that will affect its global sales. The company added that by the West African giants’ disruption of the schemes, farmers may not be able to get premium on their products again.

Hershey is the manufacturers of Hershey’s Kisses and Kit Kat and source for their cocoa mainly from Ghana and Ivory Coast.

Hershey recently entered into a deal to make physical cocoa available at the ICE Futures exchange. This is expected to reduce demands in cocoa from Ghana and Ivory Coast and also avoid the premium charged by the government.

Last year, the Ghanaian and Ivorian governments set the LID for cocoa at $400 a tonne. This is to ensure that farmers make as much money as possible but the harsh realities of the coronavirus pandemic have dealt sales a huge blow.

“The Cocoa Merchants Association of America (CMAA) is condoning and conniving with American companies against poor West African cocoa farmers”,  regulators in both countries said.

Continue Reading

Business News

Aviation: Airlines Fares up 100% And Operating Costs Rise

Published

on

Continue Reading

Trending