Sign Ohio Banking Forbearance Agreement Mobile

Industry sign banking ohio forbearance agreement mobile

[Music] it's the last edition of business morning for the week thank you for joining us I'm Jimmy Z OBE we begin with updates on the global oil market as US crude oil price rises over one dollar this morning extending steep gains from the previous session after US President Donald Trump painted he may intervene in the price war between Saudi Arabia and Russia at an appropriate time our prices were also supported by United States plans to buy oil for its emergency stockpile why regulators in the country's largest oil-producing State Texas were reportedly considering cotillion production the more active West Texas Intermediate crude futures contract for me was up one dollar one cents at $26 92 cents a barrel early this morning US crude futures for April rose 92 cents to $26 14 cents a barrel the front Mont april contract which spiked 24% on Thursday expires later on Friday Brent crude futures climbed 57 cents to $29 four cents per barrel branch rose 14.4% on Thursday in its biggest one-day again since September US crude and Brent have bought collapsed about 40 percent in the last two weeks since talks between the organization of the Petroleum Exporting Countries and its allies including Russia broke down which led Saudi Arabia to ramp up supply and ratings agency moody says Nigeria's regulatory forbearance to mitigate coronavirus effects is credit negative for banks the agency says although the measures will support the economy but they will mask the true effect of deteriorating asset quality in the wake of the corona virus outbreak the measures according to the agency will also reduce the transparency of banks asset quality if they remain in place for a prolonged period the Central Bank of Nigeria had announced policy measures to mitigate the effect of the corona virus pandemic on Nigeria's economy the measures include restructuring loan tenures and terms for businesses and households most affected by the pandemic particularly borrowers in the oil and gas agriculture manufacturing sectors Moody's expect most Niger incorporate borrower's credit metrics to weaken as a result of the corona virus pandemic and the current depressed oil price and here is what the ratings agency has to say on impact of the corona virus on African banks it says the corona virus pandemic and the shop oil price drop have already led to portfolio outflows from emerging markets including Africa and will exacerbate the slowdown in economic growth at a time when government debt levels have increased to over 50 percent to GDP on average across the continent it maintains that in such an environment banks financial performance asset quality profitability and foreign currency liquidity will likely suffer banks specifically in oil exporting countries due to their heavy exposure to the oil and gas sector primarily Nigeria will face renewed asset quality pressures partly dollarized the banking system like Angola DRC Nigeria will also be faced with renewed foreign currency liquidity pressures if the portfolio outflows persists despite these challenges moody says its baseline scenario assumes a significant global disruption but not an extensive and prolonged slump and with this in mind the rating agency believes several African banking sectors can navigate through this crisis without jeopardizing financial stability all right now juice aviation industry stands a chance of looking losing over 160 billion naira in revenue and 22,200 jobs from the disruption to airline travel due to the continued spread of coronavirus Atta in its latest sector report says the country would also lose approximately 2.2 million of passengers the Association and umbrella body for two 290 airlines globally had in early March projected 850 3,000 losses in passenger volumes and 170 million dollar loss in base revenue in Nigeria if the spread of kovat 19 in its country-specific loss analysis the IATA says since the end of January thousands of passenger flights have been cancelled in Africa and other data cancellation would increase exponentially with implementation of additional measures in different countries according to a test data international bookings in Africa and down roughly 20% in March and April domestic bookings have fallen by about 15 percent in March and 25 percent in April African airlines had lost four point four billion dollars in revenue as of March 11 2020 ticket reforms have increased by 75 percent in 2020 compared to the same period in 2019 I'm now being joined by the Peru aviation roundtable and the Health Research and corporate travel zenit consult and travel illuminae Ohio thank you very much for joining us Bastogne open air thank you now could you paint a picture of what the Nigerian aviation industry is like now with this covered 19th endemic well Nigella cannot deny her vision industry cannot be immune from the rest of the world we are part of the global space and we're also the victim and we're also losing money in the industry and like you said in your report which are watching for my data I think we should add about a 20% to each of these figures because the entire report is for Yatta Yatta registered airlines when our airline that are not a urologist had the commercial commercial the puppets puppets jet operators cargo and put all those together you see that if you go to continue to rise and then about two weeks ago we're down to about 60% in the passengers not passages I stopped by but in the flights now by with the with the new order from the government we have cost about 75% now and it's it's cream so we just have to find it with money yourself and what we also look for the government to partake in the resource state in the industry taken in mind the importance of aviation to the economy and in to the world in general because if you really feel all current member that a cow was first made or formed before nineteen Nations that shows the importance of ambition and the tip we should do which was to look at that while we're trying to rebuild our country now who are taking the hits the most the airlines all the travel agencies of course is the airlines but in this case this is the worse scenario for the industry this is worse than this is worse than the United leaven even the global financial crisis had in past we have not seen anything like this convinent 19 so the heat speakers come to the airline but the ln is not alone is the is the is the industry in totality difficulty head is not for all but not from the airlines alone has to do with all the other services the all part of the industry and the one where we were working our solutions solutions most also incorporates the allied service providers in getting everybody back on the defeat our eric air and Epis have just announced suspension of flights to some african roots are we going to hear similar announcement by other airline operators yet for not wait those are the two nogen air landed on the west coast from this - you would hear like like you said I got suspended some of the West Coast route episodes don't done that with Senegal and a car they have limited operations into Accra and they will be stopped in the charger flights and sometime this week this is this is due to the poor passenger demand and then they can continue to flag those flights again also for the health and safety of their stuff so we expect more and even in domestic Rome you expect some of somebody with the closure of schools consolation of a conference and all meetings and goddess of above 50 you expect say money local local roads they demand a demand for flight has reduced under yes but all the I aligned stood costco site and more giving us more issues in industry alright now we already were hearing that time amigo Cano and porta court are already shutting down their airports how much of impact is this of course going to affect the local flight travels well those three apples just mentioned for international flights what the government has done was that all there's enough light should not land in Lagos and Abuja airports not only a passenger cargo non scheduled flight or flight and come from outside the country have to proceed into Legos or Buddha Airport in Ottumwa sent out yesterday by the energy space magnet agency well the negligent supervision authority has sent these circular to all foreign organizations and the airlines operating in to Nigeria and this violation again but with an evasion authorities so what is it it's that or the particle effect international fat not domestic flights for domestic flights yes you can see fly into the airport from anyone who anybody already you know we are working on a very poor at the moment and manipulated about Easter period but the truth is that even if you open all airports with or when when all order sort of the economy knobs been affected no meat is no activity the end up with what uses a vision because I really supposed to be without the vessel to move people to all the activities but now everything's going good gonna ground till we get to get rid of the combination now looking at the revenue dip what our industry pink tanks do in to sustain operations in this kind of situation is not it's not the industry it interns alone that can sustain operation we the government need to step in and went way you can even ask how do I explain the government's step and ice better government to step in one bite not it's not like I said it's not for only the ls all players in the industry so we're looking at the government give us some financial support if your tax contacts with us we are looking at rebates in taxes looking at government within some of the charges in the industry then also be a better corporate bonds from the central bank and become a support for the poor for some organizations and them I think I learned current is too much was open for the come but the government must lead the company of the industry but still has always ready to follow well the central bank on Monday announced an establishment of 50 billion naira credit facility and part of that will go to the aviation sector to mitigate the effect of this coronavirus how do you see this helping to mitigate the possible effect of the corona virus pandemic on the aviation sector is this enough from what you have said well what's again disgraceful for the initiative form the central bank but it's a it's a little drop in the ocean but we saw that if you look at what or that countries are doing I'm bringing out to to support the industry and them well that's part of the economy we need more from the government we've gotta from the center mark we want to see the commitment from the government you know in all those areas have listed earlier on so that we can get this industry back with a division industry cannot move the economy you need a vision to lock leaders we don't have a national carrier now so will not be looking at going just constitute only on a particular carrier or what would one night sconces it or industry in society the service providers I lied I lied Austrian person us in the industry organizations so this is this is the area what government look at you support it but the initiative must cut with the airline's before can take another or a service providers and the companies within industry but easy to Totten we need to get the industry back on his feet it's not the government's fault but it's it will probably be the comments what if did not come to support eNOS it just like the contract on that countries are done that is very common now of when Cassidy come it has feathers you think the airline of the operators should actually come up with operators have a body and then I think their body food will came out there with a statement laughter acts in the government to to give the entry to 2l to airports that in Lagos and Abuja if act was support from the government so it's not left for them to come together now collates whatever they need and push to the government the government would not just sit down on there and said come and let me give you this we must be able to push on one side so that's decided losses and decided areas we need support on remand I like the area of just mentioned the most least 35 areas I think those are the era that the ill and an order other operators should push to the government I just hope this time around the UN will give us one body and be able to speak to government and continue to have this mumble mumbling that we get once want most issues like this come up because we're not at the end of one or two people go behind and say this we want it and it will get messed up in the puzzle had this palette is and if I not the those who are who are supposed to benefit for a palette abilities and does that get it get done working from the industry petrol prices I expect the cost of aviation fuel to drop as well considering the trend in the global oil market this should be a positive outcome of the current situation what do you think well you took that what I love my mother and I said it only for on the forum two days ago that said one from the for the for the petrol we are waiting for the ambition for but like someone said I said if not are not for kerosene different and not for diesel maybe that is what about an awesome evaluation field I've even fool is a major cost component of commercial addition operations and we also need to benefit from the from what is happening internationally with a glut and a low low price of fuel so whether we should have sits on a girl and if he touches I mentioned earlier one of the studies the a vision a vision for attacks I mean that also should comic boats like the v8 see that was whipped up to this momentous over as close to a year now we have not seen anything at all so this will not openly this happily a vision a vision for when when when the government acquires are going to condone the price we are which for Italy dosha entities longer that you now do you think that the Nigerian airlines could be needing a bailout at this time like its peers are clamoring for globally the Aegean Airlines part of the world Ellen's and almost all airlines are having issues at the moment liquidity and losses and bleeding like dressed all airlines in the world if you look at your data populate by by the end of May this year were expecting major airlines to go into liquidation and IKEA may not be immune so we support and look forward to a bailout for the airlines what do you think appropriate records and documents from the from there from the operators backed by the other agencies in the industry we expect that when you want when they want to apply this bill out there are puppet airlines with books and Doc documents should be priority and not have another happiness from the back we wish to have an industry but it's really we look for today Bela to me to keep the airlines running because because we realize that we cannot have movement that to sustain the economy at once we are deep at the moment that the government want airline so the private operators that are sustained in the industry and commit at this time needs to witness to come out and support them just like the katabatic or the part of the world alright thank you very much for your time Oh Louie do an IO is the pure radiation roundtable and the head research and corporate travel zenyk consultant travels all right to some company reports now the management of Zenith General Insurance says it is set to revolutionize the insurance industry in Nigeria through a partnership with MT in Nigeria and prudential zenit life insurance that will provide mobile insurance services in Nigeria this partnership is offering customers in Nigeria the ease of buying an insurance policy via a USSD platform on their mobile devices less watch this [Music] it's another milestone in the insurance industry and zenit the general insurance is at the forefront from the cocktail to the main event signaled by the arrival of the chairman Zenith Bank PLC Jammu via regulators partners and staff of Zenith Bank are here to witness the launch of a new mobile insurance service insurance protection to millions of Nigerians by simply dialing the ussd code on their phone short on toner ship can be easily undeviated by our insurance product the initiative seeks to minimize uncertainty from life's big events as well as deepen Financial Inclusion and the country bodies were able to come together to support this innovation this brilliant idea what does it mean it means that Nigeria is very very capable of changing the landscape of Financial Inclusion empty and Nigeria says it's glad to be an enabling platform for the delivery of the digital insurance this is how an example of how we can make the technology available in terms of leading the innovation and make sure that mobile insurance becoming available in the pocket of every night Sinkin i Geryon by simply dialing the USS code star 5 9 6 6 - MTN customers can now buy third party motor insurance and personal accidents insurance everywhere they go [Music]