Monday, 13 April 2020
There is a massive possibility that 82% of corporate organisations in Nigeria will have their revenues contract in the wake of the coronavirus outbreak.
Data gleaned from a new global study conducted by the Association of Chartered Certified Accountants (ACCA), involving 10,000 finance professionals with the participation of an expert panel of 227 in Nigeria, revealed that 55% of respondents envisage that the COVID-19 pandemic will have worst implications for employee productivity in corporate Nigeria.
“Only 45 per cent of businesses have been able to conduct a financial reforecast, perhaps due to the fast-evolving scale and duration of the COVID-19 pandemic alongside the extent of necessary social distancing controls put in place by governments, which have created vast uncertainties for businesses.
“As a result, 82 per cent suggest their organisations are expecting it is likely they will see negative revenue growth, with 77 per cent saying they are expecting negative profit growth too,” the research report says.
More than one third of the respondents believed that business viability would encounter a major setback of cash-flow problem just as a third of them said they were encountering disruption in the supply chain from preferred suppliers in places affected by the pandemic.
Published in Business
Indonesia on Monday received reports of 316 new confirmed coronavirus cases, 26 deaths  and 21 recoveries.

All happened within 24 hours.
Achmad Yurianto, the government’s spokesman said the deceased are mostly above 50 years of age.
They had also suffered from other serious illnesses like hypertension and diabetes.

Indonesia has 4,557 confirmed cases, a death toll of 399 and overall recovery of 380.
The death toll is 399.
Jakarta, the capital and home to 10 million people, suffers the highest number of deaths. Its death toll is 204.
It is followed by West Java with 52 deaths, East Java 30, Central Java 25, Banten 22, South Sulawesi 15.
President Joko Widodo has declared a national public health emergency.

His government has also issued regulations imposing social restrictions.

Published in World
Indonesia on Monday received reports of 316 new confirmed coronavirus cases, 26 deaths  and 21 recoveries.

All happened within 24 hours.
Achmad Yurianto, the government’s spokesman said the deceased are mostly above 50 years of age.
They had also suffered from other serious illnesses like hypertension and diabetes.

Indonesia has 4,557 confirmed cases, a death toll of 399 and overall recovery of 380.
The death toll is 399.
Jakarta, the capital and home to 10 million people, suffers the highest number of deaths. Its death toll is 204.
It is followed by West Java with 52 deaths, East Java 30, Central Java 25, Banten 22, South Sulawesi 15.
President Joko Widodo has declared a national public health emergency.

His government has also issued regulations imposing social restrictions.

Published in World

The British Defence Ministry said Monday it would deploy 200 military personnel in support of ambulance services after the country’s coronavirus death toll increased to 11,329.
The figure, according to health authorities, was a rise by 717 compared to the previous day.
The ministry said the soldiers would carry out a variety of roles including driving vehicles, taking calls, manning response centres and supporting paramedic crews.
The interim chief medical officer, Jason Leitch, urged families of those who have died during the outbreak not to delay funerals, in a bid to stop a backlog.
Excluding Northern Ireland, 88,621 people have tested positive for the coronavirus in Britain as of Monday morning.
Meanwhile, Prime Minister Boris Johnson has tested negative for COVID-19, his spokesman said on Monday.
The test on leaving the hospital, according to the spokesman, was standard medical practice.

The prime minister left the hospital on Sunday evening after he recovered from the disease.
He spent a week in hospital including several days in intensive care after contracting the virus, and said he owed his life to the medical staff who treated him while in hospital.

Published in World

Nigeria is set to peg its daily oil output at 1.412 Million barrels per day from the average 1.87mbd.

The production cut will take effect from May-June 2019.
Petroleum Minister, Timipre Marlin Sylva said Nigeria is taking the shaving as a result of the 9.7m barrels output cut reached by OPEC+ on Sunday.
The global cut which is graduated till 2022, will see oil producers reduce output by 8 million barrels between July and December 2020.

From January 2021 till April 2022, output will be reduced by six million barrels.
Nigeria is set to peg crude production in like manner.
After the 1.412m output level in May-June, Nigeria will also peg output at 1.495 Million Barrels per day in July-September.
Then from January 2021 till April 2022, output will go up to 1.579 Million Barrels per day.
“This is in addition to condensate production of between 360-460 KBOPD of which are exempt from OPEC curtailment’, Sylva said.

Nigeria joined its other OPEC+ counterparts on Easter Sunday to reach the production pegging decisions.
“The intervention of the United States of America resulted in Mexico agreeing to a cut of 100 KBOPD and to be complemented by an additional 300 KBOPD by US Producers”, Sylva disclosed.
“This will enable the rebalancing of the oil markets and the expected rebound of prices by $15 per barrel in the short term.
“This also promises an appropriate balancing of Nigeria’s 2020 budget that has been rebased at $30 per barrel”, Sylva added.

Published in News Economy
UK Prime Minister, Boris Johnson has tested negative for coronavirus before being discharged from hospital on Sunday, a government spokesman has said.
He said Johnson was continuing his recovery at Chequers, his official country residence. Asked why he was there rather than his primary residence of No 10, the spokesman said it was “considered to be a suitable place”.
The prime minister had spoken to Dominic Raab, who is deputising for him, over the weekend. “The PM is focusing on his recovery and not currently carrying out government work,” the spokesman added.
According to BBC, separately, the government has denied that Cabinet minister Michael Gove’s daughter being tested for coronavirus was an example of “double standards,” after controversy about a lack of testing for frontline staff.
The spokesman said the test was carried out “on the advice of the chief medical officer and in line with medical guidance”.
“The test ensured Michael Gove could get back to work to help drive the government’s response at a critical time,” the spokesman said.
Published in World
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