Business

Just In: COVID-19: Virgin Atlantic Makes Sweeping Changes, Plans Reduction of 3, 150 Jobs

Published

4 years ago

May 5, 2020

Eric

By Eric Elezuo

Renowned aviation giants, Virgin Atlantic, has announced that it will be reducing its workforce by a whopping 3, 150 among other sweeping changes to cope with the devastating effects of the Coronavirus pandemic.

Making the announcement today via a letter signed simply Shai, and titled COVID-19 Update: May 5, 2020 14.00 BST, the company said that “Following the pattern of previous crises such as 9/11 and the Global Financial Crisis, capacity across the aviation industry will significantly reduce, with recovery to pre-crisis levels expected to take up to three years”.

Consequently, it noted inter alia that

“In order to survive, regrettably we must reduce the number of people we employ Even in these toughest of times, our incredible people remain our secret sauce, and what sets us apart. The decisions we have taken were meant to preserve as many jobs as possible. I wish it was not the case, but we will have to materially reduce the number of people we can employ. Today we’re announcing a planned reduction of 3,150 jobs, across all functions, as well as aligning and simplifying our terms of employment. You have all made brave decisions in support of this Company, putting Virgin Atlantic ahead of yourselves, but to safeguard our future, we must go further.

“After 9/11 and the Global Financial Crisis, we had to take similar painful measures but fortunately many members of our team were back flying with us within a couple of years. Depending on how long the pandemic lasts and the period of time our planes are grounded for, hopefully the same will happen this time.

“We plan on consolidating our facilities in Crawley into either The Base or VHQ and intend to relocate our people in Engineering and Cargo to London Heathrow, to be closer to their colleagues and our joint venture partners.

“A company-wide consultation period of 45 days begins immediately and is expected to conclude by end of June.

“In parallel, we will work collaboratively with BALPA and Unite to unlock significant productivity gains with our Pilots and Cabin Crew, with an unwavering commitment to their safety and wellbeing. Changes to my leadership team will follow at the start of 2021, once we have restarted operations safely, and successfully implemented these changes. From today, the senior leadership team will be holding briefings to provide more detail on the specific impact on teams and individuals. Please send any questions you have to your leaders and managers and they will be answered as quickly as possible.”

Virgin Atlantic is British second largest carrier.

Below is the full statement in PDF

Covid-19 Update – May 5, 2020, 14.00 BST

Business

Glo Launches New Internet Solution Products for Homes, Businesses

Published

2 weeks ago

April 8, 2024

Eric

Two new products, which provide internet connectivity solutions specially designed for Residential and SME commercial customers, have been unveiled by digital solutions company, Globacom.

The products, Fibre to the Home (FTTH) and Fibre to the Business (FTTB) were packaged for Glo customers to enjoy reliable and high speed internet through linked fibre services.

Globacom said in a statement in Lagos “With these services, businesses and homes can access dedicated internet speeds of up to 1GBps, allowing unlimited internet usages for seamless video calls, video and music streaming and a whole lot of other dedicated usages to promote business success and equally provide endless entertainment for homes”.

It explained that the new product comes with a unique opportunity for “Residential Estates, High Rise Apartments, Commercial SME Estates to enjoy dedicated high speed internet in their cluster”.

These services, according to Globacom, give exceptional experience and unmatched speed for users at home or in offices and are provided through hi-speed fibre – unlike copper which was being used in the past.

Positioning itself as the premier provider of innovative solutions for businesses of all sizes, Globacom assured customers of the best value for money with the new offerings, adding that users who sign on for these services will also enjoy fully dedicated bandwidth.

“We are committed to delivering the most cost-effective data connectivity experience for homes and businesses in addition to providing dedicated and reliable services.” Globacom concluded.

Business

Naira Appreciates Further, Sells at N1,280/$ at Parallel Market

Published

3 weeks ago

March 30, 2024

Eric

The naira, on Friday, appreciated to N1,280 per dollar at the parallel section of the foreign exchange (FX) market.

The current FX rate signifies a 5.19 percent appreciation from the N1,350/$ reported on March 27.

Currency traders in Lagos, also known as bureau de change (BDCs) operators, quoted the buying rate of the greenback at N1,260 and the selling price at N1,280 — leaving a profit margin of N20.

“The price of the dollar as well as other major currencies have been falling. It is affecting our business as some customers prefer to keep their currencies than change it with us,” a currency trader identified as Aliyu told TheCable.

At the official section of the FX market, the local currency depreciated by 0.69 percent to N1,309.39/$ on March 28 — from N1,300.43/$ on March 27.

Meanwhile, the Central Bank of Nigeria (CBN), on March 29, said the economy recorded over $1.5 billion in foreign exchange (FX) inflow this month, indicating its monetary policy initiatives are effective.

The apex bank said the naira is headed in the right direction, and the administration of Yemi Cardoso, CBN governor, remains committed to ensuring the stability of the market and the appropriate pricing of the naira against other major currencies worldwide.

TheCable

Business

NNPC Denies Reducing Petrol Pump Price

Published

3 weeks ago

March 28, 2024

Eric

The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.