Five things to know to start your Monday

More than 100 airlines died within the last 40 years – Keyamo

Over 100 airlines have failed in Nigeria in the past 40 years, according to Festus Keyamo, the Minister of Aviation and Aerospace Development. He described the aviation industry as having a very high failure rate.

Keyamo shared this information while speaking at Air Peace airline’s 10th anniversary celebration in Lagos on Saturday. Air Peace is currently West Africa’s largest airline and Nigeria’s flag carrier.

The minister promised that the current government would work to stop airlines from failing so frequently.
He said, “I am excited to be here today for two reasons. First is that Air Peace has survived for 10 years and keeps thriving. If you look at the history of airlines in Nigeria, you will discover that it is difficult for them to survive 10 years and still look healthy. We have a history of great mortality of airlines.”
“More than a hundred airlines have gone in the last 40 years and I know you all remember. From Concord to Zenith to Bellview, among others. You will then ask yourself why they die off, I can keep mentioning them because I have their list with me.”

“So when we came to office we said there must be something responsible for this high mortality rate and now we have Air Peace looking strong and has continued to be on the rise and not on the decline.”

Indonesia blocks sale of Apple iPhone 16
Indonesia has stopped Apple from selling its new iPhone 16 in the country, which is Southeast Asia’s biggest market. The reason? Apple hasn’t met Indonesia’s requirements for investing in the local economy.

The Ministry of Industry announced on October 25 that the iPhone 16, which came out in September, can’t be sold in Indonesia because Apple’s local division, PT Apple Indonesia, hasn’t met the rule requiring 40% of smartphone components to be locally sourced.

According to the industry ministry, Apple has invested 1.5 trillion rupiah ($95 million) in Indonesia, falling short of its promised 1.7 trillion rupiah. Instead of building local manufacturing facilities, Apple has been setting up developer academies.

While about 9,000 iPhone 16 units have made their way into Indonesia through travelers, crew members, or mail, these can only be used personally and cannot be sold.

Oil slumps more than 4% after Iran downplays Israeli strikes
Oil prices tumbled more than $3 a barrel on Monday after Israel’s retaliatory strike on Iran over the weekend bypassed Tehran’s oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East.

Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. By 02:39 WAT, Brent was at $72.70 a barrel, down $3.35, or 4.4%, while WTI slipped $3.27, or 4.6%, to $68.51 a barrel.

The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty around the extent of Israel’s response to the Iranian missile attack on Oct. 1 and the U.S. election next month.

Uruguay’s election goes to runoff
Uruguay is headed for a second round of voting in its presidential election, as no candidate won a clear majority. Meanwhile, voters rejected a proposed change to the country’s pension system.

The race will be between two candidates: Yamandu Orsi from the opposition Broad Front party and Alvaro Delgado, a former lawmaker from the ruling National Party. According to local media’s preliminary results, by 12:10 am Monday with 71% of voting stations reporting, Orsi had received 41.4% of votes while Delgado had 27.8%. The runoff is scheduled for November 24.
Other parties in the ruling coalition – the Colorado Party, Open Forum, and the Independent Party – together received 20% of the vote.

Dangote invests $280million in CNG conversion, others
Dangote Group has announced it’s backing President Bola Tinubu’s clean energy plans by investing $280 million in Compressed Natural Gas (CNG) technology and facilities.
The company announced in a Sunday statement that this large investment shows they’re leading in the CNG sector while also helping fight climate change and move toward cleaner energy use.
President Tinubu has chosen natural gas as Nigeria’s stepping stone to cleaner energy. His government is working to create better conditions for private businesses to invest and expand Nigeria’s CNG infrastructure, aiming to improve energy use and boost the economy.
As part of this plan, he has ordered one million free CNG conversion kits to be given to commercial vehicles that transport people, food, and goods.