8 October 2020

1) Despite the economic failure of the first supersonic airliner, the French-British Concorde, there are now attempts to revitalize the supersonic airline service. Boom Supersonic has unveiled its first demonstrator aircraft called the X-B1, which is scheduled to start flight testing next year. The demonstrator is planned as a commercial stepping stone to an actual commercial supersonic airliner to transverse the Atlantic ocean in about three and a half hours- about half the present flight time. Plans called for supersonic jets that are quieter and more fuel efficient than the Concorde. Some might consider a supersonic airliner to be an optimistic endeavor considering the concerns over the airline’s industry future over the next several years.

2) Like other restaurant chains in decline, Ruby Tuesday’s decline was several years in the making, accelerated by the pandemic. Amidst speculation by industry insiders, the renowned Ruby Tuesday has filed for bankruptcy. By April, Ruby Tuesday had closed about 30% of its 470 restaurants, and with the virus crisis, restaurants continued closing. It has closed 300 restaurants in the last three years, 186 this year alone, while amassing a $43 million dollar debt plus $19 million dollars owed to landlords and vendors. The company is filing for chapter 11 bankruptcy and will continue operating about 230 restaurants in its bid to survive. Ruby Tuesday’s decline in sales was due to a major shift in consumer attention from casual dine-in to fast food and fast casual options.

3) The troubled aircraft manufacture Boeing Aircraft cuts their forecast for airplane demand due to the pandemic. Over the next decade, Boeing now expects deliveries of 18,350 commercial aircraft, which is down from its previous forecast by 10.7%. The coronavirus crisis is expected to create minimal demand for new jets during the next few years. Boeing still expects to deliver 43,110 commercial aircraft over the next 20 years, a forecast down only slightly from its previous forecast of 44,040 and so will be able to make up for lost sales in the years after the next decade.

4) Stock market closings for – 7 OCT 20:

Dow 28,303.46 up 530.70
Nasdaq 11,364.60 up +210.00
S&P 500 3,419.45 up 58.50

10 Year Yield: up at 0.78%

Oil: up at $40.06


WTC Abuja

By: Economic & Finance Report

Nigeria will be opening up their first World Trade Center structure. It will be located in the capital in Abuja, Nigeria. WTC Abuja as it will be regarded as, was funded by international and national private investors and financial entities.

There are currently 323 locations, along with 89 countries that have  World Trade Centers (WTC) for economic development, business resources and trade infrastructure. Nigeria will be the 90th country, as Abuja will be the epicenter for trade and business along with Lagos the business capital of Nigeria. The WTC Abuja is expected to be the biggest business hub in West Africa and leading business trade mobilization on the African continent.

WTC Abuja, has finished the first phase of development, which houses residential and commercial real estate.  Being constructed by the Churchgate Group, WTC Abuja will offer luxury condos and apartments. The Commercial Tower will be the tallest office building in Abuja, while the Residential Tower will be the tallest residential building in the country. There are plans to build a sophisticated shopping mall in the near future which is predicted to be the tallest within Africa. -SB