Category: INTERNATIONAL
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Kenya:KCB takes new dividend path with Sh9bn payout
KCB Group yesterday shook Kenya’s besieged banking industry with the announcement of a Sh9.1 billion dividend payout for the year ended December 2016, the largest ever by a financial services firm. The bank, which is Kenya’s largest by assets, announced it was paying shareholders a dividend of Sh3 per share, a 50 percent increase from…
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Op-Ed: Will massive O.R Tambo heist affect tourism to South Africa?
The breaking news on the evening of the 07 March 2017, was that R24 million had been stolen from a plane at O.R Tambo International Airport. The armed robbery occurred around 7:45 pm. The robbers had disguised themselves as uniformed police and carried fake ACSA permits. The previous large heist at O.R Tambo happened in…
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South Africa’s taxis block roads to main airport in Uber protest
South African taxi drivers on Friday blocked roads to Johannesburg’s airport, holding up thousands of travelers in the latest protest against ride-hailing app Uber. Uber Technologies Inc’s service has triggered protests by taxi drivers from London to Hungary and New Delhi as it upends traditional business models that require professional drivers to pay steep licensing…
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Kenya to clear more hurdles before direct flights to US can begin
Kenya must still clear several regulatory hurdles before direct or nonstop flights to the United States can begin, officials in Washington have indicated. The Category 1 designation awarded last month by the US Federal Aviation Administration (FAA) was the result of an assessment of Kenya itself, not any particular airlines or airports, FAA spokeswoman Alison…
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Botswana seeks to attract investors to mining town with tax cut
Botswana will cut corporate tax by up to 77 percent for investors in a mining town southeast of the capital, the trade and industry minister said on Tuesday, part of a package to attract them to a region hit by the collapse of BCL Mine. BCL Mine was put under provisional liquidation in October last…
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Kenya:Markets regulator gets nod to probe auditors of Uchumi
The High Court has allowed the Capital Markets Authority (CMA) to proceed with investigations of Ernst & Young, which has been accused of helping to cook Uchumi Supermarkets’ books together with the retailer’s former managers. A forensic audit report by KPMG showed that Uchumi’s accounts for financial years 2010 to 2014 and an information memorandum…
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China posts rare trade deficit in February as imports gallop
China produced a rare trade deficit in in February after imports galloped, official data showed Wednesday. Exports fell 1.3 percent from a year earlier in February against a Reuters analyst poll predicting a 12.3 percent rise, but imports soared 38.1 percent from a year ago, beating forecasts of a 20 percent jump. The numbers compared…
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Botswana retailer raids Nakumatt for chief executive
Botswana retailer Choppies has head-hunted a senior Nakumatt Supermarkets manager to serve as chief executive of the struggling Kenyan unit. The Gaborone-based retail giant – which owns 75 per cent of loss-making Ukwala Supermarkets – has hired Vijay Kumar to run the Kenyan business. Mr Vijay previously served as chief financial officer at Nakumatt, a…
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MTN S.A’s CEO to head up Altron
JSE listed Allied Electronics Corporation (Altron) has appointed MTN South Africa’s CEO Mteto Nyati, a respected ICT executive and business leader, as its new Group Chief Executive. Nyati was previously the Chief Executive Officer for MTN South Africa and brings a wealth of experience to the Group. He joined MTN as Group Chief Enterprise Officer in…
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U.K. business are ignoring the political ‘noise’, want clarity on Brexit: BCC
As the U.K. comes closer to the start of the process to leave the European Union, U.K. businesses are ignoring the political talk, the director general of the British Chambers of Commerce warned. The higher house in the U.K. parliament defeated a government bill on Tuesday for a second time, demanding to vote on the…