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Good News from Africa

Corporate News from Africa

  1. Naivas opens Rongai branch in expansion spree:

Retailer Naivas has launched its latest supermarket in Rongai town, one of the four it plans to open by end of September as part of its expansion plan. Naivas opened outlet, its 53rd branch in the country, on Friday and is set to open other branches in Mountain View Estate, on Jogoo Road and another at an undisclosed location. The latest branch makes Naivas the fifth major retail brand to enter the populous Rongai town after Tuskys, Tumaini, Choppies and Clean shelf. The store occupies 8,000 square feet space. The family-owned retail chain has carried on with an aggressive expansion plan even as some of its biggest competitors in the local market continue to struggle in the retail sector.

  • Barclays to take over First Assurance’s life segment:

The Insurance Regulatory Authority (IRA) has cleared Barclays Life Assurance Kenya (Blak) to take over the life policy business of First Assurance, coming about four years after the South Africa-based firm bought a controlling stake in the Kenyan company for about Sh2.9 billion. The move increases local competition even as Absa Group, formerly Barclays Africa, looks to use its Kenya presence as a launch pad to the East African region. “The Insurance Regulatory Authority approves the transfer of the long-term insurance business of First Assurance Company Limited to Barclays Life Assurance Kenya Limited,” the industry regulator said in a gazette notice on Friday. The deal will also see all employees working under the life insurance department at First Assurance absorbed by Blak in the transfer. IRA’s nod, dated end of last month, paves the way for the transfer of about 100 corporates in the firm’s life portfolio.

  • Michelin, Toyota Kenya parent firm get tyre deal nod:

The Competition Authority of Kenya (CAK) has approved the formation of joint venture between Toyota Kenya’s parent firm CFAO and Michelin to sell tyres locally and in Uganda. This is contained in the notice by CAK director-general Wang’ombe Kariuki in the Kenya gazette published last Friday,  it is notified for general information that … the Competition Authority has authorized the proposed transaction,” Mr. Kariuki said. This nod now paves way for the two firms to start selling premium tyres in the two East African markets. The firms had earlier said the transaction will accelerate the distribution of its high-end tyres. CFAO and Michelin had in March last year announced conclusion of an agreement for the import and distribution venture.

  • How decisions are made in German style boards:

The Germans produce excellent cars. They have also produced a very interesting corporate governance system that was the subject of great scrutiny during the Volkswagen emissions scandal of 2015.In case you mysteriously missed the “Diesel gate Scandal”, Volkswagen was accused of installing software on its US-based cars to produce fake results, during environmental regulator tests, on the illegal amount of nitrous oxide being emitted by its diesel cars which could lead to premature death due to respiratory diseases occasioned by smog. So corporate governance experts weighed in on the scandal, saying that it was a matter of when, and not if, it could happen. German company law provides for a two -tier board system. First is a supervisory board whose composition is fairly regimented under a system of co-determination or “Mitbestimmung. ”The co-determination system requires at least a third of the board of directors consist of employee representatives if there are less than 2,000 employees and, where employees are more than 2,000, then half of the board is required to be made up of employee representatives. If the company has less than 500 employees, then there is no requirement for employee representation on the board. The second tier of oversight is a management board which is made up of executives. For companies that have over 2,000 employees, one of the management board members must be a staff director or “Arbeitsdirektor” who represents the employees.

  • How Equatorial Guinea turned oil into wealth:

For one of the wealthiest countries in Africa, Equatorial Guinea is relatively obscure. Not much is heard of the small country with big ambitions. Equatorial Guinea has a gross domestic product (GDP) per capita (per person) of Sh923,000 or 4.5 times more than Kenya’s Sh203,000, according to the latest estimates from the International Monetary Fund (IMF). That puts it ahead of all African countries, save for the richer island nations (Seychelles and Mauritius).News coverage of Equatorial Guinea in the international press mostly revolves around its President, Teodoro Obiang Nguema Mbasogo, who is the longest-serving leader in Africa. Not everyone in Equatorial Guinea is rich — though there is no data on inequality as measured by the Gini coefficient. The nation with a population of 1.2 million is, however, quietly working to boost the standard of living of its citizens through a socio-economic transformation strategy fuelled by its oil wealth. The country has in the past decade spent heavily on infrastructure; building new roads, ports, cities and airport terminals to international standards. This is evident in both Malabo (an island that is also the capital city) and the mainland.

Note:

Kindly note that the above mentioned news have been extracted and googled thru the various local news papers from African continent

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