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Corporate News from Africa

  1. Shoprite’s third Kenya outlet opens august:

Africa’s biggest retailer Shoprite will open its City Mall store in Mombasa and its third in the country next month, coming just a year after it snapped up the space that was occupied by struggling supermarket chain Nakumatt. The South Africa-based retailer had initially set the opening for its maiden branch in the coastal hub city for March this year. The firm says the new outlet is set to create 115 new jobs and will have a seating area inside the outlet where customers can enjoy foods prepared in the facility. The store will be the South African retailer’s third in the country after its first one at Westgate last December and the second at Garden City Mall in March. Shoprite has signaled two more store openings this year, one in Karen and another at an undisclosed location. “A lease agreement has been concluded with The Karen Waterfront and the Group will follow up on other opportunities as they become available. Shoprite sees a lot of potential in the country and is excited about the prospect of expanding its footprint over time,” it said in a statement.

  • Parliament approves bid to nationalize Kenya Airways:

Parliament on Tuesday voted to nationalize listed airline Kenya Airways to save it from mounting debts in a vote that could set the stage for the buyout of minority shareholders. The National Assembly unanimously voted to approve the recommendation by the Transport committee for the formation of an umbrella Aviation Holding Company to run Kenya’s aviation sector. The National Assembly’s Transport committee has recommended that the government establishes the holding company with four subsidiaries comprising the Kenya Airports Authority (KAA), Kenya Airways (KQ), the Jomo Kenyatta International Airport (JKIA) and a centralized Aviation Services College, which will run independently. “The government has no option other than to move quickly and implement the recommendations as approved by the entire House without amendments,” said Transport committee chair David Pkosing The committee’s report also recommended the holding company be given tax concessions for a period to be determined and that it be exempted from paying excise duty on all goods, including jet fuel.

  • Ex KRA boss Njiraini, politicians on the shortlisted for top NLC job:

Dozens of politicians have been shortlisted as candidates for the positions of chairperson and commissioners at the National Land Commission (NLC) in a list that includes top lawyers, researchers, surveyors and land experts. A total of 11 individuals among them former Kenya Revenue Authority (KRA) boss John Njiraini and lawyer Gershom Otachi, who appeared for Kenyan suspects at the International Criminal Court (ICC), were listed for the position of chairperson. Former Meru governor hopeful and land expert Dr Mwenda Makathimo, land surveyor Robert Kilimo, UN-Habitat consultant and Ministry of Lands Deputy Director for Urban Development Patrick Adolwa, former Gatanga MP Dr Humphrey Njuguna, Commissioner of the Advocates Complaints Commission Naomi Wagereka, and former Isiolo woman rep Tiyah Galgalo Ali were also shortlisted for the chairperson position. Former Nyeri MP Esther Mathenge and Dr Hussein Farah, the director of the Regional Centre for Mapping of Resources for Development, also made it to the shortlist for chairperson position out of 117 applicants for the position. Ms Priscilla Nyokabi, the chairperson of the Selection Panel, announced that 50 individuals were shortlisted out of a total of 940 applications for the position of NLC board member, out of which only eight will be picked to fill the positions since the expiry of the term of the first commissioners in February.

  • KQ adds flight frequencies to meet higher demand:

National carrier Kenya Airways (KQ)  has increased flight frequency to three regional tourist destinations as it seeks to meet the rising demand during the peak travel season. Chief Commercial Officer Ursula Silling said flights to Mombasa, Zanzibar and Kilimanjaro will rise in the months of July to August 2019 as well as Juba and Kigali routes. The coastal city of Mombasa will see an increase of two flights to 12 daily, with customers travelling to Kilimanjaro enjoying an additional flight, bringing the total to two daily, she said in a statement. The Juba, Zanzibar and Kigali routes will each see an additional flight with four to Juba (Monday, Wednesday, Friday and Sunday), while flights to Zanzibar will operate on Tuesdays, Wednesdays, Thursdays, Saturdays and Sundays and daily to Kigali. “The additional frequencies will ensure we serve our customers better, more efficiently and in a timely manner. This will also play an important role in growing our business in addition to supporting the tourism industry” said Ms. Silling.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net More about us on www.bdhrs.net

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Good News from Africa

Corporate News from Africa

  1. KPC acting boss gets extension:

The board of Kenya Pipeline Company (KPC) has extended by six months the contract of acting managing director Hudson Andambi who was appointed to run the company last December after the arrest of the firm’s top brass. Mr. Andambi, whose contract now runs until October 6, was appointed by the Ministry of Petroleum and Mining in consultation with board chairman John Ngumi last December and his contract was to expire on April 6.Former managing director of the scandal-dogged company Joe Sang and four other officials were arrested over alleged corruption involving construction of the Sh1.8 billion Kisumu oil jetty. Mr. Andambi’s appointment was initially set to end on April 6 but it has now been extended by the board until October 6, Mr. Ngumi told the Business Daily yesterday. “We are now ready to recruit. An advert will be out in the papers in the next few days with all the details required from the next substantive MD,” said Mr. Ngumi.

  • Kadogo economy rules retail sector:

More than 70 percent of fast-moving-consumer goods (FMCG) purchases are of products priced below Sh55, indicating that the informal market, known as ‘Kadogo Economy’, is still king in Kenya. This is according to findings by market insights firm Nielsen whose retail measurement report released yesterday indicates that traditional trade (kiosks and groceries) accounts for bulk of retail sector transactions. “Most transactions in the retail sector are still below a dollar (Sh103) and this explains the growth of the traditional trade,” said Nielsen East Africa, Consumer Insights Lead, Pauline Achayo. The traditional trade, according to Nielsen, accounted for 66.3 percent of the total FMCG spend in the year ending March 2019, a 10.7 percent growth when compared to a similar period the previous year. Modern trade (supermarkets) accounted for 33.7 percent (Sh94.1 billion), a 0.4 percent growth over a similar period.

  • Kenya deports 17 foreign directors of betting firms:

Kenya’s war on betting reached new heights on Wednesday when its interior ministry ordered the deportation of 17 foreign directors of betting firms operating in the country. The deportation order comes almost a week after ordering telecoms firm Safaricom to stop processing payments for sports betting firms. Online sports betting companies such as Sport Pesa have grown rapidly in the East African nation in recent years, riding a wave of enthusiasm for sports, with the government putting their combined revenue at 200 billion shillings ($2 billion) last year, up from 2 billion shillings five years earlier. However, that has raised government concern about the social impact of betting. In May, the country introduced new gambling regulations, including banning advertising outdoors and on social media. The interior ministry said on July 1 that regulator Betting Control and Licensing Board had declined to renew licenses of 19 firms while it reviewed their operations and shareholding structures. “The cabinet secretary (minister) signed 17 deportation orders for directors of betting companies,” said Wangui Muchiri, the head of communications at the interior ministry. She declined further comment.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net

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Good News from Africa

Good News From Africa

  1. Spanish Company Glovo inks Naivas, java delivery deals:

Spanish delivery firm Glovo has on boarded Java House, Naivas Supermarket, Zucchini Greengrocers and On The Way Supermarket as the company expands, coming seven months after entering the Kenyan market. The firm, which formally launched local operations this year, has been growing its partnership list as a means to grow its customer base. “In the long run these partnerships will help us achieve our broader strategy of being a single platform for all our customer’s needs and deliveries,” said William Bent hall, Glovo’s general manager for Kenya. Glovo entered the Kenyan market in January and most recently partnered with Simbisa Brands, (operators of Pizza Inn, Chicken Inn, Creamy Inn and Galitos).The platform enables customers to order items such as food, groceries or gifts through the smartphone.

  • African financier targets firms in Big four projects:

The African Export Import Bank is exploring opportunities to fund local projects, the head of its newly created Fund for Export Development in Africa (Feda) Philip Kamau said on Monday. Dr Kamau said the funding could be allocated from the main Afreximbank coffers but also its offshoot, the $100 million (about Sh10 billion) fund. “The products and services offered by Afreximbank and Feda can help Kenya in the implementation of its Big Four Agenda especially in the areas of increasing its manufacturing share of gross domestic product to 15 percent, food security and healthcare,” said Dr Kamau while making a presentation at the Kenya export week conference held in Nairobi. “I suggest that the various entities involved in the implementation of Big Four Agenda can contact Afreximbank and Feda on how we can work together to support your initiatives. ”Feda, the wholly-owned development-oriented subsidiary of Afreximbank, was set up earlier this year “to leverage the role the Cairo-based Afreximbank has played in mobilizing trade finance into Africa.”

  • Chinese firm to pick Kenya’s first nuclear power plant location:

The Indian Ocean, Lake Victoria and Lake Turkana have been identified as top contenders for hosting the first nuclear power plant that Kenya plans to build in the next 8-10 years. The Nuclear Power and Energy Agency (NuPEA) said it has contracted a Chinese firm- China National Nuclear Corporation (CNNC)- determine the most suitable location in an ambitious two-year Site Characterization study. NuPEA put the consultation cost at Sh50 million. The National Assembly’s Energy committee on Tuesday heard that the exercise is expected to cost taxpayers Sh1.5 billion. “Currently, we have zeroed in at the coast along the Indian Ocean, Lake Victoria and Lake Turkana as the most ideal sites. We have excluded the Rift Valley because we need enough water to cool the plant,” Mr. Collins Juma, the NuPEA chief executive said.

  • Java adds outlets for vegetarians to Sh1bn expansion:

Restaurant chain Java House is set to introduce exclusive vegetarian branches to woo health-conscious customers as the eatery continues with its aggressive Sh1 billion regional expansion. The firm also revealed that it has partnered with oil marketer Total Kenya to unveil its latest branch along Mbagathi Way that is set to serve the business and residents. It is also located close to Strathmore University and will be operational by the end of this month. The branch will be the second collaboration between Total Kenya and Java after the unveiling of the Airport View, Mombasa Road, outlet. “Mbagathi Road is a major connection route between Ngong Road, Kilimani Area and Mombasa Road. There is constant traffic on this transit road seven days a week,” Java CEO Paul Smith told the Business Daily. The station, Mr. Smith added, sits in a central location to several estates in Madaraka, Nairobi West and Langata “that host a growing number of middle-income residents.”

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net More about us on www.bdhrs.net

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Good News from Africa

Corporate News From Africa

  1. China smartphone giant Xiaomi opens first Kenya store:

Smartphone maker Xiaomi has opened its first Nairobi store, effectively stepping up competition in the local market dominated by Chinese rivals including Transsion Holdings, the manufacturer of the popular Tecno, Infinix and Intel brands. Xiaomi is ranked the fourth largest smartphone company in the world after Korea’s Samsung, United States Apple and China’s Huawei, according to the latest International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker. Xiaomi has picked The Hub shopping mall, located in Nairobi’s upmarket Karen suburb, for its maiden Kenyan outlet. The firm said the physical store will complement its online presence and boost its sales locally. Previously Xiaomi mainly used vendors including Jumia and Avechi.com to ship its brands into Kenya besides a host of local outlets. The Business Daily has also learnt that the firm is eyeing more physical outlets within Nairobi.

  • KQ targets more domestic routes with new license:

National carrier Kenya Airways has received an air service license (ASL) from the aviation regulator, paving the way for it to commence new domestic flight routes in the near future. The Kenya Civil Aviation Authority (KCAA) revealed in a Gazette notice last Friday that it has given the loss-making airline a three-year green light to fly to Wajir, Homabay, Lokichoggio, Isiolo and Maasai Mara using Boeing 777, Boeing 787, Boeing 737 and Boeing 8170 aircraft. The airline has also been licensed to operate on the routes using Embraer 190, Embraer 145 and DHCS based at Jomo Kenyatta, Moi, Kisumu and Eldoret airports. “Licence granted for three years, with effect from the 22 March 2019,” KCAA said in the notice. Should Kenya Airways (KQ) launch its services along the new routes, the move is likely to increase competition for smaller airlines such as Silverstone Air, which already plies the Wajir and Maasai Mara routes.

  • GT Bank, Equity win Euro Money awards:

Nigeria-headquartered Pan-African lender GT Bank with four Kenyan branches and subsidiaries in Uganda, Tanzania and Rwanda last week emerged the overall best bank in Africa and Nigeria. KCB  and Equity groups  were among seven financial institutions with Kenyan operations feted for best practices in service offerings at the just concluded Euro Money Africa Awards for Excellence. KCB that runs 263 branches in seven countries with 6,220 employees took home the SME best Bank Award while 9,000-employee strong Equity with subsidiaries in eight countries won the best digital bank award. GT Bank chief executive Segun Agbaje said it would grow investments in technological innovations to improve service delivery across its markets. “We are leveraging on the best of technology to add real value to our customers’ lives. These awards reflect the progress we are making in delivering a banking experience that captures what customers want today and tomorrow,” he said

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net

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Corporate Jobs in Africa

  1. Birth of Café culture in coffee growing country:

The Rwandan highlands with their acidic soils are perfect for growing coffee with a uniquely chocolaty taste – but many of the farmers only grow it for export. A by-product of colonalisation by the German and Belgians who settled in the country in 1904, coffee does not have deep roots in the country’s indigenous culture, not least because of its prohibitively high cost. While relatively affordable tea is being sold in local shops, coffee costs more than a worker might earn in a day. As a result, most coffee farmers say that they rarely ever taste the coffee before exporting their harvest. Vincent Habumugisha has a 15 years’ experience in coffee farming on 1.5 hectar of land located in Rwamagana district in Eastern province, where he harvests at least eight tons of coffee annually. He employs twenty farm workers on a casual basis, but neither him nor his workers have ever consumed a cup of coffee in their lives.

  • Deliver your promise made at job interview:

I was once requested to “seek other opportunities” because my “services were no longer required”. Whoa! In just a couple of weeks, my world then was crumbling all around me. Angry and dejected, I wallowed in self-pity until I came face-to-face with starvation and an angry landlord. Hey, I am confiding in you. This is the point at which you simply wish you could have passed me a tissue. Never mind that you’re reading about this on a national daily or why I was out of work to begin with. Like most excited young adults starting out, I believed two huge lies modern life feeds us the minute we set foot in the school system. Most of us are raised to virtually believe in school degrees. Go to school, earn a degree and you’ll get a good job. While I have every respect for the knowledge and a certain socialization school exposes us to, we are all too aware of thousands of brilliant Kenyans walking the streets with degrees in hand, and no job. What happened? Praxis … these poor souls integrated their belief with their behaviour. Unfortunately, they believed a lie. They believed that getting an education was getting a degree, diploma or certificate. That’s not true.

  • Regulator’s audit of PhD degrees welcome:

While the move by the Commission for University Education to audit PhD degrees awarded by public universities in recent years is a welcome one, it just goes to show the depth some of our institutions of higher learning have sunk. It is quite worrying when degrees awarded by the learning institutions are queried with the spotlight being turned on their veracity and quality. The probe by the regulator will review the PhDs awarded by local institutions following concerns that the institutions are not following the right assessment procedure. It will also focus on whether the students followed the set rules, including the one that caps professors from supervising more than three PhD candidates at a time. The publications or refereed journals where the PhD gradients have published their works will also be reviewed since some of the journals have had their credibility questioned while some students have been accused of delegating the research work to others for a fee.

  • Solar power firm raises cash to connect 20000 homes in off- grid zones:

Micro-grids operator Power hive Inc. has raised Sh930 million in its Series B round of funding for connecting electricity to 20,000 families via solar power. Power hive chief executive Christopher Hornor said Toyota Tsusho participated in the latest round with a commitment to actively participate in the project’s rollout across Kenya and beyond. “We are excited to work with Toyota Tsusho who shared our vision to build climate-friendly, sustainable and profitable businesses,” he said adding that the solar kits once deployed will be locally assembled thereby creating a ready pool of solar technicians to keep Kenya ‘alight’. Toyota Tsusho’s Power Project Business Unit head Hirata Tatsuya said the partnership gives them an opportunity to fully participate in the planned rollout as well as offer expertise and products. “The time is right for Kenya to leapfrog from the old way of doing things and take a fresh approach to energy independence.

  • Financial analysts agency elects new chairperson:

Institute of Certified Investment and Financial Analysts (Icifa) has elected financial and investment specialist Jonah Aiyabei chairman. Speaking during Icifa’s annual general meeting, Dr Aiyabei pledged to concentrate his efforts to entrench professionalism among financial analysts and improve services Icifa members offer the private and public sector. Dr Iayabei who took over from Job Kihumba had served as Icifa vice chairman since June of 2016.Other council members elected were Einstein Kihanda, Leah Nyambura and Duncan Elly Ochieng’. Dr Aiyabei currently serves as a director at the Morendat Institute of Oil and Gas, a wholly owned subsidiary of the Keya Pipeline Company and has served as Trust Secretary of KPC Pension Schemes.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net More about us on www.bdhrs.net

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Good News from Africa

Good News From Africa

  1. Firms donate to Asian Fintech event to be held in Nairobi:

The Asian Fintech event bringing up to 5,000 delegates to Nairobi has received a financial boost with several corporates donating funds towards its sponsorship. Regional bank KCB Group  donated Sh10 million while telco Safaricom  and Standard Chartered Bank  dished out Sh5 million each. Central Bank of Kenya Governor Patrick Njoroge who received the donations said technology had helped improve lives with Kenyan innovations being replicated across the globe due to their positive impact. “In matters fintech, Kenya is the pacesetter in innovations and its simulation with payment platform running on fintech platforms. The difference fintech is making to millions of people in Africa and billions around the world is momentous,” he said. Speaking during the occasion, Safaricom Financial Services Officer Sitoyo Lopokoiyit said the two-day event presents Kenyan innovators with a global platform to showcase their products with an eye on how Safaricom’s M-Pesa supported the startups to commercial their products.

  • Taxman sets stage for new water tax:

The Kenya Revenue Authority (KRA) is preparing to raid drinking water and other beverages from September in an effort to raise an additional Sh3.6 billion from excise tax following introduction of additional excise stamps. The roll-out of Excisable Goods Management System (EGMS) will see manufacturers from September 1 required to affix the new generation excise stamps on bottled water, juices, soda, energy drinks, non-alcoholic beverages, food supplements and cosmetics. The move comes as the taxman, who has perennially missed tax targets, moves to seal revenue leaks against the backdrop of ever higher collection targets set by the Treasury. Past attempts by the KRA to roll out the system have failed after its implementation was opposed in court. On Tuesday, KRA said it is engaging manufacturers for a smooth roll-out of the system.

  • Nairobi hosts conference on financial technology:

Kenya is set to host a financial technology conference next week at a time sector players are under pressure to innovate and outpace existing traditional brick and mortar model. The two-day meeting in Nairobi to be held from July 15, is expected to bring together high-level policymakers, business leaders, economists and financiers to explore sustainable financial services innovations from emerging African and Asian markets. It is jointly organized by the Central Bank of Kenya and the Monetary Authority of Singapore and comes after a similar one in Singapore last year. “The festival, which is christened Fintech in the Savannah, draws inspiration from the third annual Singapore Fintech Festival that was hosted by the MAS in November of 2018,” said a brief from the organizers. “It shall bring together participants who include visionary speakers and icons drawn from across Africa, Asia and other parts of the globe to exchange ideas, forge partnerships and nurture thriving fintech ecosystems.”

  • World bank offers top SMEs Sh1.5bn:

The World Bank has offered Sh1.5 billion in grants to 750 businesses that will win in the 10-week online competition, MbeleNaBiz. Country director Carlos Felipe said the nationwide competition targets businesses that show potential to scale, generate profits for founders as well as new jobs for Kenyan youth. “Of the 850,000 jobs created last year, 83 percent came from the small and medium enterprises (SMEs) segment in Kenya. That means helping SMEs access credit could facilitate expansion, hence more jobs created as it happened in Nigeria where a similar programme saw nine jobs created in every SME we funded,” he said. Trade and Industry Secretary Peter Munya said thorough scrutiny will be done for SMEs that apply to participate in the competition with a view to selecting genuine start-ups that have for long missed growth targets due to lack of credit. Mr. Munya said collaboration between government and the private sector was key to the programmer’s success, adding that the competition will favour small enterprises whose activities are aligned to the Big Four agenda.

  • Logistics  firms Mombasa facility gets port status:

Marine logistics firm Comarco Group is set to have its 16-acre Mombasa facilities designated as a private port, a move that has seen the company secure a series of lucrative contracts. The company’s operations fall under the export processing zone (EPZ), allowing it to import equipment such as cranes and loaders duty-free besides receiving tax relief for repairs and maintenance of its vessels. The majority of the work being undertaken by Comarco has been outside Kenya and the company’s three subsidiaries –Comarco Properties (EPZ) Limited (CPL), Kenya Marine Contractors (EPZ) Limited (KMC) and Comarco Supply Base (EPZ) Limited (CSB) were set up to take advantage of incentives offered in the special economic zones. Comoro’s impending designation as a private port will now allow the company to import and export cargo for clients, making full use of its storage facilities. The company says in a trading update that it has obtained the consent of the Kenya Revenue Authority (KRA) to gazette its Mombasa port area as an entry and export area for customs purposes by the Commissioner of Customs and Border.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net

Categories
Good News from Africa

Good News from Africa

  1. Ethiopia eases load shedding Programme after water level rises:

Ethiopia’s minister for water and electricity, Seleshi Bekele on Monday lifted measures rationing electricity for homes and companies after a rise in water levels at hydroelectric dams, state-affiliated Fana Broadcasting said. Fana quoted the minister saying the changes were prompted by an increase in water levels at the country’s Gibe 3 dam. Seleshi had said in May when announcing the rationing that the drop in water levels at Gibe 3 dam had led to a deficit of 476 megawatts, more than a third of the country’s electricity generation of 1,400 MW. Companies will be allowed 50% of their power needs for the next 15 days during the day and 100% of needs from 11p.m. to 5 a.m. as part of the reduced load shedding programme, he said. Load shedding temporarily reduces supply of power to an area of the grid when demand exceeds its supply. Fana quoted Seleshi as saying power to the grid was also expected to increase when electricity from another dam, the Genale Dawa 3, is inaugurated next month. The dam has an installed capacity of 254 MW. Under the rationing programme announced in May, domestic consumers faced blackouts for several hours each day, while cement and steel firms had to operate fewer shifts due to the cuts, Seleshi said at the time.

  • Afreximbank announces $1B adjustments facility, other AfCFTA measures:

President of the African Export-Import Bank (Afreximbank), Benedict Oramah on Monday in Niamey, Niger addressed the 12th Extraordinary Summit of African Union (AU) Heads of State, announcing a series of initiatives to support the implementation of the Agreement for the African Continental Free Trade Area (AfCFTA).Oramah told the heads of state, who were gathered to mark the start of the operational phase of the AfCFTA, that Afreximbank was instituting a $1-billion AfCFTA Adjustment Facility to enable countries adjust in an orderly manner to sudden significant tariff revenue losses as a result of the implementation of the agreement. “This facility will help countries to accelerate the ratification of the AfCFTA, by starting the operational phase of the AfCFTA, “you have started a movement. You must not look back,” continued the President. “This movement is now unstoppable,” he said.

  • Traders to use shilling on new platform:

Kenyan traders can now sell goods and services across Africa using local currency after the African Export-Import Bank (Afreximbank) launched a digital payments platform. Afreximbank President Benedict Oramah told the 12th Extraordinary Summit of African Union (AU) Heads of State in Niamey, Niger that the Pan-African Payment and Settlement System (PAPSS) will see each African country use its own currency in any transaction, doing away with the traditional reliance on the US dollar as the sole currency for cross-border trade payment. “PAPSS, developed in collaboration with the African Union is a platform that will domesticate intra-regional payments saving the continent more than Sh500 billion in payment transactional costs per annum while formalizing an estimated Sh5 trillion intra-African trade,” he said. Kenya is banking on improved relations with its partner Africa states to export processed goods to increase earnings that dipped for the third year running to Sh216.2 billion in 2018.Trade Principal Secretary Chris Kiptoo said free intra-Africa trade would increase intra-Africa trade from the current 17 percent compared to intra-Europe trade (60 percent), USA (40 percent) and Asia at 30 percent.

  • Cotton output to hit decade high:

Cotton production this year is expected to triple compared to last year, marking one of the highest yields to have been recorded in the last decade. Fiber Crops Directorate forecasts production will increase from 10,672 tonnes realized last year to 30,000 tonnes. Increased production has been attributed to better investment and incentives to farmers as the government moves in to spur manufacturing under the Big Four agenda where President Uhuru Kenyatta is targeting manufacturing, affordable housing, universal healthcare and agriculture. “We will be witnessing tremendous harvest of cotton this year in a decade because of the investment that we have put on farmers to spur production in line with the government’s big four agenda,” said Naomi Kamau, head of directorate fiber crops. However, she noted that production will be slightly less than what had been projected because of harsh weather conditions witnessed during the current crop season.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net More about us on www.bdhrs.net

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Good News from Africa

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  1. Makueni poultry farmers to get credit feeds in a deal with KCB:

Over 1,000 poultry farmers in Kibwezi, Makueni County, are set to benefit from credit facilities, vaccinated insured chicks, chicken feeds and vaccines following the launch of a Sh300 million poultry farmer’s empowerment project by Kenya Commercial Bank (KCB).The project will be offered under the KCB’s MobiGrow, a mobile-based platform which provides financial and non-financial services to smallholder farmers in Kenya and Rwanda. The project, dubbed ‘From Chick to Market,’ will see poultry farmers access an array of tailor-made MobiGrow services. Upon the maturities of chicken, the birds will be bought at a pre-contracted prices by KCB’s market partners, which will guarantee farmers ready markets. Proceeds from the sales will then be remitted to farmers through their KCB MobiGrow accounts, to ensure the recovery of loan amounts. Speaking during the launch of the project, KCB Bank head of MobiGrow Dickson Naftali said the bank is committed to growing agribusiness in the country.

  • MP’s travel budget climbs to Sh3.2bn on mileage return:

The travel budget for MPs grew 88 percent in the first nine months to March to Sh3.4 billion after the courts reinstated mileage allowance that the Salaries and Remuneration Commission (SRC) had withdrawn. Data released on Monday by the Controller of Budget indicates that National Assembly travel spending grew from Sh1.8 billion in the nine months to March 2018.The SRC had in July 2017 gazetted new remuneration structure for State officers that proposed a reduction in legislator’s basic salary and scrapping of five allowances including mileage claims. Implementation of the SRC’s salary reviews was halted by the High Court in December 2017, allowing Parliament to revert to paying MPs the higher salaries and perks as well as offering them the scrapped Sh5 million car grant. Out of the travel budget, MPs spent Sh2.2 billion on domestic travels in the first nine months of 2018/19 compared to Sh1.1 billion over similar period the previous financial year.

  • Airtel Africa to list on Nigeria stock exchange:

Airtel Africa aims to list on the Nigerian bourse on Monday, one of the financial advisors arranging the issue said, after the exchange postponed the listing which had been scheduled for Friday. The Nigerian Stock Exchange on Friday said the secondary listing of Airtel Africa shares planned for July 5 had been postponed to ensure the telecoms company meets its listing requirements. A source at the arranger told Reuters the delay was due to a manual allotment process of transferring the shares to new investors. India’s Bharti Airtel last week offered shares in its African unit via a London IPO and it would dual list in Nigeria, its biggest market in Africa. Nigeria’s bourse said it postponed the cross-border listing of 3.76 billion shares of Airtel Africa, but allowed Airtel to go ahead with an investor presentation. It said that it would inform the market on when the conditions had been met. Airtel set its Nigerian listing price at 363 naira per share, the bourse said, via a book building process which valued the company at 1.364 trillion naira ($4.44 billion).In May, Africa’s biggest telecoms firm MTN listed its Nigerian unit in Lagos in a $6.5 billion float that made it the second-largest stock on the bourse by market value. Nigerian stocks have been crimped over low growth in Africa’s biggest economy which has been further stymied with the president’s failure to appoint a cabinet four months after winning a second term. Local stocks have fallen 6.8% this year and shed 17.8% last year. The local bourse said Airtel shares registered in Britain may be moved from the London market to Nigeria subject to approval by the custodians in London and currency regulation in Nigeria. But Airtel shares registered in Nigeria cannot be moved to London, it said.

Note:

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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

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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

BDH Recruitment Services, is an Executive Search firm, we mainly focus on recruiting for mid an senior management roles from our clients in Africa, Asia, Middle East and Oceanic belt, We specialise in recruiting for local as well as expatriate staff for clients

If you have any immediate roles to work, kindly email us your requirement on info@bdhrs.net

More about us on www.bdhrs.net