Author: David Indeje

WPP Scangroup says it will pay shareholders a special dividend of KSh3.45 billion or Sh8 per share in August. The funds are proceeds realised from the sale of its shareholding in Kantar Business in Africa. “The board of WPP Scangroup Plc is pleased to announce the declaration and payment of a special interim dividend of KSh8 for every ordinary share held, subject to withholding tax, where applicable,” the company said in a market update. “The special interim dividend will be payable to shareholders on the company register at the close of business on July 28, 2020. The dividend declared will…

Kenya Airways says it will reduce its workforce in a right sizing largely attributed to muted recovery in demand for travel following the coronavirus pandemic. This is part of the airline’s ongoing turnaround programme to ensure business sustainability. It includes focusing on cost reduction initiatives, revenue enhancement initiatives, Network expansion, revamping our customer experience, and changes in senior management. As at the end of the Financial Year 2019, Kenya Airways had a headcount total of 3,734 staff. It also operated 36 fleets across its  54 global destinations. In 2019, KQ recorded a net loss of Kshs 12,985 million compared to…

Kenya’s economy is expected to contract in the second quarter, due to the adverse effects of the Covid-19 pandemic, the central bank said on Friday. In its weekly bulletin, the CBK said the economy remained resilient in the first quarter of 2020, and grew by 4.9 percent compared to 5.5 percent in the first quarter of 2019. The Kenya National Bureau of Statistics had attributed the growth to significant improvement in agricultural production arising from favorable weather conditions and the resilient services sector. However, KNBS said, “The economy was affected by the resultant uncertainty that was already slowing economic activity…

Kenyan service providers signaled a moderate rebound in business activity in June, but output and new orders deteriorated further a private survey showed on Friday. The rebound was attributed to a reduction in curfew hours that helped many businesses to increase operating hours and reopen premises. In addition, the relaxed measures in Europe led to a slight improvement in export demand that was the first since February.  According to the Markit Stanbic Bank Kenya Purchasing Managers’ Index (PMI) stood at 46.6 in June, rebounding from May’s 36.7 but staying below the 50 mark separating expansion from contraction. The report also…

Debts that have been bedevilling Kenya’s sugar sub-sector worth KSh62.5 billion will be waived by the Government under a plan to support its recovery. The Government through Agriculture Cabinet Secretary Peter Munya on Wednesday said “To make factories attractive to leaseholders, the Cabinet has approved debt write-off.” The KSh 62.5 billion has been categorised as KSh58 billion loans and KSh4 billion as interests and taxes accumulated as at June 30, 2009, and any additional interest and penalties that have accrued since then. “Sugar industry has been recording dismal performance over the years owing to perennial challenges that include high debt…

The Child Online Protection (COP) Initiative is a multi-stakeholder network launched by the ITU to promote awareness of child safety in the online world. The International Telecommunication Union (ITU)  has launched  2020 guidelines on Child Online Protection (COP) on how to contribute to the development of a safe and empowering online environment for children. The guidelines provide a set of concrete recommendations for children, parents and educators, industry and policy-makers serving as a blueprint that can be adapted to national or local customs and laws. “The question of how to ensure children’s online safety in the age of COVID-19 is now…