Michael Joseph’s term as Kenya Airways’ Chairman has been extended for another 3 years after the airline’s shareholders approved his re-election at their 43rd annual general meeting held on Monday. “I want to thank shareholders for showing confidence in me. We are working towards efficient network planning and closure of non-profitable routes,” said Joseph soon after his re-election. The former Safaricom chief executive began his term at the airline in 2016 when he took over from the current Toyota Kenya chairman Dennis Awori. His re-election comes soon after the current CEO Sebastian Mikosz announced that he will be resigning from…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The Bank of Tanzania (BoT) has frozen exchange of Kenyan bank notes with immediate effect. Through a letter addressed to all financial institutions on Friday, the Tanzanian bank regulator said the Central Bank of Kenya had informed it of assurance of new series of banknotes starting May 31. With a view to combat illicit financial flows and counterfeits into the Republic of Kenya, the Bank of Tanzania has been advised to freeze CBK Currency Collection Account with immediate effect,’’ the memo read. “Consequently, CBK has suspended currency conversion and repatriation of all Kenyan currency to restrict illicit flows into the…
Safaricom has partnered with the 13th edition of Henry Wanyoike Hope for the Future Run which will be held on Saturday, June 8 in Kikuyu town, Kiambu County. The run has been organised to help raise Ksh 10 million, in-kind and cash that will be used to distribute 200 white canes for visually impaired people across all 47 counties. Safaricom has sponsored this year’s race to a tune of Ksh1 million and is expected to attract over 8,000 participants. “This year our goal is to distribute white canes to enhance mobility for visually impaired people. This will have a positive…
Equity Bank has set aside KSh3 billion loans for the next five years with the aim of reaching 100,000 food crop farmers through its Kilimo Biashara project. This is in line with the bank’s effort to improve the livelihoods of smallholder farmers. The bank has invested over KSh1.1 billion to improve market access, capacity building and expansion of agricultural production value chain as of end of this year’s first quarter. This has seen at least 638,522 small-scale farmers transformed to agribusiness entrepreneurs through eight of its agricultural projects and partnerships within the review period ending March 31, 2019. “Up to…
Kenya’s government has issued an apology to the flower industry for the delayed fertilizer clearance process and assured to streamline it’s investments and commitments to the sector. Dr. Chris Kiptoo, Principal Secretary, State Department of Trade while speaking at the seventh edition of the International Flower Trade Expo that opened in Nairobi on Wednesday, said, “Following consultations between the government and the industry players we have reduced the inspection of the fertilizer process and left that to four agencies to fast-track clearance.” This follows complaints from the industry last year after the government introduced new regulations to have all imported…
James Githii Mburu has been appointed as Commissioner General of Kenya Revenue Authority (KRA) for a period of three years. He takes over from John Njiraini. “In exercise of the of powers conferred by Section 11 (1) of the KRA Act, the CS of National Treasury and Planning appoints James Githii Mburu to be the Commissioner General of KRA for a period of three years, with effect from 1st July 2019,” a Gazette Notice from the Treasury Cabinet Secretary (CS) Henry Rotich. Before his appointment, he was the Commissioner for Intelligence and Strategic Operations who led investigations.