Good times for depositors as Central Bank of Kenya (CBK) unveils new refund plan

Governor Njuguna Ndung’u says CBK’s focus would now be directed to strengthening the deposit insurance design that will add value to the depositors and the financial system in general. He says the proposed measures, which are mainly designed to minimise the depositors’ exposure, include a total review of the depositor insurance coverage, which has remained constant at KES 100,000 for more than two decades. [...]

Kenya Airways plane from India makes an emergency landing in Mombasa

A Kenya Airways plane carrying 38 passengers from India yesterday had to request for full emergency at Moi International Airport, Mombasa after the pilot sensed it was low on fuel. The 737-800 craft was scheduled to land at Jomo Kenyatta International Airport (JKIA), Nairobi in the morning but had to divert to Mombasa. “The plane landed safely and the passengers did not even realise what was happening. It is usually down to the expertise of the pilot.” Moi International Airport manager Yatich Kangugo said on phone. [...]

Good news for Kenya Airways:

Kenya Airways now operates the youngest fleet in Africa

Kenya Airways on Saturday reached a new milestone, when a brand new B737-8HX Sky Interior arrived at Jomo Kenyatta International Airport in the late afternoon. This is the first delivery of an order of five such aircraft, the remaining four expected to join the fleet over the coming months.The Kenyan flag carrier now holds the distinction of operating Africa’s youngest fleet. [...]

Safaricom, Airtel start hiring yuMobile staff ahead of buyout

The two mobile operators are screening yu's employees with an aim of aligning their skills with available job vacancies. Absorption of the employees by the two telcos is not guaranteed and will depend on their willingness to accept available positions and terms laid down by their potential employers. YuMobile chief executive Madhur Taneja noted. The exercise will be concluded within three weeks [...]

EABL job cuts reduce staff costs by nearly KES 1bn

East African Breweries Limited (EABL) has laid off more than 100 employees. The retrenchment saw its staff costs fall by KES 841 million to KES 4.7 billion in the year ended Jun. A 15% drop from the period before. The restructuring process cost the company KES 1.18 billion. Analysts at Standard Investment Bank (SIB) said the retrenchment largely affected workers who were engaged in the Senator Keg division which has been hit hard by higher taxes. [...]

Uchumi’s Uganda, Tanzania units sink deeper into losses

The Nairobi Securities Exchange listed retailer says in its latest annual report that the Uganda unit recorded its third consecutive loss in the period while the Tanzanian operations continued its loss-making streak since Uchumi set up shop in Dar es Salaam in 2011. [...]