1. CCK rules out compensation for fake mobile phones

 Owners of the more than two million counterfeit phones that are expected to be switched off next month will not be compensated. The Communications Commission of Kenya (CCK) says it has reached an agreement with the Consumers Federation of Kenya (Cofek), which had threatened to go to court to block the phones being switched off.- Business Daily

2. Confirmed: Safaricom has sent Sh2m to ‘King David’ account

World and Olympic 800 metres champion David Rudisha will receive Sh2 million prize money from Safaricom for breaking the world record at the recent London Olympics. This is in addition to the Sh1 million that the company promised gold medallists before the Games.

Rudisha won Kenya’s second and last gold medal at London 2012 after Ezekiel Kemboi’s victory in the 3,000m steeplechase.- Daily Nation

 3. MPs’ bid to have Syokimau homeowners paid dismissed

Owners of homes that were demolished for being on Kenya Airports Authority land will not be compensated after a forensic audit vetoed the resolution of a parliamentary committee. uditor-general Edward Ouko says the joint parliamentary committee chaired by Gachoka MP Mutava Musyimi ignored critical facts when it recommended that the owners of the homes be paid restitution and be resettled.-  Business Daily

 4. Employers fault penalties in the proposed in NSSF Bill

The Federation of Kenya Employers (FKE), a powerful lobby group representing the interests of employers, has sought for lesser penalties on those organisations that fail to remit payroll deductions of their employees to the National Social Security Fund (NSSF).

In the draft NSSF Bill 2012, the penalty to any person or employer who fails to remit payments due to the fund within the prescribed period shall be liable to a fine not exceeding Sh200,000 or imprisonment for a term not exceeding three years or both. - The Standard

5. NIC Bank eyes buying out rivals banks

NIC Bank plans to acquire up to three other local banks in danger of raising core capital requirements, the bank’s chief executive said yesterday.

This is after it posted a rise in half-year profits. “We have to look for a bank which is compatible with good chemistry, shareholding and strategy. Maybe two or three banks,” James Macharia, managing director of NIC Bank, told Reuters on the sidelines of a media event.

Banks will be required to have at least Sh1 billion ($12 million) of core capital from the end of 2012, up from Sh250 million, and many of the smaller institutions are expected to miss that target even though the rule was introduced in 2009.  CBK says the prudential guidelines have been put on halt.- The Standard

6. Total Kenya in Sh282m loss, blames ERC formula

Total Kenya reported a Sh282.8 million pre-tax loss for the first half of the year, compared to a Sh145.4 million profit in the same period last year.

The oil marketer’s Managing Director Alexis Vovk attributed the loss to the Energy Regulatory Commission’s (ERC) price formula.

“Owing to the fact that the ERC price formula does not fully recognize the real cost of financing the Working Capital Requirement and has not been adjusted for any inflation on costs for the last 18 months, the company as a result realized a net loss,” he explained in a statement.- Capital Business

7. Hopes high as two firms triple oil estimates for Kenya at key blocks

Canadian oil exploration company Africa Oil Corporation has almost tripled its estimates of quantities of oil that that the blocks it is prospecting at contain, raising fresh hope that Kenya has commercially viable quantities.

In a report released on Wednesday following its latest independent assessment by Gaffney Cline & Associates, the firm says the recent discovery of oil has resulted in a considerable increase in the geological chance of success assigned to numerous prospects and leads, most notably in Lokichar sub-basin in Turkana.

The firm is prospecting at six oil blocks, accounting for about 12 per cent of Kenya’s 47 oil blocks.- Daily Nation

8. CCK Delay Eats Into Dealers’ Profit

Dealers in television sets are wary over delayed proceeds. This is being attributed to Communication Commission of Kenya (CCK) delayed issuance of licenses to television manufacturers who cannot start shipping the sets before the licensing from the regulator. LG Electronics Kenya Corporate Marketing Assistant Manager Daisy Mugo says  they will ship digital compliant sets once CCK’s licenses are out. The licensing delays could as well delay digital migration. - Pesatalk

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