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1. KQ sacks 150 employees in first phase of cuts
Defying an order by the Prime Minister not to proceed with the restrenchment, Kenya Airways, has laid off 150 employees in the first phase of job cuts expected to see between 650 and 1500 people lose their jobs. The workers union, Aviation and Allied Workers Union (AAWU) on Tuesday said the national carrier seemed to have started with the members of staff who participated in the 2009 strike. The letters say they have been found redundant,” AAWU chairperson Ms Perpetua Mponjiwa told the Nation on phone. The latest move signals that the airline is determined to brush off government interference. Retrenchment letters seen by the Nation, show that sacked employees were given severance pay of 20 days for every year completed in service.
2. yuMobile bids to run Mpesa services
yuMobile now wants to be allowed run Mpesa services on its platform, allowing its subscribers use of the money transfer service. In return, Kenya’s fourth mobile operator says it is ready to pay royalties to Vodafone just like Safaricom does for its use. This is the latest push to open up mobile money transfer services.
Vodafone, which is the single largest shareholder in Safaricom with a 40 per cent stake, holds proprietary rights over Mpesa through its affiliate — Vodafone Sales and Services Limited (VSSL). Vodafone earns royalties of between 10 per cent and 25 per cent of Mpesa’s annual revenues following a revenue sharing pact signed with Safaricom in early 2007. This translates to about Sh2 billion annually.
Read why Dansong Githinji believes stone houses, the most common and desired building style in Kenya for residential buildings, are overated.
4. CMC loses exclusive Land Rover, Ford franchise contracts
Jaguar Land Rover (JLR) and Ford franchise owners have appointed another dealer in Kenya, ending CMC Motors's exclusive right to sell brands Ford pick-ups, Land Rover Defender, and luxury saloon cars like Jaguar, Range Rover, and Discovery. The franchises will be shared between CMC Motors and Thailand-based RMA Group that opened shop in Nairobi in July, with RMA Group selling to large organisations such as multin-nationals and givernment while CMC will handle local companies and individuals.
5. Jamii Bora Bank to share revenue with customers
Sam Kimani, the CEO of Jamii Bora Bank, said staff and its customers will earn a commission of between five and 10 per cent on the transaction fees paid by a client they introduced to the bank.
Those introducing customers who deposit more than Sh5 million with the bank will earn both commissions on the deposits and from transaction charges—signalling the bank’s intention to gather more deposits for onward lending.
6. Budgeting When You're Broke
Suffering from a lack of cash? It's likely that you don't follow a budget that reflects your earnings. Smart budgeting prevents eviction, increased credit card debt, and ruined credit scores. It's never too late to achieve your financial goals — get started now with these 10 steps to make your financial life less stressful.
7. People didn't Read Facebook's Prospectus
With Facebook shares plummetting in the USA is is becoming quite clear that people never spent their time going through their prospectus. A couple of reasons why you should go through a prospectus before investing in an IPO.
8. Kenya's Fake Phone Dealers Have a Shaky Future
CCK plan to put off all fake phones on the 30th of this month and fake phone dealers may just be out of a job if they don't diversify soon.
Abacus is the result of over 10 years market experience and is licensed as a data vendor by the Nairobi Securities Exchange
| Email: | hello@abacus.co.ke |
|---|---|
| Tel: | +254 792 753 774 |