1. Directors above 75 to retire by the end of the year
The capital markets regulator, CMA, says it has proposed amendments to the corporate governance regulations to provide that any director aged above 75 leave office by end of December.
This means that individuals aged 75 years and above and are currently occupying board seats have three months to prepare for retirement in a move that is primed to be the biggest boardroom transition in Kenya’s history.
2. 21% of laid off KQ Staff Accept Compensation Package
Kenya Airways has announced the completion of its staff rationalization programme which it says has been a success. The rationalization program has since seen 126 employees representing 21 % of the estimated600 members of staff that will leave the airline, volunteering to take up the company’s layoff package. The airline says the program will see Kenya Airways save close to KES 1.2 billion annually in labour costs as it embarks on its ambitious expansion programme.
3. Maize Disease Threatens Entire EAC
Kenya’s maize crop in the South Rift, considered part of Kenya’s grain basket, is currently threatened by the maize lethal necrosis disease which has puzzled scientists in the country. First reported in September last year, the disease has affected more than 10,000 hectares of maize, wiping out 30 to 100 per cent of the crop.
4. Fraudster Lure Kenyans with Fake Jobs
Global Community Health Partners (GCHP) — a firm that claims to have British certification — has published notices indicating that it is setting up offices in more than 30 countries, including Kenya, and is recruiting staff to run them. Too bad they’re fake.
5. Airtel Joins Essar in Plea for Mobile Termination rate Cut
MTR is the rate callers’ operator pays the receiving one for connecting a call eventually determining the cost of cross network calls. The two network giants want it to be held at KES 2.21 so they can offer lower tarrifs.
6. Tested and Proven, Obama Asks for a Second Term
Four years after his historic election win, Obama accepted the Democratic Party’s nomination for a second time, dispensing hard truths on US economic ills and warning that Republican Mitt Romney would endanger America abroad.
7. What’s a KES 336,000 Suit Worth
“Like a 17th-century craftsman, he has no economy of scale. It takes Frew about 75 hours to make a suit — he averages about two per month — and he has no employees.” A look into what goes into the world of luxury, custom made clothing.
8. Prepaid Eletricity Meters to go National
Kenya Power yesterday, 5 September 2012, launched the second phase of the pre-paid system that will see pre-paid meters installed to customers countrywide, with the company planning to connect 520,000 customers to the new system by June 2013.