1. Salaries Team Wants to Chop MPs Wages
Members of Parliament are among top public servants facing a major salary cut if the team set up to determine the pay for government workers has its way. The Salaries and Remuneration Commission (SCR) is reviewing salaries of public officers in a move that may rattle many of those already enjoying huge perks. Those to be affected include MPs, permanent secretaries and members of constitutional commissions.
2. Standard Chartered to Double African Investments
Standard Chartered plans to invest $100 million in Africa over the next five years, the bank announces, in a push to double presence on the continent. The bank announced its expansion plan to investors in London on Tuesday, mapping out its projects for the coming years. The bank outlined a five year investment plan which will see 110 new branches open across the African continent, including in Ghana, Kenya, Nigeria, and five other countries – at a total investment of $100 million. Standard Chartered will also spread to hitherto unexplored markets- launching in Angola and Mozambique.
3. Toyota to Recall 8700 Units of Corolla and Camry Due to Defaults
According to fresh buzz, car-maker Toyota has decided to recall 8,700 units of its Corolla and Camry models in India so as to rectify faulty power window switches. The Japanese automaker will recall Corolla Altis manufactured between July 30 to December 31 in 2008 and Camry’s models manufactured from September 1, 2006 to July 31, 2008. The recall is a part of a global exercise and will start from next month.
4. NIC Bank Raises KES 2 Billion in Cash Call
NIC Bank has raised 2 billion shillings ($24 million) from an over-subscribed rights issue that will fund expansion and a new banking platform. The bank, a mid-tier lender and one of a number which has turned to the stock market this year to raise funds for expansion, said on Wednesday investors applied for more than three times the amount of shares on offer.
5. Government Set to Sell Shares in Major Hotels
The government plans to offload part of its shares in three international hotels to generate funds for financing the set up of more hotels in selected towns in the country. The move, Kenya Tourism Development Corporation (KTDC) says will see them increase presence in all the 47 counties.
“The sale of the shares will enable us advance more loans to private or individual investors who want to help us increase bed capacity that is currently wanting in the hospitality sector,” said the corporation’s managing director Marianne Jordan.
6. Emirates Offers First On Board Mobile Experience
Emirates has offered the world’s first inflight mobile phone service on-board an A380 aircraft; setting yet another record for inflight communications. In partnership with Emirates connectivity partner, OnAir, passengers aboard Emirates’ A380 aircraft will now be able to stay in touch via phone calls or through the mobile data link on their personal devices with their family, friends and colleagues while inflight. The service is in addition to the OnAir WiFi service already available on Emirates A380 aircraft.
7. Actis Raises USD 278 Million for Africa Real Estate
Emerging markets private equity firm Actis has raised $278 million ( aprox 23.6billion) for investment in African real estate to ride a housing boom fuelled by a growing middle class. Actis, one of the largest private equity investors in the world’s poorest countries, said yesterday the fund, Actis Africa Real Estate 2, will focus on retail and office development in east, west and southern Africa, excluding South Africa.
8. Days of Free, Open Internet Could Soon be Over
The International Telecommunications Union (ITU), a United Nations organization representing 193 countries, will hold a summit in Dubai in December where member countries will negotiate a treaty that sets out regulations on international voice, data and video traffic.
Russia, China and Iran will use the World Conference on International Telecommunications (WCIT) to try to expand the treaty to include the Internet regulation, The Sydney Morning Herald reports.