Kenya’s interest cap continues to hurt bank profits

A law capping interest rates continues to pile pressure on Kenyan banks, with at least three banks posting a drop in earnings in the first quarter of this year. NIC Bank, Stanbic Bank and Kenya Commercial Bank (KCB) posted 3.9 percent, 9.3 percent and 1.9 percent decline in profit, with the performance attributed to the […]

Kenya Airways extends maintenance contract for EPCOR

EPCOR, the AFI KLM E&M subsidiary specializing in the overhaul and maintenance of APUs and pneumatic components, is to handle maintenance for the APUs equipping Kenya Airways Boeing 737 Next Generation (GTCP131-9B), Boeing 787 (APS5000) and Embraer 190 (APS2300) aircraft under the terms of an exclusive contract signed between the Kenyan carrier and AFI KLM […]

UMEME blames power outages on climate change at AGM

UMEME blames power outages on climate change at AGM

Uganda power distributor Umeme Limited has attributed the constant power outages that leave hundreds of Ugandans in the dark to global warming. During a stakeholders’ Annual General Meeting (AGM) at Sheraton Hotel on Thursday, Chairman Board of Directors Patrick Bitature said the national electricity grid could not handle increasingly stronger storms caused by climate change. […]

Kenya Airways launches Nairobi-Victoria Falls flights in response to Ethiopian Airways

KENYA Airways on Monday introduced direct flights between Nairobi and Victoria Falls in Zimbabwe. The new flights, was introduced after another regional carrier, Ethiopian Airways, announced flights on the same route last month. Kenya Airways will fly three times a week, on Mondays, Thursdays and Saturdays and will also link with Cape Town in South […]

Government increases sugar imports to address shortage

Kenyan government increases sugar imports to address shortage

The Agriculture and Food Authority is blaming traders for the biting shortage of sugar in the country. Besides drought which affected cane production in the country, the authority says wholesalers and distributors have been holding sugar affecting the market. “Distributors and wholesalers holding sugar should release the stocks into the market immediately,” said Alfred Busolo, […]

Uganda: Slow Economic Growth Eats Into Umeme’s Profits

Weak economic growth has affected power utility Umeme’s net profit which fell by 6 per cent according to the recently released financial results for 2016. Umeme registered a net profit after tax of Shs100b in 2016 down from Shs106b in 2015 on account of slowed economic growth due to the high commercial lending rates and […]

Kenya Airways announces new CEO

Kenya Airways announces new CEO

Kenya Airways has appointed former LOT Polish Airlines head Sebastian Mikosz as Group MD & CEO, effective June 1. Mikosz replaces incumbent Mbuvi Ngunze, whose departure was announced in November 2016. Ngunze stayed on while the company searched for a successor and continued to steer what the airline described as “the complex capital optimization program” […]

Stanbic, NIC kick off the new normal profit trend for banks

Kenyan bank profits slow down with jump in non performing loans

Stanbic and NIC Bank have kicked off what is likely to be a “new normal” for banking industry, underpinned by reduced profitability. The industry is grappling with a growing rate of loan defaults which started in 2015, amid interest controls to protect borrowers from high loan charges and tight regulations to enhance sound corporate governance. […]

Incoming Kenya Airways CEO Sebastian Mikosz is a ruthless cost manager

Incoming Kenya Airways CEO Sebastian Mikosz is a ruthless cost manager

Sebastian Mikosz, the new Kenya Airways chief executive officer who jets into the country next week to meet KQ’s top management, should be relatively at home with the assignment given his previous postings, reputation and record. The father of three started his aviation career in 2009 when the Polish government tapped him to head the […]