Equity Group invests Sh3.4bn in Tanzania, Uganda subsidiaries
Tuesday May 18 2021
By VICTOR JUMA
The lender’s stakes in the subsidiaries remained unchanged at 100 percent.
The capital support from the parent company came amid economic disruption brought by the Covid-19 pandemic that has seen lenders restructure a substantial part of their loan books.
Equity Group #ticker:EQTY invested an additional Sh3.4 billion in its Ugandan and Tanzanian subsidiaries in the year ended December to boost the units’ capital.
The lender’s stakes in the subsidiaries remained unchanged at 100 percent. The capital support from the parent company came amid economic disruption brought by the Covid-19 pandemic that has seen lenders restructure a substantial part of their loan books.
Absa spends Sh1bn on Covid layoffs
Summary
It had 1,991 employees on its payroll from 2,152 in the previous year as it moved to deepen the switch to digital channels.
Absa says in latest annual report that it took the opportunity of increased automation and improved digitisation to simplify the structure of the business and therefore had to cut jobs.
Tuesday May 18 2021
By PATRICK ALUSHULA
Summary
It had 1,991 employees on its payroll from 2,152 in the previous year as it moved to deepen the switch to digital channels.
Absa says in latest annual report that it took the opportunity of increased automation and improved digitisation to simplify the structure of the business and therefore had to cut jobs.
M-Pesa beats voice as Safaricom’s top earner
Summary
The platform’s revenue declined 2.1 percent to Sh82.64 billion in the year ended March, surpassing sales from voice which recorded a larger drop of 4.6 percent to Sh82.55 billion.
The telco’s net profit fell 6.8 percent to Sh68.6 billion in the review period, after the coronavirus crisis hit revenue from financial services and calls in the year to the end of March.
The Nairobi Securities Exchange-listed firm declared a final dividend of Sh0.92 per share, bringing its total payout for the period to Sh1.37 per share.
Friday May 14 2021
By VICTOR JUMA
Summary
U.K. retailers resume avocado supplies from Kenyan exporter after rights boycott
May 14 , 2021
Kenyan agricultural firm Kakuzi will soon resume exports of avocados to supermarkets in Europe which stopped buying its produce in October last year when the firm was accused of serious human rights abuse, Business Daily Africa reports.
Supermarket chains Tesco, Sainsbury’s and Lidl suspended Kakuzi supplies in the wake of reports of rape and violence at Kakuzi by The Times of London.
Camellia Plc, the parent company of Kakuzi, says actions and reforms taken since then have made it possible for the Nairobi Securities Exchange-listed firm to be taken back as a supplier of the major retailers.
Kakuzi to resume UK avocado exports after rights boycott
Thursday May 13 2021
By VICTOR JUMA
Summary
Supermarket chains Tesco, Sainsbury’s and Lidl suspended Kakuzi supplies in the wake of reports of rape and violence at Kakuzi by The Times of London.
Camellia Plc, the parent company of Kakuzi, says actions and reforms taken since then have made it possible for the Nairobi Securities Exchange-listed firm to be taken back as a supplier of the major retailers.
Agricultural firm Kakuzi will soon resume exports of avocadoes to supermarkets in Europe which stopped buying its produce in October last year when the firm was accused of serious human rights abuse.