It’s been a busy week in the business world and here are some top stories that you might have missed.
Safaricom Appoints New CEO
Peter Ndegwa has been appointed as Safaricom Limited Chief Executive. Ndegwa becomes the first Kenyan to head for the most profitable company in East and Central Kenya since it set shop in Kenya 19 years ago.
Still on Safaricom, the company is seeking to enter the Ethiopian Market to boost its revenues. Over the recent past Kenyan companies have been making efforts to enter the market that has over 100 million people. However, with so many regulations in the Ethiopian Market, it might take time.
National Oil Appoints George Kubai as CEO
As Safaricom was appointing Peter Ndegwa as their CEO, National Oil Corporation was appointing George Kubai as the interim managing director.
Kubai has replaced James Nyamongo who was the acting CEO for one week after Ms Jane Mwangi said she would not renew her contract as the Oil distributor Chief Executive.
Central Bank May Soon Supervise Mobile Money Lenders
Kenya’s mobile-phone lenders could come under central bank supervision, compelling them to disclose interest rates and transaction fees before giving loans, if draft legislation is passed.
With many Kenyans taking to these platforms to borrow due to harsh economic times, there have been many complains as regards to exploitation. Currently, the lenders regulate themselves.
Sugar Imports Increase as Factories Shut Down.
Production of sugar by Kenyan factories has declined by 8% so far this year according to Kenya’s Sugar Directorate. This has led to an increase in imports.
Kenyan sugar factories continue to suffer at the hands of cheap imports as well board wrangles.
Other Business Stories Making Headlines This Week.
- Job Losses – Expect more job losses as companies struggle amid harsh economic times. Bayer East Africa and Finlays among those expected to lay off staff by the end of the year.
- Ease of Doing Business – Even with companies closing shop, Kenya’s Doing Business ranking has improved to position 56 this year.
- KenGen– KenGen has acquired a Sh.5.8 Billion contact to drill geothermal wells in Ethiopia.
- Kenya-Russia Ties– Expect ties between the two countries to improve as Kenya eyes medicine, blue economy, aeronautical and space engineering deals from Russia.