Holders Barcelona will meet Gary Neville's Valencia in the semi-finals of the Copa del Rey, whilst Sevilla face Celta Vigo in the other semi-final.
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Friday, January 29, 2016
News24.co.ke | Former United defender Vidic retires
Former Manchester United defender Nemanja Vidic announced his retirement from football on Friday at the age of 34.
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Read More here >> News24
TED Radio Hour: What We Fear
Human beings have a fine-tuned sense of fear. But how do we distinguish between fear and danger? How do we decide which fears are rational and irrational?
In this hour, TED speakers explore what it means to be afraid, and how we calm ourselves down – or don’t – when we’re terrified.
1. Chris Hadfield: How Do You Deal With Fear Versus Danger?
2. Karen Thompson Walker: What’s The Difference Between Rational and Irrational Fears?
3. Joe Kowan: Is There A Cure For Stage Fright?
4. David Blaine: Is It Possible To Be Fearless?
5. Stephen Cave: Should We Be Afraid Of Death?
Read more here >> Capital Business
>>> TED Radio Hour: What We Fear
Human beings have a fine-tuned sense of fear. But how do we distinguish between fear and danger? How do we decide which fears are rational and irrational?
In this hour, TED speakers explore what it means to be afraid, and how we calm ourselves down – or don’t – when we’re terrified.
1. Chris Hadfield: How Do You Deal With Fear Versus Danger?
2. Karen Thompson Walker: What’s The Difference Between Rational and Irrational Fears?
3. Joe Kowan: Is There A Cure For Stage Fright?
4. David Blaine: Is It Possible To Be Fearless?
5. Stephen Cave: Should We Be Afraid Of Death?
TED Radio Hour: What We Fear
How to successfully run alcohol beverages firm – EABL chief
Ireland also says that to create a strong brand that is at the same time unique, you need to have love and passion for your product which he says will propel the product forward into even the most stubborn markets/ALLAN MUTURI
First, his company sells the most popular alcohol brands in the region. These include legendary beers such as Tusker, Guinness and Pilsner, and new comers such as Senator and Tusker Lite which seem to be giving older brands a run for their money.
Second, the business model that EABL uses is yielding profits. Just late Thursday, the company announced a total of Sh5.5 billion in profits during its 2016 half year results.
“First of all, you need a great team working with you. The team also needs to be very talented. You therefore need to scout for talent in all areas of your business. This will enable you build a brand because you cannot build a brand on your own,” Ireland, tall with a detectable British accent says.
This leads him to explore the issue of building and maintain a strong brand, such as that of EABL. According to Ireland, a strong brand needs a lot of financial investment. Money, he says, is one of the ingredients of having a strong brand.
Ireland also says that to create a strong brand that is at the same time unique, you need to have love and passion for your product which he says will propel the product forward into even the most stubborn markets.
“You also need to put in a lot of time. None of our brands is what they are without the time factor,” he says.
But most importantly, Ireland says that the customers should be at the core of your product. He says that whatever product you choose to put into the market, it has to have relevance among your customers and meet their desires.
True to his words, EABL has registered an 8 percent increase in its net sales and a double digit growth in five out of eight product segments. Such growth has been witnessed in Senator Keg and Tusker Lite among other brands.
What you need to know before you diversify
Ireland can also teach you on matters diversification. Although Kenya is EABL’s biggest market in the region, by three quarters, the company has a footprint in other East African countries such as Tanzania, Uganda and South Sudan. It also accounts for between forty five to fifty percent in market share in the region.
“One of the things I’ve learnt about taking a business into a new territory is that you need to understand cultural sensitivity and comprehend the specific dynamics for the place you want to launch your business into. These may seem superficially similar but under closer inspection, they are not. For instance, you may assume that Tanzania and Kenya are similar but they are not. What it takes to make it in Tanzania is not necessarily the same thing that will make you find success in Kenya,” he explained.
Ireland also advices that you need to understand that stability is not as guaranteed as it once was.
In EABL’s case, when they took their business to South Sudan, the country had just been formed and it was beaming with hope. Investors were looking at it as the next big place to invest in, until political issues that led to turmoil rocked the country which has in turn posed a great challenge to their business operations there.
In his words, Ireland confesses that EABL had plans to build a manufacturing hub in South Sudan which could have cost billions of shillings, but they did not.
“I am really happy that we did not because we would have spent up to US$200million into it and we would now be regretting doing so,” he says.
Hence he advises companies to trend lightly before putting a lot of money into new territories.
In his shoes, Ireland says that his personal goals are fine tuned with those of the company which include innovating at scale to meet new consumer needs, drive out costs to constantly invest in growth and win in reserve in every market among others.
“I’m very pleased that EABL has been recognized as the continent’s second best employer. I hope this continues to be so and that we can do much better and show our team work to the world,” he says in conclusion.
Read more here >> Capital Business
>>> How to successfully run alcohol beverages firm – EABL chief
Ireland also says that to create a strong brand that is at the same time unique, you need to have love and passion for your product which he says will propel the product forward into even the most stubborn markets/ALLAN MUTURI
First, his company sells the most popular alcohol brands in the region. These include legendary beers such as Tusker, Guinness and Pilsner, and new comers such as Senator and Tusker Lite which seem to be giving older brands a run for their money.
Second, the business model that EABL uses is yielding profits. Just late Thursday, the company announced a total of Sh5.5 billion in profits during its 2016 half year results.
“First of all, you need a great team working with you. The team also needs to be very talented. You therefore need to scout for talent in all areas of your business. This will enable you build a brand because you cannot build a brand on your own,” Ireland, tall with a detectable British accent says.
This leads him to explore the issue of building and maintain a strong brand, such as that of EABL. According to Ireland, a strong brand needs a lot of financial investment. Money, he says, is one of the ingredients of having a strong brand.
Ireland also says that to create a strong brand that is at the same time unique, you need to have love and passion for your product which he says will propel the product forward into even the most stubborn markets.
“You also need to put in a lot of time. None of our brands is what they are without the time factor,” he says.
But most importantly, Ireland says that the customers should be at the core of your product. He says that whatever product you choose to put into the market, it has to have relevance among your customers and meet their desires.
True to his words, EABL has registered an 8 percent increase in its net sales and a double digit growth in five out of eight product segments. Such growth has been witnessed in Senator Keg and Tusker Lite among other brands.
What you need to know before you diversify
Ireland can also teach you on matters diversification. Although Kenya is EABL’s biggest market in the region, by three quarters, the company has a footprint in other East African countries such as Tanzania, Uganda and South Sudan. It also accounts for between forty five to fifty percent in market share in the region.
“One of the things I’ve learnt about taking a business into a new territory is that you need to understand cultural sensitivity and comprehend the specific dynamics for the place you want to launch your business into. These may seem superficially similar but under closer inspection, they are not. For instance, you may assume that Tanzania and Kenya are similar but they are not. What it takes to make it in Tanzania is not necessarily the same thing that will make you find success in Kenya,” he explained.
Ireland also advices that you need to understand that stability is not as guaranteed as it once was.
In EABL’s case, when they took their business to South Sudan, the country had just been formed and it was beaming with hope. Investors were looking at it as the next big place to invest in, until political issues that led to turmoil rocked the country which has in turn posed a great challenge to their business operations there.
In his words, Ireland confesses that EABL had plans to build a manufacturing hub in South Sudan which could have cost billions of shillings, but they did not.
“I am really happy that we did not because we would have spent up to US$200million into it and we would now be regretting doing so,” he says.
Hence he advises companies to trend lightly before putting a lot of money into new territories.
In his shoes, Ireland says that his personal goals are fine tuned with those of the company which include innovating at scale to meet new consumer needs, drive out costs to constantly invest in growth and win in reserve in every market among others.
“I’m very pleased that EABL has been recognized as the continent’s second best employer. I hope this continues to be so and that we can do much better and show our team work to the world,” he says in conclusion.
How to successfully run alcohol beverages firm – EABL chief
News24.co.ke | New signings excite Musa
Gor Mahia captain Musa Mohamed says the club's three new major signings are certain to strengthen the Kenyan Premier League champions significantly.
Read More here >> News24
Read More here >> News24
News24.co.ke | Rwanda face DR Congo in 'game of the tournament'
Rwanda's African Nations Championship (CHAN) quarter-final with DR Congo on Saturday has been billed as "the game of the tournament" by the host's Irish coach Johnny McKinstry.
Read More here >> News24
Read More here >> News24
News24.co.ke | African Nations Championship factfile
Factfile for 2016 African Nations Championship in Rwanda ahead of knock-out stage from Saturday.
Read More here >> News24
Read More here >> News24
News24.co.ke | Cameroon captain heads to China
Cameroon captain and former Marseille centre-back Stephane Mbia has signed for Hebei China Fortune, the club announced Friday, the latest Europe-based player to head east in the current transfer window.
Read More here >> News24
Read More here >> News24
News24.co.ke | Tusker depart for training camp
Ten-time Kenyan champions Tusker left Nairobi on Thursday morning for a week long training camp in Uganda ahead of the new season, which starts in two weeks.
Read More here >> News24
Read More here >> News24
News24.co.ke | Injera targets record
Aiming to break the record of scoring 230 tries, set by Santiago Gomez, Kenya sevens vice-captain Collins Injera has said that he will do everything he can to break it.
Read More here >> News24
Read More here >> News24
Apple recalls wall plug adapters sold outside US
Apple announced a recall of 12 years’ worth of wall plug adapters it sold outside the United States, warning of the risk of electric shock.
The recall was sparked by the danger of the two-prong AC wall plug adapters breaking and shocking people who touch them, the California-based technology giant said in an online post.
Apple said that it was aware of 12 incidents worldwide involving the adapters.
The units targeted in the recall were designed for use in Argentina, Brazil, much of Europe, New Zealand and South Korea.
They were sold with Mac computers, Apple mobile gadgets and in an Apple World Travel Adapter Kit between 2003 and 2015.
Apple did not specify the number of adapters at issue, but it could be high given the 12-year span and the popularity of the company’s devices.
People were advised to stop using the adapters and bring them to an Apple shop for replacement.
The recall did not affect Apple power adapters tailored for Canada, China, Hong Kong, Japan, Britain or the United States, according to the company.
Details about which adapters are involved and how to replace them were posted online at http://apple.co/1NEZHjh.
Read more here >> Capital Business
>>> Apple recalls wall plug adapters sold outside US
Apple announced a recall of 12 years’ worth of wall plug adapters it sold outside the United States, warning of the risk of electric shock.
The recall was sparked by the danger of the two-prong AC wall plug adapters breaking and shocking people who touch them, the California-based technology giant said in an online post.
Apple said that it was aware of 12 incidents worldwide involving the adapters.
The units targeted in the recall were designed for use in Argentina, Brazil, much of Europe, New Zealand and South Korea.
They were sold with Mac computers, Apple mobile gadgets and in an Apple World Travel Adapter Kit between 2003 and 2015.
Apple did not specify the number of adapters at issue, but it could be high given the 12-year span and the popularity of the company’s devices.
People were advised to stop using the adapters and bring them to an Apple shop for replacement.
The recall did not affect Apple power adapters tailored for Canada, China, Hong Kong, Japan, Britain or the United States, according to the company.
Details about which adapters are involved and how to replace them were posted online at http://ift.tt/1OSbPRW.
Apple recalls wall plug adapters sold outside US
>>> Sony swings to $1.95 bn net profit as PlayStation sales soar
Sony/AFP
Sony on Friday posted a nine-month net profit of almost $2.0 billion, as strong sales of its PlayStation video games console and image sensors found in mobile gadgets help it move past years of losses.
The once-iconic Japanese giant has been working to claw back to profitability under a painful restructuring that has included layoffs and asset sales, including its Manhattan headquarters and laptop division.
The company, along with rivals Panasonic and Sharp, has struggled in the consumer electronics business that built its global brand, including losing billions of dollars in televisions over the past decade.
The sector has faced fierce competition from lower-cost rivals from South Korea and Taiwan.
In a sign things are on the upswing, Sony said Friday its net profit came in at 236.1 billion yen ($1.95 billion) for the April-December period, reversing a 19.2 billion yen loss a year earlier.
Operating profit more than doubled to 387.1 billion yen, while sales edged up 0.1 percent to 6.28 trillion yen.
“This was primarily due to the significant increase in sales in the game and network services segment and the impact of foreign exchange rates, substantially offset by the significant decrease in sales in the mobile communications segment,” it said.
In November, Sony announced that sales of its PlayStation 4 video game consoles topped 30 million units worldwide.
The unit has seen the fastest and strongest adoption since the first generation of the video game console was introduced in late 1994.
On Tuesday, the company said it was moving its PlayStation business to Silicon Valley and consolidating its game console offerings under one roof.
Sony also bought Toshiba’s image sensor business which could boost its position as a global leader in the components which are found in smartphones and other mobile devices.
On Friday, Sony said it was still on track for a 140 billion yen full-year net profit.
“Sony is now on the final stage of its restructuring,” said Rakuten Securities analyst Yasuo Imanaka.
“The TV business is being revived as the company focuses on high-end products. Sales of image sensors and PS4 consoles also remain strong, offsetting losses in mobile phone businesses.”
But Yasuo Nakane, senior analyst at Mizuho Securities, warned that the company still has more work to do.
“Sony has been changing dramatically over the past couple of years,” Nakane added.
“However, its restructuring isn’t over. There is room for more change in mobile communications, the movie sector, at headquarters, and in its battery businesses.”
Sony’s businesses include a music label and Hollywood studio, while it also operates a profitable but lesser-known financial unit.
Rivals Panasonic and Sharp report their latest earnings next week.
Panasonic’s results have been improving as it focus on its lesser-known endeavours, including energy and an auto division that makes various products found in vehicles, from electrical components to car navigation systems.
Sharp, however, continues to struggle and has repeatedly appeared on the brink of bankruptcy in recent years.
Sony swings to $1.95 bn net profit as PlayStation sales soar
News24.co.ke | Kane rejuvenated after Barca camp
Tottenham Hotspur can already feel the benefit of their training camp in Barcelona after a gruelling period of matches in recent weeks.
Read More here >> News24
Read More here >> News24
News24.co.ke | City eager for Cup triumph
Manchester City's bid for success on four trophy fronts, starting with the visit to Aston Villa in the fourth round of the FA Cup.
Read More here >> News24
Read More here >> News24
Sony swings to $1.95 bn net profit as PlayStation sales soar
Sony/AFP
Sony on Friday posted a nine-month net profit of almost $2.0 billion, as strong sales of its PlayStation video games console and image sensors found in mobile gadgets help it move past years of losses.
The once-iconic Japanese giant has been working to claw back to profitability under a painful restructuring that has included layoffs and asset sales, including its Manhattan headquarters and laptop division.
The company, along with rivals Panasonic and Sharp, has struggled in the consumer electronics business that built its global brand, including losing billions of dollars in televisions over the past decade.
The sector has faced fierce competition from lower-cost rivals from South Korea and Taiwan.
In a sign things are on the upswing, Sony said Friday its net profit came in at 236.1 billion yen ($1.95 billion) for the April-December period, reversing a 19.2 billion yen loss a year earlier.
Operating profit more than doubled to 387.1 billion yen, while sales edged up 0.1 percent to 6.28 trillion yen.
“This was primarily due to the significant increase in sales in the game and network services segment and the impact of foreign exchange rates, substantially offset by the significant decrease in sales in the mobile communications segment,” it said.
In November, Sony announced that sales of its PlayStation 4 video game consoles topped 30 million units worldwide.
The unit has seen the fastest and strongest adoption since the first generation of the video game console was introduced in late 1994.
On Tuesday, the company said it was moving its PlayStation business to Silicon Valley and consolidating its game console offerings under one roof.
Sony also bought Toshiba’s image sensor business which could boost its position as a global leader in the components which are found in smartphones and other mobile devices.
On Friday, Sony said it was still on track for a 140 billion yen full-year net profit.
“Sony is now on the final stage of its restructuring,” said Rakuten Securities analyst Yasuo Imanaka.
“The TV business is being revived as the company focuses on high-end products. Sales of image sensors and PS4 consoles also remain strong, offsetting losses in mobile phone businesses.”
But Yasuo Nakane, senior analyst at Mizuho Securities, warned that the company still has more work to do.
“Sony has been changing dramatically over the past couple of years,” Nakane added.
“However, its restructuring isn’t over. There is room for more change in mobile communications, the movie sector, at headquarters, and in its battery businesses.”
Sony’s businesses include a music label and Hollywood studio, while it also operates a profitable but lesser-known financial unit.
Rivals Panasonic and Sharp report their latest earnings next week.
Panasonic’s results have been improving as it focus on its lesser-known endeavours, including energy and an auto division that makes various products found in vehicles, from electrical components to car navigation systems.
Sharp, however, continues to struggle and has repeatedly appeared on the brink of bankruptcy in recent years.
Read more here >> Capital Business
Thursday, January 28, 2016
News24.co.ke | Neymar fined $112,000 for Brazil tax evasion
Barcelona star Neymar on Thursday lost an appeal against a $112,000 fine slapped on him for tax evasion during his years with Santos in 2007 and 2008.
Read More here >> News24
Read More here >> News24
News24.co.ke | Barcelona host Atletico in Liga title showdown
First meets second as Barcelona host Atletico Madrid on Saturday looking to tighten their grip on the La Liga title race.
Read More here >> News24
Read More here >> News24
News24.co.ke | Argentina to create hooligan database
The Argentine government announced Thursday the creation of a football hooligan database and called for players to be taught about fair play in an attempt to tamp down violence marring the game.
Read More here >> News24
Read More here >> News24
News24.co.ke | 'Sacked three times' Van Gaal faces Friday fright night
Manchester United manager Louis van Gaal may have been in defiant mood ahead of his side's FA Cup fourth round tie at Derby County on Friday but a defeat by the second-tier club could push the Dutchman to breaking point.
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Read More here >> News24
News24.co.ke | LeBron says criticism he undermines coaches is unfair
LeBron James says he's bothered by criticism that he has undermined coaches.
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Read More here >> News24
News24.co.ke | Upbeat Van Gaal denies 'resignation'
Manchester United manager Louis van Gaal thanked executive vice chairman Ed Woodward for his support on Thursday as he denied reports he had offered to resign.
Read More here >> News24
Read More here >> News24
>>> National Public Lighting project is on course – CS Keter
According to Keter, the programme was designed to enhance national security, sanitation and to stimulate a 24-hour economy in counties by providing modern street lighting infrastructure/FILE
The project, which involves installation and repair of streetlights, lighting up public and informal settlements, was launched in July 2014.
According to Keter, the programme was designed to enhance national security, sanitation and to stimulate a 24-hour economy in counties by providing modern street lighting infrastructure.
“By the time the project is completed early next year, we expect 52 cities and towns around the country to be lit. Nairobi, Mombasa, Kisumu, Kwale, Kilifi and Nyeri and a number of other towns have already been covered,” he said.
The Government has estimated that the project will cost about Sh7 billion in its entirety, which Keter said, will be rendered by the government.
“Contrary to bizarre claims and propaganda by some sources, the National Public Lighting Project is fully funded by the national government and there are no donors involved,” Keter said.
At the same time, Keter also said that all public primary schools in the country are expected to be connected to electricity by January 31, 2016.
According to the Cabinet Secretary, Kenya Power and Lighting Company and Rural Electrification Authority received the necessary funding to enable them to meet the Sunday deadline.
“We have about 22,000 public Primary schools in the country. Already, 20,000 thousand have been connected. We are therefore not worried as we expect the relevant bodies to have met the deadline.”
Additionally, Keter said that the government was working towards increasing electricity connectivity to one million households by June this year.
He also said that the government is planning to have an additional two million households connected to electricity in 2017.
National Public Lighting project is on course – CS Keter
>>> Military man picked to head KRA border control
Kariuki will head the new Customs and Border Control department effective on the same date/FILE
Kariuki will head the new Customs and Border Control department effective on the same date.
“The appointment reflects the joint commitment of both the government of Kenya and KRA to professionalize border security enforcement operations with a view to better security in the country,” KRA Commissioner General John Njiraini said in the announcement on Thursday.
Col. Kariuki, a career security professional, joins KRA after serving in the Kenyan Military in varied roles including his latest posting as Colonel in charge of operations at Kenya Defence Forces(KDF) headquarters.
Among the priorities identified for enhancing the new Customs Enforcement and Border Control capacity include developing a dedicated and well trained border security enforcement cadre and implementing a national scanner management platform with centralized command and control capabilities.
Other developments will include upgrading scanning resources at Kilindini Port, taking over One-Stop Border management, improving passenger clearance operations at Jomo Kenyatta International Airport(JKIA), among others.
“Once the various programes are fully implemented, the landscape for Customs and Border Control Department is headed to become different within the next 18 months as compared to what prevails today,” Njiraini said.
Military man picked to head KRA border control
National Public Lighting project is on course – CS Keter
According to Keter, the programme was designed to enhance national security, sanitation and to stimulate a 24-hour economy in counties by providing modern street lighting infrastructure/FILE
The project, which involves installation and repair of streetlights, lighting up public and informal settlements, was launched in July 2014.
According to Keter, the programme was designed to enhance national security, sanitation and to stimulate a 24-hour economy in counties by providing modern street lighting infrastructure.
“By the time the project is completed early next year, we expect 52 cities and towns around the country to be lit. Nairobi, Mombasa, Kisumu, Kwale, Kilifi and Nyeri and a number of other towns have already been covered,” he said.
The Government has estimated that the project will cost about Sh7 billion in its entirety, which Keter said, will be rendered by the government.
“Contrary to bizarre claims and propaganda by some sources, the National Public Lighting Project is fully funded by the national government and there are no donors involved,” Keter said.
At the same time, Keter also said that all public primary schools in the country are expected to be connected to electricity by January 31, 2016.
According to the Cabinet Secretary, Kenya Power and Lighting Company and Rural Electrification Authority received the necessary funding to enable them to meet the Sunday deadline.
“We have about 22,000 public Primary schools in the country. Already, 20,000 thousand have been connected. We are therefore not worried as we expect the relevant bodies to have met the deadline.”
Additionally, Keter said that the government was working towards increasing electricity connectivity to one million households by June this year.
He also said that the government is planning to have an additional two million households connected to electricity in 2017.
Read more here >> Capital Business
Military man picked to head KRA border control
Kariuki will head the new Customs and Border Control department effective on the same date/FILE
Kariuki will head the new Customs and Border Control department effective on the same date.
“The appointment reflects the joint commitment of both the government of Kenya and KRA to professionalize border security enforcement operations with a view to better security in the country,” KRA Commissioner General John Njiraini said in the announcement on Thursday.
Col. Kariuki, a career security professional, joins KRA after serving in the Kenyan Military in varied roles including his latest posting as Colonel in charge of operations at Kenya Defence Forces(KDF) headquarters.
Among the priorities identified for enhancing the new Customs Enforcement and Border Control capacity include developing a dedicated and well trained border security enforcement cadre and implementing a national scanner management platform with centralized command and control capabilities.
Other developments will include upgrading scanning resources at Kilindini Port, taking over One-Stop Border management, improving passenger clearance operations at Jomo Kenyatta International Airport(JKIA), among others.
“Once the various programes are fully implemented, the landscape for Customs and Border Control Department is headed to become different within the next 18 months as compared to what prevails today,” Njiraini said.
Read more here >> Capital Business
>>> Kenya, Nigeria investors heighten discussions on non-tariff barriers
While addressing the forum which included the business community from the two countries, President Buhari noted the need to hasten and deal with all the non tariff barriers/PSCU
“But I was shocked when I came to Kenya for the first time and got to realize what actually Kenya is all about. The diversity here is amazing. I mean, you have a lot of products being manufactured and spread across the East African region and it’s high time they start being sold more in Nigeria. Nigeria is a heavy importer,” says Aliyu who is the Director of the Nigeria Export Promotion Council.
I speak with him on the sidelines of a business forum in Nairobi, attended by President Uhuru Kenyatta and his visiting Nigerian counterpart Muhammadu Buhari.
And just like he was, many Kenyans and Nigerians don’t understand what business potential the other country holds but have lived to stick to beliefs.
“A lot of us still rely on the stereotyping that has been made to create a sort of a hindrance to our common unity in terms of economy. But for the few businessmen from Kenya who are in Nigeria you can hear a lot of success stories, and vice versa. A lot on barriers can be dealt with and I believe these conversations will take us to the right direction,” Aliyu says.
While addressing the forum which included the business community from the two countries, President Buhari noted the need to hasten and deal with all the non tariff barriers adding that it was time to start benefiting from the already passed crucial bilateral trade agreements.
“Although I am in the land of Uhuru, I doubt if it is yet Uhuru for our prospective business people who still encounter some business restrictions as well as registration of their businesses,” President Buhari said amidst laughter from the audience, “Our business people should be allowed to operate under the ambience of law.”
President Kenyatta on his part pledged to work with the private sector and deal with their challenges and help open the markets.
He mentioned that it was time the two countries helped connect businesses not only between Kenya and Nigeria but West and East African continent.
“We hope that following your engagement with the Kenyan business community during my last visit to Nigeria in 2014 and during this event, there will be tangible benefits that translate into real business. It is important that private sector plays its rightful role while the government delivers on policy,” Kenyatta said.
Kenya and Nigeria have agreed to establish the Joint Trade Committee, which will address issues affecting the trade relations.
Kenya’s exports to Nigeria in 2014 were worth Sh2.4 billion ($26 million) while imports were worth Sh698 million ($7.4 million) in the same period.
It exports to Nigeria include tea, soap, jute, medicaments, automatic data processing machines, paper and paper products, textile, Electrical machinery and medicaments.
Kenya, Nigeria investors heighten discussions on non-tariff barriers
Kenya, Nigeria investors heighten discussions on non-tariff barriers
While addressing the forum which included the business community from the two countries, President Buhari noted the need to hasten and deal with all the non tariff barriers/PSCU
“But I was shocked when I came to Kenya for the first time and got to realize what actually Kenya is all about. The diversity here is amazing. I mean, you have a lot of products being manufactured and spread across the East African region and it’s high time they start being sold more in Nigeria. Nigeria is a heavy importer,” says Aliyu who is the Director of the Nigeria Export Promotion Council.
I speak with him on the sidelines of a business forum in Nairobi, attended by President Uhuru Kenyatta and his visiting Nigerian counterpart Muhammadu Buhari.
And just like he was, many Kenyans and Nigerians don’t understand what business potential the other country holds but have lived to stick to beliefs.
“A lot of us still rely on the stereotyping that has been made to create a sort of a hindrance to our common unity in terms of economy. But for the few businessmen from Kenya who are in Nigeria you can hear a lot of success stories, and vice versa. A lot on barriers can be dealt with and I believe these conversations will take us to the right direction,” Aliyu says.
While addressing the forum which included the business community from the two countries, President Buhari noted the need to hasten and deal with all the non tariff barriers adding that it was time to start benefiting from the already passed crucial bilateral trade agreements.
“Although I am in the land of Uhuru, I doubt if it is yet Uhuru for our prospective business people who still encounter some business restrictions as well as registration of their businesses,” President Buhari said amidst laughter from the audience, “Our business people should be allowed to operate under the ambience of law.”
President Kenyatta on his part pledged to work with the private sector and deal with their challenges and help open the markets.
He mentioned that it was time the two countries helped connect businesses not only between Kenya and Nigeria but West and East African continent.
“We hope that following your engagement with the Kenyan business community during my last visit to Nigeria in 2014 and during this event, there will be tangible benefits that translate into real business. It is important that private sector plays its rightful role while the government delivers on policy,” Kenyatta said.
Kenya and Nigeria have agreed to establish the Joint Trade Committee, which will address issues affecting the trade relations.
Kenya’s exports to Nigeria in 2014 were worth Sh2.4 billion ($26 million) while imports were worth Sh698 million ($7.4 million) in the same period.
It exports to Nigeria include tea, soap, jute, medicaments, automatic data processing machines, paper and paper products, textile, Electrical machinery and medicaments.
Read more here >> Capital Business
News24.co.ke | Barcelona and Atletico duel for 1st place in Spanish league
In highly anticipated game, Barcelona and Atletico Madrid duel for 1st place in Spanish league.
Read More here >> News24
Read More here >> News24
>>> Central Glass Industries sale boosts EABL half year profit
Central Glass Industries sale boosts EABL half year profit/file
The profits are attributable to the disposal of one of its subsidiaries – Central Glass Industries Limited (CGIL) – to South Africa’s Consol Glass Proprietary valued at Sh4.5 billion.
The sale also included a Framework Supply Agreement which will ensure continuity of supply of glass bottles to EABL and its group for a term of five years and in which Consol Glass Proprietary agreed to pay EABL a success fee of Sh420 million.
READ: EABL sale of glass subsidiary valued at Sh4.5bn
Excluding the sale, the firm’s net profit stood at Sh5.5 billion which represents a 16 percent increase from the previous year. The management attributes the growth to double digit growth in five out of eight product segments and recovery in Senator Keg, after duty remission review in Kenya.
Senator Keg and spirits performance drove Kenya’s growth that delivered 22 percent of net sales with innovations led by chrome Vodka, Kenya Cane Coconut and Allsopps Stout contributing to the growth.
However, net sales in Uganda and Tanzania remained flat in local currency terms. Volatile environment in South Sudan negatively affected the firm whose export markets declined.
South Sudanese pound devaluation made the firm lose Sh1 billion. CGIL sale improved the firm’s operating cash flow contributing to a 38 percent decrease in net finance costs in the period, while total net borrowings decreased by Sh8.5 billion.
Selling, distribution and administrative expenses increased by 10 percent compared to the previous year due to investments in their brands, route to consumer and people.
The board of directors has recommended an interim dividend of Sh2 per share up from Sh1.50 last year.
Central Glass Industries sale boosts EABL half year profit
Central Glass Industries sale boosts EABL half year profit
Central Glass Industries sale boosts EABL half year profit/file
The profits are attributable to the disposal of one of its subsidiaries – Central Glass Industries Limited (CGIL) – to South Africa’s Consol Glass Proprietary valued at Sh4.5 billion.
The sale also included a Framework Supply Agreement which will ensure continuity of supply of glass bottles to EABL and its group for a term of five years and in which Consol Glass Proprietary agreed to pay EABL a success fee of Sh420 million.
READ: EABL sale of glass subsidiary valued at Sh4.5bn
Excluding the sale, the firm’s net profit stood at Sh5.5 billion which represents a 16 percent increase from the previous year. The management attributes the growth to double digit growth in five out of eight product segments and recovery in Senator Keg, after duty remission review in Kenya.
Senator Keg and spirits performance drove Kenya’s growth that delivered 22 percent of net sales with innovations led by chrome Vodka, Kenya Cane Coconut and Allsopps Stout contributing to the growth.
However, net sales in Uganda and Tanzania remained flat in local currency terms. Volatile environment in South Sudan negatively affected the firm whose export markets declined.
South Sudanese pound devaluation made the firm lose Sh1 billion. CGIL sale improved the firm’s operating cash flow contributing to a 38 percent decrease in net finance costs in the period, while total net borrowings decreased by Sh8.5 billion.
Selling, distribution and administrative expenses increased by 10 percent compared to the previous year due to investments in their brands, route to consumer and people.
The board of directors has recommended an interim dividend of Sh2 per share up from Sh1.50 last year.
Read more here >> Capital Business
News24.co.ke | KPL Governing Council resolutions
The Kenyan Premier League Governing Council met in Mombasa on January 21 to 22 and passed a number of resolutions touching on the way the competition is run, association with sponsors, management, and finances.
Read More here >> News24
Read More here >> News24
News24.co.ke | Martinez 'hurt' by Everton's League Cup exit
Everton manager Roberto Martinez complained that his team had been unjustly denied a place in the League Cup final after a controversy-flecked semi-final loss to Manchester City.
Read More here >> News24
Read More here >> News24
News24.co.ke | Van Gaal braced for Derby duel in FA Cup
Manchester United manager Louis van Gaal has his back to the wall once again ahead of his side's FA Cup fourth-round tie at second-tier Derby County.
Read More here >> News24
Read More here >> News24
>>> Samsung, tech suppliers sink on smartphone woes but Asia stocks gain
The 40 percent fall in Samsung’s net profit and Apple’s report fuelled fears about the saturated smartphone market and the impact on smaller firms that rely on their ongoing popularity/FILE
The 40 percent fall in Samsung’s net profit and Apple’s report fuelled fears about the saturated smartphone market and the impact on smaller firms that rely on their ongoing popularity.
Adding to the concerns, Samsung said it expected 2016 to throw up continued challenges, which was in line with a warning from Apple that it saw year-on-year sales of the iPhone falling for the first time this quarter. Apple dived 6.5 percent in US trade.
Samsung tumbled 2.6 percent in the morning in Seoul. Among regional suppliers, Tokyo-listed Alps Electric — which Wednesday cut its profit forecast because of weak smartphone sales — collapsed more than 17 percent. Japan Display lost 6.7 percent and TDK 6.4 percent.
LG Display in Seoul was 2.6 percent off.
The losses came despite gains in most Asian markets after another day of volatility. They also followed a sell-off on Wall Street after the Federal Reserve left investors to speculate about another interest rate hike.
After concluding its first meeting since lifting rates in December, the US central bank kept rates unchanged and said growth in the world’s number one economy slowed late last year and it was concerned about ongoing global weaknesses.
– Focus on BoJ meeting –
But despite the turmoil that has wracked world markets so far this year, policymakers added that they expected inflation — softened by falling oil prices — would rise toward its 2.0 percent target in the medium term. The comment was seen as keeping the Fed’s option open for another hike in March.
“With investor sentiment quite poor and fixated on the negatives, they’ll likely latch onto the Fed’s focus over global risks,” Mitsushige Akino, an executive officer at Ichiyoshi Asset Management, told Bloomberg News.
“However, rather than a hawkish statement, I think we got one that was market friendly. And that should impact stocks over the longer run.”
Tokyo’s Nikkei index shed 0.7 percent, while Shanghai ended 2.9 percent down, with ongoing worries about the domestic economy continuing to play on investors’ minds.
Mainland Chinese investors seemed unmoved by the central bank’s decision to pump $52 billion into financial markets to ease liquidity problems leading up to the Lunar New Year break. The Shanghai market plunged more than six percent Tuesday despite an injection of $67 billion.
However, Hong Kong jumped 0.8 percent thanks to late buying, Sydney added 0.6 percent and Seoul gained 0.5 percent, while there were also advances in Taipei, Manila, Singapore and Wellington.
Next up is the Bank of Japan’s policy meeting, which concludes Friday. While expectations are that it will not move just yet, its statement will be pored over for an idea about policymakers’ thinking as Japan’s economy stumbles and local stock markets are jostled by the global rout.
On oil markets, both global contracts turned lower with US benchmark West Texas Intermediate down 1.6 percent and Brent 1.5 percent off.
They posted gains Wednesday, even after a report showed US stockpiles surged last week. Analysts said the rally was in reaction to the fact the rise was not as big as expected.
In early European trade London eased 0.2 percent, Frankfurt lost 0.6 percent and Paris dipped 0.4 percent.
– Key figures around 0830 GMT –
Tokyo – Nikkei 225: DOWN 0.7 percent at 17,045.45 (close)
Shanghai – Composite: DOWN 2.9 percent at 2,655.66 (close)
Hong Kong – Hang Seng: UP 0.8 percent at 19,195.83 (close)
London – FTSE 100: DOWN 0.2 percent at 5,976.40
Euro/dollar: DOWN at $1.0877 from $1.0892 Wednesday
Dollar/yen: UP at 118.84 yen from 118.67 yen
New York – Dow: DOWN 1.4 percent at 15,944.46 (close)
Samsung, tech suppliers sink on smartphone woes but Asia stocks gain
Samsung, tech suppliers sink on smartphone woes but Asia stocks gain
The 40 percent fall in Samsung’s net profit and Apple’s report fuelled fears about the saturated smartphone market and the impact on smaller firms that rely on their ongoing popularity/FILE
The 40 percent fall in Samsung’s net profit and Apple’s report fuelled fears about the saturated smartphone market and the impact on smaller firms that rely on their ongoing popularity.
Adding to the concerns, Samsung said it expected 2016 to throw up continued challenges, which was in line with a warning from Apple that it saw year-on-year sales of the iPhone falling for the first time this quarter. Apple dived 6.5 percent in US trade.
Samsung tumbled 2.6 percent in the morning in Seoul. Among regional suppliers, Tokyo-listed Alps Electric — which Wednesday cut its profit forecast because of weak smartphone sales — collapsed more than 17 percent. Japan Display lost 6.7 percent and TDK 6.4 percent.
LG Display in Seoul was 2.6 percent off.
The losses came despite gains in most Asian markets after another day of volatility. They also followed a sell-off on Wall Street after the Federal Reserve left investors to speculate about another interest rate hike.
After concluding its first meeting since lifting rates in December, the US central bank kept rates unchanged and said growth in the world’s number one economy slowed late last year and it was concerned about ongoing global weaknesses.
– Focus on BoJ meeting –
But despite the turmoil that has wracked world markets so far this year, policymakers added that they expected inflation — softened by falling oil prices — would rise toward its 2.0 percent target in the medium term. The comment was seen as keeping the Fed’s option open for another hike in March.
“With investor sentiment quite poor and fixated on the negatives, they’ll likely latch onto the Fed’s focus over global risks,” Mitsushige Akino, an executive officer at Ichiyoshi Asset Management, told Bloomberg News.
“However, rather than a hawkish statement, I think we got one that was market friendly. And that should impact stocks over the longer run.”
Tokyo’s Nikkei index shed 0.7 percent, while Shanghai ended 2.9 percent down, with ongoing worries about the domestic economy continuing to play on investors’ minds.
Mainland Chinese investors seemed unmoved by the central bank’s decision to pump $52 billion into financial markets to ease liquidity problems leading up to the Lunar New Year break. The Shanghai market plunged more than six percent Tuesday despite an injection of $67 billion.
However, Hong Kong jumped 0.8 percent thanks to late buying, Sydney added 0.6 percent and Seoul gained 0.5 percent, while there were also advances in Taipei, Manila, Singapore and Wellington.
Next up is the Bank of Japan’s policy meeting, which concludes Friday. While expectations are that it will not move just yet, its statement will be pored over for an idea about policymakers’ thinking as Japan’s economy stumbles and local stock markets are jostled by the global rout.
On oil markets, both global contracts turned lower with US benchmark West Texas Intermediate down 1.6 percent and Brent 1.5 percent off.
They posted gains Wednesday, even after a report showed US stockpiles surged last week. Analysts said the rally was in reaction to the fact the rise was not as big as expected.
In early European trade London eased 0.2 percent, Frankfurt lost 0.6 percent and Paris dipped 0.4 percent.
– Key figures around 0830 GMT –
Tokyo – Nikkei 225: DOWN 0.7 percent at 17,045.45 (close)
Shanghai – Composite: DOWN 2.9 percent at 2,655.66 (close)
Hong Kong – Hang Seng: UP 0.8 percent at 19,195.83 (close)
London – FTSE 100: DOWN 0.2 percent at 5,976.40
Euro/dollar: DOWN at $1.0877 from $1.0892 Wednesday
Dollar/yen: UP at 118.84 yen from 118.67 yen
New York – Dow: DOWN 1.4 percent at 15,944.46 (close)
Read more here >> Capital Business
News24.co.ke | China flexes its financial muscle as players head east
Inter Milan's Colombian international Fredy Guarin has signed for Shanghai Greenland Shenhua, the Chinese club said, the latest in a stream of European-based players to head east.
Read More here >> News24
Read More here >> News24
News24.co.ke | Warriors avenge Mavericks defeat, march on
Klay Thompson outshone teammate Steph Curry as the Golden State Warriors avenged last month's loss to the Dallas Mavericks with an emphatic 127-107 victory.
Read More here >> News24
Read More here >> News24
>>> Nigerian President Buhari to meet business leaders in Nairobi
Buhari’s visit is likely to play a key role in checking the implementation progress of these agreements and other MOUs signed/FILE
The business forum that will take place at the Intercontinental Hotel is organized by the Kenya National Chamber of Commerce.
In 2013 during former Nigerian President Goodluck Jonathan visit to Kenya seven agreements aimed at boost their bilateral and trade ties were penned.
The agreements covered tourism, trade and investment, oil and gas, visa exemption for diplomatic passport holders, conclusion of agreements on double taxation, agriculture, livestock and fisheries and twinning of cities.
Buhari’s visit is likely to play a key role in checking the implementation progress of these agreements and other MOUs signed.
Buhari had on Wednesday witnessed a memorial for Kenya Defence Forces fallen heroes who were killed by the Al Shabaab militia in Somalia.
Nigerian President Buhari to meet business leaders in Nairobi
Nigerian President Buhari to meet business leaders in Nairobi
Buhari’s visit is likely to play a key role in checking the implementation progress of these agreements and other MOUs signed/FILE
The business forum that will take place at the Intercontinental Hotel is organized by the Kenya National Chamber of Commerce.
In 2013 during former Nigerian President Goodluck Jonathan visit to Kenya seven agreements aimed at boost their bilateral and trade ties were penned.
The agreements covered tourism, trade and investment, oil and gas, visa exemption for diplomatic passport holders, conclusion of agreements on double taxation, agriculture, livestock and fisheries and twinning of cities.
Buhari’s visit is likely to play a key role in checking the implementation progress of these agreements and other MOUs signed.
Buhari had on Wednesday witnessed a memorial for Kenya Defence Forces fallen heroes who were killed by the Al Shabaab militia in Somalia.
Read more here >> Capital Business
Wednesday, January 27, 2016
>>> Regulator says it won’t drop stand on Netflix
Speaking to Capital News, Mutua said the Board was not in a, “popularity contest,” and called on Kenyans not to dismiss them based on other people’s opinions and before giving them, “an honest to God listening.”/file
Speaking to Capital News, Mutua said the Board was not in a, “popularity contest,” and called on Kenyans not to dismiss them based on other people’s opinions and before giving them, “an honest to God listening.”
“Life is not Facebook. We’re not in office to get retweets.”
Mutua said that while they understand that Netflix provides over-the-top content and does not require to apply for a licence to stream in Kenya, it was, “parochial,” to argue that Netflix and other OTT content providers cannot and should not be regulated.
“We are not morons. We know that they are not traditional broadcasters and we don’t have anything against Netflix in particular; Hulu is coming, WhateverTV is coming, are we meant to just throw our hands up in the air and say oh well, the internet is difficult to regulate?”
He said what the Commission is demanding is, “not out of this world,” citing Singapore, Canada, South Africa and the United Kingdom as countries which have demanded that the Netflix show ratings be customised to their specific markets.
“Netflix content is not universal. Go and read. In fact, Canada is more conservative and they’ve rated it even more stricter than we’re trying to do here in Kenya.”
He said the Board’s position was not informed by a, “holier than thou attitude,” but by a practical concern over what impressionable minds would be exposed to.
“How Americans classify their films is not how we do it. It’s like what President Uhuru Kenyatta said about homosexuality when President Obama was around, our views are not the same. And America doesn’t always get it right. Didn’t President Obama shed tears the other day over their gun violence? How do you think that happens? You see your children murder people on their play stations and you think it’s just fun and games. It desensitises them. We are what we consume.”
Former ICT Permanent Secretary Bitange Ndemo has accused the regulator of being unreasonable in its demands and of seeking to stifle innovation, the Communications Authority of Kenya has said Netflix is not subject to Kenyan regulation and ICT Cabinet Secretary Joe Mucheru has cautioned it against interfering with Netflix.
READ: Bid to regulate Internet waste of time, Ndemo says on Netflix
But the film classification board is adamant that its views should not be dismissed so quickly. “Isn’t that the nature of democracy? Isn’t trying to shut us down using Twitter hypocritical? Wasn’t it created to accommodate dissenting views? Not haze someone into adopting the populist view.”
In an effort to be heard, the Board will be advancing its views at a ‘stakeholders forum’ planned for Febuary 9.
Regulator says it won’t drop stand on Netflix
Regulator says it won’t drop stand on Netflix
Speaking to Capital News, Mutua said the Board was not in a, “popularity contest,” and called on Kenyans not to dismiss them based on other people’s opinions and before giving them, “an honest to God listening.”/file
Speaking to Capital News, Mutua said the Board was not in a, “popularity contest,” and called on Kenyans not to dismiss them based on other people’s opinions and before giving them, “an honest to God listening.”
“Life is not Facebook. We’re not in office to get retweets.”
Mutua said that while they understand that Netflix provides over-the-top content and does not require to apply for a licence to stream in Kenya, it was, “parochial,” to argue that Netflix and other OTT content providers cannot and should not be regulated.
“We are not morons. We know that they are not traditional broadcasters and we don’t have anything against Netflix in particular; Hulu is coming, WhateverTV is coming, are we meant to just throw our hands up in the air and say oh well, the internet is difficult to regulate?”
He said what the Commission is demanding is, “not out of this world,” citing Singapore, Canada, South Africa and the United Kingdom as countries which have demanded that the Netflix show ratings be customised to their specific markets.
“Netflix content is not universal. Go and read. In fact, Canada is more conservative and they’ve rated it even more stricter than we’re trying to do here in Kenya.”
He said the Board’s position was not informed by a, “holier than thou attitude,” but by a practical concern over what impressionable minds would be exposed to.
“How Americans classify their films is not how we do it. It’s like what President Uhuru Kenyatta said about homosexuality when President Obama was around, our views are not the same. And America doesn’t always get it right. Didn’t President Obama shed tears the other day over their gun violence? How do you think that happens? You see your children murder people on their play stations and you think it’s just fun and games. It desensitises them. We are what we consume.”
Former ICT Permanent Secretary Bitange Ndemo has accused the regulator of being unreasonable in its demands and of seeking to stifle innovation, the Communications Authority of Kenya has said Netflix is not subject to Kenyan regulation and ICT Cabinet Secretary Joe Mucheru has cautioned it against interfering with Netflix.
READ: Bid to regulate Internet waste of time, Ndemo says on Netflix
But the film classification board is adamant that its views should not be dismissed so quickly. “Isn’t that the nature of democracy? Isn’t trying to shut us down using Twitter hypocritical? Wasn’t it created to accommodate dissenting views? Not haze someone into adopting the populist view.”
In an effort to be heard, the Board will be advancing its views at a ‘stakeholders forum’ planned for Febuary 9.
Read more here >> Capital Business
>>> Dalbit Petroleum gives KNH ward Sh15mn facelift
Dalbit Petroleum Group Managing Director Margaret Mbaka said: “The renovations we are launching today have covered general works in the wards, refurbishments to the washrooms and the staff room, paint works and purchase of office furniture and kitchen equipment and among other items/FILE
Speaking when she handed over the new-look ward, Dalbit Petroleum Group Managing Director Margaret Mbaka said: “The renovations we are launching today have covered general works in the wards, refurbishments to the washrooms and the staff room, paint works and purchase of office furniture and kitchen equipment and among other items.
In the first phase of the project in 2013 Dalbit Petroleum had done extensive electrical works and donated beds, mattresses and procedure room equipment.
“At Dalbit Petroleum, giving back to the community is not something we do as a favor, but rather as a duty to the society,” said Mbaka.
Kenyatta National Hospital CEO Lily Koros urged other corporate organizations to join the adopt-a-ward initiative to supplement the hospital’s limited resources.
“This gesture by Dalbit Petroleum has changed the look and capacity of this ward,” she noted.
On her part Mbaka committed that the oil marketer’s partnership with Kenyatta National Hospital would be renewed and replicated across the countries the company operates.
“We continue to invest within the communities we operate in as we support key projects in Health, Education and Road Safety sectors.”
Apart from the financial support from Dalbit Petroleum, the oil marketer’s staff have spent time with the children admitted to the referral hospital as part of the firm’s initiative to involve its staff in its CSR initiatives, added Mbaka.
Dalbit Petroleum is a regional oil marketer operating in the Great Lakes and Southern Africa regions that began operations in Kenya in 2002.
The company engages in the procurement, trading and management of petroleum products within the Great Lakes and Southern Africa regions through partnerships.
Dalbit Petroleum gives KNH ward Sh15mn facelift
Dalbit Petroleum gives KNH ward Sh15mn facelift
Dalbit Petroleum Group Managing Director Margaret Mbaka said: “The renovations we are launching today have covered general works in the wards, refurbishments to the washrooms and the staff room, paint works and purchase of office furniture and kitchen equipment and among other items/FILE
Speaking when she handed over the new-look ward, Dalbit Petroleum Group Managing Director Margaret Mbaka said: “The renovations we are launching today have covered general works in the wards, refurbishments to the washrooms and the staff room, paint works and purchase of office furniture and kitchen equipment and among other items.
In the first phase of the project in 2013 Dalbit Petroleum had done extensive electrical works and donated beds, mattresses and procedure room equipment.
“At Dalbit Petroleum, giving back to the community is not something we do as a favor, but rather as a duty to the society,” said Mbaka.
Kenyatta National Hospital CEO Lily Koros urged other corporate organizations to join the adopt-a-ward initiative to supplement the hospital’s limited resources.
“This gesture by Dalbit Petroleum has changed the look and capacity of this ward,” she noted.
On her part Mbaka committed that the oil marketer’s partnership with Kenyatta National Hospital would be renewed and replicated across the countries the company operates.
“We continue to invest within the communities we operate in as we support key projects in Health, Education and Road Safety sectors.”
Apart from the financial support from Dalbit Petroleum, the oil marketer’s staff have spent time with the children admitted to the referral hospital as part of the firm’s initiative to involve its staff in its CSR initiatives, added Mbaka.
Dalbit Petroleum is a regional oil marketer operating in the Great Lakes and Southern Africa regions that began operations in Kenya in 2002.
The company engages in the procurement, trading and management of petroleum products within the Great Lakes and Southern Africa regions through partnerships.
Read more here >> Capital Business
News24.co.ke | De Bruyne sends City to Cup final
Kevin De Bruyne met with controversy, glory and injury as Manchester City defeated Everton to set up a League Cup final showdown with Liverpool.
Read More here >> News24
Read More here >> News24
News24.co.ke | Newcastle sign England winger
England winger Andros Townsend has completed a move from Tottenham Hotspur to fellow EPL outfit Newcastle.
Read More here >> News24
Read More here >> News24
>>> Centum’s Two Rivers gets Vision 2030 flagship project status
MoU signing ceremony attended by Centum CEO James Mworia, Dr. Chris Kirubi Centum Board Chair and Vision 2030 Acting Director General Prof. Gituro Wainaina
Nairobi, Kenya, Jan 27- Two Rivers development, a project of Centum Investments has been given the vision 2030 flagship project status. The project, which is touted to be the biggest shopping and lifestyle development in East and Central Africa, is located within a 102 acres piece of land in Nairobi’s diplomatic blue zone, Limuru road.
Two Rivers has been given the Vision 2030 flagship status partly due its sustainable approach to resource usage setting a new precedence in the region.
Speaking during a MoU signing ceremony attended by Vision 2030 Acting Director General Prof. Gituro Wainaina, Centum CEO James Mworia and Dr. Chris Kirubi Centum, Mworia said Two Rivers represents a new level of real estate in the region.
“We are going to change how retail, wholesale, real estate and mall business is done in the region,” said Mworia.
Two rivers mall by itself has planned a 2MW solar power production making it the largest rooftop concentration of solar panels in Africa.
“More than 80 percent of gray water will be recycled and treated to World Health Organization standards,” added Mworia.
Centum estimates 10,000 people will be employed at Two Rivers when it is complete, boosting the local economy.
As part of the promise to the economy of Kenya, the development is currently doing a technical skills transfer. This will ensure that Kenyans who are employed in the development of the mall will retain skills that are going to be key in ensuring that Vision 2030 is achieved.
“Through Vision 2030 we are spearheading the transformation of Kenya into a newly industrializing, middle-income country providing a high quality of life to all its citizens and a clean and secure environment. Projects like Two Rivers are crucial steps in attaining our goals and we are pleased to collaborate in this venture,” Prof. Gituro Wainaina said. ,
The development seeks to be socially responsible. Up to that end, it has collaborated with Nairobi City County to rebuild Old Mathari Primary School.
“Two Rivers is nearing completion of the new school which is situated in Mathari. The school is scheduled to get more than 32 new classrooms, a dining hall, social hall, a library and a fully stocked computer lab,” explained Mworia.
The development will also integrate services such as waste management with Ruaka, Runda and Rosslyn and also provide a police post, emergency services, a fire brigade and healthcare facilities.
By 2020, the first phase of the Two Rivers Project, set on 55 acres, is expected to be complete. The first phase will contain the biggest retail, commercial and lifestyle centre in East and Central Africa. In addition, it will possess 3 and 5-star hotels, luxury apartments, office parks and world-class infrastructure.
The mall will have 66,000m2 of retail space and 22,000m2 of office space, making it the largest multi-purpose centre in Africa outside South Africa. The mall is scheduled to be opened in March 2016.
“This project proves that we have the capacity to tackle our own challenges such as unemployment and rapid urbanization. We all have an opportunity to be part of something great,” said Chris Kirubi, Two Rivers Board Chairman.
Infrastructure will include a 46MVA modular substation, a 1.3 MVA solar park, state of the art water treatment and roads. The development has also invested USD 10 million in smart city ICT infrastructure.
Centum’s Two Rivers gets Vision 2030 flagship project status
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