Barclays to pay Sh102 billion to split from African business

Barclays PLC of London has agreed to pay Barclays Africa nearly $988 million (about Sh102.34 billion) to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50 per cent. The lender controls shares in 12 countries in Africa, including 68.5 per cent of Barclays Bank of Kenya. The agreement requires approval from the South African Central Bank and the Finance minister, Pravin Gordhan. For Barclays Africa, Africa's third largest bank by market value, the split allows it to manage its own business on the continent. The South African bank said diluted headline EPS came in at 17.69 rand in the year to end December.

February 23, 2017 22:30 UTC

Who's holding nusu mkate now

One is aligned to President Uhuru Kenyatta and the other Deputy President William Ruto. The President and Deputy President have tried their best to camouflage the seething anger beneath the veneer of ‘Tuko Pamoja’. The only thing salvaging the situation is the fear on Ruto’s camp to be compared or nicknamed the 'Nusu Mkate Government II'. The lone wolves are throwing tantrums over a meeting between the head of state and his mentor retired President Moi. Others in the meeting were Baringo Senator Gideon Moi and his West Pokot counterpart John Lonyangapuo.

February 23, 2017 21:52 UTC

Stockbrokers feel rate cap law heat, says CMA

Stockbrokers and fund managers have been the hardest hit by the turbulence in the banking industry that has seen investors flee the Nairobi Securities Exchange, the Capital Markets Authority said yesterday. “The year was tough for market intermediaries’ especially stock brokers and investment banks taking into consideration the declining share prices of the top movers and the fixing of bank interest rate that affected the share prices of banks,” the regulator says. This was after the value of the banking sector dipped to 28.93 per cent of the total NSE value last year from 47.96 per cent the year before. “Analysis of the effect of the caps indicate a negative effect so far on the secondary equities market. The erosion is still being witnessed with the current bear run in the market,” the CMA says.

February 23, 2017 21:51 UTC

City Hall ban on mother tongue is unlawful

Among the things City Hall has banned is addressing rallies in mother tongue. Your first language is the language you were exposed to within the critical formative period of childhood. What City Hall has ordered is an infringement on free speech and thoroughly misguided. A first language is a language that a person has been exposed to within the critical formative period of childhood. This is a good bylaw and within City Hall’s jurisdiction.

February 23, 2017 21:51 UTC

Anti-graft czar vows to have corrupt CEOs put behind bars

Wabukala said the anti-graft agency will build strong cases against chief executives involved in corruption in collusion with state officers under the Bribery Act 2016. The EACC will put in place preventive measures, but those who go beyond will be arrested and put behind bars to protect Kenya [from corruption],” Wabukala said. He was speaking in Nairobi during a forum on the Bribery Act organised by the Kenya Association of Manufacturers. We have created very good laws in this country but enforcement has always been a problem,” Nyaoga, who drafted the bill for the private sector, said. “Once we have inefficiencies, you create loopholes and put the private sector at a very awkward position,” Wakiaga said.

February 23, 2017 21:51 UTC

Why Nasa will win state power

The so-called swing-vote counties of Trans Nzoia, Turkana, West Pokot, Samburu, Narok and Kajiado have a total of 1,526,121 registered voters. Counties in the former Northeastern province, Garissa, Mandera and Wajir have 480,754 registered voters while Nairobi has 2,286,335. Politics aside, Kenya needs change. Kenyans want a government that will make them think and hope and not a government that is all about those in power and not those who took them to power. Today, it has 1,373,594 registered voters.

February 23, 2017 21:51 UTC

Ouko honored for doing good job

Recently, Kenyans woke up to billboards carrying a picture of Auditor General Edward Ouko captioned: Anatomy of Corruption. The ensuing publication is a thorough hit-job on Ouko, whose public standing remains solid and his reputation golden. Big Issue is a copy cat approach emulated from the Big Issue of London, on whose website a KQ advert currently runs. Parliament must know that it cannot go on a wild goose chase, seeking to find something, anything, where there is nothing. If parliament cannot be persuaded to be upright and do the right thing, then let it find the courage and the temerity to disband the offices of the Auditor General and DPP immediately.

February 23, 2017 21:51 UTC

Tech successes take backseat in iPhone launch

When Apple Inc launches its much-anticipated 10th anniversary iPhone this fall, it will offer an unwitting lesson in how much the smartphone industry it pioneered has matured. The new iPhone is expected to include new features such as high-resolution displays, wireless charging and 3-D sensors. Still, the development and roll-out of the anniversary iPhone suggest Apple’s product strategy is driven less by technological innovation than by consumer upgrade cycles and Apple’s own business and marketing needs. Some of the anticipated new technologies, notably wireless charging, remain messy. But there are still at least five different groups working on wireless charging technology within Apple, according to a person with knowledge of the matter.

February 23, 2017 21:51 UTC

Report on doctors to remain confidential as court allows talks for seven more days

The Law Society of Kenya yesterday urged the Court of Appeal to make confidential a progress report on negotiations seeking to end the doctor’s strike that enters Day 81 today. The report on negotiations, which was filed in court, had to be retracted to avoid it being accessed by the public. Obura pleaded for seven more days to allow them reach an amicable solution. Council of Governors lawyer Eunice Lumalla said the requested seven days is too long. The judges also said that to avoid leakages, the report filed in court be handed back to the lawyers.

February 23, 2017 21:38 UTC

Police yet to establish identities of four men left dead in Kabete car

Police in Kabete by last evening were yet to establish the identities of four men killed and their bodies left in a vehicle in King’eero on Wednesday night. Last evening, the owner of the vehicle presented himself at the Kikuyu police station and reported that his car had been stolen. He said the vehicle was stolen from a parking yard in Kikuyu town on Wednesday night. This indicates the vehicle was possibly driven to the scene after the men had been killed. Ongaya, who spoke to the Star on the phone, said investigators suspect the men were killed elsewhere and brought to Gitaru at the Kikuyu town junction on the Nairobi-Nakuru highway.

February 23, 2017 21:38 UTC

Why Rift Valley is in Jubilee Party to stay

Kanu had no option but to support Uhuru and Deputy President William Ruto because they are popular in the Rift Valley region. Despite the support, Kanu will not win seats against Jubilee in Rift Valley and the party should make up its mind to fully back Jubilee candidates. Rift Valley is a Jubilee stronghold and although we need support from all Kenyans, Kanu should have decided to back Jubilee fully. Kanu aspirants will thus not give JP a headache, especially in the Rift Valley. Jubilee is the party to belong to and the party to beat at the August 8 poll, because, as a party, our record speaks for itself.

February 23, 2017 21:38 UTC

‘Someone’ advising medics to stall CBA talks – CS Rotich

Doctors' officials have been taking instructions from "somewhere" to reject pay hikes offered by the government, Treasury CS Henry Rotich said yesterday. He maintained Kenyans recognised the importance of the Salaries and Remuneration Commission to harmonise earnings of public servants and doctors’ salaries cannot be reviewed outside SRC’s constitutional mandate. The Court of Appeal yesterday extended for seven days the ongoing negotiations between the medics and various government institutions. “There is no way any government in the world can spend all its revenue to pay wages for its public servants,” Rotich said. The new salary structure for public servants will be implemented in four years once SRC completes the job evaluation in July, Rotich said.

February 23, 2017 21:38 UTC

Baringo clashes allow rivals to settle political scores – Raila

Opposition chief Raila Odinga yesterday termed the killing of a Baringo parliamentary aspirant and MCA a political assassination. Loyamorok MCA Kibet Cheretei and Tiaty parliamentary aspirant Pepee Kitambaa were shot dead in Baringo on Saturday. Raila yesterday said the killings were politically motivated because the two were the strongest aspirants. “President Uhuru [Kenyatta] has failed in everything, including providing security to all Kenyans, which has seen some people take advantage to settle political scores,” said the Cord leader. We want power back to citizens so that we can serve them better,” Raila said.

February 23, 2017 21:38 UTC

Sh100m to tackle fall army worm in case of outbreak

The government has set aside Sh100 million to tame the fall army worm, whose outbreak has been confirmed in Uganda. Agriculture PS Richard Lesiyampe said yesterday the government has deployed surveillance teams along the Kenya-Uganda border to monitor any possibility of the worm’s presence. “We are aware of the emergence of the army worm in Uganda, which was reported last month. The army worm was first spotted in Africa last year across pockets of West Africa, before extensively invading fields in Southern Africa. The worm is native to the tropical regions of Western Hemisphere from the Unites States to Central America and in the Caribbean to Brazil.

February 23, 2017 21:38 UTC

Kenyatta promises Gideon Moi Cabinet slots

Kanu chairman Gideon Moi has struck a deal with President Uhuru Kenyatta who will appoint him to the Cabinet if Kenyatta wins reelection. According another source, apart from Cabinet slots, Kanu will also get a number of lucrative parastatal appointments and plum diplomatic slots. The former ruling party Kanu yesterday officially threw its weight behind President Kenyatta's reelection, just a day after the opposition announced a unity coalition. Gideon Moi chaired the meeting that out voted Salat who wanted the party to work with the opposition coalition NASA. On January 21 Mama Ngina met Moi and that meeting was followed by one between Kenyatta, Moi and Gideon on February 16th at his Cabernet Gardens home in Nairobi.

February 23, 2017 21:38 UTC

Trending Today