Savannah Cement targets roads

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savannah Cement plant. PHOTO | FILE  NATION MEDIA GROUP

In Summary

• The product will be used in place of other cement and lime varieties.
• The product has received Kenya Bureau of Standards certification and is being tested by the Transport ministry.

By NATION REPORTER
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Savannah Cement is targeting the road construction sector, as it brings to the market a specially developed product.

Jamii Bora to finance electricity connection

Kenya Power personnel replace a transformer in Mombasa. PHOTO | FILE  NATION MEDIA GROUP

In Summary

• Through the deal, Kenya Power hopes to increase the number of new connections
• Kenya Power did not disclose the number of new customers targeted under this arrangement.

By IMMACULATE KARAMBU
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Kenya Power and Jamii Bora Bank have signed an agreement that will see new applicants financed to get connected to electricity.

Lenders reduce mortgage rates

HassConsult’s Farhana Hassanali-Hashmani (right) and Sakina Hassanali speaking at the Hilton Hotel, Nairobi, during the launch of the Hass Index and Mortgage report for the second quarter of 2014. PHOTO | JEFF ANGOTE  NATION MEDIA GROUP

In Summary

• StanChart announced a promotional rate of 10.9 per cent from 13.9 per cent a day after the setting of the Kenya Bankers’ Reference Rate at 9.13 per cent earlier this month. KCB’s rate, on the other hand, stands at 12.9 per cent down from 14.5 per cent a month earlier.
• I&M, Chase and Consolidated banks’ rates declined by one per cent each three months earlier to stand at 15.5 per cent, 17 per cent and 18 per cent, respectively. The highest is 18 per cent.

By JOSHUA MASINDE
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At least five banks have cut their mortgage lending rates over the past three months, signalling mounting pressure for lower charges.

Boeing says 533,000 new pilots needed in next 20 years

A Kenya Airways Boeing 777-300ER at the Jomo Kenyatta International Airport. US planemaker Boeing said about 533,000 new commercial pilots would be needed worldwide in the next two decades to cater to a growing global fleet. FILE PHOTO | DIANA NGILA | NATION 

In Summary

• "Overall, the global demand is driven by steadily increasing airplane deliveries, particularly wide-body airplanes, and represents a global requirement for about 27,000 new pilots and 29,000 new technicians annually," it added.

By AFP
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US planemaker Boeing said about 533,000 new commercial pilots would be needed worldwide in the next two decades to cater to a growing global fleet.

KCB posts Sh8 billion half-year profit

Kenya Commercial Bank Chief Executive Officer Joshua Oigara (left) and group Chairman Ngeny Biwott at a past event. PHOTO | SALATON NJAU | NATION 

In Summary

• Earnings from fees and commissions grew to Sh5.67 billion up from Sh5.04billion in June 2013
• The performance underlines KCB continued dominance among Kenyan lenders after its main rival Equity Bank posted a 21 per cent profit after tax

By RAMENYA GIBENDI
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Kenya Commercial Bank has posted a 14 per cent after-tax profit for the half year ending June 2014, riding on increased lending activities and growth in non-funded income.

Kenya Planters Co-operative Union directors ‘stage coup’

The entrance to the Kenya Planters’ Co-operative Union premises in Nairobi. PHOTO | FILE  NATION MEDIA GROUP

In Summary

• The move could effectively end KPCU tenure as a cooperative, removing it from the supervision of the Commissioner of Cooperatives and effectively from the Ministry of Industrialisation.
• The turn of events is a culmination of a dispute over elections called by the ministry which they said is threatening to scuttle the revival of the union that recently emerged out of receivership.

By MWANIKI WAHOME
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Kenya Planters Co-operative Union directors yesterday staged a coup against the Ministry of Industrialisation and Enterprise Development ahead of elections it has called for Thursday.

Obama cites Kenya’s Luo culture in talk on polygamy

US President Barack Obama speaking during the Fellowship for the Young African Leaders Initiative (YALI) in Washington, DC on July 28, 2014. He referred to polygamy in traditional Luo culture and said while the practice might have made sense years back, it may not be useful in contemporary society. AFP PHOTO | MANDEL NGAN 

In Summary

• Mr Obama said taking more than one wife might have made sense in a particular setting.
• He, however, said that what worked then might not work today.
• He reiterated his commitment to fight for human rights.
• Obama said problems of the colonial era should not be an excuse for Africa's underdevelopment.

By KEVIN J. KELLEY
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Washington DC

President Barack Obama on Monday cited the example of Kenya's Luo community in criticising the contemporary practice of polygamy.