Author: Nairobi Business Monthly Reporter

The competition provides young bankers across Africa with a platform to demonstrate their skills and knowledge through simulations that imitate real-life situations. Family Bank has been awarded as the best-performing young banker in Africa at the 2023 Battle of the Banks Africa competition, a simulated game by ICAP Training Solutions, in collaboration with the global Capital Markets Professional Services firm, Andile. The lender also received special awards for the “most aggressive bank”, “best risk managed bank” and “best team presentations”. “We are honoured to receive this award because it reflects our commitment towards investing in the personal growth, skills development,…

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BCA, a leadership enhancement organization, in partnership with the Kenya Private Sector Alliance and Strathmore School of Business will host the 2024 edition of the Made in Africa Leadership Conference (MLC). Themed “Making Africa Work for Africans: Bold Actions for Bold Results”, the conference, scheduled for June 12 and 13, 2024 in Nairobi, is expected to ignite discussions and inspire action towards cultivating exemplary leadership across the African continent. It also promises to transform gathering of thought leaders, innovators, and change-makers from diverse sectors. Speaking at the press launch at Strathmore University, Dr Modupe Taylor-Pearce, chief executive officer and co-founder…

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The automaker launches a test car that runs on hydrogen fuel cell in South Africa as it seeks to produce a mass-market model in 2030. By Seth Onyango BMW has claimed its place as the breakout star in Africa’s race for commercial hydrogen mobility with the unveiling of a hydrogen fuel cell vehicle in South Africa. Other automakers, including some of the world’s biggest truckmakers, such as Daimler AG’s unit Daimler Truck, Volvo Trucks and Hyundai are also expected to venture into the hydrogen chain, with fuel cells and increasingly attractive opportunity. Japanese carmaker Toyota has already stolen a march…

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Kenya Electricity Generating Company (KenGen) has reported 8.4% increase in net revenue, reaching Sh24.7 billion for the six months ending December 31, 2023, as heavy rainfall ensured an increase in water levels enabling favorable hydrology and heightened plant efficiency. Its profit after tax declined by 9.2% from Shh.3.3 billion in the corresponding period of 2022 to Sh2.9 billion in 2023. “The operational environment for the aforementioned period was characterized by heavy rainfall that led to an increase in water levels within our hydro dams thus boosting hydro-generation by a remarkable 7%. This substantial boost in hydro-generation played a key role…

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South Korean brand LG, Germany’s Bosch and Japanese company Sony have begun closing stores in Russia, Kommersant business daily reported. As LG technical support told Kommersant, the brand’s stores were closed because of “supply chain problems.” In total, according to the LG website, the company had four stores in Moscow. In March, Grundig (owned by Turkish company Arcelik) will open to replace LG. A Sony support operator cited a similar reason for the closure of stores in the Afimall City shopping center in Moscow. The brand’s three retail outlets in Moscow will remain open until the summer to unload the…

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Safaricom Investment Co-operative (SIC) shareholders approved a Sh142.4 million rebate payout during the 15th Annual General Meeting. This comes after the cooperative reported a Sh203.4 million in net profit for the year that ended December 31, 2023 against Sh266 million reported in the same period under review in 2022. The net profit represents 8.1 per cent return on its capital of Sh2.5 billion. The total revenue from land and housing for the co-operative over the period stood at Sh1.5 billion, a decline from Sh1.8 billion recorded in 2022. Land business continues to be the co-operative’s biggest contributor to total revenue…

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The move reflects the hospital’s dedication to bringing healthcare services closer to the communities it serves. Aga Khan University Hospital has unveiled its home care service in a move aimed at enhancing access to quality healthcare. The hospital initially introduced the services in 2022 as a pilot program, focusing primarily on oncology patients undergoing chemotherapy treatment and palliative care, but the positive outcomes observed during the trial phase have paved the way for a full-scale implementation. During the launch ceremony, CEO Rashid Khalani emphasized the innovative nature of the new service, highlighting its ability to provide flexibility for patients and…

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The 2023 Sports Personality of the Year Awards (SOYA) celebrations scheduled for March 1, has received a Sh6 million to host this year’s gala at the Kenyatta International Convention Centre (KICC). Dubbed “Celebrating Sporting Excellence,” this year’s SOYA celebration, which marks 20 years since distance runner Paul Tergat conceived the idea of paying homage and recognizing the country’s top performing sports personalities across all disciplines, has 11 categories and resonates with the milestones the country’s sportsmen and women have achieved over the decades. “In this edition of the SOYA awards, we are marking a major milestone of recognizing, honoring and…

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The Nairobi Securities Exchange (NSE) has appointed Frank Mwiti as its new CEO effective May 2, 2024, to replace Geoffrey Odundo whose term will end on March 1, 2024. In a statement issued on Tuesday, February 20, the NSE recognised the dedication and outstanding performance of Mr Odundo for the nine years he served as the chief executive. “Through his pioneering vision, he has transformed the NSE into a world-class exchange anchored on a wide variety of globally accepted investment products and cutting-edge technology, including the Real Estate Investment Trusts (REITs), Exchange Traded Funds (ETFs), Derivatives Market, Green Bonds, the…

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After days of gaining value against the US dollar, experts warn that the Kenyan shilling may continue to experience a decline, pushing up the cost of basic goods and services. A document prepared by the Parliamentary Budget Office (PBO) and published on Monday February 19, 2024, shows that local currency is likely to continue depreciating against the US dollar for much of 2024. This depreciation in the value of the shilling, PBO points out, is likely to be informed by factors such as the ripple effect of high US interest rates, geopolitical tensions and the rising cost of imports, which…

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