By Perminus Wainaina This year has been tough on businesses. Just when companies were about to recover from the effects of COVID, the economy slowed down. It is time to make tough decisions to continue thriving, and this is by managing staff costs. To avoid making mistakes, here are some of the things a company can do to manage staff costs. Review your staffing levels and pay Look at your current workforce and assess whether you have the correct number of employees to meet your business needs. If you have more than you need, consider reducing your workforce. In…
Author: NBM CORRESPONDENT
Listed flour miller and animal feed company, Unga Group Limited has welcomed the cabinet approval to operationalise the recently promulgated Strategic Food Reserve Regulations, 2023, terming it as a step in the right direction. The firm’s managing director, Joseph Choge said the regulations will provide a strategic avenue to enhance national food security ideals while strengthening the local food commodity market. The Operationalisation of the National Cereals and Produce Board (NCPB) – National Strategic Reserve – Regulations, 2023, with a base stock greater than 90,000 metric tons, or three months’ national food requirement of scheduled agricultural produce, Choge said, will help…
Maisha Membership will eliminate the need for third-party intermediaries, allowing customers to access the services directly when in need Pan African Bank Ecobank Kenya Limited has partnered with AMREF Flying Doctors to offer Maisha Membership, an air and ground ambulance scheme to the lender’s clientele. Under the partnership, Maisha membership will provide the bank’s customers with access to fast, affordable, and quality air and ground evacuation services in the event of a medical emergency in East Africa. Members of AMREF Flying Doctors’ Maisha plan including customers will have access to unlimited evacuation flights per year for medical emergencies, unlimited ground…
The broadcaster plans to invest approximately Sh148 million in the first season, with a 10% annual increment Tanzanian pay tv station Azam TV has inked a deal with the Football Kenya Federation (FKF) handing it exclusive pay TV rights for the 2023/24 FKF Premier League (FKF-PL) season. The station’s chief operations officer Yahya Mohammed, said the company will air four matches in every round on its “pay TV and digital” platforms. “Through this partnership, we are not just broadcasting matches, we are sharing stories of dedication and belief in Kenyan football,” Mohammed said. FKF President, Nick Mwendwa on his part, expressed gratitude…
BY SILAS APOLLO Over 2000 young people are set to benefit from technical and vocational training in construction through a Sh60 million investment by the Family Bank’s arm, the Family Group Foundation. The training, done jointly with the USAID Tumikia Mtoto Programme and the World Vision Kenya, seeks to empower young and vulnerable women by providing them with skills in areas such as electrical, paintwork and plumbing works. The goal is to help strengthen the health and human capacity of the trainees and address barriers caused by health related challenges such as HIV-Aids and provide them with a means of…
Policymakers must engage financial services industry players to design more accommodative policies that will enable the industry to effectively meet the needs of the people By Ade Ayeyemi An analysis of sub-Saharan Africa’s (SSA) challenging economic situation by Foresight Africa 2023 report confirms the following: There is no silver bullet for recovery; it is a long road ahead. But the good news is that we have walked this path before and know the way. In these tough economic times, promptness and clarity of decisions will shorten the road to recovery and build confidence, which is essential. Economic problems do not…
Listed company, Kakuzi, has posted a Sh 171. 1 million half-year pretax profit on the back of a difficult trading period due to the prevailing macadamia global glut. The firm, which recently adopted a new corporate brand identity, enjoyed a more than double profit lift against its avocado export business, which posted a Sh 654.8 million growth, up from Sh288.6 million posted last year. Speaking when he confirmed the half-year results, Kakuzi PLC managing director Mr Chris Flowers said the firm’s bottom line had been impacted by a Sh329 million sectoral loss from its macadamia business. To mitigate further losses in the macadamia business,…
A Parliamentary committee has been informed that a foreign company, Worldcoin started collecting personal data of Kenyans in May 2021 BY SILAS APOLLO The National Assembly departmental committee on communication, information and innovation chaired by Dagoretti South MP John Kiarie learnt of the matter during a meeting it had convened with Data Protection Commissioner Immaculate Kassait, to discuss the activities of the company. “Is the office of the Data Protection Commissioner aware of when Worldcoin started collecting data from the citizens and the purpose of the information so gathered? On what legal framework is the company operating under, who authorized the…
The lender has registered a funding growth of 23% in the first six months of 2023, pushing its assets to about Sh1.645 trillion By Silas Apollo Equity Bank group, in its 2023 half year results, says that most of its business operations showed resilience, despite a tough operating global macro environment characterized by growing inflation and interest rates, volatile exchange rates and devaluation of currencies of emerging economies. The growth, the bank adds, was largely driven by a 21% growth in customer deposits and 29% growth in shareholders’ funds, both resulting from a recovery of mark-to-market losses on Eurobonds. Equally,…
The regulatory approval solidifies the company’s position as a reliable pension provider Kenya Orient Life Assurance has received approval from the Retirement Benefits Authority (RBA) to manage National Social Security Fund’s (NSSF) tier II contributions through its individual pension plan and umbrella pension scheme. This comes following the amendment of the NSSF Act No. 45 of 2013 where tier I contributions from both the employee and the employer capped at Sh720 go to NSSF while the rest of the contributions above Sh720 up to a maximum of Sh1,440 categorised as tier II are now being managed by authorized private schemes. “This milestone marks a significant step towards our continued commitment to providing…