Posts tagged as: business

South Africa:Parliament’s Eskom Inquiry – Molefe Pension – Instructions From Above Accepted Without Question, Rules or No Rules

analysis

Former Eskom Chief Executive Brian Molefe “retired” with a pension of around R95,000 a month, and approximately R7.9-million cash, on the back of a letter by then board chairperson Ben Ngubane. That’s because Eskom bought its chief executive another 13 years of theoretical service – Molefe had worked at Eskom for 16 months – and paid the penalties normally applicable. What emerged before Parliament’s Eskom inquiry on Friday highlighted the manipulation of rules of the power utility’s pension fund whose managers simply crunched the numbers following Ngubane’s instruction. But questions emerged as to whether Molefe ever was entitled to an Eskom pension in the first place. By MARIANNE MERTEN.

Brian Molefe, former Eskom chief executive and ex-ANC MP, has been at the centre of controversy for several reasons – from reported links to the Gupta family to his short-lived return to the power utility amid a furore over a multimillion pension benefit that was cut short after the intervention of a Cabinet inter-ministerial committee.

On 11 November 2016 Molefe said in a public statement that “in the interests of good corporate governance, (he) decided to leave my employ at Eskom from 1 January 2017”. The announcement came shortly after the…

South Africa

ANC Presidential Hopeful Dlamini-Zuma Denies Gupta Business Links

African National Congress MP and presidential candidate Nkosazana Dlamini-Zuma has denied media reports linking her to… Read more »

South Africa:Treatment Waiting Times Continue to Surge As KZN Cancer Services Fail

Watch how waiting times for life-saving cancer treatment has grown as KwaZulu-Natal’s cancer services crumble. As the crisis grows, patients wait longer and longer for treatment. This information comes from the SAHRC’s report but Democratic Alliance spokesperson for health in KwaZulu-Natal Imran Keeka says he doubts the veracity of the information. Keeka alleges the data does not reflect patient backlogs at Inkosi Albert Luthuli Central Hospital fuelled by a breakdown of treatment machines at Addington Hospital.

KwaZulu-Natal cancer patients are now waiting nine months for treatment, alleges Democratic Alliance spokesperson for health in KwaZulu-Natal Imran Keeka.

In a statement, Keeka said South African Human Rights Commission (SAHRC) chairperson Bongani Majola revealed this new information during a recent provincial health portfolio committee meeting. Previously, the average waiting time for treatment was seven months.

The news comes almost four months after the SAHRC released a scathing report detailing the collapse of cancer services in the province. The document accused the KwaZulu-Natal health department and its MEC, Sibongiseni Dhlomo, of failing patients.

After more than a year of investigation, SAHRC revealed that the province lost one oncologist each month over a five-month period. From October to December 2016, a breakdown in cancer treatment machines forced Durban’s Addington Hospital to refer its patients to the nearby Inkosi Albert Luthuli Central Hospital for treatment.

Durban lost its last public sector specialist in June, leaving only two such professionals in the province at Grey’s Hospital in Pietermaritzburg.

As of August, health minister Aaron Motsoaledi had launched a two-week plan to resuscitate cancer services, taking over some of the province’s procurement and human resources functions, said national health department spokesperson Joe Maila.

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South Africa

ANC Presidential Hopeful Dlamini-Zuma Denies Gupta Business Links

African National Congress MP and presidential candidate Nkosazana Dlamini-Zuma has denied media reports linking her to… Read more »

Nigeria:Emirates Opens China Routes for Business Travellers, Tourists

By Wole Oyebade

Emirates airline has open flight operations to China, with multiple destinations beyond Beijing and Guangzhou.

The airline, at a media parley in Lagos, said the route and Asia as a whole has become very strategic for African travellers and global aviation for Emirates to ignore.

Emirates’ Regional Manager, West Africa, Afzal Parambil, said China that used to be solely business destination has now added tourism, to become second most patronised destination for African travellers.

Parambil said: “China is very popular for visitors from across the world, including Nigeria, not just for leisure travellers, but also for business and trade. Our network in Asia including China is extensive. We fly to over 20 destinations in 13 countries, some of which include Beijing, Shanghai, Guangzhou, Yinchuan, Zhengzhou, Seoul, Tokyo, Taipei, Kuala Lumpur, Singapore, Hong Kong, and many others.”

He added that many of the cities are major business and trade hubs and are also served by multiple Emirates’ flights a day, ensuring its customers have more choice and convenience when planning their travel.

“Many of our Asian destinations are served by Emirates’ iconic A380 double deck aircraft, which is very popular amongst our customers. Destinations to which we fly the A380 include again Beijing, Shanghai, Guangzhou, Taipei and Hong Kong, as well as Bangkok, Singapore, Seoul and Kuala Lumpur.

“As Emirates we’re able to offer Nigerians real global connectivity with just one convenient stop at our modern hub Dubai. Part of my role is to ensure that Emirates is the airline of choice for Nigerian travellers and that we offer the best possible experience in the air and on the ground,” he said.

Travellers stand to enjoy unique offers on the Asian network, especially on China route, offering Nigerians real global connectivity with just one convenient stop at our modern hub Dubai.

Parambil said: “We offer over 2,400 channels on board our aircraft to all our destinations and that includes movies, live news channels, sports and for kids we have enough entertainment to keep them busy so when you travel with the family you don’t need to worry about your kids. In fact, for the kids on the flight, you will have to pull them out when they are playing a game or watching a cartoon.

“Our baggage policy is also very attractive. We offer two pieces of luggage now. In the past, we used to give 30kg for Economy Class, 40kg for Business Class and 50kg for First Class. So, we relaunched it having looked at the requirement of the market.

“We relaunched it by two pieces so economy passengers can carry two baggage 23kg each making 46kg; while Business Class also has two pieces of 32kg each making it 64kg and this has helped travellers to Guangzhou because they don’t travel and come back empty-handed.”

The airline operates with the iconic A380 to most of its route in Asia, adding that it operates to 20 destinations and 13 countries in the continent.

Thirsty Socialite Huddah Drools Over Vanessa Mdee’s Ex

By Thomas Matiko

They say one man’s WCW is another man’s TBT. This is why Kenyan socialite Huddah Monroe has confessed to having a huge crush on bongo flava songbird Vanessa Mdee’s ex-boyfriend, Juma Jux.

The socialite said she would love to date Jux, also a bongo star in his own right, if an opportunity presented itself.

In fact, she once texted him on his Instagram via DM (Direct message).

Recently, Huddah was in Tanzania for her business escapades where she made the revelation while speaking to an Entertainment TV programme Nivrana on EATV.

While answering a question from the host Deogratius Kithama on what kind of a man he would love to date, the petite sexy lass said, Jux and went on to elaborate why.

STYLE AND FASHION

According to Huddah, Jux’s sense of style and fashion blows her off and is not compared to most men as it is unique.

“… Sijawahi kumtumia mwanamume message like ‘hey’, ila siku moja nilikuwa na scroll kwenye Internet nikamtumia message ‘Your style is on another level’. Anything he wears just looks good. Na mimi napenda watu wasio na style ya kawaida, I like someone who tries, usivae kama society inavyotaka kukuona that’s what makes you unique. His style is dope,” drooled Huddah.

She went on to say that he has a nice body accompanied by good looks hence she would not mind dating him as they are both single currently.

“Aaah, nafikiri ni mwanaume ambaye naweza kuwa naye kwenye mahusiano. Si he is free? Yupo single? Hata mimi nitapatikana… ” she said.

Jux, who has been ranked as the most stylish and fashionable artiste in Tanzania, was until this year in a relationship with Vanessa Mdee that had lasted for close to two years before they parted ways.

Kenya

Ruling Party Sues Opposition Leaders Over Bid to Derail New Poll

President Uhuru Kenyatta’s Jubilee Party has sued opposition leader Raila Odinga and his running mate Kalonzo Musyoka at… Read more »

South Africa:Finance Minister Announces SAA Board

Finance Minister Malusi Gigaba has announced the appointment of new members to the South African Airways (SAA) Board.

New board Chairperson Johannes Bhekumuzi Magwaza replaces Dudu Miyeni. The other five new board members are: Deputy Chairperson and non-executive director Nolitha Fakude; Geoff Rothschild, Ahmed Bassa, Tinyiko Mhlari, and Martin Kingston. They will serve as non-executive directors.

Current non-executive directors who will continue to serve on the board are: Bajabulile Swazi Tshabalala, Peter Tshisevhe, Thandeka Nozipho Mogoduso, Peter Holmes Maluleka, and Akhter Hoosen Moosa.

The changes to the SAA board will be with effective from 3 November when Minister Gigaba has a special meeting with them.

In addition to the former chairperson, board members who will no longer serve are Tryphosa Ramano, Mzimkulu Malunga, Siphile Buthelezi, Nazmeera Moola and Gugu Sepamla.

Minister Gigaba is hopeful that the new board, which was approved by Cabinet — together with its incoming Chief Executive Officer Vuyani Jarana — will implement the airline’s structural strategy and bring it to financial stability, as set out in his 14 Confidence Boosting Measures.

Jarana, who was appointed to the top post in August, will commence his duties at the airline on 1 November.

“The new board is well experienced and diverse, and the Minister encourages them to ignore the political noise, and focus on the business of strengthening SAA. At the heart of these appointments is a commitment from the South African government to strengthen the airline, and create conditions to see the transformation of all our state-owned companies,” said the Finance Ministry.

The ministry said the new board brings talent, expertise and energy to the airline.

“The Minister would like to thank all outgoing board members for their work at the airline, [and] wish incoming members well with their tenure at the airline.”

All board members, incoming and those who will no longer serve, have been notified of these developments.

SAA was moved from the portfolio of the Department of Public Enterprises to National Treasury in 2014.

Last month, government announced the transfer of R3 billion to the airline to allow it to meet its debt obligations to Citibank.

South Africa

12 Men Arrested for ‘Promoting Homosexuality’

There are reports that two South Africans are among 12 men arrested on charges of homosexuality in Tanzania. Read more »

Joseph Boinnet Asked to Probe Polls Protestors’ Killings

By Justus Ochieng’

Clerics in Nyanza have petitioned Inspector General of Police Joseph Boinnet to investigate the killings of anti-IEBC protestors in the region.

Led by the Nyanza Council of Church Leaders Chairman Bishop Washington Ogonyo-Ngede, Joab Othatcher (secretary) and Julius Otieno Oloo (vice-chairman), they issued an ultimatum to the IG and accused police of using excessive force on the protestors.

ARREST SUSPECTS

“If the demonstrations are going out of hand, the police should chase them away from the Central Business District where they are not needed and not to follow them up to their areas of residence, breaking doors and beating them,” Bishop Ndege said on Wednesday.

The clerics said the police should arrest those breaking the law during the peaceful demonstrations and arraign such suspects in court “instead of killing them.”

They were reacting to last week’s killings of three protestors in Bondo and the Vihiga High School student shot dead in Kisumu on Monday.

“We condemn such acts of extra-judicial killings by the anti-riot police,” Rev Othatcher stated.

DEMOS

Bishop Oloo said the police should protect lives and property and not to “murder innocent protestors.”

“We also appeal to the youths and the demonstrators to do so peacefully in accordance to the law,” added Bishop Ngede.

He cautioned youth against barricading the roads and burning tyres and challenged the Independent Policing Oversight Authority (Ipoa) to launch a probe into the killings, attacks and destruction of property by anti-riot police in Kisumu.

They spoke as Kisumu Governor Anyang’ Nyong’o said destruction of property and killings by the police were uncalled for.

FALLEN HEROES

“While demonstrating peacefully, we must make sure saboteurs who steal or destroy property are not tolerated,” said the governor.

Nasa had suspended their weekly anti-IEBC protests pushing for reforms in the electoral commission and set Friday as a day to mourn the “fallen heroes.”

Nasa flag bearer Raila Odinga said Kenyans will not celebrate Mashujaa Day on Friday but will instead mourn those killed during the protests and condole with the bereaved families.

Kenya

Election Boss Reads Riot Act to President and Opposition Leader

Electoral commission chief Wafula Chebukati on Wednesday cast doubts on the possibility of holding credible elections… Read more »

Namibia:Namibia Must Tackle Food Security Challenges

Windhoek — The main challenges for Namibia to be globally competitive are poverty, malnutrition and major inequalities, with unemployment estimated at 34 percent of the workforce. The country produces about only 40 percent of what it consumes and is therefore highly dependent on imports.

Guest speaker at the Livestock Producers Organisation (LPO) Congress last week, Dr John Purchase, the executive manager of the South African Agricultural Business Chambers, noted with concern that Namibian small scale farmers have limited access to food, because they are vulnerable to droughts, floods, low productivity and constrained access to land.

Dr Purchase stressed that economic development has the largest impact on food security. The current scenario is characterised by high levels of GDP per capita and low share of household expenditure on food. “Food-secure countries have developed infrastructures, including logistics systems, advanced agricultural infrastructure, and facilities and systems that support agricultural investment, and R&D development.”

Namibia is currently number 90 out of 137 countries on the latest index in terms of competitiveness. Thus the country is regarded as a higher middle-income country with continued economic growth prospects. Purchase recommends that the value chain in terms of livestock competitiveness be investigated thoroughly to determine how competitive the sector is and to identify its week and strong points.

Among the factors impacting on her competitiveness are a decline in the quality of governance and low productivity; land tenure/ownership practices that restrict access to land – also to foreign investors; a deficit of technical skills; as well as policy restrictions on labour migration that restrict the entry of qualified staff from outside the country – even for a temporary period – to transfer knowledge are. Further foreign currency fluctuations and unreliable national data on key indicators, such as animal inventories and land availability, which affect investment and national planning for the sector need to be identified.

Namibia

Senior Cop Among Poaching Suspects

A SENIOR police officer and four accomplices were arrested on Saturday for allegedly poaching on Farm Bloemhoff in the… Read more »

Kenyans Donate Blood for Mogadishu Bombing Survivors

By Muthoni Waweru

Nairobi — Residents of Nairobi’s Eastleigh estate on Tuesday turned up in hundreds for a blood donation exercise in aid of victims of the weekend Mogadishu bomb attack.

Ahmed Mohamed, a member of the Eastleigh Business Community called on all Kenyans to participate in the donations to assist the more than 300 people injured in the attack, in which left at least 276 people were killed.

“We are happy with the overwhelming turnout for this exercise and we hope that it will continue until tomorrow. This is in solidarity with our brothers and sisters in Mogadishu.”

One of the residents who donated blood during the exercise held in Eastleigh’s First Avenue said: “I have come to donate blood for those who were left injured by the deadly attack.”

Another said: “Just like Westgate attack, Garissa University attack we have come out in unity of this initiative and to see to it that the injured receive the much needed help.”

Other residents interviewed condemned the attack and called on the Somali government to speed up investigations and intensify security in the war-torn country.

At least 276 people were killed and 300 injured by the massive truck bomb that tore through a busy shopping district of Mogadishu, the government said Monday, making it the “deadliest attack ever” to hit war-torn Somalia.

There has been no immediate claim of responsibility, but the Shabaab, a militant group aligned with Al-Qaeda, has carried out dozens of suicide bombings in its bid to overthrow Somalia’s internationally-backed government.

Kenya

Commissioner Resigns, Says Poll Agency Can’t Deliver Credible Election

IEBC commissioner Roselyn Akombe has resigned from the poll agency. Read more »

Dar Envoy Calls for More Business Links With China

By Rodgers Luhwago in Guangzhou

TANZANIA Ambassador to China has advised the Ministry of Agriculture to fully exploit opportunities on offer from Chinese experts in efforts to supply dry cassava to the Asian nation.

Addressing over 300 businesspersons from China and Tanzania yesterday during the sixth Tanzanian-China Business Forum here, the envoy said the ministry should take affirmative action to facilitate the supply of the much-needed produce to the second largest economy in the world.

According to Mr Kairuki, China wants to reduce the use of diesel and petrol by 20 per cent come 2020, a move that prompted the Asian nation to seek more supply of dry cassava for production of biofuel to reduce air pollution.

“We now have this golden opportunity from our Chinese friends … the ministry ( of agriculture) should exploit it to the fullest,” Ambassador Kairuki said. However, he observed that said since an agreement between China and Tanzania was signed last May, the ministry was yet to engage the public … we should take a move now,” he said, adding the ministry should engage the public in growing more cassava for commercial purposes.

Speaking on other opportunities that the Chinese government had availed to Africa, Ambassador Kairuki said the Asian nation had since established a facility known as the ‘China Africa Development Fund (CADF)” to enhance the continent’s own ability to develop in market oriented ways. He said the fund with US dollars 5 billion is meant to be loaned to African businesspersons who form business partnerships with Chinese people.

He said Tanzania has started benefiting from the fund as figures showed around US dollars 700 million has already been invested in the country. “… our Chinese friends are ready to do business with us … Tanzanians need to grab these opportunities,” Ambassador Kairuki said.

Mr Du Chwan, director of a firm that engages in dry cassava business, says his company needs at least 100,000 tonnes of the dried produce every month – and that his firm imported some ten million tonnes of dry cassava last year alone.

The Permanent Secretary in the Ministry of Trade and In dustry, Prof Adolf Mkenda said economic ties between China and Tanzania should be strengthened, adding that such a goal would be achieved if Tanzanians and Chinese people worked together by investing in various fields.

He asked Chinese businesspeople to invest in Tanzania since investment climate and policies are supportive. Illustrating the extent of trust Tanzania had on China since the era of Mwalimu Julius Nyerere and Chairman Mao Zedong Prof Mkenda listed a number of projects implemented by Chinese companies in the country.

Prof Mkenda told forum participants that Tanzania was an ideal place to invest given its strategic location, peaceful environment and good record in attracting Foreign Direct Investments (FDIs). He made it clear that Tanzania was the leading nation in attracting FDIs in East Africa.

“Tanzania welcomes investors, especially in crops value addition chain. Investors also stand to benefit from duty and quarter free market arrangements,” Prof Mkenda told participants.

Former Chinese Ambassador to Tanzania Dr Lu Yuqing, who received applause from Tanzanian participants as he took to the stage to speak, gave his testimony on investment climate in the country and what the government ought to do to attract more investors.

“Tanzania enjoys good economic growth rate of 7 per cent, stable political environment, abundant natural resources, good relations with other nations in the world and plenty of land, all of which are important components in attracting investments,” Dr Lu said.

He said infrastructure modernisation that was going on in the country would also play a pivotal role in attracting investors.

However, he asked the government to have stable investment policies, reduce bureaucracy in processing various documents such as work permits and step up war against corruption and crime.

But, he appreciated the efforts being made by President John Magufuli in combatting crime and corruption. China has investments in Tanzania worth US dollars 3.6 bn/-.

Others who spoke at the forum were the Permanent Secretary in the Zanzibar Ministry of Trade, Trade and Investment, Mr Juma Ali Juma and representatives from Chinese companies with investments in Tanzania.

Ugandan Bank Fails to Sell All Shares in Mixed Trade

By Bernard Busuulwa

DFCU Bank Ltd’s rights issue was undersubscribed by 4.79 per cent, raising Ush190.67 billion ($52 million) against a target of Ush200 billion ($54.6 million) in a transaction characterised by strong institutional investor appetite and low uptake from retail investors.

The bank’s share price fell shortly after listing of the new shares.

Latest data compiled by Crested Capital, a Ugandan stock brokerage and investment advisory firm, shows that the DFCU rights issue recorded a subscription rate of 95.21 per cent as 250.88 million shares, priced at Ush760 ($0.21) per share, were absorbed.

Some 263,157,895 new shares were on offer, with an allocation ratio of 0.53 to one rights share issued. Abandoned new shares were 12.63 million, valued at Ush9.6 billion ($2.6 million), the data shows.

The rights issue was concluded on September 25 and the new shares floated on the Uganda Securities Exchange on October 10, 2017. The total number of listed shares on DFCU’s counter rose from 497,201,822 shares to 748,082,989 while its market capitalisation grew to Ush561.06 billion ($153 million).

Whereas most institutional investors took up their rights shares, we could not point out specific reasons for the high uptake within this segment.

Arise B.V., DFCU’s largest shareholder increased its stake from 55.08 per cent to 58.71 per cent while the National Social Security Fund increased their interest from 6.28 per cent to 7.69 per cent.

The Kimberlite Frontier Africa Naster Fund L.P-RCKM increased its stake from 5.93 per cent to 6.15 per cent while SSB-Conrad N Hilton Foundation-00FG raised its stake from 0.97 per cent to 0.98 per cent.

Vanderbilt University increased its stake from 0.8 per cent to 0.87 per cent while the Bank of Uganda Staff Retirement Benefits Scheme managed by Stanlib Uganda slightly expanded its stake from 0.58 per cent to 0.59 per cent.

In contrast, SCB Mauritius a/c CDC Group saw its shareholding drop from 15 per cent to 9.97 per cent, a change partly attributed to the company’s desire to exit the business after a 50-year relationship with DFCU while Banque Pictet and Cie sa a/c Blankeney L.P saw its shareholding fall from 0.95 per cent to 0.63 per cent, the data revealed.

DFCU Bank Ltd boasts of 10 institutional investors on its shareholder list that currently hold 88.81 per cent shares, a factor that leaves its fate in the hands of large, deep-pocketed investors.

However, the overall shareholding pegged to retail investors dropped from 12.96 per cent to 11.19 per cent, suggesting low appetite towards the transaction among individual investors.

While some institutional investors were apparently motivated by hopes of a smooth integration of DFCU Bank’s operations with those of the former Crane Bank that it acquired in January, stronger demand for credit, backed by steady declines in the benchmark policy rate and projected economic recovery, retail investors appeared discouraged by insufficient information on the acquisition, The EastAfrican has learnt.

A higher rights issue offer price of Ush760($0.21) compared to a previous trading price of Ush758 ($0.207) also put off many retail investors, with most of them preferring to buy new shares at the USE instead of taking up allocated rights shares.

The Bank of Uganda cut its Central Bank Rate by 0.5 per cent to a record low of 9.5 per cent this month, signalling a further decline in interest rates that’s badly needed to accelerate credit demand and economic growth that grossed just 3.9 per cent at the end of 2016/17.

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