Business highlights – Kenya to benefit from Ksh627 million UK donation to fight famine

Business highlights – Kenya to benefit from Ksh627 million UK donation to fight famine

British Olympic champion calls for support to end Kenya, Somalia hunger crisis, donates Ksh12.5 million to combat famine

  • British Olympic champion Mo Farah is supporting a charity appeal, launched on Wednesday, March 15, 2017 for 16 million people facing starvation in East Africa
  • The Disasters Emergency Committee (DEC), an alliance of 13 leading British aid agencies, are raising funds for Kenya, South Sudan, Somalia and Ethiopia, which have been hit by drought
  • The British government will match the first £5 million (Ksh627 million) donated by the public

The Mo Farah Foundation has donated £100,000 (Ksh12.5 million) to humanitarian group, Save the Children to provide healthcare and nutrition to children in northern Somalia.

British Olympic champion Mo Farah

Farah, who was born in Somalia but moved to Britain as a child, is the UK’s most successful track athlete, winning gold in the 5,000 and 10,000 metres at the London Olympics in 2012 and repeating the feat in 2016 in Rio.

The United Nations declared last month that parts of war-torn South Sudan are experiencing famine, the first time the world has faced such a catastrophe in six years.

READ ALSO: 43 per cent of Kenyans went to bed hungry while 65 skipped a meal at least a day in the past three months, a new survey reveals

International Development Secretary, Priti Patel described the crisis as an unprecedented challenge with “millions of people stalked by the scourge of famine.”

KQ boss Mbuvi Ngunze secures longer stay in office as airline seeks new CEO

  • Outgoing Kenya Airways (KQ) CEO, Mbuvi Ngunze is set to stay in office beyond the initially announced exit date of end of March, 2017
  • The move will allow the national carrier more time to search for a new boss after pilots called for Ngunze’s resignation last year due to accusations of mismanagement
  • The airline’s outgoing boss was expected to step down by end of this month

KQ Chairman, Michael Joseph said the selection committee charged with hiring a new CEO has shortlisted four candidates whose credentials will be presented to the board at its next sitting on April 5, 2017.

Ngunze joined the national carrier as Chief Operating Officer five years ago.

Kenya Airways CEO, Mbuvi Ngunze

The airline was hit by industrial strikes on several occasions last year, with its pilots demanding that Mr Ngunze exits the company, accusing him and Mr Joseph’s predecessor — Ambassador Dennis Awori — of mismanagement.

KQ has been implementing a back-to-profitability plan which had involved actions like the sale or lease of aircraft, balance sheet restructuring and staff cuts among others.

READ ALSO: KQ loses 30% cent of pilots to rival airlines

The airline has in recent years come under financial pressure weighed by expensive loans and fuel hedging pacts, low tourist numbers, foreign exchange losses and the Ebola outbreak among several other negative factors. KQ has posted four consecutive full-year losses beginning in March 2013. In the year to March 2016, it recorded a net loss of Ksh26.2 billion.

UK mining company signs deal with government to begin exporting Kenyan oil

  • British mining company, Tullow Oil has signed a production agreement with the Government of Kenya, paving the way for the first consignment of crude oil from Turkana fields to be transported to Mombasa in readiness for export
  • Kenya’s high quality oil will likely fetch higher prices in the global market because it produces high value products including petrol, diesel and kerosene
  • The move comes just as local fuel prices have risen, based on the energy regulator’s latest price review

The pact draws the road-map for Kenya’s early oil export plan that is expected to pump out 2,000 barrels per day for transportation by trucks and storage at the defunct Kenya Petroleum Refinery’s storage tanks in Mombasa.

Kenya will from next month, begin moving oil from Lokichar to Mombasa for exports, Energy Cabinet Secretary, Charles Keter has said.

Kenya plans to move between 2,000 and 4,000 barrels of oil per day.

Nairobi has enlisted the legal services of London-based law firm Simmons & Simmons to shepherd the export plan. Kenya’s oil is classified as light and sweet, meaning it has less sulfur.

READ ALSO: IMF warns Kenya against over-reliance on oil

Kenya plans to move between 2,000 and 4,000 barrels of oil per day using flat-bed trucks mounted with oil tanktainers (130 barrels) and trains in the absence of a pipeline.

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