Business highlights May 25 2017

Business highlights May 25 2017

Legislators okay plan to establish financial hub

The National Assembly’s Finance, Planning and Trade committee has given a go-ahead to the establishment of an international financialcentere in Nairobi.

The hub is intended to drum up domestic, regional and international savings to spur sustained growth in Kenya and the region.

The house committee now wants MPs to pass the Nairobi International Financial Centre (NIFC) Bill, 2017 so as to assist the country in attracting foreign investors.

The hub is expected to create employment opportunities and spur economic competitiveness through increased admittance to domestic, regional and international capital at lower costs, longer tenors and better terms.

KQ set to release financial year results as CEO Mbuvi Ngunze exits

Kenya Airways (KQ) will on Thursday morning release their full-year results as CEO Mbuvi Ngunze exits the national carrier.

Mr. Mbuvi is paving the way for the entry of new Polish chief executive Sebastian Mikosz who is set to replace him in a week.

In the last two years, Kenya Airways has recorded worrying losses. The airline reported a net loss of Ks26.2bn ($258m) for 2015-16, up from Ks25.7bn in the previous financial year.

Ngunze exits the airline amidst massive restructuring at the airline.

Relief for property owners as ERC extends solar heater deadline

Commercial and residential building owners can now breathe easy after the Energy Regulatory Commission (ERC) extended the period for complying with solar water heating panels.

The regulator said it would give the property owners an additional six months to enable them arrange for financing and fitting their buildings with solar systems beyond Thursday’s deadline.

“We’ll publish a notice to inform them of a six-month grace period after May 25,” ERC acting director-general Pavel Oimeke, said.

The state came up with the energy (solar water heating) regulations 2012 to encourage use of renewable sources and ease pressure on the national grid.


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