Business highlights July 14 2017

Business highlights July 14 2017

Total Kenya now Total Plc

Leading oil marketer Total Kenya has finalized legal procedures that will see it change its name from Total Kenya Limited to Total Public Company Limited (Plc).

The bourse listed company announced that it had received all the necessary approvals and has changed its name to Total Plc effective June 23, 2017.

In a notice to shareholders, Total stated; “We hereby inform our customers, business partners, and general public that following approval by the company’s shareholders at the Annual General Meeting held on 16th June 2017, we have effective 23rd June 2017 changed our name from ‘Total Kenya Ltd” to ‘Total Kenya Plc” in line with the requirements of the Companies Act 2015.”

EAC fights Agoa eviction

East African Community (EAC) countries have responded to a proposal by the US to ban them from the African Growth and Opportunity Act (Agoa) trade initiative.

Speaking in Washington on Thursday, representatives from Rwanda, Tanzania and Uganda argued that their decision to phase-out the importation of second-hand clothes and footwear should not be used as a reason to withdraw their benefits from the preferential trade programme.

The Secondary Materials for Recycled Textiles Association (Smart) filed a petition with the US trade authorities in March seeking the eviction of the three countries along with Kenya from Agoa if they implemented the ban on secondhand clothes.

The top US trade agency had announced last month that Kenya would be excused from the group of countries potentially subject to review of their Agoa eligibility.

 Govt to pay varsity dons Ksh5.2 billion

Public university lecturers are now a happy lot after the government through the Ministry of Education announced that it will release Ksh5.2 billion as part of a Collective Bargaining Agreement (CBA) between the academicians and the government.

The Principal Secretary for Education Prof Collete Suda on Friday announced that Treasury had authorized the ministry to pay Ksh5.2 billion dor the 2012-2017 CBA.

“The ministry of Education will transfer the funds to the accounts of the public universities as soon as the IFMIS system of the National Treasury opens before or by 31st July 2017,” she said.

The dons downed their tools in June for the second time this year demanding for wholesome implementation of the CBA.

 

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