Business highlights – August 9 2017 – Lenders move to court to oppose KQ’s restructuring strategy

Business highlights – August 9 2017 – Lenders move to court to oppose KQ’s restructuring strategy

Kenya’s exports to Tanzania dwindle as Nairobi, Dar trade tiff continues:

The exportation of Kenyan products to Tanzania has recorded a 33% decline on the back of a trade spat between the two countries beginning earlier this year.

The two countries have in the last few months imposed trade embargos between each other, a phenomenon that has greatly affected trading activities between them.

Kenya National Bureau of Statistics (KNBS) data on the economy show that the value of the exports dipped by 33 per cent to Sh8.2 billion between January and May, compared to Sh12.5 billion last year.

Among the Kenyan products that have been banned from the Tanzanian market are milk and milk products and cigarettes.

Lenders move to court to oppose KQ’s restructuring strategy:

Some banks opposed to Kenya Airways’ (KQ) restructuring strategy have moved to court seeking to block orders that will compel them to consent to the planned conversion of debts that the national carrier owes them into shares.

This follows just a day after shareholders voted to approve the financial restructuring plan in a meeting held on Monday.

KQ has proposed that the 11 banks and the Treasury convert outstanding and unsecured loans amounting to Sh23 billion and Sh27.2 billion respectively into equity, a plan that is expected to precipitate massive dilution of existing shareholders.

Nutrition drive cuts Vitamin A deficiencies:

The 2016 Micronutrient survey (KNMS) has reported a massive decline in the prevalence of Vitamin A deficiency in the country over the last two decades.

According to the survey, Vitamin A deficiency in Kenya currently stands at 9.2% down from 84.4% in 1999 on the back of various nutrient-oriented drives by the ministry of health.

“The Vitamin A supplementation carried out for free by the government twice every year and food fortification is the reason behind the decline in the deficiency levels,” said head of nutrition and dietetics, Gladys Mugambi.

Vitamin A deficiency commonly affects preschoolers.

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