Seven trends shaping Africa's tech sector

Radar Screen
Seven trends that will

shape Africas tech sector
Page 3
Ideas & Debate
Life
Re-engineer development
using a Vision 2040
Scientists turn to tea amid

resistance to antibiotics
Page 9
Page 29
WEDNESDAY, MAY 11, 2016
NO. 2348
WWW.BDAFRICA.COM KSH60 | TZ SH 1,700 | UGSH2,700 | RFr900
Supemakets stopped fom

selling own-banded suga
Kebs says packaging
of sweetener in names
of retailers promotes
trade in contraband
BY GERALD ANDAE
Sugar Imports (tonnes)

2011
139,000
2012
238,000
2013
238,000
2014
192,000
2015
247,000
ECONOMIC SURVEY
Kenyan supermarkets have deed the

Kenya Bureau of Standards (Kebs) directive prohibiting them from repackaging
and branding sugar in their own names,
setting them up for a bruising battle with
the regulator.
Kebs, the quality assurance and stand-
ards regulator, issued the directive as part

of a renewed eort to curb the sale of contraband sugar in the local market and its
impact on locally manufactured stocks.
Kebs managing director Charles Ongwae said a number of retailers have deed
the order, exposing them to heavy penalties as provided for in the law.
It is a requirement SUGAR, Page 4
BANKING ON DIPLOMACY
Equitys mobile
phone loans
hit Sh14 billion
Kenya military eleventh

most powerful in Africa
Kenya has been ranked as the eleventh most
powerful military in Africa amid increased
spending by the country on military
hardware.
Page 5
Bamburi reviews Kisire

tenure after graft claims
Cement maker Bamburi is reviewing the
tenure of one of its directors, Chris Kisire,
who has been mentioned in multiple graft
allegations.
Page 7
Swissport cargo handling

plan runs into headwinds
The National Environmental Tribunal (NET)
has stopped logistics firm Swissport from
building a bulky cargo bypass at its Jomo
Kenyatta International Airport premises
stalling the companys plan to start handling
such goods beginning next month.
BY GEORGE NGIGI
Equity Bank yesterday reported a more

than doubling of loans disbursed through
its mobile money platform, Equitel, to Sh14.1
billion and a 20 per cent increase in its rst
quarter prots to Sh5.1 billion.
The bank said 81 per cent of its loans are
now being disbursed through the mobile
platform, allowing it to cut stationary and
sta costs.
We have issued two million Equitel sim
cards of which 90 per cent are activated, the
banks chief executive, James Mwangi, said.
The steep increase in the volume of loans
disbursed through the phone also beneted
from the fact that the average size of loan
disbursed through Equitel grew to Sh42,000
from Sh7,000 in December.
Equitys loan book grew to Sh275 billion
in the rst quarter compared to Sh224 billion
in March last year while customer savings
EQUITY, Page 4
rose to Sh299 billion
BRIEFING
Page 15
NEWS INDEPTH
Assurance of
preferential US market
terms lifts Kenyas EPZ
business
Pages 12-13
NAIROBI
President Uhuru Kenyatta with the Chief Executive Ofcer of Standard Chartered Bank, Mr Bill Winters, after he
called on him at State House yesterday. PSCU
BUSINESS DAILY | Wednesday May 11, 2016
TOP NEWS
Kenya faces highe

cost of foeign loans
as liquidity tightens
Bakey cash
FINANCE Top IMF ofcial says international
investors eeing emerging and frontier markets

Despite global concerns, the IMF executive said, Kenya was still likely to have
Kenya and other African countries are a healthy economy on the whole growing
set to pay high premiums on foreign at above the average for Africa as would
loans as liquidity in the global nancial be the case for the east African region.
The global economic jitters are likely
markets tightens due to risk aversion,
the International Monetary Fund (IMF) to aect commodity exporters most as has
has warned.
happened already. However the Kenyan
Kenya is among the African countries economy on the other hand will benet
planning to raise cash from the interna- from lower oil prices unlike the commodtional markets this year by
ity exporters in Africa.
way of issuing another EuMr Lipton urged policy
robond estimated at Sh60
action on the part of commodity-exporting African
billion.
The need fo
countries including reducInternational investors
action is most
tion of scal decits.
are currently eeing from
ugent among
emerging and frontier marThe need for action is
kets to safe harbours, IMF
natual esouce most urgent among natural
rst deputy managing diresource exporters whose
expotes
rector David Lipton said in
policy response so far has
DAVID LIPTON, IMF FIRST
a speech to students at the DEPUTY MANAGING DIRECTOR tended to be behind the
Strathmore Business School
curve. With rising scal deon Monday.
cits, falling international reTighter nancial conditions are also serves, and severe nancing constraints,
going to be a continuing fact of life. There adjustment is now unavoidable. The reis a degree of uncertainty about nancial quired policy steps include a reduction
market developments that is bound to in scal decits,Countries that do not
make money harder to come by for Afri- export commodities, including Kenya,
can borrowers, said Mr Lipton.
are more favourably placed to weather
Kenya recently raised over Sh280 bil- the slowdown, said Mr Lipton.
lion ($2.8 billion) through a Eurobond.
He urged accumulation of foreign
In January the yields on the countrys international reserves. Kenya has so far
10-year Eurobond portion had shot to raised its reserves to ve months of imnearly 10 per cent but has since fallen to port cover, well above the statutory four
below eight per cent. The bond had an months minimum.
Some African countries are facing adaverage yield of below seven per cent at
verse weather conditions, said the IMF
the time of issuance.
Mr Lipton noted that emerging mar- executive, but added that the weather is
kets as a whole lost $200 billion in net likely to favour Kenya where rains have
capital outows last year compared to so far been adequate.
net inows of $125 billion in the previous year.
girungu@ke.nationmedia.com
BY GEOFFREY IRUNGU
Nairobi
seven others injured. SALATON NJAU
IMF backs Teasuy on Euobond cash details

BY GEOFFREY IRUNGU
Kenya accounted for the Sh280 billion

($2.8 billion) Eurobond cash in the same
manner that other countries do, the International Monetary Fund (IMF) said
yesterday in a response to queries raised
by the Opposition Cord Coalition.
IMF rst deputy managing director David Lipton said that the cash was
moved to the Central Banks accounts
and then put at the disposal of the government to spend.
The cash was held at the Central
Bank of Kenya accounts and then the
government was granted access. It was
put at the disposal of the government
to use. It is same method used by other
countries that raise money in that manner, said Mr Lipton.
Todays Weather Forecast

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Cloudy with a thunderstorm
The Sh280 billion has become a matter of considerable controversy with the
Opposition arguing that the money was
diverted and misused by some key gures in government.
Public projects
Opposition leader Raila Odinga has
claimed that a good amount of the
money never actually reached Kenya
and was diverted into peoples pockets,
and did not nance any public projects
locally.
The CBK and the Treasury have however retorted that all the money was
received by CBK and spent on various
projects.
The Controller of Budget Agnes
Odhiambo has also stated that no money
was lost, adding that she had received
documents showing the cash trail. An

ongoing investigation on the matter by
the Auditor-General is awaited.
The Treasury Secretary Henry Rotich yesterday said he had given detailed
reports and documents regarding the
proceeds of the Eurobond and had nothing new to add.
Mr Rotich has maintained that no
money was lost in the process of moving the eurobond proceeds, and even
invited Mr Odinga to inspect the documents in his oce. Mr Odinga declined
the oer, but continued to claim that
some people lined their pockets with
billions of shillings to the detriment of
the economy.
Mr Lipton and Mr Rotich spoke to
the media yesterday. The IMF ocial has
been in Kenya since last Saturday.
Index to companies
This index of businesses mentioned in todays issue of the Business Daily is intended to include all
signicant references to companies.
NIGHT
DAY
The scene of an accident at the Bakers Inn at Kenbanco House at the junction of Moi and Haile
Selassie avenues yesterday. The driver of the 14-seater matatu plying the Langata route, according
to witnesses, lost control of the vehicle and crashed it into the bakery. One person died on the spot and
Low
13
Cloudy with chance of rainfall
IMF ....................................... 2
Kappa oil.............................. 8
KMA ....................................16
CRB....................................... 5
Startimes............................. 8
UPS......................................16
CBK....................................... 5
Nairobi Bottlers................... 8
KPA...................................... 17
KTDA .................................... 6
Toshiba ............................... 11
Tullow Oil ............................19
Uchumi ................................ 8
Canon.................................. 11
Africa Oil .............................19
KCB....................................... 8
KCAA ...................................15
NCE......................................19
Kenblest............................... 8
KRC......................................15
KenGen ...............................19
Wednesday May 11, 2016 | BUSINESS DAILY
TOP NEWS
WEF AFRICA
RADAR SCREEN
JAKE BRIGHT
Seven tends that will shape Aficas tech industy

TECHNOLOGY From Nigeria to Kenya,
and Rwanda to Ghana, tech innovation

is starting to inuence multiple sectors
s Africa transitions from the with mobile phones right over bricksmargins to the mainstream of and-mortar banking into the digital
the global economy, technology economy. Shortly after M-Pesas
is playing an increasingly signicant introduction, four technologists creatrole. Bolstering regional trends in busi- ed the Ushahidi crowdsourcing app, a
ness, investment and modernisation is highly eective tool for digitally mapthe emergence of an IT ecosystem a ping demographic events anywhere in
growing patchwork of entrepreneurs, the world. Ushahidi has since become
tech ventures and innovation centres an international tech company with
coalescing from country to country. multiple applications in over 20 counNigeria is a hotbed for starttries. In 2008, Ushahidi
up activity. Facebook, Netfco-founder Erik Hersman
lix and SAP have recently exhatched Nairobis iHub inTechnology
panded in Africa. And Silicon
novation centre after idenin Afica has
Valley investment is funneltifying the need to create a
ling into ventures from South
nexus point for technolothe potential
Africa to Kenya.
to ceate moe gists, investors and tech
companies. Since 2010,
impact faste
The rise of Silicon SavaniHub has produced 152
nah
than anywhee companies and grown
Most discussions of the oripeviously in the a membership base of
gins of Africas tech movenearly 20,000 techies.
wold
ment circle back to Kenya,
iHub inuenced Africas
which laid down four markincubator movement, iners between 2007 and 2010
spiring the upsurge in tech
to inspire the countrys Silicon Savan- hubs across the continent.
nah moniker: mobile money, a glo- Another Kenyan milestone was the
bally recognised crowdsourcing app, governments 2010 completion of The
Africas tech incubator model, and a East African Marine System (TEAMS)
genuine government commitment to undersea bre optic cable project.
ICT policy. In 2007, Kenyan telecom TEAMS increased East African broadSafaricom launched the M-Pesa mo- band and led to the establishment of
bile money product. It grew rapidly to KenyasInformation and Communicabecome perhaps Africas most recog- tion Technology (ICT) Authority.
Notable as it has become, Silicon Sanised example of technological leapfrogging: launching ordinary citizens vannah is but one corner of sub-Saharan
. Start-ups leap into Africas informal economy
The African Development

Bank estimates that 55 per cent of
sub-Saharan Africas economic activity is informal. Thats a massive
commercial space without such
services as business enterprise
software, small business banking,
aordable third-party logistics or
Internet access. Expect VC-backed
start-ups to attempt scalable applications for nearly every corner of
Africas informal economy.
Much of this is already occurring in Nigeria. First-time dotcoms
are sprouting up for everything
from e-commerce logistics, online
auto sales and real-estate listings,
to airline bookings, employment
sites and credit rating services.
The opportunities are innite,
especially as Africas broadband
and smartphone penetration
rates continue to improve.
. State-tostate ICT
competition
Following the lead

of countries such as
South Africa, Botswana and Kenya,
there are growing
expectations on African governments to
esh out ICT plans
and infrastructure.
Countries such as
Ethiopia, Nigeria
and Ghana are already feeling the
pressure, conscious
of the success of
Silicon Savannah
and recent gains by
the government of
Rwanda.
Nairobis iHub has produced 152 companies and grown a membership base of nearly 20,000 techies since 2010. FILE
Africas tech scene. Across the region a
Silicon Valley-inspired network is developing.
The research Ive done with Aubrey
Hruby highlights the existence of
roughly 200 African innovation hubs,
3,500 new tech-related ventures, and
$1 billion in venture capital (VC) to a
pan-African movement of start-up entrepreneurs.
Increasingly, Nigeria is becoming
a centre for big tech investment and
commercially oriented start-ups. Whatever the countrys challenges, investors
and entrepreneurs are attracted by the
prospect of scaling applications to Africas largest population and economy.
Many have set up shop in Lagoss Yaba
district.
There you can nd the headquarters
for e-commerce start-up Africa Inter-
. Tech disrupting
development
IT will continue
to be employed to solve
long-standing African socio-economic issues. Aidagency grants previously
going to NGOs are already
being diverted to socialventure focused African
tech organisations. IBMs
Lucy Project is directed at
solving Africas grand challenges many of which
have been relegated to
the development sector.
Cracking the continents
long-standing problems
will increasingly become
a commercial tech opportunity.
. African tech solutions with global application

M-Pesa has become a
case study for global digital payments. Ushahidi
was used in the 2012 US
presidential election. Africas solar powered BRCK
wi device is bringing
connectivity to Internet
deadspots in Wisconsin.
Uber is experimenting
with new service models
in Africa that company
executives tell me could
later apply to operations
globally. Commercial
drone delivery is likely
to take o rst in Africa.
Most of SSAs tech applications are developing
as solutions to local challenges, but this is creating
unforeseen opportunities
for other markets.
net Group and digital payments venture Paga, located near incubators Andela andCo-Creation Hub.
Nigerias tech sector is becoming
representative of repatriate entrepreneurs reversing some of Africas brain
drain and IT reshaping the continents
global linkages. All three of Africas
most recognised e-commerce startups
Jumia, Konga and MallforAfrica
were founded by Nigerians who earned
their university degrees and initial private sector experience in the US.
A noteworthy portion of the roughly $600 million in VC to these entities
comes from American and European
investment rms.
And the management of Jumias
parent, Africa Internet Group, is a mix
of repatriate Africans and MBA types
from the US and Europe attracted to
. IT impacting
Africas politics
Ushahidi played a
role in Kenyas last two
elections. Digital media
investigative site Sahara
Reporters corruption
reporting has led to the
dismissal of senior Nigerian government ocials.
Social media applications
Twitter and Facebook were
heavily utilised by civil society organisations, opposition groups and political
parties in Nigerias last
presidential election. And
African technology actors
are closer to creating industry lobbying groups.
As sub-Saharan Africa
and its citizens become
even more connected to
the digital grid, expect IT
to inuence how politics
and elections are done.
the continents IT opportunities over

development work.
From Nigeria to Kenya, and Rwanda
to Ghana, tech innovation is starting
to inuence multiple sectors: energy,
agriculture, banking, healthcare, entertainment, transport and fashion.
Having researched the topic for the
past six years, I believe technology in
Africa has the potential to create more
impact faster than anywhere previously
in the world.
Therell be a lot to unpack on that
prediction. To start, here are some
trends to watch in the continents
wired future.
This article is part of our Africa series
published ahead of the World Economic
Forum on Africa that opens in Kigali,
Rwanda today.
. Failure
I throw this in for
balance. Among subSaharan Africas start-ups
in particular, there will be
many failures. Most of these
ventures are operating in ICT
environments lacking much
of the baseline infrastructure
for tech namely aordable
broadband and regular electricity. But as Ive often pointed out to sceptics of African IT,
failure is not necessarily a bad
thing. It shows investors and
entrepreneurs are committed
and trying. Some 90 per cent
of US start-ups fail. But that
means 10 per cent succeed. A
similar principle will apply in
Africa. The momentum leading many African start-ups to
fail will inevitably lead to the
handful of monumental technological successes.
. Sub-Saharab
Africas rst
start-up unicorns and IPOs
Following trend 6, its
only a matter of time before some of the regions
commercially oriented
start-ups create Africas
rst big headlines, i.e.
IPOs, acquisitions and
unicorns. We already
had a preview of this
with Africa Internet
Groups recent Goldman Sachs-backed billion-dollar valuation,
followed by reports
that ntech company Interswitch may
soon go public on a
major exchange likely the London Stock Exchange.
TOP NEWS
Supemakets face
Kebs penalties fo
own-banded suga
that supermarkets com- into the country.
ply with the set standards
Kenya Sugar Millers Association
when it comes to packaging of sugar to (KSMA) has led a formal complaint
enable us trace the origin of any commodi- with Kebs.
ties on sale, Mr Ongwae said.
The associations chairman, Jaswant
Kebs has named NakuRai, said increased dumpmatt, Ukwala and Naivas as
ing of the sweetener has depressed factory prices and if
some of the supermarkets
not checked would make their
that are still repackaging the
It is a
business unprotable in the
sugar in their own names.
An attendant at Tuskys Su- equiement that near term.
permarket, however, said
Millers say they need to
supemakets
the retail chain had stopped
sell a 50kg bag of sugar at a
comply with the
packaging the commodity in
price of Sh5,000 to make a
set standads
response to the directive from
prot but prices have since
the regulator.
when it comes dropped to between Sh3,800
Kebs is beginning Monto packaging of and Sh4,000.
day expected to send its marJane Odhiambo,the mansuga
ket surveillance ocers to
aging director of Sony Sugar
Company, said low pricing of
the supermarkets to ensure
CHARLES ONGWAE
supermarket branded sugar
compliance.
KEBS MANAGING DIRECTOR
Mr Ongwae said the range
has slowed down movement
of punitive actions faced by non-compli- of the locally produced stocks putting profant retailers includes pulling the stocks itability of local manufacturers at risk.
Ms Odhiambo, a KSMAmember, urged
from the shelves and prosecution of suKebs to move with speed and deal with
permarket owners.
Kebs move is in response to rising com- the issue of contraband sugar, adding that
plaints by sugar millers that the branding enforcement of packaging rules would
by the commodity in Supermarkets has help solve the problem.
slowed down movement of their stocks
Ms Odhiambo claimed that most suand is encouraging the smuggling of sugar permarkets were mixing imported sugar
From Page 1
A man shops for sugar at a supermarket in Nairobi. FILE

with the locally manufactured ones, making it cheaper than those branded in the
names of the manufacturers. A 2kg packet
of sugar branded in the names of millers such as Sony is currently retailing at
about Sh250 compared to Sh200 for those
branded by the supermarkets.
The millers complaints have prompted
the Sugar Directorate to seek an amendment to the Sugar Act that would require
supermarkets to apply for permission
from the regulator before repackaging
and branding the commodity in their
own names.
The proposed amendment is currently with the Ministry of Agriculture
for gazettement. Once it has been nal-
ised, supermarkets would be required to

consult with us before repackaging the
commodity, said Andrew Osodo, the head
of the directorate.
Retail Trade Association of Kenya chief
executive Wambui Mbarire said members
had received the Kebs directive and were
working to comply.
Sugar smuggling is a lucrative business
in Kenya that benets from the protection of the local market from imports as
part of an agreement with the Common
Market for Eastern and Southern African
(Comesa) partners.
The protection has been blamed for the
high pricing of sugar in Kenya compared
to global markets.
Kenya has more recently taken deliberate steps to stop tracking of sugar
from the Somalia port of Kismayu and
has set up a special unit in the National
Security Intelligence Service to dismantle
sugar cartels.
Comesa last year granted Kenya another extension of sugar import limits,
sparing local millers tougher competition
that would have come from the more efcient producers in member countries
such as Zambia.
The decision to grant Kenya a sixth
extension to February 2017 was reached
during the 35th Comesa Council of Ministers meeting in Zambia.
Sugar import taris were scheduled
to fall to zero in February and to open up
the Kenyan market to competition from
across the Comesa region.
The extension is meant to give Kenyan
millers more time to improve infrastructure and execute other reform measures
such as the sale of government-owned
loss-making millers, the introduction of
new cane varieties and roads upgrade in
sugar-growing zones.
Kenya invoked the infantry clause
Article 61 of the Comesa Treaty that
calls for the protection of emerging factories by limiting competition from other
states until such a time when they have
matured for competition.
The safeguards allow Kenya to limit the
entry of sugar imports to 350,000 tonnes
to plug the annual production decit.
gandae@ke.nationmedia.com
Equity Banks mobile phone loans hit Sh14 billion

from Sh276 billion a
year earlier.
Mr Mwangi, however, disclosed that
Equity cut back on take up of xed deposits after it tapped into cheap funding
from the international market during
the Global Entrepreneurship Summit
last year.
The bank received Sh20 billion at an
average four per cent per annum compared to average xed deposit rate of 7.5
per cent.
Cheaper funding saw the banks net
interest income grow 37 per cent to
Sh10.4 billion while interest from government security rose to Sh1.2 billion,
reecting the change in strategy that
has seen the bank increase its lending
to the Treasury.
Equity held Sh62 billion in government securities as at end of March up
from Sh42.7 billion in December and Mr
Mwangi said the bank invested an additional Sh20 billion in April.
Lending to government, which offers a lower return than loans to private
borrowers, is usually an indication of reFrom Page 1
Equity Banks quarter one

prot after tax (Sh Bn)
Sh5.1bn
Sh2.3bn
SOURCE: COMPANY REPORTS
duced appetite for risk in the productive

sectors of the economy.
Mr Mwangi argued that the lending
to government did not mean lack of opportunity in the private sector, but a
conservative approach that is meant to
avoid defaults while utilising idle cash
in its books.
Equitys cash holdings dropped to

Sh48.3 billion from Sh62 billion last
year, a development Mr Mwangi attributed to growth of agency banking that
enables agents to use own balances to
serve the banks customers.
Increased lending to government,
however, hit the banks balance sheet
as it was forced to book revaluation losses
of Sh8.4 billion associated with change in
prices of Treasury bills and bonds available for sale to the bank.
The results also show that Equity
relied on improved performance of its
Kenyan operation to wipe o a 45 per
cent drop in earnings from its regional
subsidiaries. South Sudan, which devalued its currency by 84 per cent last year,
recorded the sharpest prot drop of 95
per cent to Sh20 million.
Rwandas earnings dropped by 50 per
cent to Sh60 million, Democratic Republic of Congo was down 41 per cent to Sh70
million while Tanzania fell 12 per cent to
Sh80 million. Uganda was the only subsidiary to post a growth of two per cent
to Sh90 million.
Mr Mwangi attributed the drop in

prots at Equitys subsidiaries to increased investment in branch expansion and a change in loan provisioning
guidelines in Rwanda.
In Tanzania, we doubled our branches from six to 13 while in DRC we opened
additional 19 branches. Kenya can aord
us a luxury to show an increase in profits even as we grow the subsidiaries,
he said.
Management said it was not considering acquiring a lender in the Kenyan market, noting that the process consumed
a lot of resources and time to integrate
merged operations.
There has been speculation of mergers
and consolidation in the Kenyan banking sector following turbulence that has
mostly aected small lenders.
KCB is in the process of conducting
a due diligence on Chase Bank, which
is under statutory management, while
I & M is wrapping up the acquisition of
Giro Bank.
Data from Central Bank of Kenya
shows the banking sector did not grow
in the rst quarter of the year, a rare happening for an industry that has consistently posted double digit growth in the
past ve years.
The CBK data shows that bad loans
rose to eight per cent of the total loan
book including at Equity Bank which
has a non-performing loans ratio of 3.8
per cent.
The turbulence in the banking industry has been associated with the recent
collapse of Dubai Bank, Imperial and
most recently Chase Bank under the
weight of massive fraud and reckless
insider lending.
Equity Bank has Sh2.3 billion in insider loans, which management said has
been taken by executive directors. The
bank said it has a policy against lending
to non-executive directors nor doing any
business with them. Executive directors
can access car loans and mortgage. Mr
Mwangi said he does not have a loan
with the bank.
CBK has called for an audit of all insider loans in the industry.
gngigi@ke.nationmedia.com
ECONOMY & POLITICS

PRICES I RESULTS I DATA
Kitui Rual MP chaged with Sh7 million faud in poles case

BY VINCENT AGOYA
A lawmaker who had a warrant of arrest

issued against him last week was yesterday charged with fraud.
Charles Mutisya Nyamai, the MP
for Kitui Rural, presented himself before a magistrate and denied the charge
of obtaining 706 building poles worth

Sh7 million from a businessman by false
pretences.
The arrest warrant was lifted but the
court enhanced his bond terms up from
a Sh50,000 cash bail police had granted
him to Sh100,000.
Mr Nyamai is said to have obtained
Charles Nyamai in court. PAUL WAWERU
the poles from Elijah Kimani of Gamu

Wood Work. He is alleged to have issued
a bouncing cheque for the payment of the
consignment.
According to the prosecution Mr Nyamai committed the oences on diverse
dates between May 28, 2014 and June 3,
2014 in Nairobi County.
The lawmaker has been released on an

alternative bond of Sh500,000 with a surety of a similar amount. Hearing was set for
July 26. The court ordered Mr Nyamai to
appear for a mention in two weeks to state
the progress of an out of court settlement
that his lawyer Nicholas Kamwendwa said
was being negotiated.
Parliament buildings in Nairobi. A

petitioner wants
MPs to disband
credit reference
bureaus. FILE
SURVEY Global Firepower rates Egypt the best followed by Algeria and Ethiopia
Kenya militay anked 11th most

poweful in Afica as spending ises Paliament uged
BY NEVILLE OTUKI
Kenya has been ranked as the eleventh most

powerful military in Africa amid increased
spending by the country on military hardware.
Global Firepower, an agency that assesses
military strength of nations, ranks Kenyas
military as the best in East Africa based on its
manpower, equipment, geographical location,
logistics and nance.
Kenya has an active arms stockpile of 76
battle tanks, 591 armoured ghting vehicles,
Kenyan troops on patrol: The agency says war is driven by
30 self-propelled guns, 25 towed artillery, 132
nancing. FILE
aircraft, 17 ghter jets, and 62 helicopters, according to Global Firepower. The rankings put
Kenyas security organs have recently raced
This made Nairobi the regions second
DRC, Sudan and Ethiopia ahead of Kenya.
largest spender on arms last year, after South
to boost their military repower and intelliGoing beyond military equipment totals
Sudan. Regardless of strength in numbers,
gence to combat emerging threats like terrorand perceived ghting strength, is the actual
ism, arms smuggling and drug tracking.
war is still driven by nancing as much as
manpower that drives a given military. Wars of
weapons.
attrition favour those with more, it says.
Deadly attacks
In East Africa, Kenya Defence Forces was
placed ahead of Uganda and Tanzania, which
The military in 2014 bought 18 self-propelled
Kenya had 24,150 ghters in the military
took positions 16 and 17 respectively on the
guns and 15 armoured personnel carriers
last year and an additional 5,000 reserve
continent.
(APC) from Serbia at Sh2.6 billion, accordpersonnel.
ing to Sipri.
Forces from Uganda, Kenya
Egypt, which receives bilLast year, Kenya expanded its APC stockpile
lions of dollars in US military
and Ethiopia are ghting Somaaid, tops the list of Africas fearlia-based Al Shabaab militants in
with the purchase of 30 carriers from China at
some armies, followed by AlgeWas of attition the war-torn nation under UN- Sh7.9 billion to be used by police for patrols.
ria, Ethiopia, Nigeria and South
Amisom.
The country, which has in recent years
favou those with sponsored
Africa in that order.
Countries that are ranked
suered deadly gun and bomb attacks from
moe
Egypt had 470,000 personahead of Kenya include Nigeria,
Al-Shabaab, expects to receive a Sh1 billion
nel in military last year and
Morocco and Angola.
pilotless aircraft from the United States in
GLOBAL FIREPOWER
The Global Firepower ranking
boasted 4,624 tanks, 13,949
September after making an order.
is largely on each nations potential
The unmanned aerial vehicle (UAV), popuarmoured ghting vehicles,
conventional war-making capability across
larly known as a drone, will enable Kenyan se889 self-propelled guns, 336 ghter jets,
curity organs to conduct real-time surveillance
land, sea and air, the agency says.
2,360 towed artillery and 1,481 multipleon suspected terrorists alongside other major
It adds that a countrys score is not simlaunch rocket systems.
The rankings come amid increased spendcrime scenes inside Kenyas borders.
ply based on its size of arms stockpile but
ing by Kenya on arms acquisition.
rather focuses on weapon diversity within the
number totals to provide a better balance of
Kenya splashed Sh96.3 billion ($954 milnotuki@ke.nationmedia.com
lion) on modernising its weapons last year,
repower available.
up from Sh82.7 billion ($819 million) in 2014,
Nuclear stockpiles are not taken into acaccording to Stockholm International Peace
count.
Research Institute (SIPRI), an arms trade
Nato allies receive a slight bonus due to
monitoring agency.
the theoretical sharing of resources.
to disband cedit
efeence bueaus
BY EDWIN MUTAI
Parliament has been petitioned

to amend the Banking Act to
stop the use of credit reference
bureaus (CRBs).
Peter Kimani Runo, the petitioner, also wants the National
Assemblys Finance, Planning
and Trade committee to commence proceedings to change
any other relevant laws.
Kenya licensed its rst CRB
in 2010 in what was expected to
lead to lower commercial lending rates by improving credit
information availability in the
banking sector.
Soaring costs
But despite the presence of a
credit information pool, commercial banks are yet to pass on
the benets, critics say.
The petitioner avers that
Credit Reference Bureaus
have listed more than 700,000
individuals in their database as
defaulters, Justin Muturi, the
National Assembly Speaker told
MPs while communicating the
petition to the House.
Mr Runo claims that the listing of loan defaulters is causing
a lot of anguish to the listed individuals as they are unable to
access nancial facilities from
local banks and other nancial
institutions.
Prior to CRBs introductions,
banks maintained that lack of

credit reference information
was major contributing factor
to soaring costs of credit due
to incomplete borrowers information.
In the petition, the petitioner prays that the National
Assembly through the departmental committee on Finance,
Planning and Trade initiates
the process of amending the
Banking Act and any other relevant laws to disband Credit
Reference Bureaus, Mr Muturi said.
According to the Central
Bank of Kenya, CRBs help
lenders make faster and more
accurate credit decisions.
The CRBs collect, manage
and disseminate customer information to lenders.
Credit bureaus also assist
in making credit accessible
to more people, and enabling
lenders and businesses reduce
risk and fraud.
The credit information
sharing was expected to reduce
risk premiums in the pricing
of credit.
Creditinfo Credit Reference
Bureau limited, Credit Reference Bureau Africa limited
t/a TransUnion and Metropol
Credit Reference Bureau limited are the only licensed CRBs
registered by the Central Bank
of Kenya
ECONOMY & POLITICS

EDUCATION Ministry asked to ensure adequate supply of books to schools
EACC epot pokes

holes in schools
textbook stoage
Parents buy textbooks ahead of schools re-opening. FILE

BY OUMA WANZALA
An Ethics and Anti-Corruption Commission (EACC) report has poked

holes in the storage of textbooks in
public schools.
The report titled Examination into
the Disbursement and Utilisation of
Free Primary Education Funds, observes that despite the State releasing
funds to schools to construct storage
facilities, most have not.
The condential report says some
schools bought one wooden cupboard,
which is kept in the head teacher or
deputy head teachers oce.
In other schools, metallic cabinets
are available though not locatable while
in others there are no storage facilities,
observes the EACC report dated September 2015.
It goes on: In those schools, purchased books are recorded in a register
by the deputy head teacher and then issued to respective subject teachers, who
in turn lock the books in their cabinets

in the sta room. At the end of the term,
the books are all stored in the deputy
teachers oce. These expose the books
to the risk of break-in and theft.
The EACC report notes that its team
was informed of breakins and theft of
books in several schools in Nyeri and
Embu counties.
Classication system
It was also observed that storage areas in
most schools were disorganised, poorly
illuminated and very dusty.
In some instances, tattered books
were kept in cartons or scattered all over
the store. In others, books and materials were not systematically organised by
subject or other predictable classication system, it adds.
Firewood and broken furnitures
were also kept in the same store in some
schools while in a few cases, the same
stores also served as kitchens.
This poses a severe risk to instruc-
Taskfoce poposals set tea fames fo tax cuts
tion materials in the event of a re

outbreak. Poor storage of instruction
materials shortens their shelf-life. This
coupled with lack of proper records of
the stored items creates a fertile ground
for the loss of materials, it adds.
The EACC team also noted that in
some schools, books kept in stores were
not stamped long after they had been
delivered, contrary to the law which requires that every copy is stamped and
a unique serial number written in the
space provided for the stamp.
It also noted that some schools do not
properly maintain records of delivery
notes and other documents used to supply leaning materials to schools.
This makes it dicult to compare
orders with the deliveries made and conrm that there are no variations and is
a loophole that can be exploited to pay
for items not actually delivered, states
the report.
State softens stance on planned

demolition of unsafe city buildings
Proper prioritisation
BY NGARE KARIUKI
The EACC observed that no contingency

measures had been put in place by the
Ministry of Education to mitigate the
eects of disasters such as oods and re
citing Kisumu county where schools are
located in ood prone areas.
In Bungoma County, the team was informed that the district schools audit ofce burnt down destroying all records.
In both cases back-up copies had not
been maintained in a separate location,
thus making it dicult to reconstruct
information.
The team also noted massive procurement of story books in some schools,
yet they had not attained a sucient
levels of text book to pupil ratio and in
most classes several students were sill
sharing books in core subjects.
The Education Principal Secretary
(PS) should ensure proper prioritisation
of instructional materials purchased by
the schools. For every school, a strategy
should be implemented to ensure adequate supply of books for all classes and
in all subjects, states the report.
owanzala@ke.nationmedia.com
Not all the unsafe buildings in Huruma

will be demolished after the seven-day
grace period ends next week.
Public Works principal pecretary (PS)
Paul Mwangi said that 12 of the 70 buildings marked for demolition are salvageable and a committee had been set up to
look into ways to make them safe.
If there is a way some of the buildings can be strengthened, either through
additional reinforcement, it makes more
sense to take that option, he said yesterday.
The PS seemed to have taken a less
radical approach compared to last week
when he said demolitions would go on
whether or not owners obtained court
orders barring them.
This time, we have to demolish them,
whether they move to court or not, because we keep losing people, he said last
Tuesday. But yesterday he said that after
consultation, he came to the conclusion
that some buildings may be made safer
through reinforcements to key sections
of the structures.
BY GERALD ANDAE AND JAMES

KARIUKI
Tea farmers look set to pay lower taxes

and levies if recommendations of a Statebacked task force are adopted.
The team wants the one per cent levy
on tea sold at a weekly auction in Mombasa cut to 0.75 per cent and the removal
of the $3.30 (Sh330) tax on the value of
undisclosed quantity of the crop.
Other recommendations are lower
brokerage fees paid by the producers
from 0.75 per cent to 0.5 per cent, intensive marketing and increase the presence
of branded Kenyan tea in the internation-
al market. Kenya is the worlds leading

exporter of black tea, a crop that oers
a livelihood to thousands of small-scale
growers who complain not enough cash
reaches them.
We recommend that Ad valorem levy
and brokerage fee be reduced while the
lot charge should be discontinued, reads
the report.
The taskforce was formed after tea
farmers raised complaints over low earnings in 2014 resulting from low international prices.
Farmers attached to KTDA earned
Sh52.9billion during that year, down
from 69.2 billion the previous year.
A six-storey building in Huruma collapsed over a week ago following heavy

rainfall killing at least 49 people while
135 were rescued from the rubble of the
residential block.
The PS held consultative meetings at
the National Youth Service headquarters
to discuss the way forward concerning
the deterioration of the construction
industry.
Other stakeholders in the meeting
included the National Environmental Management Agency, the Board of
Registration of Architects and Quantity
Surveyors of Kenya, the National Construction Authority, the Nairobi County
government and Water and Irrigation
Authority.
Mr Mwangi said a second committee
will also be set up to advice on the best
way to relocate residents from buildings
that are set to be demolished.
We are waiting for reports from the
two committees regarding which buildings must come down and which ones
we can salvage and secure. We currently
have teams on the ground marking the
suspect buildings, he said.
IEBC chiefs tenue in the balance as Paliament stats law eview

BY EDWIN MUTAI
Parliament has begun the process of

amending the electoral laws that will
determine the future of the current Independent Electoral and Boundaries
Commission (IEBC) ahead of next years
General Election.
The Justice and Legal Aairs committee has written to National Assembly
Speaker Justin Muturi seeking permission
to hold joint sittings with the Senate to
review entire national electoral laws and
the process of lling vacancies in the electoral institutions.
This includes matters relating to election processes, election laws, voter regis-
tration, voting, resolution of electoral disputes and the process of lling vacancies
in the electoral related institutions, Mr
Samuel Chepkonga, who chairs the committee, said in the letter to Mr Muturi.
The notice on the law change comes
after the Opposition, Coalition for Reforms and Democracy (Cord), announced
it would step up protests in its push to
force the sitting IEBC commissioners
out of oce.
Cord accuses the IEBC of bias. The
IEBC has dismissed the charges and
says its members will stay put.
Mr Chepkonga said the electoral laws
used to nominate the current IEBC bosses are untenable since the president has
Mr Samuel Chepkonga. FILE

been given powers to pick four persons
to sit in the selection panel in the event of
a vacancy in the commission.
The committee feels that it is im-
proper to allow one party participating

in a General Election and who may be a
candidate to nominate four persons to sit
in the selection panel. That will not be an
independent referee, he said.
The presidential and parliamentary
polls are more than a year away but politicians are already lining up for what could
be a bruising battle.
Besides the president nominating four
people to sit in the selection panel, the law
requires that one person be picked by the
Judicial Service Commission, one by the
Kenya Anti-Corruption Advisory Board
and another by the Association of Professional Societies of East Africa (APSEA).
The Kenya Anti-Corruption Advisory
Board is non-existent under the new EACC

Act. The committee felt that APSEA is a
body that is not representative of Kenyan
professionals. APSEA argument was acceptable during the grand coalition government. The law should be reformed to
reect the current constitutional framework, he said.
Mr Chepkonga said talks to amend
the law and have a selection panel appoint commissioners to the electoral
agency were on. The panel could have
two persons picked each by the majority
(Jubilee) and minority (Cord) and three
other members from religious organisations-- Catholics, Supkem and Evangelicals nominating one each.
CORPORATE NEWS
Regulato seeks to ease tansfe of mobile cash

BY LILIAN OCHIENG AND OMAR
KIBULANGA
The new Communications Authority

of Kenya (CA) board has identied as a
top priority the breakdown of barriers
against mobile money transfer across
dierent telecoms networks.
The seven-member board was inaugurated yesterday after prolonged
wrangles that strained operations at the
regulatory agency for over two months.
It consists of Levi Obonyo, Paul Kukubo,
Mugambi Nandi, Kentice Tikolo, Davis
Cheruiyot Kitur, Christopher Guyo Huka

and Patricia W Kimama.
Its now upon the mobile providers
to meet and agree on the rates and taris to enable the mobile money interoperability, otherwise we have already
initiated the process, said the ICT Secretary Joe Mucheru as he ushered in
the new board.
The guidelines follow a push by Airtel to have Safaricom compelled to open
up its M-Pesa system to rivals, which
initially failed due to a lack of policy to
guide the regulator.
At the moment, it is possible to send

money across networks, but the process is costly compared to sending cash
within a network.
An Orange subscriber, for instance,
has to send money to an M-Pesa user
who will receive a short text message
notifying them of the cash.
But the Orange subscriber will have
to go to get an M-Pesa agent or Orange
agent to withdraw the cash. This is because the cash hangs as a text message
and is not received directly into the mobile money wallet.
Bambui eviews diecto Chis

Kisies tenue afte gaft claims
TRACK The former Mumias Sugar CFO featured in Uhurus List of Shame
BY DAVID HERBLING
Cement maker Bamburi is reviewing

the tenure of one of its directors who
has been mentioned in multiple graft
allegations.
The LafargeHolcim Kenya subsidiary says it is examining allegations made
against board member Chris Kisire who
featured in President Uhuru Kenyattas
infamous List of Shame linked to his
stint at Mumias Sugar Company.
He was last month relieved of his role
as chief nance ocer (CFO) at National
Bank of Kenya (NBK), having been on
suspension since April 2015 when he
was named in Mr Kenyattas graft dossier tabled in Parliament.
Mr Kisire - an ally of former President Daniel Mois personal secretary
Joshua Kulei has recently featured
in the damning Panama Papers affair that detail how the wealthy use
oshore rms to evade tax and avoid
sanctions.
Bamburi Cement is reviewing the
alleged integrity issues raised and the
course of action, as per the evidence
found, will be in full compliance with
the applicable laws and/or regulations,
the rm said in a statement to the Business Daily.
Mr Kisire, 50, has been serving as
a non-executive director of Bamburi
since October 2004. He is also a member of Bamburis audit committee. He
represents the interests of Mr Kulei, who
owns a 12 per cent stake in Bamburi Cement that is controlled 58.6 per cent by
Suisse conglomerate LafargeHolcim.
CBK deputy governor Sheila
MMbijjiwe also serves as a director of
Bamburi. The Constitution bars public

servants who are paid from taxpayers
money from taking up any other gainful employment.
Presidents dossier
The Capital Markets Authority is seeking far reaching powers to vet the appointment of chief executives, chief
nance ocers and directors who
serve in the audit committees of listed
companies, in proposed amendments
aimed at strengthening Kenyas code of
corporate governance.
We want to strengthen our t and
proper assessment of certain individuals in management, said the CMA boss
Paul Muthaura in an interview.
Mary MMukindia in mid-April quit
the board of Unga Ltd, four months after
she was named in a bribery scandal. She
is alleged to have received hefty bribes
from BAT to inuence a tender award
at the Kenya Revenue Authority.
Mr Kisire left Mumias Sugar in August 2013 after barely one year in oce,
at a time when a KPMG forensic audit
Mr Chris Kisire. Bamburi is reviewing his

tenure, a month after the NBK relieved
him of a CFO post. FILE
report revealed an illegal sugar import
syndicate by the millers top managers.
He had served as the CFO.
He then joined the NBK but the Presidents dossier forced him to step aside
after which he formally quit the midsized lender in April. Mr Kisire is said
to be currently in charge of Broadland
Overseas SA, registered in Panama.
The rm lists Mr Kulei as chairman
while other directors are named as Thomas Kulei, who is based in the UK, and
Grace Kipyator Kemei.
Mr Kisire holds a Bachelor of Commerce (Accounting) and an MBA both
from the University of Nairobi.
He is also currently the CEO of The
Sovereign Group, an investment vehicle
associated with the former president
Daniel Mois family and close business allies.
hdavid@ke.nationmedia.com
Kundan Singh International workers on Voi-Mwatate Road in 2013: Tsusho Group is

pushing to sell two of the contractors vehicles in a loans default duel. FILE
Toyota m joins list of

ceditos seeking auction
of Moi-ea contacto
The nancing contract Tsusho signed
with KSC provided that the vehicles would
Motor dealer Toyotas associate company be registered to the construction rm only
Tsusho Group has joined the list of credi- upon full repayment of the loan.
tors seeking to auction assets owned by
KSC is yet to respond to the suit. Justice
Moi-era contractor Kundan Singh Inter- Joseph Sergon has ordered the parties to
national following the rms failure to appear before him tomorrow for further
directions.
repay a car loan.
Tsusho wants the High Court to allow it
Toyota in its suit says the appointment
to auction the two vehicles valued at Sh7.2 of receiver managers was done long after
million if Kundan Singh cannot settle the its nancing contract with KSC hence it
due loan balance.
shouldnt be stopped from executing the
The contractor that grew and thrived terms of its deal.
The vehicles had not
on several road construction
passed to KSC since the deprojects during the Moi era
was placed under receivership
fendant had not paid the full
in February last year by the
purchase price as it was reThe efusal by
Bank of Africa, KCB and I&M
KSC Intenational quired to do under the agreebanks after failing to repay a
ment, Tsusho adds.
to hand ove the
total of Sh7.1 billion it owes
BOA has appointed Kolthe lenders.
vehicles is illegal luri Venkata Kamasatry as
receiver manager for the
Tsusho Group says it TSUSHO GROUP
nanced the purchase of the
construction rm while KCB
two vehicles it wants to auction in 2011, and I&M have appointed Deloittes Samuel
and that KSC has failed to repay the loan. Oketch Onyango and Harveen Gadhoke
It says the rms receiver managers have to manage KSCs aairs and recover the
illegally refused to hand over the vehi- Sh7.1 billion they are owed.
cles. The company which nances vehiKSC is also facing a Sh226 million decle buyers insists that the cars are still its mand from the Kenya Revenue Authority (KRA) which also wants to auction
property.
KSC went into receivership just the rms assets to recover its dues. KSC
months after the Ethics and Anti-Cor- has however challenged the demand in
ruption Commission (EACC) accused a separate suit.
it of colluding with Michael Kamau, the
The High Court has stopped the KRA
former Transport Cabinet Secretary, to from auctioning KSCs assets until the conalter designs for the Sh2.6 billion Kap- struction rms suit is determined.
tana-Kapsokwony-Sirisia Road with the
Kundan Singh borrowed the colossal
aim of stealing project funds.
sums to secure funding for the multiThe refusal by KSC International to billion-shilling construction projects it
hand over the vehicles is illegal and should had won, including the Bura Irrigation
not be allowed to stand because the re- Scheme (Sh7.3 billion), the Voi-Mwatate
ceiver is only obligated to possession of Road (Sh2.2 billion) and the New Songwe
the property of a company and manage it International Airport in Mbeya, Tanzania
for the benet of the creditors and in this (Sh1.8 billion).
case the vehicles are not the property of
KSC has faulted slow payment from the
government for the loan defaults.
KSC, Tsusho says.
BY BRIAN WASUNA
CORPORATE NEWS
Uchumi meets ceditos in bid to foestall closue

TROUBLED Retailer owes suppliers Sh3.6bn and banks
Sh2.5bn, which puts it in a negative net assets position

Sh3.6 billion, with another Sh2.5 billion
debt owed to banks against a total asset
base of Sh6.1 billion which puts it in a
Uchumi Supermarkets has called for
crunch meetings with creditors and supnegative net assets position.
pliers in an attempt to forestall court cases
The litigants, imports and supply rm
that are petitioning for its closure.
Ceccagnoli Italiano Ltd, Kenblest Group,
The retail chain says it wants to avoid
Githunguri Dairy, Kappa Oil, Insync, Star
a lengthy court process, initiTimes and Nairobi Bottlers
ated by seven of its suppliers
are owed just over Sh300 milseeking to declare them insollion by Uchumi.
vent over a part of their debt,
The retailer has convinced
I have talked
some suppliers to convert
that has thrown a spanner
to the seven
part of the debt to equity.
into their plans for revival.
The troubled supermarIn a meeting held yester- supplies to make
day at the oce of Interna- them undestand ket met some suppliers last
tional Trade principal secreweek who agreed to oppose
tary Chris Kiptoo, Uchumis the path they have the winding up petition.
management and a section of taken will not be
Association of Kenya Supthe retail chains creditors repliers
chairman Kimani Rugood fo anyone
solved to meet seven suppliers
gendo told the Business DaiJULIUS KIPNGETICH
who have led for winding up
ly that two of the companies
UCHUMI BOSS
the business in a bid to reach
that have led the suit had
agreed to pull out in principle,
a consensus to withdraw the
without revealing their identity.
petition.
I know we will succeed, I have talked
The suit is a do or die for one of Kenyas
to the seven suppliers to make them unoldest retailers which is currently under
derstand the path they have taken will not
a cash crisis after some of the lenders who
be good for anyone, Uchumi boss Julius
were willing to nance its revival grew
Kingetich said. Uchumi owes suppliers
cold feet. Langata Supermarket is partly
BY OTIATO GUGUYU
Kebs summons wate

bottles ove ise of
countefeit poducts
BY BRIAN NGUGI
The Kenya Bureau of Standards (Kebs)

has summoned representatives of water
bottling companies for a crisis meeting
today to discuss the rise of counterfeit
products which are posing health risks
to consumers.
Kebs has organised a meeting with
all water bottling rms in the country
following an upsurge of companies that
do not follow laid out safety standards.
According to records at Kebs, there are
600 registered rms. During the meeting, Kebs is expected to give a directive
on water bottling standards, the State
agency said in a letter signed by CEO
Charles Ongwae.
The Kenya Association of Manufacturers (KAM) supports Kebs move to
rein in rogue businessmen. KAM said
its members were losing billions of shillings to illicit water bottlers.
(Counterfeit) bottled water is a big
concern for us, we do support the move
by Kebs to rein in anyone taking part in
the illicit trade. It has a direct impact on
genuine manufactures who are paying
Charles Ongwae, the Kenya Bureau of

Standards managing director. DIANA NGILA
tax and complying with the law, said
KAM chief executive Phyllis Wakiaga
in an interview.
Ms Wakiaga said that poor enforcement of laws had allowed the counterfeit trade to thrive resulting in loss of
revenue by the government and bottlers.
We need to have very robust enforcement to be able to nab any of those goods
International Trade principal secretary Chris Kiptoo. He met Uchumis management and a
section of the retail chains creditors yesterday. DIANA NGILA
charged to United Bank for Africa (UBA)
under a Sh250 million short-term facility to pay suppliers. The bank said it was
willing to oer more support if the winding up suit is dealt with.
The Kenya Commercial Bank (KCB),
which holds the charge to Ngong Hyper
Supermarket that Uchumi has already
sold at Sh1.4 billion, is unwilling to allow
proceeds of its sale to reach the retailer.
We need to talk to KCB, money from
Ngong Hyper has began to ow and no
other bank is willing to give us money
in the market, she said. The Consumers Federation of Kenya (Cofek) however says Kebs was not doing enough to
protect consumers against counterfeit
bottled water products.
Kebs is not doing enough on enforcement of water standards. Bottled
water is a free-for-all business. Its poorly
regulated. Major brands are also deceptive on content labelling. Its time Kebs
required all water bottlers to use clear
bottles, said Cofek secretary-general
Stephen Mutoro.
The Kenyan water business has in
recent months witnessed exponential
growth. However, there have been
complaints of substandard water
products which put to risk the health
of consumers.
Consumer demand for safe drinking
water has spurred the rise of bottled
water rms.
A recent World Bank/IFC study
detailing the bottled water market in
Kenya estimated sales at Sh12 billion
per year. According to the Kenya Revenue Authority (KRA) over 60 per cent
of water and juices in the market are
counterfeit.
KRA Commissioner-General John
Njiraini said last month that the illegal
trade was denying the country billions
of shillings in revenue. The water and
juices sector is one of the fastest growing
industries in the country, but statistics
indicate that over 60 per cent of the water and juices are illicit, he said.
because of the petition, said Mr Kingetich. KCB, which is owed Sh900 million,
is holding onto Sh400 million from the
Ngong Hyper sale.
The Industrial and Commercial Development Corporation (ICDC), which is an
Uchumi shareholder, has indicated that
it will not exercise the option of recovering its debt without rst oering help
as part-owner.
Uchumi also wants support from the
government in terms of a bridging loan
structured like the Sh678 million oered
when the retailer was placed under receivership a decade ago. The government, in
the biggest show of commitment, stated
through Dr Kiptoo that it needed re-assurance of the retailers resuscitation plan
before committing funds.
When I was preparing a memo quoting a gure we needed to know what the
other shareholders were doing because
as government we have only a 15 per cent
stake, and all the measures will result in
dilution, said Mr Kiptoo.
The PS said that Treasury Cabinet Secretary Henry Rotich had already signed
a cabinet memo to discuss the possibility
of a bailout subject to a concrete proposal
from shareholders.
The CS Treasury has already signed
the memo which means they have allocated money in the ledgers, but we needed
to consult so that when asked questions
we can present something solid, said
Mr Kiptoo.
Industrialisation CS Aden Mohamed
had earlier indicated that Uchumi would
rst have to look at their assets, then come
to shareholders where the government
will play its role as a shareholder before
considering what else to do.
Uchumi said that with the sale of assets, a debt swap, closure of lossmaking
branches and sta layos it is set for a
comeback.
dotiato@nationmedia.co.ke
Electonic commece ms mege

in bid to tap moe online shoppes
BY DOREEN WAINAINAH
Electronic commerce rms Ringier Africa and One Africa Media have entered
a joint venture to woo more users onto
their platforms.
The Rupu and BrighterMonday holding
companies have merged to form Ringier
One Africa Media (Roam), targeting the
growing number of online business and
classieds in the region.
The joint focus of Roam will be to
serve its users across Africa with best-inclass marketplace platforms. Combining
the groups strengths will help our users
reach a larger audience with their oers
and nd what they are looking for easier
and faster, said Ringier Africa general
manager Leonard Stiegeler.
As millions more Africans come online to connect and conduct commerce,
predominantly via mobile phones, Roam
will amalgamate is car, real estate and jobs
as well as classieds businesses.
In Roam, the leadership of the groups
classieds companies will be joined together and One Africa Medias CEO Justin Clarke will become the acting CEO of
the new group.
We have been looking for the right strategic partner with a similar broad vision
for classieds in Africa and who has a deep
understanding of how things work in this

complex continent as well as the long term
commitment to stay the distance in some
very large but early stage markets. We have
known Ringier Africa for many years as
we have both pioneered these markets in
parallel and are really excited to be joining
hands at last, Said Mr Clarke.
Ringier Africa is behind rupu and pigia
me and One Africa Media BrighterMonday, BuyRentKenya and Cheki with Tiger
Global Management and SEEK being the
largest investment.
The competition for Africas e-commerce market has been heating up, attracting global investors seeking to gain
dominance in the budding market.
French telco Orange recently announced the acquisition of a Sh8.5 billion (75 million) equity interest in Africa Internet Group last month. The move
was aimed at accelerating the growth and
market share of Jumia and other online
platforms under the group.
Other services oered by the Africa
Internet Group include an e-commerce
marketplace (Kaymu), websites oering
food delivery (Hellofood) and hotel booking (Jovago), as well as online classied
ads for general merchandise (Vendito),
real estate (Lamudi), jobs (Everjobs) and
vehicles (Carmudi).
IDEAS & DEBATE

OPINIONS I REVIEWS I ANALYSIS
Re-enginee development using a Vision

2040 coveing national, county pioities
Other Voices
Yoweri Museveni
Uganda President
ECONOMIC SURVEY If 2015 rosy gures were opportunistic, assisted by
low oil prices, country must agonise about achieving sustainable growth
GEORGE WACHIRA
DEVOLUTION
rowsing through The Economic

Survey 2016, one sees an economy with most of the key sectors
marginally growing and with a macroeconomic environment that is mostly
stable. The monetary policies have evidently stabilised the exchange rate and
ination, while runaway interest rates
are on the mend.
Informal sector jobs are growing
while the social indicators (education
and health) are positive. However at 5.6
per cent growth rate in 2015 the economy
is still far from reaching the peak of its
potential.
The positive impact of low global oil
prices on the economy over the past two
years is quite evident with an improved
balance of payment, reduced ination
and, of course, low energy cost inputs.
Petroleum consumption rose by about
20 per cent from 3.9 million tonnes in
2014 to 4.7 million tonnes in 2015. The
oil import bill dropped by 26 per cent
from Sh309 billion in 2014 to Sh229 billion in 2015.
Was it an opportunistic economic
growth assisted mainly by low oil prices? If the answer is in the armative we
need to focus on ways to drive sustainable
real growth even when oil prices revert
to high levels, as they will do.
In respect of electricity, demand grew
by an impressive 9.7 per cent while installed generation capacity increased
from 1,723 megawatts (MW) in 2013 to
2,263 MW in 2015.
This is an indication that the
stretched target of 5,000MW by 2017
has challenged the energy gurus to keep
supply ahead of demand. This way there
is sucient buer for electricity supply
to ensure that no socio-economic development shall ever stall or delay waiting
for power. The latent electricity demand
that energy economists talked about is
gradually surfacing as supply and distribution expand.
At 6.2 per cent growth in 2015, agriculture was one of the good performers
with increased produce and values. However this was mostly due to good rains,
high international prices and low energy
William G. Naggaga (Daily Monitor)

On May 12, President Museveni will be sworn in
for his fth term in ofce as an elected President of
Uganda. He previously served for 10 years (1986 1996) as an un-elected president following the veyear Bush War that saw the exit of Milton Obote and
the military junta of Gen Okello Lutwa. Musevenis
NRM assumed power on January 26, 1986 and
promised Ugandans a fundamental change.
Museveni will have ruled for 35 years by the time he
completes his fth and probably last term in 2021.
Dilma Rousseff
Brazil President
From left: Planning and Devolution secretary Mwangi Kiunjuri, Kenya National Bureau of Statistics acting director- general Zachary
Mwangi and chairman Terry Ryan during the release of the Economic Survey 2016 in Nairobi recently. SALATON NJAU
cost inputs, items not within our inuEldoret is a major score for manufacturing and agriculture as it capitalises on a
ence. Agriculture being Kenyas core
captive fertiliser demand while substieconomic sector should be growing in
tuting imports.
double-digit gures if we are to meet
The ongoing eorts to create capacour national GDP growth targets. It is
the sector with the highest capacity and
ity for leather product industries are acpotential to achieve long term national
knowledged. The Baringo County work
prosperity.
on an abattoir for donkey meat exports
is an ingenious value-adding project for
However to walk the talk, the national and county governments will need
herders.
to routinely allocate sucient budgets
However, caution is advised on the
for agriculture. Produce
revival of the Webuyemarketing systems should
based Pan Paper Mills,
be expanded and made efwhich may not be enviMany ague
cient to motivate farmers
ronmentally or economiand herders.
cally sustainable unless
that the Vision
Manufacturing
peralternative feedstock
2030 is moe o
formed lowly at 3.5 per cent
is developed. A good
less out of date
in 2015, and this is despite
sustainable alternative
low cost of energy inputs.
feedstock is the fastwith fewe policy
This is another productive
maturing
bamboo
implementes
sector with huge transwhich will certainly do
formational potential to
well in Western Kenya
using it as a
the economy. We have obwith out-growers createfeence
served ongoing activity to
ing more jobs.
set up basic capacity and
Construction and
institutions for small and
building sectors regislarge-scale industrialisation which is the
tered the most signicant growths (13.6
logical starting point.
per cent) with the single largest infraThere is also evidence that manufacstructure project SGR making a huge
turing is now focusing on bottom-up
contribution.
However, it is in the buildings (mostly
value addition of the other productive
private) that we need to ask some genuine
sectors like agriculture , livestock, forquestions. Are we diverting most of the
estry, and minerals.
capital and credit from the productive
The fertiliser factory coming up at
sectors (manufacturing and agriculture)

into buildings which many consider safe
long term investments?
There is talk of industrialists closing
down their factories in Industrial Area
to invest in real estate and malls, an indication that something has gone wrong
in manufacturing.
The same stories will be told of giving
priority to buildings over agriculture.
Targeted planning
Finally, whereas The Economic Surveys
focus on historical actual economic performance, we need to turn our attention
to more organised and targeted economic
planning for the future. Many argue that
the Vision 2030 is more or less out of date
with fewer and fewer policy implementers using it as a reference document.
Of late it has been projects and
programmes based more on election
manifestos, and this may miss essential
national development targets and socioeconomic synergies.
We should be drafting a new Vision
2040 which focuses on emergent development priorities and which takes into account the dual national/county planning.
Such a plan should be ring-fenced from
frequent political changes and should
advise election manifestos.
Mr Wachira works with Petroleum
Focus Consultants,
Email: Wachira@petroleumfocus.com
Gretchen Helmke ( Reuters)

Latin America was synonymous with political
instability throughout the 20th century. The
spectre of military coups faded in the 1980s, yet
political crises like the one now engulng
Brazilian President Dilma Rousseff -- still plague
the region.
If Rousseff loses her looming impeachment battle
over claims of illegal accounting, she will be the
18th elected Latin American president since 1985
(excluding Haiti) forced to leave ofce by means
other than the ballot box. And the second Brazilian
president since Fernando Collor de Mello resigned
under threat of impeachment in 1992.
Hillary Clinton
US presidential hopeful
E.J. Dionne Jr (Washington Post)

The rst rule in elections is: Go for the votes you can
get. By that measure, Hillary Clinton is right to try to
put the old Obama coalition on steroids.
Donald Trump will expand the Democrats
opportunities among nonwhite Americans and
produce Clinton landslides among Latinos. These
groups have good reason to fear and despise
the man who has demeaned them. And watch
Republicans for Clinton become a major force in
American politics, an alliance of mostly well-off,
well-educated voters plus women of all classes.
The members of the party of Lincoln who support
Clinton will see that against Trump she is the safe
and even, conservative choice.
10
EDITORIAL & OPINION

Published by the Nation Media Group, Kimathi Street, Nairobi
Joe Muganda Chief Executive Ofcer | Tom Mshindi: Editor-in- Chief

Ochieng Rapuro: Managing Editor
P.O.Box 49010 GPO Nairobi Telephone: 254 20 328 8104 Fax: 254 20 214849
Email : bdfeedback@nation.co.ke www.bdafrica.com
Kenya Railways should

stick to its coe mandate
enya Railways Corporations

(KRC) decision to go into real
estate business is a matter
that is as surprising as it is mind-boggling. For starters, Kenya Railways is
the agency charged with the development and management of the countrys railway infrastructure whose
sorry state is well known to millions
of Kenyans.
Ordinarily, one would imagine that
given the enormity of urban transport
challenges that the Kenyan capital Nairobi faces and the general decline of
railway transport in the country Kenya
Railway managers would be investing
some thought in a plan that might
changes all that.
But alas! The corporations management has instead chosen to spend
its knowledge and skills on something
dierent going into multi-billion shilling real estate projects starting with
KenRail Towers in Nairobis Westlands
from which it hopes to earn Sh200 million a year. Nothing could be more ridiculous! That a State corporation established for purposes of advancing
railway transport in the country can
blatantly abandon such a critical mandate and veer o to building oces and
homes just shows how short sighted
we remain as a country.
The point is that whatever resources KRC plans to invest in real
estate could be used even in small
ways to set up some semblance of ur-
ban rail transport, especially for Nairobi. KRC needs to be reminded that
the government has a separate arm
the National Housing Corporation
- whose mandate is to invest public
funds in the real estate market, not a
railway company. The most unfortunate thing about Kenya Railways actions is that while it continues to waste
public funds on misplaced objectives,
neighbouring nations such as Ethiopia
and Egypt are making gains in developing modern railway infrastructure
with serious consequences for Kenyas
competitiveness in the near future.
In a short time, the Ethiopian
capital, Addis Ababa now has a functional light railway system-- the rst
city metro to operate in Sub-Saharan
Africa besides the new rail link to
neighbouring Djibouti.
The Ethiopian metro system is
expected to transform the lives of
the more than ve million people
in the capital, where commuters just
like in Nairobi currently wait in long
queues to be crammed into buses and
mini vans.
That KRC is not seeing these as
milestones worth emulating or aspiring to if only to secure Nairobi
and Kenyas ability to compete as the
regions commercial hub is bewildering. A cardinal pointer for KRC is that
projects initiated must be sensible and
realistic in terms of implementation so
as to avoid wastage of resources.
Punish Uchumi ex-manages
s troubled Uchumi Supermarket continues to battle

auctioneers and winding-up
suits, it is important that owners of
the retail chain pursue those who
derailed one of Kenyas famed turnaround eorts.
Uchumi closed shop for days in
2006 before re-opening under a government-backed bailout plan that
ultimately pulled it out of receivership in 2011. The rm returned to
dividend payment, making its stock
at one point the best performing at
the Nairobi bourse.
But matters took a nasty turn at the
tail-end of Jonathan Cianos reign , the
former chief executive who helped get
Uchumi out of the 2006 receivership
but has since his removal from oce
last year been accused of cooking
books to paint a rosy picture of the

retailers nances.
Uchumi now has a negative net asset position, with a debt load of Sh6.3
billion against a total asset base of Sh6.1
billion, according to half-year nancial
statements to December 2015.
A forensic audit into the books
of Uchumi by KPMG found that the
former management led by Mr Ciano,
Chadwick Omondi Okumu (chief nance ocer), and David Mboya (internal auditor) had cooked books and
concealed losses for a period of three
years. This is illegal. And the deceit has
seen Uchumis stock trade at a all-time
low of Sh3.70 per share.
Therefore, the individuals who
masterminded the fraud should be
pursued and made to answer for any
misdeeds at the retail chain.
To comment...
The editor invites comments on our content and topical issues. Please include your full names, telephone number and address in your letter.
Email: bdfeedback2@ke.nationmedia.com
Anyone who doesnt smile at the customers risks having their

dental health plan revoked...
The essentials of a manufactuing ecosystem

AREF ADAMALI
MANUFACTURING
alue addition through manufacturing

has been a major focus of economic
policymakers across the world, and at
times with remarkable success, most famously
in East Asia. Initial Asian miracles in places
like South Korea have since been eclipsed by
the meteoric rise of manufacturing in China,
which has grown its exports by 18 per cent
a year over the past 10 years, compared to a
global average of seven per cent .
Most countries generally seemed to follow
a basic pattern, initially establishing manufacturing credentials in light manufacturing, such as in textile and apparel, but then in
time moving on from such products to highervalue-added and more complex products. As
they moved on and up, they opened space for
other countries to move into the initial entry
products, following the so-called ying geese
model of division of labour.
There have been noticeable absences
though, with not all regions having moved
into manufacturing. This is partially the case
with Central and South America, but most
strikingly with Sub-Saharan Africa.
What can be done to support countries in
their quest to deepen their manufacturing sectors, and extract the jobs and technological development that this can oer? How can they
develop the kinds of deep and comprehensive
manufacturing ecosystems that have enabled
China to maintain investment despite fast-rising labour costs?
Addressing this challenge requires a comprehensive approach, touching on a variety of
areas that all need improvement if a countrys
manufacturers are to have a ghting chance of

making it in a competitive global economy.
The work starts with the need for strategic
clarity, developing the knowledge to create a
vision for change and a clear business case that
justies and drives action. This also requires
developing platforms for public-private dialogue and inter-rm co-ordination, so as to
facilitate vertical coordination throughout a
supply chain.
Businesses cant grow without money.
But, along with capital, investment also often
brings access to new markets, technology and
skills. Therefore, creating an investor-friendly
framework to attractive and retain investors
all investors, foreign and domestic alike is
critical. The seed of Bangladeshs large and
hugely successful apparel sector came from a
joint venture between a local rm, Desh Garments, and Daewoo of Korea in 1977. Of the
128 Desh sta members taken to South Korea
for training, 115 of them moved on to set up or
run new apparel factories, launching what has
become a key pillar of Bangladeshs economy
and a vital source of jobs.
In countries with challenging investment
climates which is the case for many countries that are struggling to punch into manufacturing industrial parks and zones hold
the promise of delivering a business environment in which rms can more competitively
manufacture products in the near term, while
longer-term actions to x the general investment climate are worked through.
Support in this area goes beyond helping
governments establish a sound regulatory
framework for zones: It includes ensuring
that they market-test their viability and involve
the private sector wherever possible. This will
VIEWS FROM ABROAD
help avoid the all-too-common white elephant

zones with low occupancy levels.
Time and cost to market is make-or-break
in manufacturing. Countries therefore need
cheap and ecient trade logistics systems. This
requires a clear government policy to ensure
an open and competitive transportation sector and ecient customs services.
One complaint that Ive heard, from a leading apparel brand, is that the labels for an order
were once held up in the Kenyan customs process for more than a week. If that type of issue
were to continue, Kenya would remain out
of the running as a manufacturing economy.
Finally, technology has always been at the
heart of manufacturing, starting with the introduction of water-powered fabric mills in
18th-century England and extending to Toyotas pioneering of just-in-time manufacturing in the 1970s. Many business people will
tell you that a key challenge in adopting new
technology lies in access to aordable capital.
This is true, but only to a certain degree.
The arguably harder work lies in the reengineering of business processes required
by the deployment of new technologies. That
requires a strong and constantly evolving human-resource base, from the factory oor to
senior management.
Therefore, ensuring that tertiary-education and vocational-training institutions
are informed by what the market requires of
them, and equipping them to respond to such
a demand for skills, plays an important role
in establishing the critical human-resource
foundations on which rms build their productivity.
Adamali is a regional economist for the
World Bank Group
Opinions fom aound the wold
War on poverty bearing fruits
May Machar return herald peace
Khan: A vital victory for London
Results of the new Ubudehe Social Categorisation

study by the government indicate that over half of
Rwandan families are perceived as well-off. They fall
under Category Three of the
THE NEW TIMES
classification and comprise
KIGALI
53.7 per cent of all households
in the countrys 5.7 million people. The report is good
news for Rwandans and a big vote of confidence in
the governments poverty eradication programmes.
However, going forward more focus should be put on
the 376,192 households which live in extreme poverty.
A review of the poverty eradication policies should be
done focusing on this category of Rwandans because
they need to be supported most.
Dr Riek Machar was sworn in as first vice president of

South Sudan last Tuesday afternoon. The passing of this
political rite hopefully marked the beginning of an end to
years of bloodletting in this, our
DAILY MONITOR
youngest northern neighbour.
KAMPALA
Life in South Sudan has
been brutish to put it mildly. The horrors as have
been witnessed there should never happen in these
enlightened times; the Nuer and Dinka communities
have suffered immense mutual atrocities in this fight.
South Sudan was only recently accepted into the East
African Community. It has a duty to remain true to the
ideals which the EACs founders envisaged would make
our region a beacon of hope in the restive Great Lakes.
Sadiq Khan was elected mayor of London last Thursday.

His victory is a vote for intelligence and tolerance: Khan
is the first Muslim to be elected to the office, and is
the first Muslim to be elected
THE JAPAN TIMES
mayor of a major European
TOKYO
capital. The campaign was an
ugly affair, punctuated by dog whistles and attempted
smears. Londons voters rightly rejected such tactics.
We hope voters elsewhere will prove equally resistant
to such manoeuvres. More importantly, Londons
voters were equally quick to dismiss that ploy and
looked instead at the entire picture of the candidate. The
result has been a resounding victory for Khan, and an
opportunity for the ambitious politician.
11
EDITORIAL & OPINION
Toshiba bungled leadeship ovehaul afte scandal

QUENTIN WEBB
GOVERNANCE
oshibas top-level overhaul is a

setback in an otherwise solid
clean-up. On May 6, the scandal-hit group named two new bosses,
neither ideal. The rejig is a sharp reminder of the continuing weaknesses
in Japans culture of corporate governance.
New Chief Executive Satoshi Tsunakawa distinguished himself building up Toshibas medical unit, which
was both successful and untainted by
a $1.3 billion accounting scandal that
emerged last year.
Those are big pluses. But Toshiba
has just sold out of healthcare. Bringing in an outsider with more expertise in the remaining core businesses
of energy, infrastructure or memory
might have made more sense.
Incoming Chairman Shigenori Shiga is also problematic. He chaired
Westinghouse Electric while the US
nuclear unit booked writedowns
worth $1.3 billion charges that
Toshiba did not ag at the time, in
violation of Tokyo disclosure rules.
More generally, an outsider is
more likely to provide a robust challenge to management.
But while this is best practice in
some other markets, Japans newly
beefed-up corporate governance
Letters
code does not push companies to

go this far.
Furthermore, outgoing CEO Masashi Muromachi will remain an adviser. It could be argued that a company
in wrenching transition benets from
extra continuity. But the principle is
not a good one.
After all, the continuing presence
of former bosses helped get Toshiba
into its current mess.
Such ghosts in the boardroom,
as reform advocate Nicholas Benes
dubs them, make it harder for Japanese companies to change course
decisively.
It is a shame because crisis has
otherwise sparked real change at
Toshiba. It has slimmed down the

board and ensured that outside directors now dominate.
A sale of the medical unit, for
a punchy $5.9 billion to Canon in
March, helped shore up a wobbly
balance sheet before the close of its
nancial year.
Other sell-os, notably in white
goods, also sharpen the conglomerates focus.
But big headaches remain, including what to do about a huge exposure to liqueed natural gas. Fluing the leadership overhaul now is
unhelpful.
The author is a Reuters Breakingviews
columnist
The editor welcomes brief letters on topical issues. Opinions expressed here are not necessarily those of
the editor or publisher. They may be edited for clarity, space or legal considerations.
Send via e-mail to bdfeedback2@ke.nationmedia.com
Nairobi meeting should address key trade challenges
hen Kenya hosts the 14th

session of the United Nations Conference on Trade
and Development (UNCTAD XIV) in
July, all eyes will be on how it will tackle
the numerous challenges facing global
trade, especially among the developing
economies.
As the rst UN ministerial conference of the post-2015 era, it will represent
a starting point to translate heightened
ambitions and commitments of the international community into concrete
plans of action. The meeting will also
boost Kenyas image, which in the recent past was slapped with travel bans
following terrorist attacks, aecting
tourism industry.
The objective of the conference has
the solemn duty of translating the new
development agenda into concrete actions that benet all countries.
UNCTADs key goal is to ensure
globalisation does not isolate poor
countries from achieving the Millennium Development Goals (MDGs). The
agency also contributes to sustainable
development in view of new international challenges needs to be addressed
on a priority basis.
The crucial issues, namely climate
change, energy and migration, must
be reected in UNCTADs future work
for the organisation to stay relevant in
responding to the current and future
needs of developing countries.
There are still far too many nations
and people being left behind. It is essential to acknowledge the tremendous
progress achieved today.
At the same time, however, it is important to remember and recognise that
we still have a long way to go in reaching
the degree of development that would
reect the vision of prosperity for all.
Poverty and inequality, both between
Trucks carrying goods at the Namanga

border crossing. FILE
and within nations, remain a pervasive
challenge. Most of the dramatic reductions in poverty since 1990 occurred in
a few large emerging countries.
The world is still far too divided between large areas of poverty and deprivation, on the one hand, and pockets
of prosperity, on the other. Worldwide,
over one billion people continue to live
in extreme poverty, under unacceptable
conditions for any fellow human of below $1 a day.
Narrowing the inequality and prosperity gaps is critical and will require
more concerted eorts. At the same
time, current global economic conditions are more challenging than at the
beginning of the millennium.
Recent years were marked by the
outbreak of the greatest nancial and
economic crisis the world economy
has faced in the post-war period. The
ramications of the crisis continue to
haunt us today.
As shown by the recent crisis, nancial instability and economic volatility
pose a threat to the improvements in
prosperity that have already been
achieved. With growing interdependence between countries, nancial crises
due to lack of proper regulation may
quickly propagate through contagion
across the global economy, threatening

well-being in all countries.
Large and predominantly speculative capital ows continue to put at risk
the debt sustainability and macroeconomic stability of a number of developing countries. Similarly, some 70 per
cent of developing countries and 85
per cent of Least Developed Countries
(LDCs) are heavily exposed to volatile commodity markets, leading to
large uctuations in foreign exchange
revenues.
Climate change and environmental
degradation are today probably the biggest growing threats to our way of life,
our economies and indeed humanity.
The increase in global average temperatures and destruction and elimination of
earths biological resources aect all of
us, regardless of income levels.
They even pose an existential threat
to some countries. It remains an urgent
challenge to nd the political will to deal
with negative externalities and provide
incentives for producers and consumers to move towards less carbon-intensive production and consumption
patterns.
There is a tremendous challenge
of decoupling economic growth from
wasteful resource use and greenhouse
gas emissions without imperiling economic progress. Otherwise, future
shared prosperity will remain an elusive goal.
To achieve the sustainable development goals, it is essential to build productive capacity and provide economic
transformation. Eradicating poverty by
2030 requires a massive acceleration in
the development of productive capacities, especially in LDCs.
We need to increase productivity
within and across sectors. We need
to diversify economies by shifting re-
sources from less productive and environmentally unsustainable sectors to

more productive and sustainable ones.
We must also do this in such a way as to
create enough higher-quality jobs and
economic opportunities to allow everyone to generate incomes above the
poverty line.
We cannot build productive capacity and transform economies without
investment. Resource mobilisation to
bridge an annual investment gap of at
least $2.5 trillion is a daunting challenge,
but it is achievable. It will require public
and private resources, as well as domestic and external resources.
Resource mobilisation for investment also requires better harnessing
of private resources, domestic and foreign, through eective regulation and
facilitation, and by developing new nancial vehicles and incentives suited
to building productive capacity and
transforming economies.
Similarly, FDI now constitutes an
important source of external nancing for developing countries and can,
if harnessed correctly, play an important
role in raising incomes and enhancing
productive capacities and employment
opportunities.
However, tax avoidance practices
by transnational corporations, as well
as the tax exemptions that countries
sometimes oer in order to attract
investments, substantially curtail
government revenue in developing
countries.
It is imperative that such practices
are properly tackled at the national, regional and global levels, while ensuring
that eorts do not undermine existing
and future investment ows.
NDIRANGU NGUNJIRI
Nairobi
How nancial
liteacy can be
used to tell Afica
success stoies
SAMUEL SIRINGI
MEDIA
n Kenya, business journalism is essential in

the formulation, shaping and distribution of
knowledge. As policy makers constantly seek
ways to make policies more relevant and eective,
the business media provide a platform to stimulate
dialogue between all interested parties to better inform policy formulation and implementation for
disseminating critical information to all relevant
stakeholders. In this way, business journalists serve
as watchdogs over policymakers and decision-makers. Business journalism is therefore one of the main
shapers and inuencers of national policy.
To begin with, building media capacity on nance is key. Business journalism is arguably one
of the most important aspects of media reporting.
On a global scale, the nancial crisis in 2008 was a
reminder of the importance of nancial and business
journalism. Failure by media, specically business
media, to report on illegal or unethical actions carried out by big corporations legitimises such actions
and can ultimately have severe long- term eects
on an economy, national or global.
It also placed more responsibility on the media
and raised a set of profound questions as to the quality of reporting. The question is whether reporters
knew it was coming or indeed whether they were
equipped to deal with the continuing complex
story, especially where sophisticated products
are involved.
Critical
It is imperative that the media, being participants
in the dissemination of business news, be properly
equipped with the appropriate business reporting
tools. A well informed media with an in-depth
understanding of the dynamics and operations of
corporates, capital markets and the nancial sector
play a major role in protecting citizens and investors
from nancial fraud. The media, institutions and
policy-makers need to understand the roles each can
play, and the contribution each can make, in the development of capital markets and hence it is critical
to improve the professionalism and accountability
the media. Take for example recent conversations
around a sugar trade crisis in Kenya. Right now, the
media is playing a critical role in representing the
situation to the government, business world and
general public. It is through this that the country can
have a meaningful conversation on how to navigate
and nd solutions to the countrys troubles.
Financial literacy and empowerment, in
Kenya for example, is central to unlocking potential towards deepening her market and transform
to middle income economy. Financial education
programmes play a critical role in creating awareness and attitudes that people can use to adopt good
nancial management practices.
Financial literacy holds the language for African economies to tell their story to the world, and
for African citizens to be informed about their local
economies. It is clear that if well trained, the contribution that nancial journalists and development
experts can make as continental informers, educators and watchdogs is signicant.
Dr Siringi is a lecturer at the University of
Nairobi
12
NEWS INDEPTH
Assuance of pefeential US maket

TRADE Since the extension of the Agoa pact last year, local
manufacturing rms have received a new lease of life with

one of the biggest Export Processing Zone set for expansion
Cotton processing at Rupa

Cotton Mills, EPZ Athi River.
The product is exported to
the US market under Agoa
programme. FILE
BY KIARIE NJOROGE
he Kenyan manufacturing sector has in recent years

been fraught with challenges including subdued
product demand in key export markets, high production costs and competition from cheaper producing
rivals especially in Asia.
The exclusive Export Processing Zones (EPZ) are among
the segments that for years suered a downturn due to a
Apparel Performance Indicators under AGOA

2011
2012
2013
2014
2015
% Growth
Number of Enterprises
18
22
22
21
21
Employment
25,169
28,298
32,932
37,785
41,548
10
Capital Investment Sh (bn)
6.85
10.73
13.46
15.05
14.48
-3.8
Exports Sh (bn)
20.94
22.3
24.24
30.24
34.58
14.4
Source: Export Processing Zones Authority
high demand for cheaper second-hand clothes and uncertainty over preferential entry of products into the US market
under the Africa Growth and Opportunity Act (Agoa).
But a decision by the US Congress in June 2015 to extend
the Agoa by another 10 years has triggered fresh enthusiasm
in the EPZ business. Though the Act originally covered the
eight-year period from October 2000 to September 2008,
amendments by then US President George Bush in July
2004 extended it to 2015.
Several Kenyan products, notably apparel and agricultural produce, are big beneciaries of this arrangement
which has lifted import duty on all eligible products and
granted preferential market access upon compliance with
Rules of Origin.
Latest statistics in the Economic Survey 2016 showed
that the EPZs recorded a 12.1 per cent growth in sales last
year underlining a resurgence of the sub-sector that is expected to be a key pillar of Kenyas development.
The EPZs recorded growth in all key fronts including
employment and investment-- oering support for the
governments plan to establish a variant of these zonesthe Special Economic Zones (SEZ).
The growth was mostly driven by apparel exports under the Agoa .
In 2015, enterprises operating under the Export
Processing Zone (EPZ) programme recorded increase in
employment, exports, imports, and expenditure on local
goods and services, The Economic Survey 2016 states.
12%
Latest statistics in the Economic

Survey 2016 showed that the EPZs
recorded a 12.1 per cent growth in
sales last year
47 billion
The Economic Survey 2016 shows

that investment in EPZs has nearly
doubled in the last ve years rising
from Sh26 billion to Sh47 billion.
2000
The programme had a sluggish

growth until 2000 when the Agoa
deal was made.
13
NEWS INDEPTH
tems lifts Kenyas EPZ business

This growth however has mostly relied on apparel
enterprises under the Agoa deal which accounted for
Sh34.6 billion of the exports and employed 41,500 people last year.
This number however pales to the ambitions of
the government hence the establishment of the SEZs
which are projected to provide hundreds of thousands
of jobs.
Kenya is in the process of setting up several SEZs in
Mombasa, Lamu and Kisumu. The Kisumu facility is
aimed at growing export trade within the East Africa
Community (EAC) and the Great Lakes region.
Another SEZ will also be set up close to the geothermal plants in Olkaria. Manufacturers in the SEZs will be
oered discounts on power bills because of lower transmission costs from the geothermal plants in Olkaria to
the industrial hubs.
The SEZs shall be subject to a reduced corporate tax
of 10 per cent for the rst 10 years and 15 per cent for
the next decade.
Connective infrastructure
Unlike the EPZs which are limited to manufacturing,
commercial and service activities, the SEZ Act provides a
long non-exhaustive list of activities. They include business processing outsourcing, manufacturing and processing; livestock marshalling and inspection, refrigeration,
deboning, value addition; and services and activities to
facilitate tourism and recreation sector.
The World Bank however says that the success of
the SEZs will depend on provision of proper infrastructure, both within the zones and connecting them to the
outside world.
Although the infrastructure of a zone is important, it
is equally important to develop the connective infrastructure between the SEZs, cities and ports, the bank said.
Among the factors that have previously held back the
success of the EPZs was a poor transport infrastructure
and high electricity costs.
Currently, the government is working to reduce the
cost of transport with the Standard Gauge Railway (SGR)
and the improvements at the Mombasa Port expected to
further ease the export-oriented business.
Total EPZ sales went up by 12.1 per cent from Sh57.2 billion
in 2014 to Sh64.1 billion in 2015. The number of local employees
increased by 8.7 per cent to 50,523 persons in 2015. The bulk
of employment was in the garment/apparel enterprises with
a total of 41,548 persons mainly due to expansion of existing
apparel, and agro-processing rms.
EPZs in Kenya date back to 1990 when the legislation establishing them was passed with a view to stimulating employment and growing exports.
Investors were given a number of incentives including a
10-year corporate tax holiday and 25 per cent tax thereafter, 10year withholding tax holidays and stamp duty exemption.
They also get 100 per cent investment deduction on initial
investment applied over 20 years and VAT exemption on industrial inputs.
The programme had a sluggish growth until 2000 when
the Agoa deal was made. By 2011, the number of gazetted zones
had risen to 44 with a further 13 established since bringing
the total to 57. A further four EPZs have been gazetted since
January this year.
But their performance has been termed disappointing and
the government last year moved to create the SEZs.
At the expiry of their contractual period, existing investors
in the EPZs will be required to start paying taxes in line with
Kenyas taxation laws.
They will also have a choice to either move or re-apply
afresh to be considered for investments in the SEZs under
stringent conditions.
EPZ Performance Indicators

2011
2012
2013
2014
2015
Gazetted Zones 44
47
50
52
57
Enterprises
operating
79
82
85
86
89
EmploymentLocals
32,043
35,501
39,961
46,221
50,253
Expatriates
421
428
472
517
597
Total Workers
32,464
35,929
40,433
46,738
50,850
Total Sales Sh
(bn)
42.44
44.27
50.29
57.19
64.11
Imports
21.44
24.97
27.41
29.46
30.68
Local
Purchases
6.29
8.02
7.72
8.17
9.04
Investment
(Cumulative)
26.46
38.53
48
44.21
47.25
Source: Export Processing Zones Authority

The Economic Survey 2016 shows that investment in EPZs
has nearly doubled in the last ve years rising from Sh26 billion to Sh47 billion.
Workers at an EPZ
factory in Athi River
sew garments. FILE
New lease of life

With last years extension of the Agoa deal to 2025, the
EPZs have received a new lease of life. The EPZ Athi River which is managed by the EPZ Authority (EPZA) has
recorded new demand since last year and is now being
expanded to host more enterprises. Of the 89 enterprises
operating in Kenya, 44 are located in the complex.
Last year, the EPZA completed an additional 16 industrial go-downs each measuring 16,050 square feet
and eight units each measuring 7,600 square feet under the expanded textile and apparel cluster dubbed
Textile City.
The ongoing projects are part of the governments
plans to realign the textile and apparel sector to make it
contribute signicantly to the countrys economic growth
through expansion of sustainable textile production,
EPZA said in a recent newsletter.
China which has for a long time been the worlds
leading apparel manufacturer is adopting a service
economy leaving countries like Kenya to ll the void.
Analysts predict that China will shed about 85 million
jobs at the bottom end of the manufacturing sector between now and 2030.
This opportunity coupled with Agoa, improved infrastructure and cheaper power bodes well for the EPZ
and SEZ sub-sectors growth.
gkiarie@ke.nationmedia.com
14
REGIONAL NEWS
Uganda gets vaccines fo anti-yellow feve campaign

BY BD CORRESPONDENT
IN KAMPALA
Uganda has received 714,579 doses of

yellow fever vaccine for an emergency
reactive mass vaccination campaign in
its Masaka and Rukungiri districts.
Uganda has since January been
grappling with the disease outbreak in
the two areas with 30 suspected cases
and 11 deaths reported. The last reported yellow fever outbreak had been in
2010 that aected ve districts in the
northern part of the country.
In a joint statement issued on
Monday, the GAVI Alliance is paying
for the vaccines after a request from
Uganda was approved through the
International Co-ordination Group
on vaccines.
The group comprises United Nations Childrens Fund (UNICEF),

World Health Organisation (WHO),
Mdecins Sans Frontires (MSF),
and the International Federation of
Red Cross and Red Crescent Societies (IFRC).
The campaign, scheduled to begin
in the second week of May, is targeting
698,850 people, aged six months and
above, who will be immunised against
yellow fever in the two districts where
the outbreak has been conrmed.
The importance of carrying out
a massive vaccination campaign is to
interrupt the transmission. With this
exercise, the aected population will
be able to achieve immunity against
yellow fever, said Ms Aida Girma,
A health worker prepares a vaccine

against yellow fever. FILE
UNICEF representative in Uganda.
Currently, the Government of Uganda, through the Ministry of Health and
its partners, UNICEF, WHO, MSF and

Centre for Disease Control (CDC), is
supporting social mobilisation activities, facilitation of health workers, and
capacity building of health teams in
the aected districts.
Kampala Capital City Authority
(KCCA) has been accused of ripping
o Ugandans who seek the yellow fever vaccine. It, however, denies the
accusations and defends the fees as
justied.
The cropped up after KCCA, a government entity, was accused by the
National Medical Stores (NMS) of
charging Sh100,000 for the vaccine it
received free of charge. The NMS said
it gave KCCA about 3,000 doses of the
vaccine free of charge.
ENERGY Construction of power lines linking East Africa to improve regional supply
Rwanda secues
EU funds to light
up moe homes
R
wanda signed an energy nanc- according to the lender. Kenya said in

ing deal with the European Un- 2015 it will sell 30 megawatts (MW) of
ion yesterday worth 177 million electricity to Rwanda in 2015 to cater for
euros ($200 million) that will help the the smaller nations growing demand
government meet its target to ensure 70 for power.
per cent of the population has access to
Rwanda has an estimated power
power by 2018.
output capacity of 160 MW that is level
In 2015, the government said just 23 with the demand, piling pressure for
per cent of Rwandas 11 million popula- alternative sources.
tion could access the electricity grid or
The electricity will be transmitted
other o-grid sources. Broader access through a new high voltage line linking
to power is seen as vital to boosting the two nations via Uganda.
The three nations, with a combined
economic growth in the country and
population of more than 94 million and
across Africa.
all members of the ve-naThe ve-year nanction East African Commuing agreement, part of
nity (EAC) bloc, are batan overall package worth
460 million euros, aims to Enegy is one of the tling to keep up with dehelp improve the supply,
mand for power as their
top pioities fo
transmission and distrithe govenment of economies grow.
bution of electricity and
Businesses in the reRwanda
gion often complain of
managing the industry in
unreliable and costly
Rwanda, the EU said in a
RWANDA FINANCE MINISTER
supplies.
statement.
CLAVER GATETE
The three countries in
Energy is one of the
September invited bids for
top priorities for the government of Rwanda, Rwandas Finance a joint consultant to oversee a feasibility
minister Claver Gatete said in the state- study to connect them by a high voltment, adding that it was vital to reach- age power line, part of eorts to deepen
ing the nations goal of achieving middle their economic integration.
income status by 2020.
The project aims to build a 400 kiloThe World Bank denes middle in- volt (kV) electricity line running from
come as a nation with gross national Olkaria, where Kenya is expanding geoincome (GNI) per capita of more than thermal power production, via Uganda
$1,045. Rwandas stood at $700 in 2014, to Birembo in Rwanda.
BRIEFING
PORT LOUIS
Mauritius Sun Resort prot
up 17 pc on high room revenue
Mauritius-based Sun Resorts posted a 17.6
per cent rise in third-quarter pretax prot to
108 million rupees ($3.09 million) helped by a
higher revenue per available room.
Sun Resorts, which also operates in the Maldives, said revenue per available room rose 21
per cent to 5,121 rupees from a year earlier.
The group said room revenue rose to 1.53 billion in the three months to end-March, from
1.20 billion a year ago.
The group is renovating its Le Touessrok hotel and Four Seasons in Mauritius, it said in a
statement.
JUBA
South Sudan food crisis may
affect almost 5.3m people
Up to 5.3 million people in South Sudan may
face severe food insecurity during this years
lean season, the UN World Food Programme
said on Monday, nearly double the number
in the rst three months of the year. From
January to March, 2.8 million people were
cited as being in crisis or emergency food
situations, with about 40,000 thought to be
suffering an outright famine. Those worst affected are in the northern battleground state
of Unity, once the countrys key oil producing region, but now the scene of some of the
heaviest ghting, including the mass abduction and rape of women and children.
GABORONE
Botswana targets average
economic growth of 4.4 pc
Botswana will target an average economic
growth rate of 4.4 per cent in the next six
years under a medium-term socio economic
framework from 3.8 per cent currently, the Finance minister said on Monday.
But the targeted growth rate will not be
enough to address the southern African countrys development challenges, which include
poverty, income inequality and unemployment, Finance Minister Kenneth Matambo
told a conference. Our challenge is to nd
measures that increase the growth of the
economy beyond the projected level of 4.4
per cent, said Matambo.
A high voltage power line technician at work. Rwanda has secured funding from the
EU meant to deepen electricity access among its citizens. FILE
Uganda and Kenya are already connected by older lines. The latest project
will add new sections. The Kenya-Uganda-Rwanda power pool arrangement is
among others planned for the region.
Phase one of a 2,300-kilometre regional power interconnection project
that will link Zambia-Tanzania and Kenya (ZTK) power grids is on schedule for
completion by December this year, raising hope for millions of businesses and
industrialists presently inconvenienced
by inadequate supplies.
The interconnection is intended to
enhance power trade, security of electricity supply and regional economic
integration among member countries

of the Comesa, the East African Community (EAC) and the Southern Africa
Development Community (Sadc).
The three countries plan to build
2,300 kilometres of 400 kilovolt (kV)
power lines and 373 kilometres of 330
kV power lines, with each country responsible for the lines in its jurisdiction.
Once completed, the project will link
the Southern African Power Pool and
Eastern African Power Pool thereby
mitigating the power decits that some
countries may be experiencing by sharing generation resources. -AGENCIES
HARARE
Zimbabwe suspends tax chief
after posh cars import scam
Zimbabwes tax authority ZIMRA has suspended its chief and ve managers in connection with the purchase of luxury cars, which
were undervalued by a local dealer in order to
pay lower import duty, it said on Sunday.
Critics and the opposition accuse President
Robert Mugabe, in power since independence
in 1980, of failing to tackle high level graft,
and say endemic corruption is one reason
that foreign companies are hesitant to invest.
ZIMRA commissioner general Gershem Pasis
suspension followed appearance in court last
week of two men accused of undervaluing
and preparing fake import documents for cars
that they imported on behalf of the managers.
PAGES 16-17 UPS-backed Rwanda

blood deliveries show drones
promise
WEDNESDAY, MAY 11, 2016
ROW
15
PAGE 18 Driving instructors return

to class under new curriculum
Tribunal stops works, pending determination of case led by the KAA over alleged lack of authorisation
Swisspot Kenya bulk cago handling

plan uns into egulatoy headwinds
BY GEORGE OMONDI
he National Environmental Tribunal

(NET) has stopped logistics rm Swissport from building a bulky cargo bypass
at its Jomo Kenyatta International Airport
premises stalling the companys plan to start
handling such goods beginning next month.
Swissport had started building a wall creating a way-leave to the aircraft loading zone or
the airside of its airport based warehouses -- but

the Kenya Airports Authority (KAA) objected
to the construction work on grounds that the
logistics rm had not sought the necessary authorisation for the work.
KAA had initially written to Swissport asking
for a conrmation that the logistics rm had obtained the necessary permits for the project but
construction work continued unabated causing
the ling of an appeal before the tribunal.
Swissport
workers at an
airport. FILE
Authority (Nema) in a notice dated April 14 accused Swissport Kenya chief executive Jeroen
de Clercq of outing regulatory procedures
required for the construction work.
We have received a complaint from your
neighbours concerning the construction and
hereby direct you to immediately stop the construction activities until you obtain an EIA
All activities on the land relating to the ap- licence. You must also submit a letter to the
peal in question must be stopped until the ap- Authority (Nema) to the eect that you will
peal is heard and determined, the tribunal said comply with the above requirements within
in an April 27 letter to Swissport Kenya.
24 hours.
Swissport apparently ignored the Nema diThe Nairobi-based rm is an aliate of
Swissport International, which is known rective forcing the JKIA acting managing direcacross the aviation industry as a provider of tor Richard Ngovi to write to Swissport Kenya
ground handling and cargo services to about demanding evidence of KAA and Kenya Civil
700 aviation customers. Swissport Interna- Aviation Authoritys (KCAA) approval of the
tional says on its website that it
construction work. Mr Ngovi also
employed up to 60,000 people
demanded that Swissport submits
and generated revenue worth All activities on the a certicate of safety training and
Sh300 billion in 2014.
land elating to the licence issued by Nema.
In Kenya, however, the rm appeal in question
Mr Jeroen replied to the letter
has been grappling with a dethe next day insisting that Swissmust be stopped port Kenya obtained all necessary
sign defect that has signicantly
NATIONAL ENVIRONMENTAL
limited its ability to handle airstatutory approvals. He argued
lines that y bulk cargo.
that the rm did not have to seek
TRIBUNAL LETTER
Early this year, Swissport
KCAAs approval for the construcstarted building an express lane at the JKIA tion because the height of the express lane
to ease the transfer of bulk cargo between air- under construction is considerably lower than
craft and its warehouses causing it to build the our premises.
bypass. Known technically as bulk unitisation
Swissport further said the construction
programme (BUP), the extension enables clear- works were being done exclusively on the
ing and forwarding rms to move bulk cargo landside of the warehouses making it unnecto and from the aircraft with minimum risk essary to obtain KAA-approved safety training
for construction workers.
of damage and theft.
A urry of letters that have been exchanged
KAA had in a follow up letter dated April
between Swissport and Kenyas regulatory au- 27 accused Mr Jeroen of ignoring its previous
thorities have however set the stage for a long directives and threatened to demolish the pordrawn-out battle over the project.
tion the express lane that had been built.
The National Environmental Management omondi@ke.nationmedia.com
SGR set to incease tanspotation of goods by 32 pe cent

BY ANNIE NJANJA
Cargo transportation through railway from the port

of Mombasa is set to increase by 32 per cent from
the current three per cent once the Standard Gauge
Railway (SGR) is fully operational.
The SGR is also set to reduce the cost of transportation to Sh8 ($0.08) from Sh20 ($0.20) a tonne per
kilometre (km), signicantly bringing down the cost
of doing business for stakeholders. The rail is expected to carry 4,000 tonnes per trip once complete.
The Mombasa-Nairobi SGR project is set for completion in June 2017, and already 200 km of track
has been laid while the remaining part is expected
to be complete before the end of the year. Test runs
are scheduled for early next year.
Speaking during a railway users consultative
forum, organised by the Shippers Council of East
Africa (SCEA) and Kenya Railways Corporation, the
Principal Secretary for Transport Mr Wilson Nyakera said that 75 per cent of civil works on phase one
of the project are complete.
The entire stretch is 472 km. Stakeholders are

hopeful that the SGR will provide a reliable alternative for cargo transportation. Currently, they rely
on road to move their goods to various destinations
from Mombasa.
SGR will signicantly reduce transport costs
and the time taken to evacuate cargo from the
port thereby launching the East African region as a
competitive logistics hub, said SCEA chief executive Gilbert Langat. The second phase of the SGR
is expected to start later in the year, where the line
will be extended from Nairobi to Naivasha before

extending to Malaba, later on.
The Nairobi-Naivasha line will cost about Sh150
billion, exceeding the cost of the Mombasa-Nairobi
line. An industrial park is set for construction in
Naivasha too.
Each kilometre of the Naivasha line will cost Sh1.2
billion compared to Sh692 million for the MombasaNairobi line. Kenya Railways argued that the line was
expensive due to the earmarked terrain including
the building of longer bridges.
16
DISTRIBUTION | TRAVEL | FINANCING

OPINION
DISTRIBUTION|
TRAVEL
| FINANCING
DISTRIBUTION
| TRAVEL
| FINANCING
MOMBASA PORT WEEKLY
TRADE
UPS-backed Rwanda blood deliveies show dones pomise

INNOVATION Firm to provide
State should stop meddling

in maitime authoity aais
BY ANDREW MWANGURA
he year 2002 will always remain

solidly etched in the memory of
Kenyas maritime sector players.
The year heralded new hopes in the hitherto neglected sector as the government
launched a task force to steer the review
of maritime laws. The appointment of the
team was a major milestone in addressing
the weaknesses of the outdated Merchant
Shipping Act.
The team came up with a report
that comprised comprehensive recommendations that many believed would
contribute tremendously toward transforming Kenya into a world class maritime nation.
A part from the fragmented and limited maritime education in Kenya there
is also lack of maritime policy, which has
been a major setback to the development
of Kenyas maritime activities.
This has contributed to foreign shipping agencies controlling over 80 per
cent of the market share, a development
that goes contrary to the United Nations
Conference on Trade and Development
(UNCTAD) recommendations.
The Merchant Shipping Act is the
principal maritime legislation in Kenya.
The shipping Acts passed during Mr Ali
Mwakweres stint as Transport minister
abolished the oce of the Merchant Shipping Superintendent.
Anomaly
The oce was an anomaly as it placed
the Kenya Ports Authority (KPA) in the
position of provider and supervisor of
maritime services.
The Kenya Maritime Authority (KMA)
was established in 2004. The KMA Act
separated maritime administration activities from the KPA and the transport ministry. It bestowed the KMA with the following duties: to provide and co-ordinate
search and rescue operations and undertake accident investigations; to formulate
guidelines and provide basic information
for the maritime transport sector; to undertake functions necessary for the safety
of Kenyas maritime transport sector; and
to ensure that national maritime legisla-
tion for the implementation of international maritime conventions that Kenya

is party to are developed in accordance
with international standards.
Since the establishment of the KMA
was expected to transform Kenya into a
world class maritime nation one would
expect it to operate without undue interference from the transport principal
secretary. Unfortunately interferences
are rampant to an extent that the principal secretary literally runs KMA.
The authority deserves a board of
directors of men and women of integrity
and vast knowledge and experience on
matters related to the regulations of the
shipping industry, seafarers welfare,
maritime safety, ports and harbours,
and maritime security, but not mere political appointees.
Vested interest
Interviews for the appointment of the
KMA director-general were set to be
held on January 12 and 13 but they did
not take o due to interference from
government ocials with vested interest. It is ironical that real issues that concern the welfare of coastal communities
such as the LAPSSET project and the
oshore oil and gas industry remain
unaddressed and those who should spearhead the agenda are only keen on meddling in KMA aairs.
Those at the ministry should focus on
developing an action plan to secure and
develop national cabotage and continental shelf jurisdiction conditions to encourage employment and training of Kenyans
in the hydrocarbon industry.
They should think of building relationships with companies engaged in
the oshore hydrocarbon sector and
seek their cooperation to implement the
Maritime Labour Convention 2006 and
develop maritime oshore training, establishing a competent workforce for the
Kenya hydrocarbon industry.
The government should come up with a
local content policy in the reviewing of
the Petroleum Exploration and Production Act.
Mr Mwangura is a shipping sector
analyst
nternational delivery company UPS is backing a startup using drones in Rwanda to transport life-saving
blood supplies and vaccines, underlining the wide potential for the unmanned aircraft and helping bring package delivery by drone to US consumers a step closer.
US companies are keen to use drones to cut delivery
times and costs but hurdles range from smoothing communication between the autonomous robots and airplanes
in Americas crowded airspace to ensuring battery safety
and longevity.
As far back as 2013, online retailer Amazon said it was
testing delivery using drones and Alphabet Incs Google
has promised such a service by 2017. Leading retailer Walmart is also testing drones.
Legal experts
But UPS, Walmart, legal experts and consultants say overcoming US regulatory hurdles and concerns over drone
safety will require vast amounts of data from real-time
use with testing in the near-term limited to remote
areas of the United States or in other countries.
UPS will provide a grant of $800,000 (Sh80 million)
plus logistical support through the UPS Foundation to a
partnership including Gavi, a group providing vaccines
to poor countries, and robotics company Zipline International Inc for drone ights in Rwanda starting in August.
The drones will deliver blood and vaccines to half the
transfusion centers in the country of 11 million people,
making deliveries 20 times faster than by land.
Tens of thousands of hours of ight logged in an environment where its much easier to operate will help
make package delivery a reality in the United States, Zipline chief executive Keller Rinaudo told reporters at a
presentation late last week.
The Federal Aviation Administration (FAA), which
has adopted a step-by-step approach to drones, will soon
release nalised rules for small drone use that will most
likely limit their use to within the visual line-of-sight of
an operator or observer. If youre looking for an economically-ecient way to deliver packages, youd be better o
Clinke, wheat, fetilise and

soghum main impots at pot
a grant of Sh80m for the

ights starting in August
An overloaded passenger boat docks at the Lamu Island jetty. The Kenya Maritime
Authority is mandated to formulate guidelines for ocean transport. GIDEON MAUNDU
projects like
likeRwanda
Rwandaand
andtesting
testingdrones
dronesin
inremote
remoteUS
USareas
areasin
inthe
thenear-term.
near-term.AFP
AFP
A man controls a drone. UPS will focus on projects
THE FEDERAL AVIATION ADMINISTRATION,

WHICH HAS ADOPTED A STEP-BY-STEP
APPROACH TO DRONES, WILL SOON
RELEASE FINALISED RULES FOR SMALL
DRONE USE THAT WILL LIKELY LIMIT THEIR
USE TO WITHIN VISUAL LINE-OF-SIGHT
using a bicycle, said Ryan Calo, an assistant law professor
at the University of Washington specialising in robotics.
The hurdles to using drones to deliver packages to consumers include technology, communication, insurance and
privacy. Questions remain about battery life and safety,
especially after lithium-ion battery problems resulted in a
re on board a parked Boeing 787 in Boston in 2013.
Safe communication between drones and with airplanes in Americas busy airspace is years away. The National Aeronautics and Space Administration has been
working on a drone trac management system and will

pass its research to the FAA in 2019 for further testing.
In the push for autonomous cars and trucks, companies
like Google and Daimler have turned to individual states
such as Nevada, which has issued licenses for testing on its
roads. But the FAA controls all US airspace, so permits on
a state-by-state basis will not suce for drone testing.
You really do have to make sure the FAA is in the boat
and we are really focused on that piece of it more than
anything, said Mark Wallace, UPS senior vice president
for global engineering. As part of its strategy, UPS has
invested in Boston-based drone manufacturer CyPhy
Works Inc.
UPS will focus on projects like Rwanda and testing
drones in remote US areas in the near-term, he added.
Walmart said last year it plans to test drones for package delivery. The retailer is more likely to start with short
hops in rural areas, spokesman Dan Toporek said. It
has to happen a step at a time, which will teach us, and

will provide insights to the FAA and the public on this
is how it could work. Amazon did not respond to a request for comment. Google referred Reuters to previous
statements that the company hopes to operate a delivery
service by 2017.
Data from companies like No 2 US railroad BNSF,
owned by Warren Buetts Berkshire Hathaway Inc,
could also prove valuable, said Logan Campbell, chief
executive of drone consulting rm Aerotas. BNSF has an
exemption from the FAA to operate drones out of the line
of sight along its rail network.
Campbell said while drone manufacturers would like to
see the FAA move faster, the nightmare scenario would
be if a drone crashed into a manned aircraft.
We have to get this right, he said. If we move too fast
and theres an accident, it could ruin the entire industry.
he Port of Mombasa cleared 28 vessels in

the week ending May 4 with bulk clinker
dominating operations.
A total of 59,700 tonnes were ooaded at the
convectional terminal. The total tonnage at the
cargo site during the week was 154,137 tonnes
where bulk wheat also had a signicant share of
33,362 tonnes while goods packed in containers
weighed 23,463 tonnes.
Being a planting season in the region, fertiliser
has been a key import through the port. During the
week under review, bulk fertiliser handled at the
port weighed 18,428 tonnes and coal weighed 7,250
tonnes while sorghum weighed 5,534 tonnes. Imported were 2,597 units weighing 5,069 tonnes.
In the next two weeks the convectional cargo
terminal is expected to handle a total of 377,995
metric tons of cargo, 377,283 tonnes imports and
only 712 tonnes are expected to be exports.
On the container terminal side, six container
vessels with 21,111 twenty-foot-equivalents were
handled during the week under review.
Containers discharged were 10,846 TEUs while
10,265TEUs were loaded into vessels for export.
Operational performance at the terminal registered
an average gross move per ship per crane at 33
while average gross moves per crane per hour was
16. Containers delivered by road during the week
59,700
Tonnage of goods ofoaded at Mombasa

port cargo terminal last week.
were 9,248 TEUs while those delivered by rail were

232 TEUs only. On imports population 3,148TEUs
were for the local market while 4,717TEUs were
for neighbouring countries.
Uganda had the bigger share with 3,468TEUs
followed by South Sudan 484TEUs, Tanzania
was third with 296TEUs and DRC imported
202TEUs.
Other countries were Rwanda with 191TEUs,
Ethiopia 33TEUs while Somalia had 22TEUs and
last was Burundi with 14TEUs.
As at May 4, the yard container population was
11,396TEUs. The breakdown was as follows: 3,730
TEUs were ready for collection, 2,990TEUs were
awaiting pick up orders and 2,328TEUs were empties. Full exports (nominated and unnominated)
accounted for 1,074TEUs while 260TEUs were
transhipment containers and at the G-Section
there was 1,014TEUs.
-KPA
Mateials handling machines

make UniCaies pledges
suppot fo Tansaid chaity
- REUTERS
Online potal eases issuance of ceticates of oigin to Kenyan expotes

BY ANNIE NJANJA
Mr Kiprono Kittony, the Kenya National Chamber of Commerce and

Industry chairman. FILE
Kenyan exporters will spend less time

when applying for the certicate of
origin following the digitisation of the
process. The traders can apply and receive the document through the Kenya
National Chamber of Commerce and
Industrys (KNCCI) trade portal in
real time.
The automation of issuance of the
certicate of origin was as a result of a
collaboration between KNCCI and Trade
Mark East Africa (TMEA). The system
has also been integrated with Equity
Bank, allowing for real time payments
and receipt of notications through mo-
17
bile phones or online. The certicate is

an export document that conrms the
country of origin of goods in a particular
export shipment.
The automation of the process is set
to improve the ease of doing business
for Kenyan exporters as less time will
be spent on lodging the application and
receiving vital the trade document.
Transparency
Processing of the document has been
reduced from two days to one hour, improving eciency in the sector.
Speaking at the launch, KNCCI chairman Kiprono Kittony said that the portal
was developed in response to challenges
faced by exporters in accessing manual

certicates including delays. It will enhance security of the export documents,
create more transparency and speed in
the issuance of the ordinary certicate
of origin and thereby actively play a
facilitator role in enhancing a friendly
trade environment, he said.
The 2015 East Africa Logistics Performance Survey released in November
last year said that automation of key
logistics facilities around the country
would improve transport eciency if
state agencies running key logistical facilities work in a coordinated manner.
The portal will also enable exporters to apply and acquire the certicates
remotely from the comfort of their locations. The online portal will also give
stakeholders access to relevant trade
information related to their business
and verication. It is envisaged that the
portal will in addition lead to increased
eciency and transparency in KNCCIs
business operations due to the elimination of travel and physical verication
required in the manual process.
The chamber is now training members in Mombasa, Nairobi, Eldoret,
Kisumu and Naivasha with an aim of
encouraging them to use the system.
People seeking the chambers
membership can apply through the
platform.
A forklift. UniCarriers was formed in 2011, merging the brands of Atlet,

Nissan Forklift and TCM. FILE
BY AGENCIES
Materials handling equipment

manufacturer UniCarriers has
become the latest member of the
transport and logistics industry
to pledge support to Transaid as
a corporate sponsor.
UniCarriers will help bolster
the international development
charitys life-saving work in Africa, which includes professional
driver training and maternal health
programmes, through annual mem-
bership contributions. With these

vital funds, Transaid can test and
implement new projects aimed at
helping even more people benet
from improved access to healthcare
and livelihoods, UniCarriers Mark
Gibb Managing Director said.
Transaid is an incredible organisation and were thrilled to be
able to lend our support to such a
worthwhile cause, and in particular
to the charitys road safety and professional training projects. Improving standards of transport systems
in the developing world should be

seen as the responsibility of those
in the UK sector and were looking
forward to helping to champion this
movement.
As part of the corporate membership, UniCarriers employees
have the opportunity to participate in Transaids cycle challenges,
host their own fundraising initiatives or become directly involved in
the charitys work on secondment
to one of its projects.
In donating their time and
sharing their hard-earned knowledge, UniCarriers employees will
be able to make a real dierence,
whilst beneting from an enriching
hands-on experience, Gary Forster,
CEO of Transaid, said.
Our corporate supporters are
the cornerstone of our operations.
With their dedication and support,
both monetary and by sharing their
collective industry expertise, we
are able to expand our projects to
a greater number of areas and to
improve even more lives.
The UniCarriers Group was
formed in 2011, merging the brands
of Atlet, Nissan Forklift and TCM.
Drawing on industry experience
that goes back to 1949, the group
manufactures and supplies materials handling equipment in more
than 100 countries and has upwards
of 5,000 employees worldwide.
16

OPINION
DISTRIBUTION|
TRAVEL
| FINANCING
DISTRIBUTION
| TRAVEL
| FINANCING
MOMBASA PORT WEEKLY
TRADE
UPS-backed Rwanda blood deliveies show dones pomise

INNOVATION Firm to provide
State should stop meddling

in maitime authoity aais
BY ANDREW MWANGURA
he year 2002 will always remain

solidly etched in the memory of
Kenyas maritime sector players.
The year heralded new hopes in the hitherto neglected sector as the government
launched a task force to steer the review
of maritime laws. The appointment of the
team was a major milestone in addressing
the weaknesses of the outdated Merchant
Shipping Act.
The team came up with a report
that comprised comprehensive recommendations that many believed would
contribute tremendously toward transforming Kenya into a world class maritime nation.
A part from the fragmented and limited maritime education in Kenya there
is also lack of maritime policy, which has
been a major setback to the development
of Kenyas maritime activities.
This has contributed to foreign shipping agencies controlling over 80 per
cent of the market share, a development
that goes contrary to the United Nations
Conference on Trade and Development
(UNCTAD) recommendations.
The Merchant Shipping Act is the
principal maritime legislation in Kenya.
The shipping Acts passed during Mr Ali
Mwakweres stint as Transport minister
abolished the oce of the Merchant Shipping Superintendent.
Anomaly
The oce was an anomaly as it placed
the Kenya Ports Authority (KPA) in the
position of provider and supervisor of
maritime services.
The Kenya Maritime Authority (KMA)
was established in 2004. The KMA Act
separated maritime administration activities from the KPA and the transport ministry. It bestowed the KMA with the following duties: to provide and co-ordinate
search and rescue operations and undertake accident investigations; to formulate
guidelines and provide basic information
for the maritime transport sector; to undertake functions necessary for the safety
of Kenyas maritime transport sector; and
to ensure that national maritime legisla-
tion for the implementation of international maritime conventions that Kenya

is party to are developed in accordance
with international standards.
Since the establishment of the KMA
was expected to transform Kenya into a
world class maritime nation one would
expect it to operate without undue interference from the transport principal
secretary. Unfortunately interferences
are rampant to an extent that the principal secretary literally runs KMA.
The authority deserves a board of
directors of men and women of integrity
and vast knowledge and experience on
matters related to the regulations of the
shipping industry, seafarers welfare,
maritime safety, ports and harbours,
and maritime security, but not mere political appointees.
Vested interest
Interviews for the appointment of the
KMA director-general were set to be
held on January 12 and 13 but they did
not take o due to interference from
government ocials with vested interest. It is ironical that real issues that concern the welfare of coastal communities
such as the LAPSSET project and the
oshore oil and gas industry remain
unaddressed and those who should spearhead the agenda are only keen on meddling in KMA aairs.
Those at the ministry should focus on
developing an action plan to secure and
develop national cabotage and continental shelf jurisdiction conditions to encourage employment and training of Kenyans
in the hydrocarbon industry.
They should think of building relationships with companies engaged in
the oshore hydrocarbon sector and
seek their cooperation to implement the
Maritime Labour Convention 2006 and
develop maritime oshore training, establishing a competent workforce for the
Kenya hydrocarbon industry.
The government should come up with a
local content policy in the reviewing of
the Petroleum Exploration and Production Act.
Mr Mwangura is a shipping sector
analyst
nternational delivery company UPS is backing a startup using drones in Rwanda to transport life-saving
blood supplies and vaccines, underlining the wide potential for the unmanned aircraft and helping bring package delivery by drone to US consumers a step closer.
US companies are keen to use drones to cut delivery
times and costs but hurdles range from smoothing communication between the autonomous robots and airplanes
in Americas crowded airspace to ensuring battery safety
and longevity.
As far back as 2013, online retailer Amazon said it was
testing delivery using drones and Alphabet Incs Google
has promised such a service by 2017. Leading retailer Walmart is also testing drones.
Legal experts
But UPS, Walmart, legal experts and consultants say overcoming US regulatory hurdles and concerns over drone
safety will require vast amounts of data from real-time
use with testing in the near-term limited to remote
areas of the United States or in other countries.
UPS will provide a grant of $800,000 (Sh80 million)
plus logistical support through the UPS Foundation to a
partnership including Gavi, a group providing vaccines
to poor countries, and robotics company Zipline International Inc for drone ights in Rwanda starting in August.
The drones will deliver blood and vaccines to half the
transfusion centers in the country of 11 million people,
making deliveries 20 times faster than by land.
Tens of thousands of hours of ight logged in an environment where its much easier to operate will help
make package delivery a reality in the United States, Zipline chief executive Keller Rinaudo told reporters at a
presentation late last week.
The Federal Aviation Administration (FAA), which
has adopted a step-by-step approach to drones, will soon
release nalised rules for small drone use that will most
likely limit their use to within the visual line-of-sight of
an operator or observer. If youre looking for an economically-ecient way to deliver packages, youd be better o
Clinke, wheat, fetilise and

soghum main impots at pot
a grant of Sh80m for the

ights starting in August
An overloaded passenger boat docks at the Lamu Island jetty. The Kenya Maritime
Authority is mandated to formulate guidelines for ocean transport. GIDEON MAUNDU
projects like
likeRwanda
Rwandaand
andtesting
testingdrones
dronesin
inremote
remoteUS
USareas
areasin
inthe
thenear-term.
near-term.AFP
AFP
A man controls a drone. UPS will focus on projects
THE FEDERAL AVIATION ADMINISTRATION,

WHICH HAS ADOPTED A STEP-BY-STEP
APPROACH TO DRONES, WILL SOON
RELEASE FINALISED RULES FOR SMALL
DRONE USE THAT WILL LIKELY LIMIT THEIR
USE TO WITHIN VISUAL LINE-OF-SIGHT
using a bicycle, said Ryan Calo, an assistant law professor
at the University of Washington specialising in robotics.
The hurdles to using drones to deliver packages to consumers include technology, communication, insurance and
privacy. Questions remain about battery life and safety,
especially after lithium-ion battery problems resulted in a
re on board a parked Boeing 787 in Boston in 2013.
Safe communication between drones and with airplanes in Americas busy airspace is years away. The National Aeronautics and Space Administration has been
working on a drone trac management system and will

pass its research to the FAA in 2019 for further testing.
In the push for autonomous cars and trucks, companies
like Google and Daimler have turned to individual states
such as Nevada, which has issued licenses for testing on its
roads. But the FAA controls all US airspace, so permits on
a state-by-state basis will not suce for drone testing.
You really do have to make sure the FAA is in the boat
and we are really focused on that piece of it more than
anything, said Mark Wallace, UPS senior vice president
for global engineering. As part of its strategy, UPS has
invested in Boston-based drone manufacturer CyPhy
Works Inc.
UPS will focus on projects like Rwanda and testing
drones in remote US areas in the near-term, he added.
Walmart said last year it plans to test drones for package delivery. The retailer is more likely to start with short
hops in rural areas, spokesman Dan Toporek said. It
has to happen a step at a time, which will teach us, and

will provide insights to the FAA and the public on this
is how it could work. Amazon did not respond to a request for comment. Google referred Reuters to previous
statements that the company hopes to operate a delivery
service by 2017.
Data from companies like No 2 US railroad BNSF,
owned by Warren Buetts Berkshire Hathaway Inc,
could also prove valuable, said Logan Campbell, chief
executive of drone consulting rm Aerotas. BNSF has an
exemption from the FAA to operate drones out of the line
of sight along its rail network.
Campbell said while drone manufacturers would like to
see the FAA move faster, the nightmare scenario would
be if a drone crashed into a manned aircraft.
We have to get this right, he said. If we move too fast
and theres an accident, it could ruin the entire industry.
he Port of Mombasa cleared 28 vessels in

the week ending May 4 with bulk clinker
dominating operations.
A total of 59,700 tonnes were ooaded at the
convectional terminal. The total tonnage at the
cargo site during the week was 154,137 tonnes
where bulk wheat also had a signicant share of
33,362 tonnes while goods packed in containers
weighed 23,463 tonnes.
Being a planting season in the region, fertiliser
has been a key import through the port. During the
week under review, bulk fertiliser handled at the
port weighed 18,428 tonnes and coal weighed 7,250
tonnes while sorghum weighed 5,534 tonnes. Imported were 2,597 units weighing 5,069 tonnes.
In the next two weeks the convectional cargo
terminal is expected to handle a total of 377,995
metric tons of cargo, 377,283 tonnes imports and
only 712 tonnes are expected to be exports.
On the container terminal side, six container
vessels with 21,111 twenty-foot-equivalents were
handled during the week under review.
Containers discharged were 10,846 TEUs while
10,265TEUs were loaded into vessels for export.
Operational performance at the terminal registered
an average gross move per ship per crane at 33
while average gross moves per crane per hour was
16. Containers delivered by road during the week
59,700
Tonnage of goods ofoaded at Mombasa

port cargo terminal last week.
were 9,248 TEUs while those delivered by rail were

232 TEUs only. On imports population 3,148TEUs
were for the local market while 4,717TEUs were
for neighbouring countries.
Uganda had the bigger share with 3,468TEUs
followed by South Sudan 484TEUs, Tanzania
was third with 296TEUs and DRC imported
202TEUs.
Other countries were Rwanda with 191TEUs,
Ethiopia 33TEUs while Somalia had 22TEUs and
last was Burundi with 14TEUs.
As at May 4, the yard container population was
11,396TEUs. The breakdown was as follows: 3,730
TEUs were ready for collection, 2,990TEUs were
awaiting pick up orders and 2,328TEUs were empties. Full exports (nominated and unnominated)
accounted for 1,074TEUs while 260TEUs were
transhipment containers and at the G-Section
there was 1,014TEUs.
-KPA
Mateials handling machines

make UniCaies pledges
suppot fo Tansaid chaity
- REUTERS
Online potal eases issuance of ceticates of oigin to Kenyan expotes

BY ANNIE NJANJA
Mr Kiprono Kittony, the Kenya National Chamber of Commerce and

Industry chairman. FILE
Kenyan exporters will spend less time

when applying for the certicate of
origin following the digitisation of the
process. The traders can apply and receive the document through the Kenya
National Chamber of Commerce and
Industrys (KNCCI) trade portal in
real time.
The automation of issuance of the
certicate of origin was as a result of a
collaboration between KNCCI and Trade
Mark East Africa (TMEA). The system
has also been integrated with Equity
Bank, allowing for real time payments
and receipt of notications through mo-
17
bile phones or online. The certicate is

an export document that conrms the
country of origin of goods in a particular
export shipment.
The automation of the process is set
to improve the ease of doing business
for Kenyan exporters as less time will
be spent on lodging the application and
receiving vital the trade document.
Transparency
Processing of the document has been
reduced from two days to one hour, improving eciency in the sector.
Speaking at the launch, KNCCI chairman Kiprono Kittony said that the portal
was developed in response to challenges
faced by exporters in accessing manual

certicates including delays. It will enhance security of the export documents,
create more transparency and speed in
the issuance of the ordinary certicate
of origin and thereby actively play a
facilitator role in enhancing a friendly
trade environment, he said.
The 2015 East Africa Logistics Performance Survey released in November
last year said that automation of key
logistics facilities around the country
would improve transport eciency if
state agencies running key logistical facilities work in a coordinated manner.
The portal will also enable exporters to apply and acquire the certicates
remotely from the comfort of their locations. The online portal will also give
stakeholders access to relevant trade
information related to their business
and verication. It is envisaged that the
portal will in addition lead to increased
eciency and transparency in KNCCIs
business operations due to the elimination of travel and physical verication
required in the manual process.
The chamber is now training members in Mombasa, Nairobi, Eldoret,
Kisumu and Naivasha with an aim of
encouraging them to use the system.
People seeking the chambers
membership can apply through the
platform.
A forklift. UniCarriers was formed in 2011, merging the brands of Atlet,

Nissan Forklift and TCM. FILE
BY AGENCIES
Materials handling equipment

manufacturer UniCarriers has
become the latest member of the
transport and logistics industry
to pledge support to Transaid as
a corporate sponsor.
UniCarriers will help bolster
the international development
charitys life-saving work in Africa, which includes professional
driver training and maternal health
programmes, through annual mem-
bership contributions. With these

vital funds, Transaid can test and
implement new projects aimed at
helping even more people benet
from improved access to healthcare
and livelihoods, UniCarriers Mark
Gibb Managing Director said.
Transaid is an incredible organisation and were thrilled to be
able to lend our support to such a
worthwhile cause, and in particular
to the charitys road safety and professional training projects. Improving standards of transport systems
in the developing world should be

seen as the responsibility of those
in the UK sector and were looking
forward to helping to champion this
movement.
As part of the corporate membership, UniCarriers employees
have the opportunity to participate in Transaids cycle challenges,
host their own fundraising initiatives or become directly involved in
the charitys work on secondment
to one of its projects.
In donating their time and
sharing their hard-earned knowledge, UniCarriers employees will
be able to make a real dierence,
whilst beneting from an enriching
hands-on experience, Gary Forster,
CEO of Transaid, said.
Our corporate supporters are
the cornerstone of our operations.
With their dedication and support,
both monetary and by sharing their
collective industry expertise, we
are able to expand our projects to
a greater number of areas and to
improve even more lives.
The UniCarriers Group was
formed in 2011, merging the brands
of Atlet, Nissan Forklift and TCM.
Drawing on industry experience
that goes back to 1949, the group
manufactures and supplies materials handling equipment in more
than 100 countries and has upwards
of 5,000 employees worldwide.
18
Design wok fo second

JKIA unway slated
to end next Febuay
pacities as we project an increase in the
number of the aircraft using them, said
The design work for the second run- Mr Kimaiyo.
way at the Jomo Kenyatta International
Early in the year, the Kenya Civil
Airport (JKIA) will be completed in the Aviation Authority cleared Kabunde
next eight months, paving the way for Airstrip in Homa Bay town for hanthe construction.
dling larger planes.
Transport secretary James Macharia
The airstrip is now serving a large
says the works to expand Kenyas ma- catchment area and supplementjor airport will start once the country ing services of Suneka Airstrip in the
secures funds from the Africa Develop- neighbouring Kisii County.
ment Bank.
Kabunde has opened up the county
The government mooted the con- and provides a cheaper and convenient
struction of the second runway after it alternative for travellers who have been
using the Kisumu International Airport
cancelled the initial plans.
We expect the design works to to access South Nyanza.
Budget airline Fly540 is ies pasbe completed in the next six to eight
months before we embark on the con- sengers to Homa Bay County followstruction of the second runway, said ing the improved status of the facility,
Mr Macharia.
promising convenience to thousands
who have, for a long time,
Mr Macharia said the
been forced to catch ights
design will determine the
about 114 kilometres away
cost.
in Kisumu.
The existing runway
In Lamu County, Manis not sucient to handle You would nd out
that planes that
da Airstrip was opened up
increased capacity at the
facility, hence the need to ae due fo takeo after the completion of the
construction of the twoexpand, he said.
could be delayed kilometre runway.
You would nd out that
planes that are due for take- to allow anothe to
The new runway gives
o could be delayed to allow
Manda
the ability to hanland
another to land before they
dle larger aircraft such as
JAMES MACHARIA
are given clearance to take
the Embraer 190 and the
TRANSPORT SECRETARY
o, said Mr Macharia.
Boeing 737.
Latest data from the
The upgrade is exKenya Airports Authority indicate that pected to encourage international airaircraft movement at the JKIA has been lines to land in Lamu, a development
rising in the last one year.
that is meant to benet Kenya when
The gures show that the aircraft the number of tourists jetting into the
using the facility grew by 13 per cent in country goes up.
February to 8,785 when compared to
Last year, the government marked
more airstrips for construction and re7,484 in February last year.
KAA has embarked on an expansion vamp in order to improve connectivity
programme of all the airstrips and air- through domestic air travel.
ports across the country.
A tender for the construction of a
KAA chairman David Kimaiyo says new and taller control tower and oce
the authority is expanding all the air- block at Nairobis Wilson Airport was
ports to accommodate not only larger oated last year.
The upgrades are part of an initiative
aircraft but also enhance security.
We are working across all the air- by KCAA to boost safety and eciency
ports and airstrips to increase the ca- at the busy facility.
BY GERALD ANDAE
NTSA chairman Lee Kinyanjui and director- general Francis Meja (right) at a past Press brieng: The authority is releasing a new
manual for training drivers this month. FILE
Diving instuctos etun to

class unde new cuiculum
TRANSPORT SAFETY Authority set to replace
manual in September to curb road carnage

BY GERALD ANDAE
The National Transport and Safety

Authority will from September start
using a new curriculum for training
drivers.
It is awaiting gazettement before
roll-out, the director general Francis
Meja said. Transport CS James Macharia will launch it on May 25.
Under the new curriculum, all
instructors and examiners will be required to go back to class for retraining
in order to understand how the new
system works.
From September, those enrolling
for driving will not be taught using the
old syllabus as the new one would have
taken eect, said Mr Meja.
The NTSA boss notes that the training for the instructors and examiners
will be conducted by the authority at
no fee.
The authority is using the new curriculum as the latest weapon in curbing
the number of road accidents that have
increased in the recent years.
This curriculum is critical to
curbing the road accidents because it
will emphasise safety on our roads,
he said.
The curriculum proposes a number
of changes that would see current holders of driving licences, especially for
those handling public vehicles make
some adjustments.
For instance, all drivers will be re-
May 25
The date when the Transport

secretary will launch the new
driving instructions.
quired to go back to driving schools

for a full course after every 10 years
in yet another move aimed at cutting
road carnage.
Fitness report
In addition, drivers who are aged 60
years and above will be required to
have a medical tness report annually before renewal of their driving
licences.
The curriculum does not put an
age limit on drivers, but they will have
to undergo medical tness every year to
ascertain their health, Mr Meja said.
The regulations are also set to
clamp down on matatu drivers by ensuring only those above 30 years and
with the requisite experience would
be allowed to drive buses carrying 33
and more passengers.
Reckless driving of matatus has
been attributed partly to the age of
drivers and limited experience resulting in accidents.
The 2015 road safety performance
status shows that the number of fatal
crashes on Kenyan roads increased by

5.2 per cent to stand at 3,057, compared
to 2,907 in 2014.
Statistics from the NTSA indicate
that the private cars caused the highest deaths last year, contributing 35 per
cent of the total fatalities, overtaking
the public service vehicles (PSVs) for
the rst time in Kenyan history.
The number of accidents caused by
the private vehicles more than doubled
from 15 per cent in 2014 to 35 per cent
last year, while the fatalities caused by
the PSVs dropped two-fold from 42 per
cent in 2014 to 20 per cent in 2015.
Private vehicles
According to Mr Meja, the proposed
rules that require all vehicles more
than four years old to undergo mandatory inspection is aimed at curbing
the number of accidents caused by
private cars.
The draft rules, released by NTSA
for public review, require private vehicles to be inspected every two years and
commercial vehicles annually.
Newly imported vehicles will be exempt from the inspection for two years
from the date of registration in Kenya
provided that they have been inspected
prior to importation by the Kenya Bureau of Standards or its agents.
High travel numbers, speeding
on the highways, drink driving and
motorists using unfamiliar roads are
some of the factors linked to deaths
on the roads.
gandae@ke.nationmedia.com
A section of the JKIA: Increased activity at airports and airstrips across the country has
necessitated the upgrades. FILE
19
MONEY & MARKETS

OIL Africa Oil says reserves are up 26 per cent, deposits could be developed as early as 2017
Tullow inceases
Lokicha estimates
to 1.6bn baels
threshold required for development and
we continue to push forward for developThe South Lokichar Basin could conment sanction during 2017, said Mr Hill.
Energy Cabinet Secretary Charles Keter
tain as much as 1.63 billion barrels of
oil worth Sh7.4 trillion ($73 billion) in rehas recently said that Kenya targets to
serves some of which could be developed
produce oil by next year. Tullow Oil has
as early as next year.
also hinted that production
is possible then.
In a new update, Africa
In a statement, the CanaOil, which is exploring
The level of these dian-owned Africa Oil said
the area in partnership
with Tullow Oil, said that
esouces gives us that the ndings followed
an independent assessment
the amount is 26 per cent
condence that
of the basin by a consulting
higher than previously eswe will exceed the rm, DeGolyer and Mactimated.
[South Lokichar] may theshold equied Naughton Canada.
Africa Oil Corp is
contain as much as 1.63
fo development pleased
to announce that
billion barrels of gross oil
KEITH HILL,
contingent resources, an inan independent assessment
crease of 26 per cent (from
of the companys contingent
CEO, AFRICA OIL
previous estimates), said
resources in the South Lokithe companys president and CEO Keith
char Basin located in Blocks 10BB and
Hill in a statement.
13T in Kenya has been completed by
Africa Oil said that the new estimates
DeGolyer and MacNaughton Canada
had given them condence that it could
Limited, said the company.
get a go-ahead for development of the
The 1.63 billion barrels is, however,
oil resource next year.
not conrmed, as it is contingent on
The level of these resources gives
drilling. The unrisked amount, meaning that it is already conrmed, as of
us condence that we will exceed the
Poo quality of
coee pulls down
the maket value
BY GERALD ANDAE
BY GEOFFREY IRUNGU
Tullow site at Cheptuket in Elgeyo-Marakwet County. FILE

yesterday is 766 million with 754 million barrels capable of being developed
into usable oil.
The estimated gross 2C unrisked
resources in the South Lokichar Basin,
Kenya have increased by 150 million barrels (or 24 per cent) to 766 million barrels
of oil (development pending: 754 million
barrels and development unclaried: 12
million barrels), said the company.
High quality
The areas that are ready for development are Ngamia, Amosing, Ekales,
Etom, Twiga and Agete. However, Etuko
and Ewoi are not yet ready for development, and were termed development
unclaried.
For the unrisked (conrmed) resources, Ngamia has the biggest amount of
296.7 million barrels with Amosing
and Ekales coming second and third
with 151.1 and 104.5 million barrels respectively.
The evaluation of the resources was
given an eective date of December

31, 2015. Exploration and testing are
ongoing.
Early this year, Africa Oil completed a
farm-out (sale of stake) transaction with
Maersk, which acquired 50 per cent of
Africa Oils interest in Blocks 10BB and
13T, amongst others.
Africa Oil and its joint venture partners have completed a substantial exploration and appraisal programme across
eight discoveries within the South Lokichar Basin, northwest Kenya.
In the statement, the company described the oil as high quality sweet,
waxy crude reservoired in the uvial and
lacustrine sands of the Auwerwer and
Lokone reservoirs.
girungu@ke.nationmedia.com
Kenyas coee has shed 4.7 per cent of

its value in seven months to April as
low prices at the premier New York
Coee Exchange and poor quality of
local beans rolled back the gains of the
previous period.
Latest data from the Nairobi Coffee Exchange (NCE) indicate the crop
earned the country Sh10.1 billion between October and April this year compared to Sh10.6 billion fetched in the
previous comparable period.
The volumes of coee sold through
the auction increased to 24.3 tonnes
compared with 23.8 tonnes last year.
This drop is largely attributable to
lower prices at the New York Coee Exchange, which is the global benchmark
for coee prices, said NCE chief executive ocer Daniel Mbithi.
Kenya exports nearly 95 per cent of
its coee, making it vulnerable to low
international prices.
On the global market, the commodity is now trading at 126.35 cents per
pound, having gained 1.69 per cent.
On average, coee started the
season at the NCE at Sh15,655 per
50 kilogramme bag, rising to a peak
of Sh24,038 for the same quantity in
March. However, in the recent auction
held last week, the price had dropped
to Sh16,887. The NCE, however, is
hopeful of a recovery both at home
and globally.
CMA appoves KenGens Sh28.8bn cash call set to stat on May 23

BY GEOFFREY IRUNGU
The Capital Markets Authority (CMA) has

approved Kenya Electricity Generating
Companys (KenGen) Sh28.8 billion cash
call which will start on May 23 with the
Treasury conrming it will take up its
Sh20.2 billion worth of shares.
The company said the government,
which holds a 70 per cent stake in the
power producer, has already undertaken
to convert some of its loans into equity
through the rights issue which will
considerably reduce the rms interest
payments.
In a statement, KenGen said the rights
will be priced at Sh6.55 each, a 22.94 per
cent discount on the stock price on May
4 this year. The price is also an 18.33 per
cent discount on the average price for the
30 trading days preceding the approval
of the issue by the board. The board is
FUNDRAISING
pleased to conrm that the government

of Kenya has indicated that it will take
up its full entitlement in the rights issue,
representing 70 per cent of the transaction through a conversion of some of the
loans on-lent by the government to KenGen equity shares, said the company in
a statement.
Sh6.55
The price of each share, a 22.94 per
cent discount on the stock price as
at May 4
Inject new equity

For participation, investors have to be on
the register of shareholders of the company by 3pm on May 16, according to company secretary Rebecca Mianos statement
to the Nairobi Securities Exchange.
The shareholders of KenGen will have
the right to subscribe to two new ordinary
shares for every one ordinary share held
on the register closure date on Monday,
May 16, 2016, said KenGen.
The CMA conrmed the approval
in a separate statement. The proceeds
KenGen company secretary Rebecca

Miano. FILE
of the rights issue will be used partly to
fund new geothermal and wind power
projects... The funds will also inject new
equity into the company so as to create
additional headroom that will enable it
to access long-term loans at low interest
rates to facilitate its expansion, said the

CMA. KenGen is seeking to raise at least
Sh140 billion ($1.4 billion) for investments in power generation for the years
up to 2019.
Already, some foreign lenders have
pledged to lend the rm tens of billions
of shillings. By 2019, the company expects
to have generated an extra 844 megawatts

having already created capacity of close
to 400MW after launching a series of production in geothermal plants as at the end
of March this year.
By the end of the rst quarter of this
year, KenGen had a total installed capacity
of 1,617MW out of the national capacity of
2,300MW, indicating that it has a share
of over 70 per cent.
In the new fund raising initiative, those who will not subscribe
to their allotment will be diluted.
Investors are free to sell their rights on
the NSE if they dont take up their entitlement.
The opening date for the rights issue
will be May 23.
The last date of renouncing the rights
is May 27 and the closing date of the oer
is June 10. Listing and commencement
of trading will be on July 6.
20
I BELIEVE
THAT THE ONLY
LUCRATIVE
CAREERS ARE
MEDICINE,
LAW AND
ENGINEERING
LIES HAVE THE POWER TO CHANGE YOU
BELIEVE THE TRUTH
21
SPECIAL ADVERTISING SECTION
Investing in Golf Estates
Golf developments help position

Kenya as premier tourism destination
By EVANS ONGWAE >>> eongwae@ke.nationmedia.com
ntegrated golf developments with several

other features and residential real estate
opportunities are helping position Kenya as
a premier golf tourism destination. Virtually all
the major cities have a golf estate within their
boundaries or neighbourhood.
Golf courses can act as a useful positioning
tool for upscale developments. If designed, built
and operated in a professional manner (and with
favourable market characteristics), golf courses can
provide a viable return on investment in their own
right.
The main aim of the modern golf course
development is to add value to the surrounding real
estate development. Golf and real estate have been
closely linked topics in recent years.
Numerous studies have indicated that golf courses
come second only to a waterfront as the most
desirable location for a housing community.
However, golf, as part of a real estate or touristic
complex, is not only an added value because of the
facility itself, but mostly due to the beautiful, calm
scenery and landscape a golf course provides.
The main aim of the modern

golf course development is to add
value to the surrounding real estate
development. Golf and real estate
have been closely linked topics in
recent years.
Vipingo Ridge Golf Course.
When combined with real estate and/or

a touristic development, a golf course
can still oer an exciting investment
opportunity. Kenya seeks to capitalise on
the benets golf tourism can bring to its
economy by oering a growing number of
golf resorts.
At the fast rate with which golf-linked
estates are being developed in the country,
it will not be long before other sectors, and
especially tourism, rush to promote the
concept.
Some of these projects are eyecatching.
Vipingo Ridge is one of the most
beautiful, scenic and tranquil locations
on Kenyas Coast and home to a ve-star
private residential golng destination. The
exclusive 2,500-acre residential estate
is a 20-km drive from Kili and can be
accessed by air via Moi International
Airport and Malindi Airport.
The estates private beach club, numerous

lakes, woodland areas and nature trails,
and a sundowner bar create a lifestyle
of luxury living within a secure, gated
community.
Aberdare Hills Golf Resort

Aberdare Hills Golf Resort comprises a
world class golf resort, a club house and
a spa. The course is designed by WATG,
the worlds leading designer of upmarket
and exclusive destinations. It ranks as one
of Africas most prestigious and secluded
properties.
The homes are classic designs and of
various types including Villas, Townhouses
and apartments. The residential buildings
share a design philosophy based on
sustainability and integration with the
landscape of the magnicent sites to create
luxurious buildings with clean lines.
The Clubhouse
The Clubhouse is the main social hub for
both residents and players. It is located
in a prime position overlooking both
the 9th and 18th greens, it provides
recreational and leisure amenities. The
Clubhouse features a small bistro-style
caf serving light meals and snacks,
a members bar and a comfortable
residents lounge. A multipurpose
function room is available for meetings.
Yet another attractive development
is Thika Greens, a premier property
investment vehicle that creates
wholesome lifestyles. It mission is
to develop residential communities
that ensures a high quality lifestyle
through innovative use of resources
while guaranteeing a high return on
investment.
Kenyans snapping up homes built around golf courses

By EVANS ONGWAE >>> eongwae@ke.nationmedia.com
Golf and real estate have been closely

linked topics in recent years. Kenyans
seem to have developed preference for
residential estates built around golf
courses.
Scores of property developments
surrounding golf courses have come up
ostensibly designed to provide gated
communities that guarantee high quality
lifestyles.
Todays customers are smart and
business-savvy and have lots of options.
They are on the lookout for spectacular
real estate or exclusive estates. They go
for beautiful homes many of them with
golf course views or frontage.
Savvy investors who know the value

that golf courses add to a property have
been snapping up plots for such projects.
Kenya is now home to some of the most
spectacular golf properties in the world.
Many also feature other great
facilities like exclusive swimming pools,
tness centres and restaurants.
Although the residential golf
community concept has a much shorter
history in Africa, it is widely recognised
that building homes alongside golf
courses can help developers to increase
sales and earnings.
Entrepreneurs are seeking to
capitalise on the benets of golf tourism
to build golf resorts.

Unlike other real estate developments,
golf enhances the quality of life and
enriches the environment.
It usually takes four to ve years
to develop a golf course from concept
to realisation and Kenyan developers
are using world-class architects and
designers to create marvels.
Kenya has numerous options when
it comes to luxury homes for sale with
now golf a new added attraction. Throw
in infrastructure such as roads, piped
water, electricity, shopping centres and
schools and the resorts become magnets
for luxury home seekers.
Investors can never go wrong with
investing in real estate in Kenya.
Thika Greens club house.
22

Why Vipingo Ridge is a must-visit for golfers and holidaymakers
estled
between
Kenyas
spectacular coast and the
undulating hills of the hinterland
is the luxurious Vipingo Ridge, a popular
residential and golng destination.
Evans Ongwae sought answers about
the leisure resort and came up with
this report.
Q. Where is Vipingo Ridge situated?

Answer: Vipingo Ridge is a vestar private residential and golng
destination on the beautiful Mombasa
North Coast. The estate can be accessed
by air daily from Nairobis Wilson
Airport directly into Vipingo Ridges
private airstrip. Alternative ights are
available via Moi International Airport
and Malindi Airport.
Q. What is outstanding about the
Vipingo Ridge Golf Course and
how central is it to the entire
development?
A: Vipingo Ridges 18-hole Baobab Golf
Course has been built to international
standards, bringing an unparalleled
dimension to golf in East Africa. A
computerised irrigation system, ne
Bermuda grass and state-of-the-art
green keeping equipment keeps the
course in great condition at all times.
Golf Villa bedroom.
The nearby lakes and streams emptying

their waters into the Indian Ocean give
golfers fantastic views of the splendid
natural beauty synonymous with Kenya.
You do not have to stay at Vipingo Ridge
to access the golf course.
Q. What do lovers of golng safaris
who visited Vipingo Ridge identify as
the facilitys most attractive feature?
A: Guests have identied Vipingo Ridge
as one of the most beautiful, scenic and
tranquil locations on Kenyas Coast.
Other than golf, the estate boasts
abundant treasures, including a private
Beach Club (located 5km from the main
gate), numerous lakes, woodland areas
and nature trails.
Q. Has the golf course won international
recognition?
The ninth green from the elevated

Clubhouse.
A: The Baobab Golf Course was recently

ranked Kenyas best golf course by
The Worlds Best 100 Golf Courses,
an independent website dedicated to
recognising the best golf courses in the
world.
Q. The golf course aside, what makes
Vipingo Ridge unique as a leisure
resort?
A: Vipingo Ridge is a destination for
everyone who enjoys the best that life
has to oer. It is a unique combination
of property/ real estate, tourism and
sports facilities. The two-, three- and
four-bedroom luxury Golf Villas are
ideal accommodation options for golfers
and non-golfers who value a secure
holiday and residential environment

with outstanding levels of service.
Inuenced by Arabic and Swahili
contemporary themes, the Villa interiors
are spacious and well-lit. The sitting
and dining room opens onto an outdoor
terrace overlooking lush gardens and a
communal swimming pool. The upstairs
rooftop terraces, some with their own
plunge pool, are well thought-out to
make the most of the spectacular
views of the Indian Ocean. A number of
beautiful homes are available for holiday
lets on a short-term basis.
Q. How critical are other facilities to
the treasure that is Vipingo Ridge?
A: Vipingo Ridge, being one of Kenyas
premier golf and holiday resorts, also
oers the following products and
services:
Real Estate Phase I includes 253
one- and two-acre plots within Vipingo
Ridge and Golf Course footprint
plots overlooking the 18-hole Baobab
Golf Course. Phase II includes 29 halfacre plots with breathtaking views
overlooking the Indian Ocean. All plots
are sold as undeveloped land, allowing
each owner to design and build their
dream home.
The Vipingo Ridge Conference Centre

The
state-of-the-art
Conference
Centre can host a variety of meetings,
conferences, and banquets at its seven
unique venues. The four indoor venues
are fully air-conditioned, Wi-Fi-enabled,
and well-equipped with standard
conferencing equipment. Indoor venues
have been designed with panoramic
views of the woodland interior and
complemented with breakout areas set
among the outdoor landscaped garden.
Other activities and amenities
available at Vipingo Ridge are the
Clubhouse (restaurant/bar, snooker
room, lounge, changing rooms and
spectacular views from the Rooftop
Terrace), Sundowner Bar (tennis courts,
swimming pool and a playground), horse
riding, mountain biking, bird watching,
croquet and nature trail running.
Q. In your view, what makes Vipingo
Ridge a must-visit for domestic and
foreign tourists?
A: Vipingo Ridge creates a lifestyle of
luxury living within a secure, well-gated
community. The residential golf estate is
undoubtedly a most desirable residential
address, a must for any golfer and an
ultimate holiday destination.
23
Thika Greens a premier

golf estate in Kenya
he golf estate compares to the best

in the world and oers residents
a lifestyle unparalleled in Kenya.
Comprising three phases, the second is the
projects agship oer.
Its centre-piece is an 18-hole Championship
Golf Course with fairways spreading throughout
the low points, thereby providing spectacular
views from the residences that sit on higher
elevations.
The Private Members Club House sits atop a
hill overlooking Holes number 1, 9, 10, 11, 17 and
18. It also has a ne dining restaurant (19th Hole
Restaurant) for both members and non-members.
Other facilities under development include:
Conference rooms at the club house, hotel
rooms (48 rooms will be ready by end of
June 2016).
A retirement village (the design

work in progress).
The Golf City has several other
amenities that make living a comfort.
This includes a school, polyclinic, which
are at the design stage.
A modern town centre sitting on 20
acres, whose design and investment
structuring is ongoing, is coming up.
Planned for future development are
two hotels, a highway budget hotel
and a ve-star facility next to the club
house.
The Golf City oers investors various
products with infrastructure that
includes a championship Golf Course
and Club House, tarmacked roads, water
and sewer treatment plants complete.
Feasibility studies and Master Plan
are available for potential investors.
A house in the golf estate.
Membership to the club

house open but subject
to vetting.
Golfers can enjoy a
round of golf at
minimum green fees of
Club House
Thika
Greens
Limited
Currently the following products are on sale:
Kshs 2000.
2. 39 fully serviced plots of 1/8 acres in a secluded area in

phase 2 at an offer price of Kshs 3 million.
For more information, contact the:

CHIEF EXECUTIVE OFFICER,
THIKA GREENS LIMITED,
P.O. Box 16961 00620 Nairobi, Kenya.
3. 4 bedroom houses The Address 231 sq meters all

ensuite selling at Kshs 18.5 million.
Email: info@thikagreens.co.ke
URL: www.thikagreens.co.ke
1. Golf estate plots (phase 2) acre at Kshs 8 million.
4. acre plots in phase 3 selling at Kshs 4.5 million.
24
MARKET DATA
Agro Commodities Market
Early Morning wholesale commodity prices Date 10.05.2016.
COMMODITY
Unit
Kg
Nairobi
CEREAL
Dry Maize
Bag
90
2700
Green Maize
Ext Bag
115
2000
Finger Millet
Bag
90
7200
Sorghum
Bag
90
3600
Wheat
Bag
90
4000
LEGUMES
Beans Canadian
Bag
90
6000
Beans Rosecoco
Bag
90
5900
Beans Mwitemania
Bag
90
6000
Mwezi Moja
Bag
90
5800
Dolichos (Njahi)
Bag
90
13500
Green Gram
Bag
90
9700
Cowpeas
Bag
90
7100
Fresh Peas
Bag
51
3000
Groundnuts
Bag
110
13800
ROOTS & TUBERS
Red Irish Potatoes
Bag
50
3000
White Irish Potatoes
Bag
50
2800
Cassava Fresh
Bag
99
2000
Sweet Potatoes
Bag
98
3200
VEGETABLES
Cabbages
Ext Bag
126
1500
Cooking Bananas
Med Bunch 22
520
Carrots
Ext Bag
138
2500
Tomatoes
Lg Box
64
5600
Onions Dry
net
13
950
Spring Onions
Bag
142
2800
Kales
Bag
50
1200
Chillies
Bag
38
2400
Cucumber
Bag
50
2250
Capsicums
Bag
50
2800
Brinjals
Bag
44
2000
Cauliower
crate
39
1950
Lettuce
Bag
51
2350
FRUITS
Passion Fruits
Bag
57
5130
Ripe Bananas
Med Bunch 14
630
Oranges
Bag
93
3200
Lemons
Bag
95
2850
Mangoes Local
Bag
126
2800
Mangoes Ngowe
Sm Basket 25
1200
Limes
net
13
1170
Pineapples
Dozen
13
1040
Pawpaw
Lg Box
54
2400
Avocado
Bag
90
2200
OTHERS
Eggs
Tray
47
280
Commodities
Mombasa
Kisumu
Nakuru
Eldoret
Isiolo
2600
6000
6300
3000
3200
2400
7000
3200
2300
1800
4900
2700
2600
1080
7200
4950
3300
2700
2800
9000
4500
4500
8000
8000
5500
5500
4800
8100
9000
10800
7800
9000
4500
12100
8100
10800
5400
1530
11250
7200
5200
7000
18000
10800
4500
6300
5000
13950
8100
2700
5500
13200
11200
7200
2500
10000
3200
3700
2300
2700
3500
3500
2200
2500
2750
2750
2200
2000
3500
2400
2700
750
3700
8700
1000
4000
1400
2700
2500
3250
700
2300
3000
1200
250
3000
6000
1040
2500
1400
1500
1000
350
1700
4000
850
1000
600
2500
1500
1000
1800
7200
1040
1200
1200
2800
1500
2500
1500
1500
5000
450
3000
1800
1500
650
800
900
700
3000
3000
250
3000
1500
2600
2000
5000
750
4000
2700
3600
500
2000
500
630
1300
1700
480
2700
2000
1040
2160
1600
1200
750
2000
330
290
300
320
330
2280
630
3200
OPEN
391.93
1,046.39
1,964.28
484.87
228.49
442.74
379.33
68.89
1,924.04
4,173.23
56.45
2,260.99
237.03
295.26
435.72
45,454.51
1,727.71
474.09
104.83
471.10
145.23
1,276.37
5,704.52
964.57
1,162.98
534.25
426.39
68,553.17
583.76
295.87
263.92
550.58
654.23
4,656.08
43,375.94
585.56
672.30
2,162.38
114.12
1,231.93
114.44
563.92
796.98
875.35
710.80
477.31
441.99
305.95
297.59
1,347.43
HIGH
391.93
1,046.39
1,964.28
484.87
228.49
442.74
379.33
68.89
1,924.04
4,173.23
56.45
2,260.99
237.03
295.26
435.72
45,454.51
1,727.71
474.09
104.83
471.10
145.23
1,276.37
5,704.52
964.57
1,162.98
534.25
426.39
68,553.17
583.76
295.87
263.92
550.58
654.23
4,656.08
43,375.94
585.56
672.30
2,162.38
114.12
1,231.93
114.44
563.92
796.98
875.35
710.80
477.31
441.99
305.95
297.59
1,347.43
LOW
391.93
1,046.39
1,964.28
484.87
228.49
442.74
379.33
68.89
1,924.04
4,173.23
56.45
2,260.99
237.03
295.26
435.72
45,454.51
1,727.71
474.09
104.83
471.10
145.23
1,276.37
5,704.52
964.57
1,162.98
534.25
426.39
68,553.17
583.76
295.87
263.92
550.58
654.23
4,656.08
43,375.94
585.56
672.30
2,162.38
114.12
1,231.93
114.44
563.92
796.98
875.35
710.80
477.31
441.99
305.95
297.59
1,347.43
Jeremiah Kipyego
shows an uneven
germination on
a maize eld at
Kabenes in Uasin
Gishu County
yesterday. The crops
are also turning
yellow, which
he attributes to the
use of a particular
fertiliser. JARED NYATAYA
2800
1400
850
1600
7500
1300
1500
8000
500
4000
Global Commodity Prices
Unit Trusts
Effective date: 10th May 2016
Effective date: May 9th 2016

MONEY MARKET FUND
AGRO COMMODITIES
COMMODITY
MSCI Emerging Markets Sector Indices

PCT.CHNG
3.86%
0.61%
3.96%
1.57%
2.25%
0.03%
2.98%
-0.05%
7.25%
1.04%
-0.20%
0.61%
0.12%
0.61%
0.75%
-0.22%
13.06%
1.00%
-0.76%
-1.17%
-1.27%
1.95%
-2.06%
0.64%
10.30%
-0.81%
0.75%
3.97%
5.21%
9.09%
1.98%
-1.61%
-1.35%
2.10%
-0.49%
-2.50%
9.59%
12.41%
-0.16%
-1.53%
5.27%
-7.97%
-1.66%
4.87%
-1.41%
-0.99%
3.26%
-5.11%
1.78%
0.02%
Eldoret
13500
SOURCE: STATE DEPARTMENT OF AGRICULTURE. EMAIL MARKETINFO@KILIMO.GO.KE
NAME
LAST NET.CHNG
391.93
14.58
CI-UAE
1,046.39
6.34
CI-AC AMER.
1,964.28
74.88
CI-ARGENTINA
484.87
7.50
CI-BRIC
228.49
5.03
BRIC
442.74
0.12
BRIC GROWTH
379.33
10.97
BRIC VALUE
68.89
-0.04
CI-BAHRAIN
1,924.04
130.12
CI-BRAZIL FREE
4,173.23
43.05
CI-CHILE
56.45
-0.11
CI-CHINA FREE
2,260.99
13.72
CI-COLOMBIA
0.29
CI-CZECH REPUBLI 237.03
295.26
1.78
CI-EAFE+EM
435.72
3.26
CI-EU
45,454.51
-98.00
CI-EM
1,727.71
199.52
CI-EGYPT
474.09
4.68
CI-AC EUROPE
104.83
-0.80
CI-C.FE
471.10
-5.57
CI-C.FE X JP
145.23
-1.87
CI-GOLD DRAGON
1,276.37
24.47
CI-HUNGARY
5,704.52
-119.78
CI-INDON. FREE
964.57
6.12
CI-INDIA
1,162.98
108.64
CI-JOEG & MA
534.25
-4.36
CI-KOREA
426.39
3.16
CI-KUWAIT
CI-EM L.AMERICA 68,553.17 2620.60
583.76
28.89
CI-SRI LANKA
295.87
24.66
CI-MOROCCO
263.92
5.12
CI-EM E.EUROPE
550.58
-9.01
CI-EM FAR EAST
654.23
-8.95
CI-EM ASIA
4,656.08
95.69
CI-EM EUROPE
-212.85
CI-MEXICO FREE 43,375.94
-15.05
CI-MALAYSIA FREE 585.56
672.30
58.86
CI-OMAN
2,162.38
238.69
CI-PERU
114.12
-0.19
CI-AC PAC.
1,231.93
-19.08
CI-PHILIPP.FREE
114.44
5.73
CI-PAKISTAN
563.92
-48.85
CI-POLAND
796.98
-13.43
CI-QATAR
875.35
40.62
CI-RUSSIA
-10.20
SOUTH EAST ASIA 710.80
-4.76
CI-THAILAND FREE 477.31
441.99
13.96
CI-TURKEY
305.95
-16.47
CI-TAIWAN
297.59
5.22
CI-ISRAEL
0.28
CI-SOUTH AFRICA 1,347.43
Gemination woes
CLOSE
377.35
1,040.05
1,889.40
477.37
223.46
442.62
368.36
68.93
1,793.92
4,130.18
56.56
2,247.26
236.74
293.48
432.45
45,552.51
1,528.19
469.41
105.63
476.67
147.10
1,251.90
5,824.29
958.45
1,054.34
538.61
423.23
65,932.57
554.87
271.21
258.80
559.59
663.17
4,560.39
43,588.79
600.61
613.44
1,923.69
114.31
1,251.01
108.71
612.77
810.41
834.73
721.00
482.06
428.03
322.42
292.37
1,347.16
CURRENCY LAST
NET CHNG
SOFTS
CURRENCY
DAILY YIELD
OLD MUTUAL
SH
7.86%
EFFECTIVE ANNUAL RATE

8.15%
BRITISH AMERICAN
SH
10.76%
11.31%
UAP
SH
4.75%
4.87%
PAN AFRICA PESA+
SH
14.42%
15.51%
CBA
SH
9.07%
9.43%
AMANA
SH
13.25%
14.08%
EQUITY MONEY MARKET FUND
SH
7.68%
7.95%
MADISSON
SH
11.89%
12.56%
SUGAR NO5
USD
465.60
2.90
COFFEE
USD
136.50
1.00
COCOA
USD
3,077.00
30.00
RUBBER
JPY
175.05
0.00
ICEA
SH
7.78%
8.09%
ZIMELE
SH
10.34%
10.75%
CIC
SH
11.00%
11.49%
STANLIB
SH
8.98%
9.36%
APOLLO
SH
100.04
FROZEN OJ CON1 USC
127.00
0.85
COTTON NO2
61.73
0.40
USC
GRAINS
NABO
USD
100.04
CURRENCY
BUY
SH
9.87
10.12
USD
95.77
95.77
OLD MUTUAL
SH
149.02
158.68
BRITISH AMERICAN
SH
176.69
181.85
CORN
USC
369.5
1.75
MAIZE EUR
EUR
158.75
-4.25
CIC
WHEAT
USC
450.00
3.00
NABO
ROUGH RICE
USD
441.75
0.75
OILSEEDS
FIXED INCOME FUND
BALANCED FUND
SOY BEANS
USC
1,018.50
-0.25
PAN AFRICA CHAMA+
SH
11.31
SOY BEAN OIL
USC
32.44
-0.10
ZIMELE
SH
6.43
AMANA
SH
126.83
CANOLA
CAD
496.50
-2.70
PALM OIL
MYR
2,264.00
-8.00
METALS & MINING

SYMBOL
CURRENCY
LAST
NET CHG
SELL
11.66
6.24
126.83
MADISSON
SH
56.46
59.57
EQUITY BALANCED FUND FUND
SH
103.48
101.45
ICEA
SH
125.11
131.69
STANLIB
SH
127.80
127.80
CIC
SH
12.10
12.67
APOLLO
SH
USD
100.36
100.36
100 OZ GOLD
USD
1,263.90
-1.70
SILVER
JPY
61.00
0.00
EQUITIES FUND
OLD MUTUAL
SH
355.77
381.19
OLD MUTUAL EA FUND
SH
143.71
152.09
BRITISH AMERICAN
SH
181.83
187.6
147.05
147.05
NABO
HG COPPER
USC
2.11
0.01
PLATINUM
JPY
3,675.00
29.00
ALUMINIUM
CNY
11,970.00
-360.00
CBA
SH
PALLADIUM
JPY
2,160.00
77.00
MADISSON
SH
42.65
45.27
AMANA
SH
128.00
128.00
STANLIB
SH
161.41
161.41
ICEA
SH
131.94
138.88
OIL& GAS
SYMBOL
CURRENCY
LAST
NET CHG
CIC
NABO
SH
12.90
13.58
USD
95.00
95.00
LIGHT CRUDE
USD
43.87
0.43
NO 2 HT OIL
USD
1.31
0.02
OLD MUTUAL
SH
98.54
100.88
BRENT CRUDE
USD
44.34
6.25
BRITISH AMERICAN
SH
133.17
135.89
GAS OIL
USD
387.00
6.25
NATURAL GAS
USD
2.13
KEROSINE
JPY
37,100.00
SOURCE: THOMSON REUTERS
BOND FUND
UAP
SH
11.83
STANLIB B1
SH
100.96
100.96
0.03
STANLIB A
SH
100.54
100.54
150.00
PAN AFRICA PATA+
SH
9.67
9.97
ICEA
SH
95.02
95.98
11.83
25
MARKET DATA
-
Chile shing
cisis leaves
makets empty,
taps touists
A shing ban sparked by mass deaths of sea
creatures in Chile has left tourists stranded
and markets empty on an island cut o by
protest blockades.
In the south of the worlds second-biggest
salmon-producing country, shermen have
blocked roads with burning tires. They have
cut o access to the island of Chiloe in the
picturesque Los Lagos region.
They are furious at what they say is paltry compensation oered to them by the
authorities for the so-called red tide that
is ruining their livelihoods.
Heaps of dead salmon, sardines and
clams have washed up on the nearby Pacic shores over recent months, choked to
death by a surge in red algae.
Some scientists say the algae are thought
to have proliferated due to the El Nino phenomenon, which warms the Pacic to wreak
havoc with the weather in Latin America
every few years.
Fishermen accuse the salmon farming
industry of worsening the eect of the algae
by tipping contaminated salmon into the sea
a claim the companies deny.
The government initially oered shermens families vouchers worth $150
each to tide them over, but they angrily
rejected that.
Crisis
The government has since upped its oer
to total about $1,000. Economy Minister
Luis Felipe Cespedes asked the shermens
groups to be reasonable.
But with their livelihoods threatened
by an environmental crisis that could last
months, they are demanding more in ongoing negotiations with Cespedes.
Schools stayed closed on Monday in various districts of the island, home to 170,000
people. Chiloes petrol stations have run dry
and are closed. To buy fuel, locals have to
get a ferry to the mainland, but permits to
do so issued by the protest leaders are
scarce.
Many tourists are stranded. We arrived
on April 25 and then this chaos broke out,
said Nora Vivente, an Argentine visitor to
Chiloe.
Their demands are just and we support
them, but regrettably it aects us. We would
like them to nd a solution so that we can
continue on our way.
Cespedes said Friday he had ordered a
group of independent scientists to investigate the shermens claim that the salmon
farming industry was to blame.
Chile is the second-biggest producer of
farmed salmon in the world after Norway,
according to the industry organization
Salmon Chile.
Although southern Chile sees red tides
every year, this years extended farther north
than usual, said Jorge Navarro of the marine
institute IDEAL -REUTERS
MOVERS & LOSERS YTD

Kenya
Jan16
8.00
5.96%
Apr16
1.36
5.88
0.00%
Home Africa
Kenya
Kenya
Jan16
EPS
DPS
Div Yield
Jan16
NBK
Housing Finance
Flame Tree
1.40
0.00%
Apr16
Apr16
3.43
5.83
6.50%
NSE
27.50
0.92%
Kenya
Jan16
Kenya
8.65
-7.49%
Jan16
EPS
DPS
Div Yield
-0.91
-1.54
0.00%
EPS
DPS
Div Yield
20.00
0.00%
Apr16
1.57
17.52
1.78%
Kenya
Apr16
EPS
DPS
Div Yield
-3.84
-2.25
0.00%
EABL
298.00
0.34%
Kenya
Jan16
EPS
DPS
Div Yield
BRITAM
Jan16
11.31
26.35
2.01%
EPS
DPS
Div Yield
Apr16
1.31
10.69
2.14%
EPS
DPS
Div Yield
Kenya
Jan16
EPS
DPS
Div Yield
Longhorn
KCB
40.00
1.27%
Kenya
Apr16
Kenya Power
14.00
-0.36%
Jan16
EPS
DPS
Div Yield
Apr16
6.49
6.16
5.00%
Kenya
Jan16
11.20
0.00%
Apr16
3.81
2.94
2.68%
4.70
5.62%
Apr16
7.00
0.67
3.19%
EPS
DPS
Div Yield
Tracking the markets: Benchmark Index (Latest Data) Africa

Africa
JSE All Share Index
Oct15
Apr 16
Oct15
Apr 16
Oct15
Rwanda
25,690.95
-0.53%
2,492.46
-0.98%
1,774.00
-1.28%
RSE All Share
Nigeria
Tanzania
Uganda
51,736.01
0.75%
NGSE All share
DSE All Share
USE All Share
South Africa
Apr 16
Oct15
Apr 16
130.44
-0.01%
Oct15
Apr 16
World
Dow Jones
FTSE 100
New York
Europe
2,606.31
1.39%
Apr 16
Oct15
Apr 16
Sensex
Tokyo
Hongkong
17,705.91
-0.20%
Oct15
Nikkei
HangSeng
16,565.19
2.15%
20,242.68
0.43%
Oct15
Apr 16
Oct15
Apr 16
Mumbai
25,791.60
0.40%
Oct15
Apr 16
26
MARKET DATA
African Indices
Nairobi Stocks
NAME
NSE 20 Share Index
3,916.74
-1.17%
Nairobi
NSE 20 - SHR IDX

NSE 25
ALL SHARE INDEX
ALL SHARE INDE/D
ALSIUG
145.64
0.00%
Apr 16
4,201.36
-0.14%
Nairobi
Oct 15
Apr 16
Active Counters
Last fri
Counter
Price
Prev fri
Price
Shares
Change
Traded
Barclays
10.50
10.50
0.00%
13,689,900
Equity
40.00
39.75
0.63%
3,121,900
KCB
40.00
39.50
1.27%
2,780,300
Safaricom
16.95
16.90
0.30%
2,341,900
1.35
1.35
0.00%
2,067,600
Mumias
Gainers
Counter
Last
Prev
net
Price
Price
Change
Transcentury AIMS
5.75
Flame Tree GEMS
%
Change
5.25
0.50
9.52%
8.00
7.55
0.45
5.96%
Longhorn Publishers 4.70
4.45
0.25
5.62%
Carbacid
15.30
14.50
0.80
5.52%
Sasini
18.30
17.60
0.70
3.98%
Losers
Counter
Last
Price
Prev
Price
net
Change
%
Change
KenGen
7.20
8.00
-0.80
NBK
8.65
9.35
-0.70
-7.49%
34.00
36.00
-2.00
-5.56%
3.80
4.00
-0.20
-5.00%
43.00
45.00
-2.00
-4.44%
ARM Cement ltd

Express (K) AIMS
Pan Africa
MARKET UPDATES
PCT.CHNG
LOW
CLOSE
-1.17%
3,916.74
3,916.74
3,916.74
3,962.95
KENYA
4,201.36
-5.75
-0.14%
4,201.36
4,201.36
4,201.36
4,207.11
ZAMBIA
5,000.36
0.00
0.00%
5,000.36
5,000.36
5,000.36
5,000.36
SOUTHAFRICA
51,736.01
387.29
0.75%
51,641.61
51,825.92
51,522.46
51,348.72
UGANDA
1,774.00
-23.00
-1.28%
1,774.00
1,774.00
1,774.00
1,797.00
0.14%
107.25
107.25
107.25
107.25
107.10
21,721.06
-69.88
-0.32%
21,761.92
21,844.36
21,669.02
21,790.94
MALAWI ALL SHR
MALAWI
12,682.97
0.00
0.00%
12,682.97
12,682.97
12,682.97
12,682.97
NSE ALL SHARE/D
NIGERIA
25,690.95
-137.35
-0.53%
25,828.30
25,876.49
25,625.50
25,828.30
TANZANIA
2,492.46
-24.76
-0.98%
2,492.46
2,492.46
2,492.46
2,517.22
7,646.02
0.15
EGYPT
7,621.91
-24.11
-0.32%
7,646.02
7,684.92
7,620.98
TUNISIA
5,475.38
5.10
0.09%
5,470.28
5,487.45
5,442.62
5,470.28
RWANDA
130.44
-0.01
-0.01%
130.44
130.44
130.44
130.45
Daily Share Report
Apr 16
NSE 25 Share Index
NET.CHNG
MOROCCO
RSE ALLSHARE IND
Oct 15
HIGH
-46.21
ZIMBABWE
EGX 30 IDX/D
Nairobi
OPEN
3,916.74
ZSE INDUSTRIAL
TUN MAIN INDEX
All Share Index (NASI)
LAST
KENYA
CFG INDEX
DSE ALL SHR IDX
Oct15
LOCATION
-10.00%
52 WK
HIGH
52 WK
LOW
AGRICULTURAL
38.50
18.10
EAAGADS AIMS
383.00
255.00
KAKUZI
242.00
82.50
KAPCHORUA TEA AIMS
1,248.00
681.00
LIMURU TEA AIMS
23.25
14.00
SASINI
435.00
162.00
WILLIAMSON TEA AIMS
AUTOMOBILES & ACCESSORIES
50.00
33.00
CAR & GEN
13.50
8.20
MARSHALLS
6.00
3.00
SAMEER
BANKING
16.80
10.15
BARCLAYS
129.00
71.00
CFC STANBIC
244.00
176.00
DTBK
51.00
36.50
EQUITY
38.00
18.80
HF
139.00
95.00
I&M HOLDINGS
65.50
36.00
KCB
24.50
8.00
NBK
61.00
35.00
NIC BANK
355.00
183.00
STAN. CHART.
23.00
15.85
CO-OP BANK
COMMERCIAL
12.10
1.35
ATLAS DEV. GEMS
6.00
3.70
EXPRESS (K) AIMS
20.25
20.25
HUTCHINGS BIEMER
7.95
3.85
KQ
3.70
LONGHORN PUBLISHERS AIMS 8.70
245.00
130.00
NATION MEDIA
40.50
24.50
STANDARD GRP
38.50
21.50
TPS EA
11.50
3.40
UCHUMI
50.00
22.50
WPP SCANGROUP
CONSTRUCTION & ALLIED
83.00
28.00
ARM CEMENT LTD
200.00
135.00
BAMBURI
187.00
45.00
CROWN BERGER
17.00
5.90
EA CABLES
65.00
38.00
EAPC
ENERGY & PETROLEUM
11.65
5.40
KENGEN
11.60
7.55
KENOLKOBIL
18.50
10.15
KENYA POWER
26.25
16.20
TOTAL
24.00
16.00
UMEME
INSURANCE
27.00
10.00
BRITISH AMERICAN
10.10
5.00
CIC INSURANCE
600.00
384.00
JUBILEE
22.75
15.45
KENYA RE
28.00
14.00
LIBERTY KENYA
128.00
36.00
PAN AFRICA
INVESTMENT
68.00
40.00
CENTUM INVEST.
3.65
1.20
HOME AFRICA GEMS
KURWITU VENTURES LTD GEMS 1,500.00 1,500.00
6.00
3.60
OLYMPIA
18.80
4.35
TRANSCENTURY AIMS
INVESTMENT SERVICES
18.00
NAIROBI SECURITIES EXCHG 30.25
MANUFACTURING & ALLIED
11.10
11.10
A. BAUMANN AIMS
140.00
90.00
BOC GASES
869.00
670.00
BAT KENYA
22.00
12.80
CARBACID
340.00
245.00
EABL
4.95
2.25
EVEREADY EA
10.20
5.70
FLAME TREE GEMS
110.00
97.00
K. ORCHARDS AIMS
2.50
1.30
MUMIAS
50.00
30.50
UNGA
TELECOMMUNICATION & TECHNOLOGY
17.90
12.60
SAFARICOM
REAL ESTATE INVESTMENT TRUST
23.75
19.00
STANLIB FAHARI I-REIT
GEMS
YTD PRICE (KSH) PRICE (KSH)

% MAY -10-2016 MAY -09-2016
DAILY
PRICE
CHANGE
DAILY
TRADED
SHARES
SHARES
ISSUED
MKT CAP.
KSHS MN
EPS
LATEST
12MNTH
P/E
TRAILING
P/B
TRAILING
DPS
LATEST
12MNTH
TOTAL
DIVIDEND
YIELD
-8.41%
-4.42%
-57.75%
-26.36%
-6.39%
-54.43%
24.50
303.00
84.50
799.00
18.30
175.00
24.50
303.00
84.50
799.00
17.60
175.00
0.00%
0.00%
0.00%
0.00%
3.98%
0.00%
200
2,800
2,200
32,157,000
19,599,999
7,824,000
1,800,000
228,055,500
17,512,640
787.85
5,938.80
661.13
1,438.20
4,173.42
3,064.71
0.25
26.92
-5.82
1.22
2.21
23.77
98.00
11.26
-14.52
8.28
7.36
1.96
2.05
0.24
3.89
0.31
0.24
0.00
5.00
5.00
1.00
1.25
40.00
0.00%
1.65%
5.92%
0.13%
6.83%
22.86%
-13.92%
-37.88%
-12.00%
34.00
8.20
3.30
33.00
8.20
3.35
3.03%
0.00%
-1.49%
3,200
2,000
40,103,308
14,393,106
278,342,393
1,363.51
118.02
918.53
0.76
-11.90
-0.06
44.74
-0.69
-55.00
0.65
0.30
0.39
0.00
0.00
0.00
0.00%
0.00%
0.00%
-22.79%
7.27%
9.09%
0.00%
-10.11%
9.00%
-8.57%
-45.08%
-12.72%
7.18%
3.89%
10.50
88.50
204.00
40.00
20.00
109.00
40.00
8.65
37.75
209.00
18.70
10.50
92.50
204.00
39.75
20.00
110.00
39.50
9.35
38.00
202.00
18.75
0.00%
-4.32%
0.00%
0.63%
0.00%
-0.91%
1.27%
-7.49%
-0.66%
3.47%
-0.27%
13,689,900
400
7,000
3,121,900
18,600
35,400
2,780,300
5,800
13,600
3,100
866,800
5,431,536,000
395,321,638
220,100,096
3,773,674,802
352,416,667
392,362,039
3,025,219,832
308,000,000
639,945,603
309,159,514
4,889,316,295
57,031.13
34,985.96
44,900.42
150,946.99
7,048.33
42,767.46
121,008.79
2,664.20
24,157.95
64,614.34
91,430.21
1.55
12.41
19.80
4.59
3.43
13.56
6.49
-3.84
6.86
19.97
2.14
6.77
7.13
10.30
8.71
5.83
8.04
6.16
-2.25
5.50
10.47
8.74
1.76
1.52
1.70
2.19
0.77
1.95
1.56
0.20
1.06
1.54
2.08
1.00
6.15
2.50
2.00
1.30
2.90
2.00
0.00
1.25
17.00
0.80
9.52%
6.95%
1.23%
5.00%
6.50%
2.66%
5.00%
0.00%
3.31%
8.13%
4.28%
-33.33%
-15.56%
0.00%
-18.37%
4.44%
-12.04%
3.57%
-9.00%
-66.67%
-21.67%
1.40
3.80
20.25
4.00
4.70
168.00
29.00
22.75
3.65
23.50
1.40
4.00
20.25
4.00
4.45
173.00
29.00
23.00
3.75
23.75
0.00%
-5.00%
0.00%
0.00%
5.62%
-2.89%
0.00%
-1.09%
-2.67%
-1.05%
1,500
40,000
142,200
17,100
18,800
3,500
62,200
23,500
1,497,370,885
35,403,790
360,000
1,496,469,035
243,750,000
188,542,286
81,731,808
182,174,108
364,959,616
378,865,102
2,096.32
134.53
7.29
5,985.88
1,145.63
31,675.10
2,370.22
4,144.46
1,332.10
8,903.33
-3.58
1.70
-18.34
-13.35
7.00
11.80
2.95
1.63
-10.85
1.12
-0.39
2.24
-1.10
-0.30
0.67
14.24
9.83
13.96
-0.34
20.98
0.68
1.12
0.63
3.58
1.14
0.38
0.33
0.98
0.00
0.00
0.00
0.00
0.15
10.00
0.00
1.35
0.00
0.00
0.00%
0.00%
0.00%
0.00%
3.19%
5.95%
0.00%
5.93%
0.00%
0.00%
-18.56%
7.43%
-5.74%
-32.08%
-18.72%
34.00
188.00
57.50
7.20
38.00
36.00
189.00
56.00
7.20
38.50
-5.56%
-0.53%
2.68%
0.00%
-1.30%
1,300
14,300
8,900
301,700
500
495,275,000
362,959,275
71,181,000
253,125,000
90,000,000
16,839.35
68,236.34
4,092.91
1,822.50
3,420.00
-5.84
14.49
0.65
-2.21
79.52
-5.82
12.97
88.46
-3.26
0.48
1.52
2.26
1.00
0.76
0.71
0.00
13.00
0.60
0.00
0.00
0.00%
6.91%
1.04%
0.00%
0.00%
1.41%
9.90%
-15.15%
0.27%
-22.02%
7.20
10.55
11.20
18.30
17.35
8.00
10.55
11.20
18.65
17.35
-10.00%
0.00%
0.00%
-1.88%
0.00%
1,095,100
82,900
41,500
20,500
-
2,198,361,456
1,471,761,200
1,951,467,045
175,028,706
1,623,878,005
15,828.20
15,527.08
21,856.43
3,203.03
28,174.28
5.24
1.37
3.81
2.57
1.34
1.37
7.70
2.94
7.12
12.95
0.18
2.20
0.43
0.21
2.03
0.65
0.35
0.30
0.77
0.90
9.03%
3.32%
2.68%
4.21%
5.19%
7.69%
-18.55%
-3.10%
0.00%
-16.67%
-28.33%
14.00
5.05
469.00
21.00
16.25
43.00
14.05
5.20
480.00
20.25
16.25
45.00
-0.36%
-2.88%
-2.29%
3.70%
0.00%
-4.44%
134,700
154,200
5,300
296,400
197,300
13,700
1,938,415,838
2,615,538,528
59,895,000
699,949,068
535,707,499
144,000,000
27,137.82
13,208.47
28,090.76
14,698.93
8,705.25
6,192.00
1.31
0.43
42.70
4.90
1.37
-0.43
10.69
11.74
10.98
4.29
11.86
-100.00
1.31
1.81
1.75
0.69
1.49
1.24
0.30
0.10
8.50
0.75
0.00
0.00
2.14%
1.98%
1.81%
3.57%
0.00%
0.00%
-5.38%
-46.15%
0.00%
-20.83%
-30.30%
44.00
1.40
1,500.00
3.80
5.75
44.50
1.40
1,500.00
3.80
5.25
-1.12%
0.00%
0.00%
0.00%
9.52%
57,100
285,900
200
7,300
665,441,775
405,255,320
102,272
40,000,000
280,284,476
29,279.44
567.36
153.41
152.00
1,611.64
10.44
-0.91
-114.00
-1.04
-7.09
4.21
-1.54
-13.16
-3.65
-0.81
0.90
0.19
0.44
0.00
0.00
0.00
0.00
0.00
0.00%
0.00%
0.00%
0.00%
0.00%
11.11%
27.50
27.25
0.92%
337,200
194,625,000
5,352.19
1.57
17.52
3.45
0.49
1.78%
0.00%
-6.86%
8.28%
-6.13%
9.16%
-5.56%
14.29%
-1.02%
-15.63%
9.63%
11.10
95.00
850.00
15.30
298.00
2.55
8.00
97.00
1.35
37.00
11.10
95.00
850.00
14.50
297.00
2.50
7.55
97.00
1.35
37.00
0.00%
0.00%
0.00%
5.52%
0.34%
2.00%
5.96%
0.00%
0.00%
0.00%
100
2,300
1,607,900
12,600
7,200
2,067,600
1,700
3,840,066
19,525,446
100,000,000
254,851,988
790,774,356
210,000,000
161,866,804
12,868,124
1,530,000,000
75,708,873
42.62
1,854.92
85,000.00
3,899.24
235,650.76
535.50
1,294.93
1,248.21
2,065.50
2,801.23
-2.02
7.61
49.76
1.55
11.31
2.80
1.36
0.33
-3.04
5.27
-5.50
12.48
17.08
9.87
26.35
0.91
5.88
293.94
-0.44
7.02
1.06
11.14
2.36
7.33
1.66
3.23
-54.80
0.16
0.60
0.00
5.20
49.50
0.70
6.00
0.00
0.00
0.00
0.00
1.00
0.00%
5.47%
5.82%
4.58%
2.01%
0.00%
0.00%
0.00%
0.00%
2.70%
3.99%
16.95
16.90
0.30%
2,341,900
40,065,428,000
679,109.00
0.80
21.19
6.44
0.64
3.78%
20.00
20.00
0.00%
6,300
180,972,300
3,619.45
0.00
0.00
0.00%
AIMS
27
MARKET DATA
Equities & Bonds
Kenya Treasury and Infrastructure Bonds
Share Price Performance Scorecard
SCORECARD AS AT 10TH MAY 2016

NAME
A BAUMANN
ATLAS DEVPNT & SPPRT SERV
ATHI RIVER MINING
BAMBURI
BARCLAYS KEN
BAT KENYA
BOC KENYA
BRITISH AMERICAN
CAR & GENERAL
CARBACID INV
CENTUM INV
CFC STANBIC BANK
CIC INSURANCE
CO-OP BANK
CROWN BERGER
DIAMOND KEN
EA CABLES
EA PORT CEM
EAAGADS
EA AFR BREW
EQUITY BANK
EVEREADY EA
EXPRESS KEN
FLAME TREE HLDNGS
G WILLIAMSON
HUTCHINGS BIEMER
HOME AFRICA LIMITED
HOUSING FIN
I&M HOLDING
JUBILEE HLDS
KAKUZI
KAPCHORUA
KEN ORCHARDS
KENGEN
KENYA AIRWAYS
KENYA COM BK
KENOLKOBIL
KENYA POWER
KENYA RE
KURWITU
LIBERTY HOLDINGS
LIMURU TEA
LONGHORN
MARSHALL
MUMIAS SUGAR
NAIROBI SECURITIES
NATION MEDIA
NATL BANK KEN
NIC BANK
OLYMPIA CAPITAL
PAN AFR INS
SAFARICOM
SAMEER AFRICA
SASINI
STANLIB FAHARI I-REIT
WPP SCANGROUP
STANDARD GRP
STD CHART KEN
TOTAL KENYA
TPS (EA)
TRANSCENTURY
UCHUMI SUPER
UNGA GROUP
PREVIOUS
11.10
1.40
36.00
189.00
10.50
850.00
95.00
14.05
33.00
14.50
44.50
92.50
5.20
18.75
56.00
204.00
7.20
38.50
24.50
297.00
39.75
2.50
4.00
7.55
175.00
20.25
1.40
20.00
110.00
480.00
303.00
84.50
97.00
8.00
4.00
39.50
10.55
11.20
20.25
1500.00
16.25
799.00
4.45
8.20
1.35
27.25
173.00
9.35
38.00
3.80
45.00
16.90
3.35
17.60
20.00
23.75
29.00
202.00
18.65
23.00
5.25
3.75
37.00
CLOSE
11.10
1.40
34.00
188.00
10.50
850.00
95.00
14.00
34.00
15.30
44.00
88.50
5.05
18.70
57.50
204.00
7.20
38.00
24.50
298.00
40.00
2.55
3.80
8.00
175.00
20.25
1.40
20.00
109.00
469.00
303.00
84.50
97.00
7.20
4.00
40.00
10.55
11.20
21.00
1500.00
16.25
799.00
4.70
8.20
1.35
27.50
168.00
8.65
37.75
3.80
43.00
16.95
3.30
18.30
20.00
23.50
29.00
209.00
18.30
22.75
5.75
3.65
37.00
% 1D
0.00
0.00
-5.56
-0.53
0.00
0.00
0.00
-0.36
3.03
5.52
-1.12
-4.32
-2.88
-0.27
2.68
0.00
0.00
-1.30
0.00
0.34
0.63
2.00
-5.00
5.96
0.00
0.00
0.00
0.00
-0.91
-2.29
0.00
0.00
0.00
-10.00
0.00
1.27
0.00
0.00
3.70
0.00
0.00
0.00
5.62
0.00
0.00
0.92
-2.89
-7.49
-0.66
0.00
-4.44
0.30
-1.49
3.98
0.00
-1.05
0.00
3.47
-1.88
-1.09
9.52
-2.67
0.00
% 5D
0.00
0.00
-7.48
-0.53
-4.11
-0.58
2.15
4.09
-5.56
5.52
0.00
-1.67
-3.81
-4.35
11.65
2.00
-2.70
-2.56
0.00
1.36
0.00
4.08
-5.00
0.00
-2.78
0.00
-9.68
-4.76
-1.80
-0.21
0.00
-0.59
0.00
-16.28
-9.09
-3.61
-2.31
-3.03
7.14
0.00
2.20
0.00
10.59
0.00
-3.57
0.00
-1.18
-6.99
2.03
0.00
-2.82
0.00
1.54
-1.35
-8.05
-7.84
-2.52
4.50
-1.35
-1.09
22.34
-8.75
0.00
% 1M
0.00
-12.50
17.24
-1.05
-2.33
6.25
-8.65
6.87
0.00
-4.38
-2.76
-5.35
-12.17
-8.78
2.68
-2.86
0.00
-15.56
6.52
6.43
-0.62
-15.00
-2.56
5.96
-5.91
0.00
-20.00
-1.23
3.81
1.30
-7.90
-6.11
0.00
-9.43
-9.09
-4.76
-3.21
4.19
5.26
0.00
0.31
0.00
-6.00
-19.21
-6.90
3.77
-3.45
-13.50
-4.43
-5.00
15.44
1.19
-1.49
-5.43
0.00
-19.66
0.00
-15.73
-4.69
-7.14
4.55
-29.81
-1.33
% 3M
0.00
-26.32
3.82
5.03
-17.97
6.92
-3.06
16.18
-12.82
3.38
-2.76
12.03
-17.21
8.09
-4.17
4.62
-18.64
-28.30
2.08
6.81
-1.23
-12.07
-10.59
14.29
-10.26
0.00
-26.32
0.25
9.00
-1.05
1.00
-31.85
0.00
11.63
-10.11
0.63
8.21
-6.67
7.69
0.00
0.31
7.39
-10.48
-37.64
-18.18
17.02
-6.67
-43.09
-2.58
-7.32
-25.86
7.62
-14.29
-8.50
0.00
-14.55
-3.33
8.85
7.96
-9.00
-7.26
-47.86
-1.33
% 6M
0.00
-54.84
-1.45
9.94
-17.00
11.70
-8.65
-6.67
-14.47
-2.86
8.64
2.91
-22.31
8.09
-7.26
2.00
-31.10
-15.56
-9.26
8.36
-5.33
-13.56
-2.56
25.00
-51.39
0.00
0.00
-5.88
12.37
7.82
-7.90
-51.71
-1.02
-20.00
-23.81
-3.61
24.12
-19.71
6.06
0.00
-16.45
-26.36
-1.05
-37.40
-12.90
4.76
24.44
-45.94
-6.79
-10.59
-28.93
9.71
-1.49
12.96
-5.05
8.41
0.00
-2.40
-15.74
-52.08
-54.38
0.68
% 1Y
0.00
-86.98
-57.76
25.33
-34.17
17.08
-26.92
-43.43
-30.26
-23.50
-32.31
-28.05
-45.41
-13.02
-58.33
-15.00
-53.70
-29.63
-31.94
-7.17
-13.98
-36.25
-35.04
-4.76
-36.13
0.00
-54.84
-38.93
-21.64
-19.69
1.00
-32.40
-7.62
-25.39
-43.66
-33.88
17.22
-35.26
22.81
0.00
-29.35
-15.89
-39.74
-31.67
-32.50
42.49
-23.64
-57.80
-36.02
-28.30
-65.04
-0.59
-37.14
9.25
-45.03
-25.64
-34.69
-22.95
-35.00
-59.07
-66.05
-15.91
Corporate Bonds
MAY 10, 2016
BONDS LISTED AT THE NAIROBI SECURITIES EXCHANGE

ISSUE
MATURITY
ISSUED VALUE
DATE
DATE
IN MILLIONS
CENTUM BOND SENIOR UNSECURED FIXED RATE AND EQUITY LINKED NOTES
26-SEP-12
18-SEP-17
CTNB.BD.18.09.17/13.50
26-SEP-12
18-SEP-17
CTNB.BD.18.09.17/12.75
15-JUN-15
8-JUN-20
CTNB.BD.08.06.20/13
15-JUN-15
8-JUN-20
CTNB.BD.08.06.20/12.5
15-JUN-15
8-JUN-20
CTNB.BD.08.06.20/12.5V
CONSOLIDATED BANK OF KENYA LTD MEDIUM TERM NOTE PROGRAMME
30-JUL-12
24-JUL-19
CON.BD-FXD(SN)/2012/7YR
30-JUL-12
22-JUL-19
CON.BD-FXD(SBN)/2012/7YR
30-JUL-12
22-JUL-19
CON.BD-FR(SN)/2012/7YR
SHELTER AFRIQUE MEDIUM TERM NOTES
30-SEP-13
24-SEP-18
FXD 1/13/05YR
30-SEP-13
24-SEP-18
FR 1/13/05YR
MRM
27-OCT-08
17-OCT-16
FR (MRM) 2008/8YR
27-OCT-08
17-OCT-16
FXD (MRM) 2008/8YR
CFC STANBIC BANK SENIOR & SUBORDINATED BOND ISSUE
7-JUL-09
7-JUL-16
FR (CFC STANBIC) 2009/7YR
7-JUL-09
7-JUL-16
FXD (CFC STANBIC) 2009/7YR
KENGEN PUBLIC INFRASTRUCTURE BOND OFFER 2019
2-NOV-09
31-OCT-19
FXIB 1/2009/10YR
HOUSING FINANCE MEDIUM TERM NOTE
22-OCT-12
14-OCT-19
FXD (HFCK) 02/2012/7YR 2ND TRANCHE
26-OCT-10
2-OCT-17
FR (HFCK) 2010/7YR
26-OCT-10
2-OCT-17
FXD (HFCK) 2010/7YR
I&M MEDIUM TERM NOTE
13-DEC-13
8-MAR-19
FXD I&M-01/13/5.25
13-DEC-13
8-MAR-19
FRN I&M-01/13/5.25
BRITAM MEDIUM TERM NOTE
22-JUL-14
15-JUL-19
BRTB.BD.22/07/19-0037-13
UAP HOLDINGS MEDIUM TERM NOTE
28-JUL-14
22-JUL-19
UAP.BD.22.07.2019
NIC MEDIUM TERM NOTE
8-SEP-14
9-SEP-19
NIC.BD.09/09/19-0039-12.5
CIC INSURANCE GROUP LTDMEDIUM TERM NOTE
8-OCT-14
2-OCT-19
CIC.BD.22.07.2019
CFC STANBIC MULTICURRENCY MEDIUM TERM NOTE
15-DEC-14
8-DEC-21
CFCB.BD.08/12/21-0042-12.95
CBA FIXED MEDIUM TERM NOTE
22-DEC-14
14-DEC-20
CBAB.BD.14/12/20-0041-12.75
EABL FIXED MEDIUM TERM NOTE
23-MAR-15
19-MAR-18
EABB.BD.19/03/18-0043-12.25
CHASE BANK FIXED MEDIUM TERM NOTE
10-JUN-15
2-JUN-22
CHBD.BD.02/06/22-0044-13.5
REAL PEOPLE MEDIUM TERM NOTE
10-AUG-15
6-AUG-18
RPBD.BD.06/08/18-0046-13.65
10-AUG-15
3-AUG-20
RPBD.BD.03/08/20-0047-13.65
FAMILY BANK MEDIUM TERM NOTE
26-OCT-15
19-APR-21
FBKB.BD.19/04/21-0049-13.75
26-OCT-15
19-APR-21
FBKB.BD.19/04/21-0051-2.5
26-OCT-15
19-APR-21
FBKB.BD.19/04/21-0050-14
COUPON
(%)
PREVOIUS PRICE
(%)
105.255
100.3038
TOTAL VALUE
TRADED (KSH)
BONDS LISTED AT THE NAIROBI SECURITIES EXCHANGE

ISSUE
MATURITY
DATE
DATE
ISSUED
VALUE IN MNS
MAY 10 2016
COUPON
(%)
TRADED
PREVIOUS
TOTAL VALUE
YIELD (%)
PRICE(%)
TRADED(KSH)
ISSUE NO.
ONE YEAR BONDS
FXD 1/2015/1YR
29-SEP-15
26-SEP-16
2 4,260.65
19.062
102.6059
FXD 2/2015/1YR
26-OCT-15
24-OCT-16
2 0,482.75
22.954
103.8777
100.1492
TWO YEAR BONDS

FXD 2/2014/2YR
26-MAY-14
23-MAY-16
2 0,130.15
10.793
FXD 3/2014/2YR
25-MAY-15
19-DEC-16
2 9,375.70
10.89
99.8949
FXD 1/2015/2YR
23-JAN-15
20-FEB-17
2 3,592.15
11.47
99.9323
FXD 2/2015/2YR
29-JUN-15
26-JUN-17
1 8,746.80
12.629
100.5245
FXD 1/2016/2YR
25-JAN-16
22-JAN-18
2 0,153.75
15.76
105.8668
FXD 1/2012/5YR
28-MAY-12
22-MAY-17
3 1,079.55
11.855
99.9671
FXD 1/2013/5YR
29-APR-13
23-APR-18
2 0,240.75
12.892
100.9845
FXD 2/2013/5YR
1-JUL-13
25-JUN-18
2 6,340.05
11.305
99.1527
100.4719
FIVE YEAR BONDS
FXD 3/2013/5YR
25-NOV-13
19-NOV-18
1 4,937.80
11.952
FXD 1/2014/ 5YR
28-APR-14
22-APR-19
2 5,733.70
10.87
96.9751
FXD 2/2014/ 5YR
23-JUN-14
17-JUN-19
1 6,418.25
11.934
95.7849
98.304
FXD 1/2015/ 5YR
29-JUN-15
22-JUN-20
3 0,956.05
13.193
FXD 2/2015/ 5YR
30-NOV-15
23-NOV-20
3 0,673.85
13.92
FXD 1/2016/ 5YR
25-APR-16
19-APR-21
1 9,545.57
14.334
FXD 2/2006/10YR
29-MAY-06
16-MAY-16
5 ,028.10
14
102.8875
FXD 1/2007/10YR
29-OCT-07
16-OCT-17
9 ,308.80
10.75
95.6815
FXD 1/2008/10YR
29-OCT-07
12-FEB-18
2 ,992.75
10.75
99.3434
FXD 2/2008/10YR
28-JUL-08
16-JUL-18
1 3,504.70
10.75
99.321
FXD 3/2008/10YR
29-SEP-08
28-SEP-18
4 ,151.60
10.75
97.4931
FXD 1/2009/10YR
27-SEP-09
15-APR-19
4 ,966.85
10.75
96.5948
FXD 1/2010/10YR
26-APR-10
13-APR-20
1 9,394.15
8.79
85.3786
FXD 2/2010/10YR
1-NOV-10
19-OCT-20
1 8,849.90
9.307
90.0522
FXD 1/2012/10YR
25-JUN-12
13-JUN-22
3 5,273.70
12.705
FXD 1/2013/10YR
1-JUL-13
19-JUN-23
2 9,289.80
12.371
13.9
92.8803
3 00,000,000
FXD 1/2013/10YR
1-JUL-13
19-JUN-23
2 9,289.80
12.371
13.95
92.8803
1 00,000,000
FXD 1/2014/10YR
25-MAY-15
15-JAN-24
3 5,852.15
12.18
92.7329
25-SEP-06
11-SEP-17
4 ,031.40
13.75
105.0256
100.7017
13.5
102.0348
93.9303
ELEVEN YEAR BONDS

FXD1/2006/11YR
TWELVE YEAR BONDS
FXD1/2006/12YR
28-AUG-06
13-AUG-18
3 ,900.95
14
105.2139
FXD1/2007/12YR
28-MAY-07
13-MAY-19
4 ,864.60
13
105.6743
FXD1/2007/15YR
26-MAR-07
7-MAR-22
3 ,654.60
14.5
109.0397
FXD2/2007/15YR
25-JUN-07
6-JUN-22
7 ,236.95
13.5
94.8207
FXD3/2007/15YR
26-NOV-07
7-NOV-22
1 8,030.20
12.5
90.2944
FXD1/2008/15YR
31-MAR-08
13-MAR-23
7 ,830.90
12.5
100.607
FXD1/2009/15YR
26-OCT-09
7-OCT-24
9 ,420.45
12.5
98.3299
FIFTEEN YEAR BONDS
2 ,917.10
1 ,250.80
3 ,899.22
2 ,100.77
2 ,100.77
13.5
12.75
13
12.5
1 ,480.60
196.5
1
13.25
13.6
99.1677
100
FXD1/2010/15YR
29-MAR-10
10-MAR-25
2 2,336.25
10.25
78.809
FXD2/2010/15YR
25-APR-11
8-DEC-25
1 3,513.10
71.2307
4 ,239.70
760.3
12.75
104.0416
FXD1/2012/15YR
24-SEP-12
6-SEP-27
2 1,089.45
11
85.2957
FXD1/2013/15YR
25-FEB-13
7-FEB-28
4 2,138.45
11.25
80.2172
FXD2/2013/15YR
29-APR-13
10-APR-28
1 7,385.85
12
88.5311
99.9539
99.9526
621.5
1 ,378.50
13
100
100
97.91
2 ,402.09
12.5
100
95.9087
14,062.00
12.5
89.7507
2 ,969.10
1 ,166.50
5 ,864 40
13
91.5465
8.5
99.9862
3 ,429.00
226
12.8
102.0606
6 ,000.00
13
82.1868
2 ,000.00
13
92.2773
5 ,514.50
12.5
96.9087
5 ,000.00
13
97.2692
5 ,080.00
12.95
7 ,000.00
5 ,000.00
4 ,822.40
TWENTY YEAR BOND

FXD1/2008/20YR
30-JUN-08
5-JUN-28
2 0,360.95
13.75
100.8286
FXD1/2011/20YR
30-MAY-11
5-MAY-31
9 ,365.80
10
79.8372
FXD1/2012/20YR
26-NOV-12
1-NOV-32
4 4,581.65
12
83.5439
28-JUN-10
28-MAY-35
2 0,192.50
11.25
28-FEB-11
21-JAN-41
2 8,144.70
12
86.132
TWENTY FIVE YEAR BOND

FXD1/2010/25YR
14.1
79.0942
THIRTY YEAR BOND

SDB 1/2011/30YR
INFRASTRUCTURE BONDS
IFB 1/2009/12YR
23-FEB-09
8-FEB-21
1 9,726.85
12.5
105.1593
IFB 2/2009/12YR
7-DEC-09
22-NOV-21
1 8,897.65
12
102.4081
IFB 1/2010/8YR
1-MAR-10
19-FEB-18
1 5,908.05
9.75
98.5524
102.018
IFB 2/2010/9YR
31-AUG-10
19-SEP-19
3 2,871.55
91.2209
12.75
99.9515
IFB 1/2011/12YR
3-OCT-11
18-SEP-23
4 3,447.35
12
98.4981
12.25
100.2003
IFB 1/2013/12YR
30-SEP-13
15-SEP-25
3 8,363.70
11
93.6189
92.8143
IFB 1/2014/12YR
27-OCT-14
12-OCT-26
3 5,480.90
11
94.6793
IFB 1/2015/12YR
30-MAR-15
15-MAR-27
5 1,192.20
11
94.4043
IFB 1/2015/9YR
14-DEC-15
2-DEC-24
2 5,119.55
11
94.7025
13.25
270.3
1 ,363.90
13.65
13.65
95.0966
94.7367
1 ,297.10
600.7
121 14
13.75
95.4568
94.7367
94.7367
1 00,000,000
TEN YEAR BONDS
50,000,000
28
MARKET DATA
Global Markets & Currencies
Currencies
Global Indexes
Kenya Shilling
CURRENCY
US DOLLAR
STG POUND
EURO
SA RAND
KES / USHS
KES / TSHS
KES / RWF
KES / BIF
AE DIRHAM
CAN $
S FRANC
JPY (100)
SW KRONER
NOR KRONER
DAN KRONER
IND RUPEE
HONGKONG DOLLAR
SINGAPORE DOLLAR
SAUDI RIYAL
CHINESE YUAN
AUSTRALIAN $
SOURCE: CBK
BUY
100.42
144.70
114.37
6.63
33.14
21.72
7.70
15.30
27.34
77.41
103.23
92.28
12.29
12.21
15.35
1.50
12.94
73.19
26.78
15.40
73.57
DAILY
SELL
100.62
145.02
114.62
6.65
33.31
21.86
7.79
15.43
27.40
77.58
103.54
92.47
12.32
12.24
15.38
1.51
12.96
73.38
26.83
15.44
73.73
MEAN
100.52
144.86
114.49
6.64
33.23
21.79
7.75
15.37
27.37
77.50
103.38
92.38
12.31
12.22
15.37
1.51
12.95
73.29
26.80
15.42
73.65
US Dollar
BACKGROUND
EURO
JAPANESE YEN
BRITISH POUND
SWISS FRANC
AUSTRALIAN DOLLAR
SWEDISH KRONA
CANADIAN DOLLAR
CHINESE YUAN
NORWEGIAN KRONE
BOSNIAN MARK
DANISH KRONE
RUSSIA ROUBLE
TURKISH LIRA
ICELAND KRONA
INDIAN RUPEE
POLISH ZLOTY
CZECH KORUNA
HUNGARIAN FORINT
UKRAINE HRYVNIA
ISRAEL SHEKEL
ALBANIAN LEK
BULGARIAN LEV
SERBIAN DINAR
CYPRUS POUND
ESTONIAN KROON
GEORGIAN LARI
THAI BAHT
GIBRALTAR POUND
CROATIAN KUNA
KAZAKHSTAN TENGE
LITHUANIA LITAS
LATVIAN LATS
MOLDOVAN LEU
MACEDONIA DENAR
MALTESE LIRA
ROMANIAN LEU
SLOVAK KORUNA
SERBIAN DINAR
ARMENIAN DRAM
UAE DIRHAM
ANGOLAN KWANZA
BURUNDI FRANC
BOTSWANA PULA
CONGO FRANC
CAPE VERDE ESCUDO
DIJIBOUTI FRANC
ALGERIAN DINAR
EGYPT POUND
ETHIOPIAN BIRR
GHANAIAN CEDI
GAMBIAN DALASI
ERITREA NAFKA
GUINEA FRANC
KENYA SHILLING
COMORO FRANC
LIBERIAN DOLLAR
LESOTHO LOTI
LIBYAN DINAR
MOROCCAN DIRHAM
MALAGASY ARIARY
MAURITANIAOUGUIYA
MALAWI KWACHA
MOZAMBIQUEMETICAL
NIGERIAN NAIRA
RWANDA FRANC
SC RUPEE
ST HELENA POUND
SIERRALEONLEON
SAO TOME DOBRA
SOMALI SHILLING
SWAZILAND LILAGENI
TUNISIAN DINAR
TANZANIA SHILLING
UGANDA SHILLING
CFA FRANC
CFA FRANC
MAURITIUS RUPEE
SOUTH AFRICA RAND
ZIMBABWE DOLLAR
FTSE 100
BID
1.14
109.14
1.44
0.97
0.73
8.15
1.29
6.51
8.21
1.69
6.53
66.30
2.94
122.67
66.63
3.89
23.72
276.97
25.20
3.78
121.25
1.72
59.99
0.40
11.70
2.20
35.23
1.44
6.58
333.85
2.85
0.51
19.67
53.80
3.41
3.94
21.55
107.68
477.00
3.67
165.06
1,547.50
0.09
918.00
95.82
176.80
108.99
8.88
21.46
3.81
42.10
16.15
7,415.00
100.65
426.68
90.00
15.01
1.36
9.60
3,134.00
342.00
679.42
56.00
199.00
765.00
13.42
1.45
3,898.00
20,861.00
598.00
15.29
2.02
2,185.00
3,320.00
575.75
570.91
34.95
15.34
378.00
ASK
1.14
109.17
1.44
0.97
0.74
8.16
1.29
6.52
8.22
1.74
6.53
66.33
2.94
122.96
66.64
3.89
23.76
277.10
25.25
3.78
122.05
1.72
60.19
0.40
11.71
2.22
35.25
1.44
6.58
334.15
2.85
0.51
19.83
54.35
3.42
3.94
21.60
108.03
481.00
3.67
166.41
1,567.50
0.09
938.00
96.92
178.70
109.79
8.88
21.86
3.83
43.60
16.65
7,615.00
100.85
427.68
95.00
15.06
1.37
9.67
3,162.00
350.00
696.48
57.12
199.50
781.00
13.44
1.45
3,998.00
22,157.00
605.00
15.29
2.02
2,195.00
3,330.00
590.75
580.91
34.97
15.36
381.00
INDEX (REGION/COUNTRY)
YTD
52 WEEK
% CHG
HIGH
3-YR
CLOSE
CHG
% CHG
LOW
% CHG
% CHG
THE GLOBAL DOW (WORLD)
2,303.37
-9.92
-0.43
-1.4
2,639.52
2,047.44
-11.9
1.3
THE GLOBAL DOW EURO (WORLD)
1,902.83
-4.02
-0.21
-6
2,258.32
1,699.54
-13.8
6.1
DJ GLOBAL INDEX (WORLD)
305.26
-0.33
-0.11
-0.9
341.62
272.15
-9.6
DJ GLOBAL EX U.S. (WORLD)
205.29
-0.63
-0.31
-2.3
246.05
184.52
-15.6
-3.2
DJ ASIA-PACIFIC TSM (ASIA-PACIFIC)
1,338.00
-6.95
-0.52
-3.7
1,594.00
1,190.45
-14.7
-2.8
ALL ORDINARIES (AUSTRALIA)
5,387.80
29.2
0.54
0.8
5,774.90
4,816.60
-4.3
1.3
S & P/ASX 200 (AUSTRALIA)
5,320.70
28.7
0.54
0.5
5,777.20
4,765.30
-5.4
0.8
DOW JONES CHINA 88 (CHINA)
244.03
-3.96
-1.6
-14.9
408.69
224.92
-34.2
4.8
SHANGHAI COMPOSITE (CHINA)
2,832.11
-81.14
-2.79
-20
5,166.35
2,655.66
-34.6
8.2
HANG SENG (HONG KONG)
20,156.81
46.94
0.23
-8
28,249.86
18,319.58
-27.3
-4.6
S & P BSE SENSEX (INDIA)
25,688.86
460.36 1.82
-1.6
28,504.93
22,951.83
-6.6
8.8
JAKARTA COMPOSITE (INDONESIA)
4,749.32
-73.28
-1.52
3.4
5,320.90
4,120.50
-8.2
-2.3
NIKKEI 300 (JAPAN)
263.29
1.57
0.6
-15.4
343.20
NIKKEI STOCK AVG (JAPAN)
16,216.03
109.31
0.68
-14.8
20,868.03
TOPIX INDEX (JAPAN)
GLOBAL
ASIA PACIFIC
242.81
-18.9
3.3
14,952.61
-17.4
4.5
1,306.66
8.34
0.64
-15.6
1,691.29
1,196.28
-18.2
3.4
KUALA LUMPUR COMPOSITE (MALAYSIA) 1,632.19
-17.17
-1.04
-3.6
1,823.50
1,532.14
-9.6
-2.6
S & P/NZX 50 (NEW ZEALAND)
6,885.05
-13.06
-0.19
8.9
6,906.10
5,546.88
19.8
14.1
KSE 100 (PAKISTAN)
36,234.99
261.31
0.73
10.4
36,234.99
30,564.50
11.5
22.6
PSEI (PHILIPPINES)
6,991.87
...
CLOSED
0.6
7,910.43
6,084.28
-9.9
-0.8
STRAITS TIMES (SINGAPORE)
2,766.06
35.26
1.29
-4
3,470.80
2,532.70
-20.3
-6.9
KOSPI (SOUTH KOREA)
1,967.81
-8.9
-0.45
0.3
2,146.10
1,829.81
-6.2
-0.2
COLOMBO STOCK EXCHANGE (SRI LANKA) 6,594.80
2.35
0.04
-4.3
7,498.78
5,862.35
-8.6
1.9
WEIGHTED (TAIWAN)
8,131.83
-14.6
-0.18
-2.5
9,724.11
7,410.34
-15.9
-0.6
SET (THAILAND)
1,394.14
3.44
0.25
8.2
1,526.25
1,224.83
-7.1
-4.9
STOXX EUROPE 600 (EUROPE)
333.22
1.55
0.47
-8.9
408.88
303.58
-17
3.1
STOXX EUROPE 50 (EUROPE)
2,780.51
15.08
0.55
-10.3
3,524.55
2,566.26
-20
-0.03
EURO STOXX 50 (EURO ZONE)
2,955.83
18.99
0.65
-9.5
3,688.72
2,680.35
-18.4
2.1
EURO STOXX (EURO ZONE)
316.80
1.45
0.46
-8.2
380.63
284.92
-15.2
4.4
ATX (AUSTRIA)
2,216.54
-22.8
-1.02
-7.5
2,681.44
1,957.05
-16.5
-2.8
BEL-20 (BELGIUM)
3,335.90
10.04
0.3
-9.8
3,849.12
3,130.76
-9.5
6.9
PX 50 (CZECH REPUBLIC)
864.20
-3.59
-0.41
-9.6
1,042.50
845.90
-17.1
-3.7
OMX COPENHAGEN (DENMARK)
849.31
11.56
1.38
-6.3
923.55
745.49
-2.3
19.3
OMX HELSINKI (FINLAND)
7,709.03
12.76
0.17
-10.3
8,875.70
7,257.23
-10.5
6.8
CAC 40 (FRANCE)
4,322.81
21.57
0.5
-6.8
5,196.73
3,896.71
-14
3.2
DAX (GERMANY)
9,980.49
110.54
1.12
-7.1
11,864.59
8,752.87
-14.5
6.5
BUX (HUNGARY)
26,623.71
494.87 1.89
11.3
27,271.78
20,610.76
17.2
12.9
FTSE MIB (ITALY)
17,685.80
-157
-0.88
-17.4
24,031.19
15,773.00
-24.2
1.1
AEX (NETHERLANDS)
431.58
0.26
0.06
-2.3
503.52
382.61
-12.4
6.3
6.8
EUROPE
ALL-SHARES (NORWAY)
646.15
-3.13
-0.48
-0.4
710.69
552.32
-8.6
WIG (POLAND)
46,628.94
-34.73
-0.07
0.3
57,304.71
42,152.70
-18.6
1.2
PSI 20 (PORTUGAL)
4,942.66
-47.78
-0.96
-7
6,161.15
4,460.63
-19.6
-7.6
RTS INDEX (RUSSIA)
912.02
...
CLOSED
20.5
1,082.21
628.41
-13.9
-14
IBEX 35 (SPAIN)
8,660.80
-41.3
-0.47
-9.3
11,595.40
7,746.30
-24.3
0.3
SX ALL SHARE (SWEDEN)
473.27
5.55
1.19
-6.3
546.34
435.21
-11.1
7.4
SWISS MARKET (SWITZERLAND)
7,824.95
89.35
1.16
-11.3
9,526.79
7,496.62
-14.2
-1.1
BIST 100 (TURKEY)
79,062.10
694.04 0.89
10.2
88,651.88
68,567.89
-6.7
-4.2
FTSE 100 (U.K.)
6,114.81
-10.89
-0.18
-2
7,040.90
5,537.00
-13
-2.5
FTSE 250 (U.K.)
16,687.06
38.3
0.23
-4.3
18,263.46
15,178.80
-6.6
5.3
DJ AMERICAS (AMERICAS)
494.12
-0.22
-0.04
1.4
524.44
433.35
-4.8
5.8
MERVAL (ARGENTINA)
13,270.26
-183.65 -1.37
13.7
14,173.87
9,288.41
9.6
50.9
SAO PAULO BOVESPA (BRAZIL)
50,990.06
-727.76 -1.41
17.6
57,248.63
37,497.48
-10.9
-2.8
S & P/TSX COMP (CANADA)
13,563.84
-137.63 -1
4.3
15,203.61
11,843.11
-10.5
2.6
SANTIAGO IPSA (CHILE)
3,137.60
-18.18
-0.58
6.6
3,358.71
2,759.77
-6.6
-5.5
IPC ALL-SHARE (MEXICO)
45,250.34
40.49
0.09
5.3
46,191.51
40,265.37
0.2
2.8
CARACAS GENERAL (VENEZUELA)
15,357.17
...
CLOSED
5.3
16,820.52
5,633.82
169.6
182.5
AMERICAS
SOURCE: WSJ MARKETS
Global Indices
NAME
LOCATION
LAST
NET.CHNG
DJ INDU AVERAGE
NEWYORK
17,705.91
-34.72
PCT.CHNG
OPEN
HIGH
LOW
CLOSE
-0.20%
17,743.85
17,783.16
17,668.38
17,740.63
FTSE EUROTOP 100
LONDON
2,606.31
35.83
1.39%
2,572.85
2,610.45
2,572.85
2,570.48
XETRA DAX PF/D
FRANKFURT
10,081.97
101.48
1.02%
10,057.53
10,106.93
10,019.49
9,980.49
CAC 40 INDEX/D
PARIS
4,369.87
47.06
1.09%
4,338.05
4,374.75
4,337.51
4,322.81
FTSE MIB/D
MILAN
18,013.87
328.07
1.85%
17,818.51
18,051.34
17,773.27
17,685.80
SMI PR/D
SWITZERLAND
7,935.89
110.94
1.42%
7,896.62
7,952.86
7,883.44
7,824.95
HANG SENG INDE/D
HONGKONG
20,242.68
85.87
0.43%
19,962.43
20,294.46
19,962.43
20,156.81
NIKKEI 225 INDEX
TOKYO
16,565.19
349.16
2.15%
16,307.50
16,587.63
16,229.15
16,216.03
ALL ORDINARIES
AUSTRALIA
5,403.88
16.05
0.30%
5,387.80
5,404.10
5,354.20
5,387.84
SSE COMPOSITE/D
SINGAPORE
2,833.18
1.07
0.04%
2,822.33
2,845.24
2,820.16
2,832.11
STRAITS TIMES /D
SHANGHAI
3,630.75
-33.00
-0.90%
3,637.81
3,660.09
3,624.18
3,663.75
S&P SENSEX/D
MUMBAI
25,791.60
102.74
0.40%
25,682.98
25,809.93
SOURCE: THOMPSON REUTERS
25,614.24 25,688.86
NAME
ANGLO AMERICAN/D
ASSOC.BR.FOODS/D
ADMIRAL GROUP/D
ABDN.ASSET.MAN/D
AGGREKO/D
ANTOFAGASTA/D
ARM HOLDINGS/D
ASHMORE/D
AVIVA PLC/D
ASTRAZENECA/D
BAE SYSTEMS/D
BARCLAYS/D
BRIT AM TOBACC/D
BR LAND CO/D
BHP BILLITON/D
BUNZL/D
BP/D
BURBERRY GRP/D
BT GROUP/D
CARNIVAL/D
CENTRICA/D
COMPASS GROUP/D
CAPITA PLC/D
CRODA INTL/D
CRH/D
DIAGEO/D
MAN GROUP/D
EXPERIAN/D
FRESNILLO/D
G4S/D
GKN/D
GLENCORE/D
GLAXOSMITHKLIN/D
HAMMERSON/D
HARGREAVES LS/D
HSBC HOLDINGS/D
ICAP PLC/D
IAG/D
INTERCONT HOTE/D
IMI PLC/D
INTERTEK GROUP/D
ITV/D
JOHNSON MATTHE/D
KAZ MINERALS/D
KINGFISHER/D
LAND SECS GROU/D
LEGAL & GENERA/D
LLOYDS BNK GRP/D
MARKS & SP./D
MORRISON SUPMK/D
NATIONAL GRID/D
NEXT/D
OLD MUTUAL/D
PETROFAC/D
POLYMETAL INT/D
PRUDENTIAL/D
PEARSON/D
RECKIT BNCSR G/D
ROYAL BANK SCO/D
RDS A/D
RELX/D
ROYAL DTCH SHL/D
REXAM/D
RIO TINTO/D
ROLLS ROYCE PL/D
RANDGOLD RES./D
RSA INSRANCE G/D
SABMILLER/D
SAINSBURY(J)/D
SCHRODERS/D
SCHRODERS NV/D
SAGE GROUP/D
SHIRE/D
STANDARD LIFE/D
SMITHS GROUP/D
SMITH&NEPHEW/D
SERCO GROUP/D
SSE PLC/D
STANDRD CHART /D
SEVERN TRENT/D
TATE & LYLE/D
TULLOW OIL/D
TESCO/D
UNILEVER/D
UNITED UTIL GR/D
VEDANTA RES/D
VODAFONE GROUP/D
WEIR GROUP/D
WOLSELEY/D
WPP PLC/D
WHITBREAD/D
LAST
562.00
3163.00
1928.00
262.03
1047.00
410.20
956.50
281.20
429.70
3970.50
493.70
161.95
4245.00
742.00
795.10
2075.00
357.04
1190.00
445.53
3572.00
212.60
1263.00
1079.00
2974.00
2028.00
1903.75
130.70
1267.00
1044.00
193.10
278.50
131.05
1479.00
592.00
1268.00
435.05
470.80
523.00
2746.00
989.50
3289.00
220.00
2859.00
150.30
368.20
1183.00
220.30
65.15
420.90
192.90
1007.16
5345.00
173.10
822.50
681.00
1315.00
820.00
6942.00
215.40
1716.50
1242.00
1731.50
628.50
1953.00
653.00
5910.00
483.70
4216.18
266.10
2476.00
1877.00
594.00
4133.00
323.50
1094.00
1164.00
93.75
1527.68
491.20
2262.00
612.50
239.60
159.05
3194.00
954.50
355.70
221.90
1116.00
3926.00
1625.00
3940.75
CLOSE
559.50
3168.00
1911.00
263.10
1035.00
416.60
950.00
281.40
426.40
3944.50
491.10
158.45
4213.50
737.50
793.30
2068.00
351.50
1176.00
440.85
3531.00
210.00
1258.00
1024.00
2985.00
2003.00
1894.00
130.50
1258.00
1039.00
193.20
273.80
132.55
1465.00
586.50
1258.00
429.85
465.90
513.50
2700.00
969.50
3263.00
220.60
2848.00
150.30
363.10
1177.00
218.30
64.37
418.70
190.90
1001.50
5325.00
172.70
800.00
674.50
1301.00
809.50
6837.00
212.90
1703.00
1236.00
1719.00
628.50
1964.50
642.00
5940.00
480.60
4224.50
264.20
2459.00
1860.00
593.00
4069.00
320.80
1083.00
1165.00
93.25
1507.00
477.35
2250.00
611.00
232.00
156.80
3154.50
943.50
359.00
218.90
1100.00
3920.00
1611.00
3900.00
NET.CHNG
2.50
-5.00
17.00
-1.10
12.00
-6.40
6.50
-0.20
3.30
26.00
2.60
3.50
31.50
4.50
1.80
7.00
5.45
14.00
4.70
41.00
2.60
5.00
55.00
-11.00
25.00
9.50
0.20
9.00
5.00
-0.10
4.70
-1.50
14.00
5.50
10.00
5.20
4.90
9.50
46.00
20.00
26.00
-0.60
11.00
0.00
5.10
6.00
2.00
0.80
2.20
2.00
5.50
20.00
0.40
22.00
6.50
14.00
10.50
105.00
2.50
13.50
6.00
12.50
0.00
-11.50
11.00
-30.00
3.10
-4.00
1.90
17.00
17.00
1.00
64.00
2.70
11.00
-1.00
0.40
20.00
13.85
12.00
1.50
7.60
2.25
39.50
11.00
-3.30
3.00
16.00
6.00
14.00
39.00
PCT.CHNG
0.45%
-0.16%
0.89%
-0.42%
1.16%
-1.54%
0.68%
-0.07%
0.77%
0.66%
0.53%
2.21%
0.75%
0.61%
0.23%
0.34%
1.55%
1.19%
1.07%
1.16%
1.24%
0.40%
5.37%
-0.37%
1.25%
0.50%
0.15%
0.72%
0.48%
-0.05%
1.72%
-1.13%
0.96%
0.94%
0.79%
1.21%
1.05%
1.85%
1.70%
2.06%
0.80%
-0.27%
0.39%
0.00%
1.40%
0.51%
0.92%
1.24%
0.53%
1.05%
0.55%
0.38%
0.23%
2.75%
0.96%
1.08%
1.30%
1.54%
1.17%
0.79%
0.49%
0.73%
0.00%
-0.59%
1.71%
-0.51%
0.65%
-0.09%
0.72%
0.69%
0.91%
0.17%
1.57%
0.84%
1.02%
-0.09%
0.43%
1.33%
2.90%
0.53%
0.25%
3.28%
1.43%
1.25%
1.17%
-0.92%
1.37%
1.45%
0.15%
0.87%
1.00%
LI E
LIFE COACHING:
When is the pefect time to
ask fo that pomotion?
Page 30
29
SERVICES:
Pefomance-based
incentive fo healthcae
Page 31
H E A LT H
Scientists tun to tea, bee

and honey as esistance
to antibiotics gows
MEDICINE Welsh researchers nd Kenyan tea to be
among most effective sources of new anti-microbials
hey are all among the natural prod- mountains and found the next cure for variucts Welsh scientists are targeting in ous conditions.
the hunt for sources of new antimiIn this spirit, Dr James Blaxland has gone
crobials.
no further than the local pub-or at least the
With increasing bacterial resistance to an- brewery - to nd his bacteria killers. He is looktibiotics, the need to nd new agents to tackle ing at the hops used in beer for compounds
dangerous pathogens - many of them in hos- able to tackle a range of pathogens.
pitals - is acute.
Hops have been used for hundreds of
So, Cardi Universitys School of Pharma- years as a avouring additive within beer. And
cy and Pharmaceutical Science has turned to they found in the early 18th Century that hops
some unlikely Welsh sources including a few which were added to beer prevented it from
found in ancient remedies.
spoiling so people started thinking that hops
Much of what we do is based on whizzy must be antibacterial, he said.
machines and science, but theres a lot to learn
We have taken this forward in the last ve
from history, said Prof Les Bailyears and we have screened
lie. While some of these ancient
more than 50 dierent hop
remedies might well be hokum
samples from around the
C.di occurs
or snake oil, its likely that over
world against bacterium
when patients
thousands of years our ancestors
samples.
in hospital
hit on something that actually
Dr Blaxland is looking at
take antibiotworked.
derived
compounds which
ics which get
And nothing could be more tracould be eective at tackling
rid of the good
ditional than the time-honoured
hospital superbug MRSA
bacteria in
remedy of honey.
and even the massive probtheir stomach
Honey has been used for thoulem of bovine tuberculosis
sands of years to treat wounds and
by using hops as a foodstu
indeed is still used in our hospitals
for cows.
to treat patients with these intractable infecThere is also the unlikely possibility hops
tions that are not responding to antibiotics, could be part of the answer to global warming,
Prof Baillie said.
with certain compounds preventing bacteria
So, the university enlisted the help of bees that causes cows to produce methane.
as prospectors in its pursuit of plant-derived
And with the university looking at a posanti-bacterial drugs and treatments.
sible super mead to protect drinkers from
After testing hundreds of samples sent myriad ills, what could be more popular?
from beekeepers across Wales, the team found
Well, perhaps antimicrobial tea.
a honey from Twywyn, in Gwynedd, with the
It could surprise people to know that tea same anti-bacterial potency of New Zealands the common bevarage they drink every day of
famed Manuka.
their lives also contains compounds called
The team, led by Dr Jenny Hawkins, identi- polyphenols that kill bacteria, Prof Baillie
ed the active compounds in the most powerful explained.
honeys to nd out which owers the bees had
Cardi, in collaboration with Aberystwyth
visited, using the National Botanical Garden University, has looked at developing a tea to
of Wales DNA plant database.
treat super bug clostridium dicile (C.di)
And Prof Baillie believes this exploration - the UKs principle cause of hospital-acquired
of the domestic over more exotic climes could infection.
signal a new approach.
C.di occurs when patients in hospital take
Back in the day your prospector would antibiotics which get rid of the good bacteria
head out on the Amazon in their canoe look- in their stomach, allowing the infection to reing for exotic plants as cures for the next great produce and cause disease.
ill, he added.
Prof Baillie said C.di is susceptible to cerBut wouldnt it be fantastic if we just went tain polyphenols found in tea.
out towards Welshpool or somewhere in the
Given that its a gut-borne disease and
Tea : The common beverage

that most people drink
every day of their lives
also contains compounds
called polyphenols that kill
bacteria. FOTOSEARCH
we drink tea, which goes to our guts, we were

intrigued by the idea of, perhaps, making a
super tea that would be high enough in
polyphennols that it would kill the C. di.
Kenyan tea
And in pursuit of the most benign brew the
university teamed up with a tea company, analysing samples from the rms 37 plantations
across the globe. We were able to show that
tea from east Kenya was the most eective.
This was green tea rather than the traditional
black tea that we drink in this country, Prof
Baillie explained.
But perhaps the most alternative of antimicrobial sources under the teams microscope are marine sponges found o the
Swansea coast.
Sponges have a brief history of producing novel

pharmaceuticals, with Caribbean species having
provided the basis for cancer drug Cytarbine in the
1950s.Dr Alex White said: These organisms in temperate zones have adapted to harsher life. It means
that they express some molecules which are there for
competitive advantage.
In this way, sponges have become adept at creating
potent molecules which are aective at killing cells.
Its quite early days in our research but we have been
able to nd several potential anti-bacterial molecules
and to test them against existing antimicrobial agents,
Dr White explained. -BBC
30
Life: Health
When is the pefect time to ask fo that pomotion?

LIFE COACHING
DR FRANK NJENGA
I am eyeing a certain position.

The person in that position will
retire soon. Do I just walk to
my boss oce and say I think I am
suited for the position.
ake a deep breath and imagine a conversation such as you now propose
to get yourself into. Imagine the boss
is sitting behind his big desk and you walk
in dressed in your best clothes on a Monday
morning and after the usual pleasantries
you, in a manner of speaking, say something
like I think I am suited for Sangs job as sales
manager.
Depending on factors that are almost too
many to contemplate, you could get answers
that range from of course, that is what we
have been grooming you for in the past two
years I am surprised you ask the question.
Your appointment comes up at the next board
meeting and is a matter of formality. Make
sure the HR department makes adequate
plans for his farewell party.
In the alternative the boss could take a
look at you and say something like you simply dont get it do you! We are in the middle
of an investigation for fraud in the sales department, you are one of the suspects and you
want me to consider you for promotion. Go
to the HR department and pick up a letter of
suspension and go home right away.
Other possibilities obviously exist. The
boss could for example ask you to sit down
and gently ask you if you are indeed qualied
to replace Mr Sang. He might want you to ex-
plain what experience you have and how you

think that experience and Mr Sangs present
job are matched.
Put another way, you might have found
the boss in a good mood and it is possible that
you have landed yourself in an interview that
the boss has been planning for you in the past
few days. Your sudden question could be, as
they say, God sent.
At the other extreme, you might confront
the boss at the worst possible moment. Unknown to you, the board had retreated to
Naivasha for the weekend and things are not
looking good for the company.
A look at the overall performance meant
that the company might have to issue a prot
warning. This means that there will be at least
a 25 per cent drop in prots for the current
year. The reality is that the company is about
to announce the biggest loss since inception,
and the entire weekend was spent trying to
formulate a turnaround strategy.
Under the stress and weight of the board,
the boss had, on the night before you asked
him about Mr Sangs job, downed half a bottle of gin to calm his nerves.
As you would learn later, when he got
home from Naivasha that Sunday night, he
found his wife fuming and raging because
he did not turn up for the grandchilds baptism, and must have taken a girlfriend to Naivasha and denitely was not at the board
meeting!
The fact that his blood pressure had gone
up is because he forgot to carry his BP medication, a fact made worse by the sweating
and trembling because his blood sugar was
too low. He had injected himself with insulin
for the diabetes but had not eaten because
of the tension around him! The wife said he
was sweating because of guilt.
When you asked him about Mr Sangs job,
you were the last straw in the heap of his problems and no wonder he threw you out without
The boss could

ask you if you are
indeed qualied.
FILE
a further word. So far, no consideration has been

given to your personal attributes and whether you
truly believe you are qualied to take up the job.
Indeed it is possible that Mr Sangs job will exist no
more after his retirement. The conversation that
your boss (when in a good mood) might prefer to
engage in is how the department you now work in
might be changed for the benet of the company,
after Mr Sangs retirement.
Mr Sang was brilliant in selling soap products
in the rural areas. He has, for the past 30 years had
a way with chiefs and sub-chiefs in the countryside. He had found a (non corrupt) way of selling
his name and products around chiefs barazas,
and had found a team that had its way with school
headmasters.
His strategy was very much driven by personal

contacts at the community level.
Going forward, and because the company had
bought a beauty line to expand its product base,
marketing had to become more modern, and aimed
at young men and women in their late teens and
early twenties. Getting products to them was beyond Mr Sang and that is where you come in with
your IT based distribution ideas.
You plan to get products moving through Face
book and Twitter and had found a way of getting
high school old boys and old girls network on social media!
The boss might be convinced to give you the
job that very morning!
Why processed yoghurt is not the health food marketers claim it is

When it comes to understanding the
challenge facing the nation on obesity,
yoghurt is a good place to start.
Its one of the most common items in
our shopping basket. We spend more on
it than we do on crisps and bacon.
In its normal state natural full-fat its pretty good for you. It can boost your
immune system, is good for your bones
and is great at satisfying hunger.
The problem is that a great deal of the
yoghurt we buy is not the natural stu.
Instead we seem to like the processed
products, which are made by partly substituting yoghurt and adding a combination of other ingredients such as gelatine, sugar and avourings. It tends to
be cheaper to produce per calorie, but
nowhere near as good for you.
The Food Foundation campaign
group has taken a look at this.
In a report earlier this year, the group

analysed Muller Corner yoghurts, the
brand leader accounting for about 15
per cent of the market.
Muller produces a number of different types, one of which is the crunch
corner series of yoghurts. They contain
between 21g and 30g of sugar most
of this is from added sugars rather than
natural sugars from milk.
For a young child these products
can contain almost enough sugar to
take them close to their daily recommended sugar intake. For adults they
commonly have enough to take them
over the halfway mark.
To support sales, Muller Corner heavily invests in advertising. It is the dairy
industrys biggest spender investing
over 10m a year in 2015, the Food Foundation report said.
Nearly two-thirds of the calories we

consume are from highly processed
foods, many of which are low in bre
and high in fat, sugar or salt . FILE
The vast majority went on TV adverts,
including during X Factor, which, while
watched by many children, is not cov-
ered by the ban on junk food advertising, which only applies to programmes
aimed solely at children.
Muller, as you would expect, defends
its brands, pointing out it has a range
of products, including Mullerlight and
Muller Rice, and that it is clear all its
products should be consumed as part
of a varied and balanced diet.
But this doesnt wash for campaigners. They want tighter restrictions on the
food industry believing the way food is
now produced, marketed and promoted
is to blame.
Some 58 per cent of advertising spend
is on confectionery and convenience
food, compared to only three per cent
on fruit, vegetables and pasta.
Less healthy foods are a three times
cheaper source of calories than healthy
foods, while promotions cause us to
buy 20 per cent more than we would

otherwise. Campaigners call this the
obesogenic environment and say it is a
major reason why we are not eating the
right sort of food.
So what can be done? The tax on sugary drinks, announced earlier this year
and due to come into force in 2018, was
widely welcomed. But it is seen as just
a start by the health lobby, which has
been buoyed by its success in convincing ministers to take the plunge on the
sugar tax - for months they had been
suggesting they werent keen.
Other steps, including a more substantial restriction on advertising, an
end to promotions such as buy-one-getone-free deals and clearer labelling, are
now being targeted.
-BBC
31
Health: Life
Pefomance-based incentive can

inject new life into public healthcae
TIMES CROSSWORD 25,125
DOCTOR ON CALL
EDWARD OMETE
Globally human resource managers, especially

in the public sector in developing nations, are
faced with poorly motivated employees. In a
bid to address this, several approaches have
been used, with varying degrees of success.
One such approach being attempted is incentive based payments.
The Business dictionary denes incentive
pay as, a monetary gift provided to an employ- A new patients lounge at the Machakos Level 5 Hospital. Incentive system for health care workers
ee based on performance which is thought of can improve services in public hospitals. IFILE
as one way to entice the employee to continue
All this is said in regards to this rewards
delivering positive results. Incentive pay may health facility I had a rsthand experience
come in the form of a bonus, prot-sharing on the handicaps the data capturing system approach. It is very easy to manipulate data
or commission
poses. The facility, served by just one nurse, in the current registers and indicate work has
An international NGO working in public had no less than 21 registers or data capturing been done when it was not. In one scenario a
facility that was reliably veried as not havhealthcare in remote rural health facilities tools for recording various data sets.
The nurse saw the patient then was ex- ing been opened for some time still generrecently rolled out such a project in selected
rural health facilities as a pilot. The thrust pected to record the data in one register, dis- ated data showing patients were attended
pense medication and record it to every day.
of their approach is that; the
in another register then move
But technology oers a solution to such
more clients you serve the
Impoving
on to the next patient. It took mishaps and is being used elsewhere. Amongst
better the incentive for the
facility.
sevice delivey a long time for this to happen, public health facilities requiring eld visits,
For many rural health facannot be done all eating into the patient care GPS enabled devices can conrm eld and site
cilities absenteeism by medical
visits by sending the time and geolocation of
without having time
personnel is a frequent occurAs if not enough, this data the ocer at specic days and times as per
a eliable
rence. The eect is that healthhad to be summarised at the their work schedule.
measuing tool end of the month in a monthly
care delivery and in return deIn dispensaries without tools that log in
sired outcomes are low.
report.
With
many
complaints
employees
when they enter work and with a
fo the wok
as
regards
the
quality
of
this
real
time
output
monitoring capacity it is imWhile such eorts are to
done
data, a workgroup was formu- possible to evaluate their productivity.
be applauded, a few things
For such incentive based models therefore,
lated to see how this could be
need to be put into perspective. First, improving service delivery cannot digitised. Unfortunately years down the road the rst step should be availing accurate measbe done without having a reliable measur- little is to be seen of its outcome.
uring tools to health facilities.
ing tool for the work done. As a performance
My recent visit several years down the
You cant improve what you cant measbased project having reliable data on the work road saw the same scenario still playing out: ure accurately
done is the rst handicap to those rolling out workload capturing in public health facilities
such a project.
is the same heavily manual, unreliable system
Feedback: info@healthinfo.co.ke TwitSome years ago while working in a remote fraught with fraud and errors.
ter:@healthinfoK
TIMES 25,124
Health Bief
Skin bacteia stay stable ove time

Skin bacteria stay stable over time
Everyone has their own personal range
of bacteria living on their skin that stays
largely unchanged over time, a US study
suggests.
It found sites of oily skin, such as backs
and ears, had the most stable microbial
ngerprints. But even exposed dry sites
such as palms were relatively stable.
Feet were among the areas that
changed most in their microbial makeup, perhaps due to factors such as personal hygiene.
Human skin is home to a wide range of
bacteria, fungi, and viruses.

Most are harmless or even benecial,
but some have been linked with skin
disorders such as acne, psoriasis and
eczema.Research into how skin bugs
vary across the body helps explain why
eczema tends to affect moist sites such
as the bends of the arms, while psoriasis
commonly occurs on dry exposed areas
such as the elbows.
But it has been unclear how communities of bacteria, viruses and fungi found
across the skin vary over time and how
these changes might affect health.
Microbial signatures
In a study published in the journal, Cell,
researchers took skin samples from 12
healthy people at three times over a period of one month to two years, encompassing 17 areas of the body.
Heidi Kong, of the National Cancer Institute, and Julie Segre, of the National
Human Genome Research Institute,
found healthy individuals kept their own
unique microbial signatures despite exposure to clothes, washing, other people and the outside world.
-BBC
SUDOKU 202
Across
Down
1 Shaft left cutting tool with blade (4)

3 With a lot to skid into, possibly, male
ice-hockey player (10)
10 Eggs about to follow wine, I gathered
(7)
11 Mark a diary for language (7)
12 Give up ones accent, and again die of
shame? (4,2,4,5)
13 One fate in preference (not half) to
another? (6)
14 Tom is eating fruit, missing out on
plant (8)
17 Its perforated or lanced for cooking
(8)
18 Current concern, being weak (6)
21 Dog unable to sit, biting an
accompanying setter, cross one (7,8)
23 Mad old Dutch imprisoning knight
and king (7)
24 Row on to sand, nding port (7)
25 Doctor mentioned a call (10)
26 Go to grab a canteen item (4)
1 Austere name, Conservative, blue, not

entirely upstanding (7)
2 Side of meat to collect (9)
4 Wild cat wants nothing at back of
pasture that ass eats (6)
5 Recently, coffees taken orally, never
oddly! (8)
6 Battle arenas symbol of unity (10,4)
7 Woman takes a food shop over (5)
8 Material run up, son has to return (7)
9 Cosmetic surgery for remaining chavs
(9,5)
15 Last mans pain contained by nurse
(4-5)
16 Poets new sonnet captivating the
state (8)
17 Baden-Powells folder affected the
plot (4-3)
19 Building where virgin mother cradles
Jesus, say (7)
20 Scrap wraps and hood (6)
22 Gas in volcano next to pass over (5)
SUDOKU PUZZLE
203
How to play
Fill the grid so that every row, every column and every 3x3 box
contains 1-9.
You solve the puzzle with reasoning and logic and not
mathematical ability
32
MARK TO MARKET
MARKET ANALYSIS with Rufus Mwanyasi
Asian stocks at
two-month lows
as dolla gets lift
STOCK Watch out for the three groups of people preying on your hard earned money
How you can keep

you investing cost
at the minimum
A
new investor is like a little lamb

Supposing a at market, trading
walking into a dark forest. He is
this account three times in a year, your
likely to be killed, and his skin
broker will have earned 12.6 per cent of
your equity. Thats a lot of money. Profes trading capital divided three ways,
between brokers, professional investors
sional investors are happy with 20 per
and service providers. Each will try to
cent annual returns, year after year.
grab a piece of that poor lambs skin.
But, they cannot generate them if
Dont be that lamb
they have to pay 12.6 per
think of transaction costs.
cent annually in commisIf you dont
sions. Lesson: Avoid churnIn todays article, I shed
light on the three costs that
ing your account. Have a
undestand a
investors have to overshoot
clear long-term strategy
hied adviso, cut and stick with it.
before making any money:
that expense and
Commissions, slippage and
The next hurdle is slipexpenses. I also share some
page.
This is the dierence
stay away fom
lessons on how to keep your
between the price at the
him/he
costs low so as to run a retime you place your order
sponsible operation.
and the price at which that
Lets start with commisorder gets lled. For insions. Often they appear to be miniscule
stance, you place an order to buy at Sh10,
and most investors neglect them. Howbut it gets lled at Sh10.50. Or, you try to
ever, if you add them up, youre likely
sell at Sh12, only to receive Sh11.5.
Why? Investors confuse posted prices
to nd that your broker ends up with
for real prices. No stock has a set price,
much of your prot.
At 2.1 per cent, if you have a Sh50,000
but there are always two rapidly changing
account and buy 2,500 shares of a Sh20
prices bid and ask. Slippage tends to be a
stock, the commission is equivalent to
much bigger expense than commissions.
Often, fearful or greedy investors who
Sh1,050. When you sell those shares at
want to trade at any price rather than fothe same price, the cost of brokerage
cus on their long-term interests get killed
rises to approximately 4.2 per cent,
by this beast. Lesson: Make use of limit
which is Sh 2,100.
The secret to better returns is to keep expenses to their bare minimal.

orders. Finally, trading expenses. First,
a serious investor charges his overheads
to his/her portfolio. Only, amateurs pay
for their trading-related expenses without taking money out of their trading
accounts. With that in mind, expenses
such as investment books, subscription
to data vendors, advisory services and so
on, should be kept low.
This is the only way to see the true rate
at which youre going downhill. Serious
investors treat their portfolio(s) as a real
business. They invest a fraction of their
portfolio prots in their operations. They

only treat themselves say to a great investment seminar or book only after they have
enough prot to pay for it. In view of this,
every trading expense should be kept low
to maximise prots. So, if you dont understand a hired advisor, cut that expense
and stay away from him/her.
Lesson: Keep your costs low. All the
best in becoming a responsible investor.
Mr Mwanyasi is MD, Canaan
Capital Limited
GLOBAL MARKET WATCH

DJ
DJINDU
INDU
17,705.91
17,607.74
-34.72
5.44
FTSE 100
FTSE
100
2,635.13
2,606.31
-1.56
35.83
XETRA DAX
XETRA
DAX
9,948.53
10,081.97
-2.27
101.48
CURRENCY RATES
CAC 40
CAC 40
4,441.03
4,369.87
-21.48
47.06
FTSE MIB
FTSE MIB
18,743.31
18,013.87
131.97
328.07
SMI
SMI PR
PR
7,834.10
7,935.89
20.42
110.94
Market Activity
LAST
MARKET CAP IN SH BN
2,052.77
2,052.77
29,959,300
15,353,400
EQUITY TURNOVER IN SH
973,804,920
458,563,204
BONDS TURNOVER
577,700,000
1,944,000,000
11
16
TOTAL DEALS (BONDS)

TOTAL DEALS (EQUITY)
NSE 20 SHARE INDEX
NSE ALL SHARE INDEX
NSE 25 SHARE INDEX
1287
1150
3,916.74
3,962.95
145.64
145.64
4,201.36
4,207.11
FTSE NSE KENYA 15 INDEX
184.94
184.71
FTSE NSE KENYA 25 INDEX
195.31
184.88
FTSE NSE KENYA BOND INDEX
87.70
87.74
FTSE ASEA PAN AFRICAN INDEX 1,029.04
1,025.63
HANG SENG
HANG
SENG
20,684.15
20,242.68
12.52
85.87
NIKKEI 225
NIKKEI 225
16,724.81
16,565.19
-211.57
349.16
ALL ORD.
ALL ORD.
5,224.90
5,403.88
-14.453
16.05
SSE
SSECOMP
COMP
3,020.12
2,833.18
64.9714
1.07
S&P
S&PSENSEX
SENSEX
25,285.37
25,791.60
332.63
102.74
TSh
USh
SAR
21.56
21.79
33.23
6.66
6.64
businessdailyafrica
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until it is experienced.
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HE SAID
PREVIOUS
TOTAL SHARES TRADED
Asian stocks slipped to two-month lows

yesterday as weak oil prices weighed on
sentiment while the dollar got a lift against
its peers as the dierences in policy directions between the worlds top central banks
became starker.
MSCIs broadest index of Asia-Pacic
shares outside Japan .MIAPJ0000PUS
was down 0.2 per cent, its lowest since
March 11. Hong Kong and Chinese stocks
led regional markets lower. European
stocks were expected to open slightly
higher with spreadbetters picking Britains FTSE 100 to open up 0.4 per cent,
Germanys DAX 0.5 per cent and Frances
CAC 40 0.3 per cent.
Chinas April consumer ination and
producer price data painted a mixed picture of deationary pressures in the worlds
second largest economy.
Expectations of further monetary policy
easing had already been dented by strong
March China data, but economists are divided over whether that was just a blip or a
more sustainable trend. I think monetary
policy will be kept steady with structural
easing - targeted easing for some sectors,
said Nie Wen, economist at Hwabao Trust
in Shanghai.
Cuts in reserve requirement ratios
(RRR) are likely although the Peoples
Bank of China has been relying on other
tools such as medium-term funds to inject
liquidity, he said. The moderate price data
came after the ocial Peoples Daily quoted
an authoritative person on Monday saying China may suer from a nancial crisis
and economic recession if the government
relies on too much stimulus. -REUTERS
-John Keats
Englist Poet
(1795-1821)
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Seven trends that will

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