Mar 16th 2015

Radar Screen
Seeking cancer remedy

abroad not always best
Page 3
Ideas & Debate
Life
First Ladys marathon run apt

example of strategy in action
What drives entrepreneurs

to take the rst steps
Page 13
Page 27
MONDAY, MARCH 16, 2015
NO. 2052
WWW.BDAFRICA.COM KSH60 | TZ SH 1,700 | UGSH2,700 | RFr900
Tea fames le Sh93bn suit

against KTDA and bokes
Epic battle looms
as producers
accuse agents
of xing prices,
stealing their cash
Transport PS Nduva Muli. DIANA NGILA

BY BRIAN WASUNA
Small-scale tea farmers have opened

an epic legal battle to recover Sh93
billion they accuse their marketing
agency of stealing over the past 15
years.
Kericho governor Paul Chepkwony
is leading the farmers oensive in a
suit that targets the Kenya Tea Development Agency (KTDA), big tea
traders and brokers. Mr Chepkwony

accuses KTDA of using xed and unfavourable industry conditions to appropriate a large quantity of the tea
that farmers produce.
The suit, led six months after the
government promised to implement
recommendations of a tea directorate
that accused KTDA of similar sins,
comes before Justice Hellen Ongudi
this Friday.
The petitioner prays for a declaration that the actions of the respondents in colluding to eece farmers of
their rightful earnings and unreasonably delaying the payment of their
meagre amounts expressly violates
the Constitution, says Mr Chepkwony in court papers.
The governor wants the court to
compel KTDA to refund the billions
that farmers have been TEA , Page4
MPs summon
PS Muli ove
Sh1.8bn scap
metal auction
BY EDWIN MUTAI
BRIEFING
No State jobs for those
over 35 if Bill is passed
Those above 35 years will be restricted
from seeking employment in the
government if a Bill which aims at
boosting hiring of the youth in the public
service is adopted into law. Page 5
CIC hires Deloitte to

advise on cost-cutting
CIC Insurance has hired financial
consultancy Deloitte to advise on
restructuring of the company after its
2014 performance took a hit from loss in
its medical cover business. Page 9
NEWS INDEPTH
Why safeguarding
Africas shrinking
wetlands is quite a
daunting task
Pages 16-17
FLIRTING WITH DANGER

Nyeri
Oblivious of the
danger they are
exposing themselves
to, a boda boda
operator transports
dry maize stalks as
the owner sits on the
load yesterday. The
Transport ministry
has introduced
new tough rules
for motorcycle taxi
operators in a bid
to instil order in the
sector.
JOSEPH KANYI
Transport principal secretary Nduva Muli has been summoned to appear before a parliamentary committee to explain the sale of scrap
metal worth Sh1.8 billion during his
watch as Kenya Railways Corporation (KRC) managing director.
Mr Muli failed to appear before a
sub-committee of the Public Investment Committee (PIC) on Thursday
to shed light on disposal of the assets between 2008 and 2013.
Mr Muli joined Kenya Railways
in 2006 as general manager corporate services and left in May 2013
after President Uhuru Kenyatta
appointed him the Transport PS
a position that enables him to sit
on the KRC board.
We expect Mr Muli to appear
before us on Tuesday to shed light
on the multi-billion shilling sale
of scrap metal between 2008 and
2013, said Cornelly Serem, the MP
for Aldai, who chaired the session
last Thursday.
The sub-committee has lined up
KRCs internal auditor, the corporations general manager nance,
four dealers and the National Cereals and Produce Board (NCPB)
METAL, Page 4
managing
BUSINESS DAILY | Monday March 16, 2015
TOP NEWS
DONT MISS PAGES 27-31
Exhibition
Index to companies
Major companies cited in todays issue of the

Business Daily
KTDA
KRC
1,4
Britam
GMEA
Deloitte
CIC
LOreal
Ecobank
EABL
Hilton
ABC Bank
IBM
10
GSK
10
Mumias Sugar
11
NHIF
12
NSSF
12
NSE
19
Equity Bank
19
KCB
19
EAST AFRICA WEATHER

TODAY
MONDAYS - PERSONAL FINANCE
Mr. Frank Odhiambo arranges his wares during the Soko Mjinga Expo organised by Elim Consulting
and sponsored by the Business Daily at the Impala Grounds yesterday. The exhibition helped small and
micro enterprises showcase their products to the market. SALATON NJAU
Nairobi
What is making news this week

Week Ahead
Monday, March 16, 2015
Icraf to host meeting on

county energy planning
East Africa : forecast

Nairobi Kampala
Mon
Tue
Wed
LI E
1,4
Dar es Salaam
28C
30C
33C
28C
28C
32C
30C
28C
32C
The World Agroforestry Centre (ICRAF)

is expected to host a symposium on
energy. The organiers say the meeting
is a timely opportunity to understand
the energy needs of counties and
explore how they can be involved in
designing solutions to address those
needs.
Kenya has just embarked on a process
of devolving responsibility for energy
planning to the county levels.
The objectives of this meeting are to
present the results of two projects
looking at the challenges and
opportunities associated with countylevel energy planning in Kenya.
Tuesday, March 17, 2015
PROPAK East Africa

conference in city
www.bd africa.com
Follow your favourite

stories online, plus more on
markets, industry, policy and
agribusiness
FIND US ON FACE BOOK & TWITTER
businessdailyafrica
BD_Africa
Nairobi is expected to host the PROPAK

East Africa Conference which will be
held at the Kenyatta International
Conference Centre. The conference will
include a the packaging industry and is
geared to share insight into the current
East African market.
Opportunities and challenges in
the market place, whilst providing
valuable insight into the value chain
and business impact and dynamics
are expected to be discussed.
Technological drivers and innovative
developments related to packaging,
distribution and equipment
technologies will be complemented by
presentations.
Wednesday, March 18, 2015
International investment
conference set for Busia
The Busia County Government in
collaboration with the KNCCI will host
the Busia International Investment
Conference. The aim of the two-day
conference is todraw investors to Busia
County, which has a growing consumer
market and is a gateway to East African
countries through the border town
of Busia. In focus tourism, agriculture
(crop, livestock and sheries), service
industry and Industrialisation sectors,
among others.
The conference will also feature
discussions on incentives for
investment, Public Private Partnership
(PPP), exploring leveraging potential
and related arrangements on: Equity,
Build-Own and Transfer (BOT) and
direct capital injection.
Thursday, March 19, 2015
Conversations with writers

Through this new series the GoetheInstitute Kenya will provide a forum
for Kenyan authors to interact with
their audiences in open conversation.
The audience is expected to meet two
rst-time authors, Ndiritu Wahome
and Ciku Kimeria in a moderated panel
discussion where they talk about their
work as writers and experiences in the
Kenyan literary scene. Born in 1987,
Ndiritu Wahome started writing at
the age of 13. He is passionate about
writing and other art forms. Ciku
Kimeria lives and works in Kenya as a
consultant focusing on international
development issues. In her debut novel
TUESDAYS - CONSUMER
Of Goats and Poisoned Oranges she

presents the tumultuous marriage of a
middle aged Kenyan power couple as it
is told by different parties in their lives.
Friday, March 20, 2015
Strathmore Universitys
entrepreneurs breakfast
Strathmore University under the
Strathmore Enterprise Development
Centre (SEDC) is expected to host an
Entrepreneurs Breakfast at Blue Post
Hotel Thika. Organisers say the target
audience are SME owners, business
executives, professional, business
leaders and stakeholders in the
government and private sector.
Strathmore University says that such
forums are expected to change and
transforming many SMEs around
the country. Through these forums,
SME owners will be exposed to
various business experts, empowered
on how to be socially responsible
entrepreneurs of high integrity,
advised on how to tap new emerging
opportunities as well as lots of
networking.
International Conference on
India and the Indian Ocean
The Institute of Social and Cultural
Studies (ISCS), India plans an
international conference on India
and the Indian Ocean whose theme
is Renewing the Maritime Trade and
Civilisational Linkages The Conference
is expected to focus on discussion
and networking sessions on trade
co-operation, investment initiatives,
sectoral cooperation, development
cooperation.
WEDNESDAYS - HEALTH
THURSDAYS - INNOVATION
Monday March 16, 2015 | BUSINESS DAILY
TOP NEWS
RADAR SCREEN
SARAH OOKO
Seeking cance emedy aboad not always best

HEALTH Most of
the ailments can

be treated at local
hospitals at the same
cost, experts say
NUMBERS
Most common cancers
in Kenya
Men
Oesophagus
Prostate
Kaposi sarcoma
ercy Nduku, 40, was diagnosed

with breast cancer ve years ago
forcing her family to raise funds
to enable her seek treatment in India.
I had heard numerous success stories
from cancer survivors who had gone there
and did not think twice when the diagnosis
came, she said.
Ms Nduku is among over 10,000 Kenyans who travel abroad each year seeking
treatment for various ailments, especially
cancer.
Government statistics show that due to
this mass exodus, Kenya loses about Sh10
billion ($120 million) each year.
Health Secretary James Macharia says
that gure may not be accurate because
some patients leave the country without declaring treatment as the reason
for travel.
Whereas the United Kingdom, North
America, South Africa and India are popular treatment destinations for Kenyans, the
majority prefer the latter due to cheaper
treatment. But health experts caution that
it may not be unwise to seek treatment
abroad for ailments that can comfortably
be handled locally.
Miss visits
The amount of money spent on ights,
lodging and other travelling logistics lead
patients to eventually pay more than they
would here, says David Makumi, the vice
chair of the Kenya Cancer Association
(Kencasa).
Mr Makumi says that patients who go
abroad for treatment also miss visits by
their families and friends.
Economists are particularly concerned
that the rising number of patients seeking treatment abroad drains the countrys
foreign exchange reserves, thus impeding
economic growth.
Reversing the trend will however not
be a walk in the park. Othieno Abinya, an
oncologist at Nairobi Hospital, says the tide
will not turn until Kenyans develop a positive attitude towards local treatment.
We need to abolish this false belief that
nothing good can come from Kenya or Africa for that matter. We should learn to have
condence in local experts. Mr Makumi
says Kenya boasts of comprehensive cancer treatment centres with doctors who
can treat common cancers such as breast,
prostate, colon and cervical. But the capacity is underutilised, he says.
Health experts say patients who can afford treatment overseas can meet charges
in leading private hospitals such as Aga
Khan, Nairobi and MP Shah.
Women
Breast
Cervical
Oesophagus
Burden of cancer
28,000
Annual cases
over
22,000
Annual Deaths
Leading cancer risk factors

Tobacco use
Excessive alcohol
consumption
Low fruit and
vegetable intake
Lack of physical
activity
Obesity
SOURCE: MINISTRY OF HEALTH
We need to nd ways of attracting these

people to local facilities, he says.
However, Prof Abinya says, there are
instances where patients need to seek treatment abroad especially for procedures that
are not available Kenya such as bone marrow and liver transplants for treatment of
liver and blood cancer respectively.
Moreover, he notes, removal of cancers
in areas such as the brain, head, neck and
pancreas may require special surgical
equipment that is lacking locally.
Besides, in certain instances local facilities lack certain diagnostic equipment
such as the Positron Emission Tomography
(PET) scan which determines the course
of treatment for some cancers. Dr Asim
Shaikh, a consultant medical oncologist
at Aga Khan University Hospital (AKUH),
advises Kenyans to do their homework well
when seeking treatment abroad.
You need to do a thorough background
check of the facility you are going to. One
needs to know whether the facility is specialised in the type of cancer that the patient
has, their success rates and the number of
people who go there, he said.

Most Kenyans fall prey to manipulations of unscrupulous businessmen who
earn agent fees for every patient referred
to some hospitals abroad.
We have seen patients who leave good
facilities here only to end up in sub-standard hospitals abroad, thereby risking their
lives, he warns.
Prof Abinya adds that some dishonest travel agents encourage patients to
go abroad even though their cancers are
incurable.
If the best oncology team in Kenya cannot treat a particular cancer, then chances
are high that it may not happen abroad,
he says.
Doctors deal with various cancers
locally. Some get cured while others
will not. This happens everywhere; so it
doesnt mean that local practitioners are
incompetent.
Patients travelling abroad should seek
referral letters from their doctors to safeguard against cheats, Prof Abinya says.
Reference also gives the other doctor
good background information about the
patients condition. And in case treatment
needs to be continued locally, the oncologist here will be in a position to manage
it well.
In fact, Prof Abinya says, good doctors worldwide insist on referral letters
before handling patients from foreign
countries.
Local doctors, he says, should also be
aware of their capacities and be willing to
consult others in case of any diculties.
Reasonable fees
If you know that a procedure needed is
best done abroad, refer the patients speedily instead of holding on to them.
Cost being a major contributor to the exodus of patients abroad, Prof Abinya notes
that cancer specialists need to charge reasonable consultation fees.
Currently it seems that everyone has
been left to decide what to charge and some
gures are unacceptably high, he says.
Just as is the case in India, the government needs to regulate treatment costs in
both public and private hospitals to protect
consumers, he says.
Prof Abinya says doctors should remember that at their mission is to use
Patients at Coast General Hospital last August. Patients seeking treatment abroad cost the Kenyan economy about Sh10
billion each year. FILE
their skills to improve the health of society. If you can use
your skill to save 10 people but high charges enables only
two to benet then its not worth it. Ultimately, Dr Shaikh
says, Kenya will have to invest in health infrastructure and
human resources to eectively compete with advanced
healthcare systems abroad.
He suggests that instead of focusing on all cancers, training should enable doctors to specialise in specic types of
the disease.
In India, for example, a breast cancer patient will not
be operated on by a general surgeon; the procedure will be
done by a breast cancer surgeon.
The Aga Khan University Hospital is developing a medical oncology curriculum which will facilitate that kind of
specialisation, eliminating the need for doctors to travel
abroad for it.
The cost of cancer medication should also be reduced
even as the government spreads out treatment and diagnosis facilities countrywide.
sooko@ke.nationmedia.com
AGRICULTURE, FISHERIES AND FOOD AUTHORITY (AFFA)
REQUEST FOR EXPRESSION OF INTEREST

(EOI) FOR CONSULTANCY SERVICES FOR A
PUBLIC RELATIONS AGENCY FOR KENYA
TEA LAUNCH IN RUSSIA AND CHINA.
TENDER NO. AFFA/T/82/2014/15
Background
AFFA Tea Directorate will be conducting a Market Launch for Kenya Tea in
Russia and China in May and June 2015 respectively.
Reputable rms both local and International are invited to participate in the
expression of interest for undertaking the assignment.
Duly completed Expressions of Interest documents in plain sealed envelopes
clearly marked as EOI FOR CONSULTANCY SERVICES FOR A PUBLIC
RELATIONS AGENCY FOR KENYA TEA LAUNCH IN RUSSIA AND
CHINA should be addressed to:
The Interim Director General
Agriculture, Fisheries and Food Authority
Tea House, Naivasha Road, off Ngong Road
P. O. Box 37962 00100
NAIROBI
Or deposited in the Tender Box located at the reception of the Tea House
situated along Naivasha Road, off Ngong Road, so as to be received on or
before Monday, 23rd March,2015 at 11:00 a.m. Local Time.
Expressions of Interest will be opened immediately thereafter in the presence
of applicants/representatives who choose to attend.
Late Expressions of Interest will be rejected.
For further inquiries, please call: 254 20 3872321 / 3872421 / 387445/6
254 722 200556 or 254 734 600994
INTERIM DIRECTOR GENERAL
FOR MORE INFORMATION REFER TO TODAYS DAILY NATION
TOP NEWS
Tea fames le
Sh93bn suit against
KTDA and bokes
charged in unlawful
taxes. He is also seeking general and special damages for
the losses farmers have suered due
to the alleged price xing.
The tea traders are accused of colluding to charge farmers double taxes,
xing tea prices and blending their tea
with cheap imports so as to maximise
prots while locking out growers from
earning their fair share.
The tea farmers have also enjoined
the government in the suit through
the Agriculture and Fisheries Authorities and the East African Tea Trade Association (Eatta) for failure to act on
the alleged rot in the industry.
Mr Chepkwony wants to stop
KTDA and Eatta from levying taxes
on growers until a legal framework to
support the charges is in place.
KTDA charges agricultural produce cess while Eatta appropriates
one per cent of the farmers total income in ad valorem duty.
The governor argues that only
counties are allowed to tax growers
within their jurisdiction, and that
farmers should be refunded any levies paid after March last year when
the county governments were established.
I pray for a declaration that the
levying of agricultural produce cess
by KTDA and ad valorem duty at the
From Page 1
point of export be stopped until such

a time as supporting legal framework
is enacted. Only a county government
has constitutional authority to levy the
cess.
KTDAs cess charge is in addition
to an annual 40 per cent deduction
on each farmers sales in operating
expenses and a 2.5 per cent management fee on gross sales. Chai Trading
Company, a KTDA subsidiary, charges
an additional 0.75 per cent of sales as
brokerage fees.
Farmers are charged over 26 dierent taxes, which Mr Chepkwony reckons are exploitative and unfair.
Justice Ongudi had in December
directed the 28 respondents KTDA,
14 top tea rms, brokers and the government to respond to the suit before
March 20 when the matter would be
brought before her for further directions.
Mr Chepkwony holds that a section of KTDA ocials own shares in
some of the trading companies and
brokerage rms that x tea prices and
blend farmers tea with cheap imports
to maximise prots.
The suit is expected to serve up an
interesting legal battle between senior
counsels Tom Ojienda, who is representing the governor, and Ahmednasir
Abdullahi, who is appearing for the
respondents.
A farmer picks tea at Gaturuturu

Village in Othaya. FILE
Lawyer Peter Wanyama initially
led the farmers charge before Prof
Ojienda was brought on board to
lead the ght.
Prof Ojienda replaced Mr Abdullahi
as the Law Society of Kenya representative to the Judicial Service Commission after beating him in an election
in February last year.
The suit could lead to a decisive
change in the all-important tea industry where the governor wants representation of small holders interests
transferred to the Kenya Union of
Small Scale Tea Owners Association
(Kussto).
KTDA does not recognise the
union, choosing instead to back the
Kenya Small Scale Tea Growers Association (KSSTGA).
Kussto was formed in 1995 but was
only registered in 2005, having been
stalled for years by strong opposition
from the KTDA-associated KSSTGA.
Mr Chepkwony alleges that KTDA
is covertly deducting money from
farmers to fund KSSTGA, a union he
claims is defunct.
KTDA has collected Sh500,000
from each factory and Sh10 from each
farmer annually since 2000 to nance
this puppet organisation. Most farmers are not aware of these deductions
as KTDA has ensured that the same is
not reected in their receipts.

Farmers claim that KTDA has
taken over most functions that were
devolved to them, including control of
factories. They further fault the agency
for not ghting for their rights and
interests.
The farmers intend to use Kussto
to champion their involvement in the
tea industry. Mr Chepkwony wants the
farmers to be involved in the decisionmaking processes and the determination of the various taxes and charges
levied.
The farmers are expected to challenge the xing of prices at the Eattarun Mombasa tea auction the sole
avenue through which traders and
brokers export their produce.
Prices at the auction are allegedly
xed so that large quantities can be
bought at low prices, then blended
with cheap imports which are then
exported.
This blended tea that is later exported amounts to four per cent of
total KTDA sales, with the biggest
beneciaries being some KTDA directors and other powerful individuals who have formed brokerage rms
to eece small-scale farmers, the governor claims.
He also wants the Competition
Authority to investigate price xing
allegations at the auction between
2001 and 2015.
Justice Ongudi is expected to set
a hearing date on Friday.
bwasuna@ke.nationmedia.com
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THIS STORY
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MPs summon PS ove Sh1.8bn scap metal auction

director to help unravel the mystery.
It is alleged that the scrap metal
was removed from KRC stores and
taken to NCPB depots for storage before disposal.
The NCPB managing director
is also expected to explain how the
sale of scrap belonging to KRC was
done. We want the head of Railway
Police Station to tell us who escorted
the scrap metal during its movement to NCPB stores and why, Mr
Serem said.
Limuru MP Kiragu Chege, who
is a former KRC employee, wants
the agencys former management to
explain why they were unable to supervise disposal of the scrap metal as
From Page 1
stated in their responses to the committee. The corporations management had indicated that they had
no role in supervision on the sale,
leading the MP to conclude that the
response amounted to agreeing that
dealers shipped away tonnes of scrap
without supervision.
Mr Chege also questioned the veracity of the various contracts that
KRC signed with dealers to sell the
scrap metal, copies of which its management was unable to provide.
The KRC response warns of exposure to civil litigation by various bidders. KRC entered into various contracts with rms to sell scrap metal,
but is unable to show the tonnage provided for in contracts, he said.
Mr Serem wondered why KRC

would be afraid to be taken to court
when it has records of the tendered
tonnage. It is clear that more than
half of the dealers never fullled their
contracts, he said, citing an example
where a dealer got a Sh60 million contract but only remitted Sh4 million to
the corporation.
We want to know if dealers who
failed to remit money to KRC as per
the contract agreements were sued.
KRC has claimed that the dealers were
paying advances and working on reducing the balances.
Peter Waweru, a manager at the
Inspectorate of State Corporations
(ISP), said a report on the disposal of
the scrap metal was three quarters
nished and would be ready by Tuesday (tomorrow). We are investigating

whether what was said to have been
scrap metal was indeed scrap and not
valuable assets, he said.
Mr Chege said the committee
should also seek to establish what happened to KRCs cranes and why it did
not use its weighbridges to measure
the tonnage of scrap metal it sold.
Mr Muli will also be required to
explain how the KRC workshop was
transferred to the Numerical Machining Corporation as well as respond
to questions surrounding the leasing of KRC properties, including
part of its headquarters, to private
individuals.
emutai@ke.nationmedia.com
Ahmednasi,
Ojienda set
fo cout battle
BY BRIAN WASUNA
Kericho governor Paul Chepkwonys

decision to hire Tom Ojienda as his
advocate in the battle for tea farmers rights has set the stage for what
promises to be an explosive court battle against straight-talking Nairobi
lawyer Ahmednasir Abdullahi.
Both are senior counsels who
earned the title for their service to
the legal fraternity having served as
former chairmen of the Law Society
of Kenya. The two have a long history in Kenyas legal circles where
Prof Ojienda has twice succeeded Mr
Abdullahi.
Mr Abdullahi and Prof Ojienda run
two of the biggest law rms in Kenya
and are known to love taking on high
prole cases.
Their history, however, runs deeper
than the LSK, both having graduated
from the University of Nairobis Law
school and got admitted to the Roll of
Advocates in 1993 after completing
their Kenya School of Law diplomas.
More recently, the two have clashed
in a vote by lawyers to elect their representative to the powerful Judicial
Service Commission the body that,
among other duties, is charged with
recruiting judges and magistrates as
well as disciplining them.
Mr Abdullahi was seeking reelection to serve as the lawyers representative in the commission but
Prof Ojienda managed to uproot him
after winning the election by a narrow margin. Prof Ojienda garnered
1,689 votes against Mr Abdullahis
1,445 votes.
Prof Ojiendas victory came as dj
vu for the law fraternity having been
a near replay of the 2005 scenario
when he succeeded Mr Abdullahi as
LSK chair without a ght. Mr Abdullahi, who had been elected chairman
in 2003, opted to retire when the 2005
elections came, paving the way for Prof
Ojienda to take the hot seat.
Then practising in Nakuru, Prof
Ojienda made history when he became
the rst ever advocate based out of
Nairobi to be elected LSK chairman.
Incidentally, Prof Ojiendas successor at the LSK, Okongo Omogeni was
also in the race for the LSK seat in JSC,
making it a battle of three former LSK
chairmen who served in succession.
The Chepkwony petition is most
likely to act as a battleground for some
of the countrys most battle-hardened
lawyers.
ECONOMY & POLITICS

NEWS I REVIEWS I ANALYSIS
Bill esticts ove

35s fom getting
govenment jobs
EMPLOYMENT They will only be considered
if youths do not meet the required skills

youth database which will house
details of jobseekers like county of
Those aged above 35 years will be re- origin and ethnicity.
stricted from seeking employment in
Whenever a vacancy occurs, the
the government if a Bill that aims to appointing oce shall give priority to
boost hiring of youths in the public the youth registered by the authority
who possess the qualicaservice is passed.
tions or skills sought, the
The National Youth
Bill says.
Employment Authority
Pomote the
Where the qualicaBill, which is set for deemployment
bate in Parliament, will
tions or skills sought are
demand that hiring aunot available in the auof youth in
thoritys database, the apthorities like the Public
management.... pointing oce shall invite
Service Commission rst
egadless of
refer to the database beapplications from qualifore advertising for jobs
ed applicants through
thei yeas of
through the Press.
advertisements.
expeience
The database will be
The proposed law will
NEW BILL
manned by a new authorcover the national, county
ity, which will maintain a register of governments and State-owned rms
job seekers below the age of 35 togeth- that are fully owned by the state and
er with their qualications.
run on taxpayers cash.
The Bill, sponsored by nominated
Those aged above 35 will only be
considered if the skills and qualica- MP Johnson Sakaja, says that for one
tions required are not available in the to be registered in the database, they
BY KIARIE NJOROGE
Insuance
mandatoy
fo tuktuks
BY KIARIE NJOROGE
Average monthly wages per

employee in 2013 (Sh)
National Government
36,871
TSC
43,049
Parastatals
67,464
County Government
39,787
Private Sector
41,457
SOURCE: KNBS
must be youths as dened in the Constitution. The law denes a youth as

one aged between 18 and 35 years.
The restrictive hiring of public
servants is likely to raise questions on
whether it violates the Bill of Rights,
which outlaws discrimination on the
basis of age.
The law also seeks to fast-track
youth to management cadres through
armative action although it does not
outline how this will be achieved.
The government shall take armative action measures and actions designed to promote the employment
of youth in management and other
levels of employment regardless of
their years of experience, notes the
Mr Johnson Sakaja, the sponsor of the

Youth Employment Authority Bill. FIE
Bill. It proposes that the State oers

undisclosed incentives to private
institutions that employ the youth
within six months of completing
their studies.
The Sakaja Bill comes at a time
when the gap between the average
pay in the public and private sector widened last year, underlining
the civil services status as the best
employer.
The dierence in the pay grew to
Sh8,172 per month, up from Sh5,370
in 2012 and Sh2,333 in 2011.
This was driven by higher pay
increments in the public sector
compared to those oered by companies.
Public servants pay rose 16.7 per
cent to an average Sh47,146 per month,
up from Sh40,418 in 2012 while the
private sector increased wages 11.2 per
cent to Sh41, 457 per month.
knjoroge@ke.nationmedia.com
Three-wheeler motorcycle taxis (tuktuks) must now have seat belts under
new rules similar to those governing
public service vehicles (PSVs).
The regulations issued by Transport secretary Michael Kamau also
require the motorcycles to have third
party insurance cover to compensate
passengers, pedestrians and other motorists in the event of an accident.
Every rider of a three-wheeled
motorcycle shall not ride without
wearing a seat belt or carry passengers who have not properly worn their
seat belts, the regulations say.
Oenders face a ne of up
to Sh20,000 or a jail term of six
months.
Tuktuks, like the two-wheeled
motorcycles, have become popular
because they ll up quickly and can
easily weave their way through trac,
especially in Nairobi and other urban
centres that have trac jams.
Their popularity has seen the
number of those newly registered
grow to 4, 327 units last year, up from
3,103 in 2013 and 863 in 2009. The
riders must also hold a valid driving
licence issued by the National Transport and Safety Authority (NTSA),
among other requirements.
.
ECONOMY & POLITICS
City Hall ocials plan to legalise secet bank account

BY OTIATO GUGUYU
Nairobi City County ocials are rushing to legalise an account whose opening and transactions have been fraught
with irregularities.
County secretary Lillian Ndegwa
told the Public Accounts Committee
(PAC) that the Finance oce was
drafting regulations to be brought
to the County Assembly to make the
account compliant with the Public Finance Management Act.
Mrs Ndegwa admitted that the account was opened on August 31, 2013
by a resolution of the County Executive
Committee through the sanction of the
County Executive member for Finance,

Gregory Mwakanongo. According to
the law, the County Assembly has to
ratify the accounts operations.
The account has no operational policy and is described loosely as created
for the purpose of reinforcing other
accounts in case of emergencies.
Mrs Ndegwa said that there were
several requests from MCAs and the
executive for money when county accounts were dry, so they decided to create one to cater for emergencies.
She told the committee that revenues were into the account and
money could be drawn through a
simple request. We needed money to
Mrs Lillian Ndegwa is a signatory to the

controversial account. FILE
use quickly in times of emergency like

the City Park Market situation, so we
created the emergency account to reinforce other normal accounts for this
purpose, Mrs Ndegwa said.
She stated that once the county as-
Bitain impots down by

Sh2bn as Kenya looks East
TRADE Statistics
show goods from

the UK amounted
to Sh47bn, down
from Sh49 billion
BY GEORGE NGIGI
Kenyas imports from Britain

dropped for the rst time in
seven years, underlying the
falling clout of the former colonial master that started with
Kibakis presidency in 2003.
Data from the Kenya National Bureau of Statistics shows
goods worth Sh47 billion were
imported from Britain, down
from Sh49 billion in 2013.
The drop saw UK slip two
positions in the rank of Kenyas
top sellers, behind Germany and
Saudi Arabia in terms of doing
business with East Africas largest economy.
I wouldnt put it down to
politics. The two countries are
still in good relationship but
there is increased global competition, said Dr Moses Ikiara
the chief executive of Kenya Investment Authority.
Britain is losing out to China,
India, and Japan whose share of
business with Kenya has been
on the rise.
These countries target
Kenya with clothing, vehicles,
electronics, pharmaceutical
goodswhich also top UK
dealings with East Africa.
India and China have grown
the trade with Africa nations
helped by their low cost manu-
Reduced trade
The volume of goods bought by
Britons also dropped for the third
year in a row reecting reduced
trade between the two countries.
Kenyas exports dropped to Sh35.3
billion from Sh37.1 billion in 2013.
facturing sectors and increased
diplomatic dealings that have
seen the two countries secure
multi-billion shilling deals, especially in the public sector.
India remained the top
seller of goods to Kenya with
imports worth Sh264 billion last
year with China coming a close
second with business valued at
Sh248 billion.
Germany overtook the UK
to become Europes largest
exporter to Kenya with goods
worth Sh47.4 billion.
The US, whose trade with
Kenya was also waning, has
reviewed its strategy and
targets Kenya with high-end
technology deals with private
companies.
Last year imports from the
US more than tripled to Sh168
billion driven by importation
of plane engines by Kenya
Airways, locomotives by Rift
Valley Railways and medical
equipment.
Relationship between Nairobi and London came under
focus following threats by the
former colonial master to cut

ties with Kenya should then
ICC indictee, Uhuru Kenyatta,
be appointed president in the
2013 Elections.
President Kenyatta is yet
to visit London on ocial engagement between Kenya and
the UK.
His visit to the UK in 2013
was to attend a conference on
Somalia and last year he went
to cheer on his wife who was
participating in the London
Marathon.
The UK parliament had in
2013 urged the government to
deepen its relationship with
Kenya despite the election of
President Kenyatta terming
the country as a crucial business partner. The countrys
department in charge of foreign aid promised to increase
its contributions to Kenya.
President Kenyatta is currently in Japan on a trade mission. He visited China in August,
2013 which was reciprocated
with a visit by Chinese Premier
nine months later.
The cooling of business relations with the UK started during President Kibakis tenure
with the country looking East,
mainly China, for better deals
and unconditional aid.
The policy has seen Britain
lose out on lucrative deals with
the government such as supply of police and government
vehicles. Toyota Land Cruisers
took the place of the British
Land Rovers. Other contracts
that Britain has lost include military merchandise now mainly
sourced from China.
gngigi@ke.nationmedia.com
sembly raties the account, it will be

dedicated specically to disasters.
We are reading malice Madam CS,
you want to go behind our backs and
legalise an illegality, said PAC chairman Robert Mbatia.
He questioned why the account was
called Emergency yet it served other
purposes. Why didnt you call it Imprest Account or Revenue Account?
We believe you wanted to hoodwink
the bank because they know the law
and would not have authorised its
operations.
The account raised audit queries
after PAC discovered that Sh76 million
was transferred from it to unknown ac-
counts. During the PAC hearings, it was

revealed that Sh70 million was moved
from Nairobi County Emergency Fund
account through Citi Bank to unknown
recipients on September 9, 2014.
A further Sh6 million was transferred to separate accounts in a similar manner.
On Friday, Mrs Ndegwa denied
claims of misuse of the funds, saying
that the money was sent from the emergency account at National Bank to a
revenue account at Cooperative Bank
to pay for other matters.
Mrs Ndegwa conrmed that she was
a signatory to the account but could not
recall the purpose of the transfers.
Mege of 3 economic egions to

ceate Aficas lagest fee tade zone
BY ALLAN ODHIAMBO
Three African economic

blocs will merge into a new
27-nation free-trade zone in
an agreement to be signed in
Cairo in June when Heads of
State from the regions meet at
a joint summit.
The deal will combine the
Common Market for Eastern
and Southern Africa (Comesa), the South African Development Community (SADC),
and the East African Community (EAC).
This will create a free trade
union capturing more than
60 per cent of the continents
economic activity and investors
will easily reach a market of
625 million consumers from
South Africa to Egypt.
A preliminary programme
released by Mr Sindiso Ngwenya (pictured), the Comesa
Largest bloc
The merger will create a free
trade union capturing more than
60 per cent of the continents
economic activity.
secretary-general and chair of

a tripartite taskforce on the
planned merger, indicates that
the leaders of the 27 member
States are expected to congregate on June 10 to sign the Free
Trade Area (FTA) agreement.
The tripartite FTA popularly known as the grand Free
Trade Area will be the largest
economic bloc on the continent

and the launching pad for the
establishment of the Continental Free Trade Area (CFTA) in
2017, Comesa said.
SADC, EAC and the Comesa
have since 2008 been negotiating a road map to merge into
a free trade area with a GDP
of about $1.2 trillion (Sh109
trillion).
The launching of the tripartite Free Trade Area is the
rst phase of implementing a
developmental regional integration strategy that places
high priority on infrastructure development, industrialisation and free movement
of business persons, Comesa
said in a brief.
Although African economies are growing fast, second
only to Asia, the continent has
attracted criticism over its slow
pace of integration.
Appetite fo locally assembled cas inceases

BY KIARIE NJOROGE
More than half of the new vehicles sold in Kenya last year
were assembled locally, driven
by dealers bid to lower their
tax bill and oer competitive
pricing.
Data from the Kenya National Bureau of Statistics
shows that 9, 246 vehicles
were assembled locally, representing 52.8 per cent of the 17,
499 new vehicles sold in the
same period. This is up from
6, 948 units assembled in 2013,
which accounted for 47.7 per
cent of the total 14,542 new
vehicle sales.
The share of the locally assembled cars is the largest since

the liberalisation of the auto
market in the 1990s and the
33 per cent growth, the fastest
in more than a decade.
Imports of parts used in
local assembly are exempted
from the 25 per cent import
duty levied on assembled
cars giving room to the assemblers to produce cheaper
vehicles. The growing preference for local assembly is expected to create more jobs and
reduce idle capacity among the
three plants Kenya Vehicle
Manufacturer (KVM), Associated Vehicle Assemblers (AVA)
and General Motors East Africa. The move is set to rev up

job creation in the auto sector,
which had been hit hard by
cheap second-hand imports
and concerns over their quality standards.
Thika-based KVM said that
increased interest for local assembly is set to revive the fortunes of vehicle assemblers,
but reckoned that Kenya was
still far from hitting the peak
levels experienced in the 1980s.
The rm was picked to assemble Mobiusthe Kenya made
car tipped as Africas cheapestand said recently it was
running below capacity.
CORPORATE NEWS
CIC hies Deloitte to advise on

cost-cutting afte 2014 pot hit
EARNINGS
Losses in medical
insurance hurt
rms protability
BY VICTOR JUMA
CIC Insurance has hired nancial consultancy Deloitte to advise on restructuring of the company after its 2014
performance took a hit from loss in its
medical cover business.
Chief executive Tom Gitogo (right)
said the restructuring is aimed at cutting costs and boosting the insurers
eciency.
CIC Insurances performance for
the year ended December took a big
hit from a Sh620 million loss on its
medical cover business, which cut its
net prot 16.5 per cent compared to the
previous year.
It is a huge exercise that will see us
review our processes and market focus,
said Mr Gitogo.
He added that Deloitte will take a
total review of the business including
our processes, but said it would not
lead to retrenchment of sta.
CIC has grown rapidly over the past
few years on a large premium base. It
is time to look at our operations with
the aim of increasing eciency and
dening our market identity, said
Mr Gitogo.
The insurer on Friday announced after-tax earnings of Sh1 billion for 2014,
Medical insurance losses (Sh mn)

Losses in this class hurting overall protability
of composite insurers
CIC
620
Resolution
271
APA Insurance
120
Heritage
58
Kenindia
51
First Assurance
33
Cannon
20
ICEA Lion
20
Corporate
9
Madison
6
Pacis
3
SOURCE:IRA
with total claims having risen 43.5 per

cent to Sh8.6 billion.
The Sh2.6 billion increase in claims
wiped o a similar increase in the insurers gross premiums and ultimately
hurt its underwriting prot.
Prot before tax declined by 17 per
cent mainly due to increase in claims
(particularly in our medical business)
and policyholders benet costs, said
CIC in a statement.
The company has over the past
two years suered from high claims
in its medical division, an outcome
it has blamed on rampant fraud in
hospitals.Medical insurance has
emerged as particularly vulnerable to

fraud, which has seen insurers respond
by issuing biometric identication
cards and tightly controlling services
accessed at certain hospitals.
CIC went a step further last year
and hired Edward Rukwaro, a doctor,
to help it check fraudulent or inated
medical claims.
Data from the Insurance Regulatory
Authority (IRA) shows that Resolution
Insurance had the second largest medical loss of Sh271 million. It was followed
by APA Insurance whose loss in this
class stood at Sh120 million, with a total
of 11 underwriters making losses.
Besides fraud, the medical business
has suered from frequent price increments by hospitals and price wars that
lead to setting of premiums not commensurate to risks covered.
Majority of the large private hospitals have raised their prices at least
twice in each of the past two years, leaving insurers to foot bills with premiums
that are reviewed only once a year.
CIC saw its total underlining prot
rise 10.3 per cent to Sh2.5 billion but
higher operating expenses ultimately
led to the prot dip.The companys expenses, including sta costs, rose 42.7
per cent to Sh3.3 billion in the period
compared to Sh2.3 billion the year before. Its investment income, however,
rose by the largest margin of 45.5 per
cent to Sh1 billion but was not sucient
to oset the impact of the higher claims
and expenses.
vjuma@ke.mationmediacom
Models pose with hair products launched by LOreal East Africa a subsidiary
of LOreal Group in Nairobi . FILE
LOeal intoduces US makeup

bands Maybelline in Kenya
BY EVELYN SITUMA
French cosmetics multinational

LOral has introduced in the Kenyan market a new range of beauty
products that are named after its US
based aliate, Maybelline.
The beauty brands, Maybelline New York Lip balm, Mascara,
eyeliner and face powder started
selling quietly in the market early
this year.
LOral has been keen on capturing the middle class market both in
Kenya and abroad through buyouts.
The French cosmetics company acquired Maybelline, a US cosmetics
company, in 1996 to gain access to
the big American middle class.
Maybelline New York, a family
business, was at the time acquired
for $660 million. In 2013, LOral acquired Kenyan rm Nice & Lovelys
cosmetic arm which was owned by
Interconsumer Products Limited for
a reported Sh3 billion.
LOral is at present running a

face of Maybelline promotion on social media sites ahead of its ocial
launch in Kenya in 2016. The company is seeking a Kenyan beauty that
will be used as the face of the product
in its advertising campaigns scheduled for next year.
Our new face will get to enjoy
all the glitz and glamour of an allexpenses paid trip to New York to
shoot the campaign, with top makeup artists, including Muthoni Njoba,
writes Maybelline on its online promotion. Ms Njoba was appointed as
the lead brand ambassador and ofcial makeup artist for Maybelline
New York Kenya.
Already, hundreds of Kenyan
women have uploaded their applications online and are running on
the Maybelline Kenya website.
Maybelline products are being
sold in outlets in Bondo, Kagio,
Embu, Nairobi, Thika, Sagana and
Runyenjes.
Ecobank opposes evesal of Sh300m deposit in fake account

BY SANDRA CHAO-BLASTO
Ecobank has opposed an application

by the Kenya Rural Roads Authority
(KeRRA), which is seeking to withdraw
cash that was deposited in an account
allegedly opened by fraudsters.
KeRRA is seeking a court order
compelling Ecobank to reverse the
cash deposit in order to have it paid to
the rightful beneciary, Kay Construction Company, which claims to have lost
nearly Sh300 million to fraudsters who
opened a fake account in its name.
Kay Construction claims that James
Kigoi Kariuki, David Ndungu Nganga
and Susan Macharia opened an account
with Ecobanks Valley Arcade branch
under the company name in which the
government deposited the payment.
We are required to make payments
to the plainti in relation to a contract

executed between the plainti and KeRRA and there is real likelihood of stoppage of works in respect to the project
for which the money was intended and
in that event the public interest shall be
prejudiced, said the general manager
of the roads authority Peter Rutto in a
sworn adavit.
Mr Rutto said KeRRA had written
to the bank on February 4 recalling the
funds that had been transmitted from
their Kenya Commercial Bank account
on February 2.
KeRRA said in court documents
it had entered into contract with the
company for the construction of the
Kamagambo-Kenyanye-Magonga road
and had intended to make payments to
the company for the road projects.
The bank however says the roads
An Ecobank branch in Thika. The bank is locked in a dispute with a road agency over
a cash deposit . FILE
agency has not disclosed grounds that
would merit the reversal of the funds
as an inquiry on the alleged fraudulent
transaction has not been conducted by
a trial court. There has been no undertaken given nor an indemnity oered
for the execution by the bank of any orders issued herein in the event the trial
court does nd that the interlocutory
injunctions sought were not deserving
in the rst instance, the bank said in
court documents. The rural roads agen-
cy said that a third party to the contract

fraudulently disguised s Kay construction Co. Ltd forwarded a later to the
authority seeking to have the Sh287
million payment processed and paid
into an account held by the bank.
KeRRA claims they realised that the
funds had been paid into the wrong account but before they could have the
funds reversed the construction company had moved to court to have the
funds in the account frozen.
Justice Francis Gikonyo had earlier ordered Ecobank to freeze the account until the matter was heard and
determined.
Justice Gikonyo asked the State
agency to provide the indemnity to
the bank in writing.
The case will be mentioned on
March 23.
CORPORATE NEWS
EABL eaches fo the bottom with Sh460 vodka

BY MUGAMBI MUTEGI
Beer maker EABL has launched a

Sh460 bottle vodka as it seeks to gain
a bigger share of the low-income consumers market to make up for dwindling Senator Keg sales.
The regional brewer is selling
Chrome Vodka, a spirit priced at Sh460
for a 750ml bottle, in Nairobi, Nakuru
and Mombasa. The quarter litre bottle
of the brand is going for Sh160.
The pricing of Chrome Vodka will
see East African Breweries Limited
(EABL) ght it out for market share
with the likes of London Distillers
and Kenya Wine Agencies Limited
(KWAL) who have similarly priced
products.
We introduced Chrome Vodka
after we realised that there is a growing demand for white spirits in the
mainstream category, said EABLs
managing director Charles Ireland in
a Friday interview. The introduction

of a 50 per cent excise tax on Senator
Keg in October 2013 saw sales of the
low-priced drink fall rapidly following
a sharp price increase.
This forced EABL to step up its innovation to cushion its bottom line,
with Mr Ireland emphasising this
urgency saying they needed to think
more aggressively on how to expand
the business.
In November 2013, EABL launched
Jebel Gold, a Sh10 per 30ml spirit sold
in kegs which was aimed at low-income consumers who had ditched the
pricier Senator Keg and consumers of
illicit drinks. A month later, Senator
Dark Extra was also introduced into
EABLs rapidly growing portfolio.
Senator Dark Extra has a higher alcohol content (7.5 per cent) than Senator Keg (5.8 per cent) but is cheaper.
EABL is banking on the introduction of
Chrome Vodka which, just like several
Charles Ireland, East African Breweries

Limited managing director. FILE
of EABLs latest brands, is targeted at
the lower end of the alcohol market to
grow its top line.
Senator Keg is now of marginal
importance, Mr Ireland said a month
ago when announcing that EABLs net
prot for the six months to December
had grown 11 per cent to Sh4.6 billion.
EABL categorises Chrome Vodka as a
mainstream spirit, the same grouping
in which Popov Vodka and Kenya Cane
which the brewer distils - also fall.

The drinks are both retailing at approximately Sh550 for the 750ml bottle
while quarter litre equivalents are going for Sh185 and Sh220 respectively
in most supermarkets.
A 750ml bottle of London Distillers
Kenya King retails at Sh410 (Sh220
for 250ml) while Tanzania Distillers
(a subsidiary of multinational brewer
SABMiller sells Konyagi at Sh450
(Sh170 for 250ml.
In EABLs half year to December
2014, it is only the mainstream category which did not post a double-digit
increase in sales recording a seven per
cent growth.
The emerging spirits category
which has brands like Jebel Gold
and Liberty recorded a 28 per cent
increase in sales while premium spirits like Johnnie Walker Red Label and
Smirno Vodka grew by 32 per cent.
Hilton Gaden Inn

to open Mombasa
Rd banch in Mach
STRATEGY The ve-star hotels developer says
rates will be lower than those of outlets in city

checking in and out of the JKIA.
The developer said future expanHilton Garden Inn, a franchise brand
sion would depend on the success of
by global hotel chain Hilton Worldthe current investment.
Hilton Worldwide in 2013 said that
wide, is set to complete construction
it had ceased owning hotels and inof a Kenyan outlet in December.
The Sh2.3 billion hotel on Mombastead had adopted a franchise model
sa road near the Jomo Kenyatta Interthat is less expensive and more enational Airport (JKIA) is set for opencient for expansion.
ing in March next year. Hilton WorldThe Hilton Garden Inn will have
wide also owns Hilton Nairobi.
175 rooms. It will be priced at a lower
rate than typical ve-star hotel in the
The structure of the building
city centre.
will be complete in December but the hotel will
Modern Reliance is a
be opened in March next
business group that speWe ae also
year, said businessman
cialises in manufacturing
Noorali Manji, the Hilton tageting factoies agricultural equipment,
Garden Inn developer.
wheelbarrows.
that ae close-by mainly
The company is owned
The hotel sits on 1.3
like Kapa, the
by two directors- Noorali
acre land hived o from
Manji and Sachedina SabModern Reliance wareNation Media
drudin. Mr Manji is also
house land.
Goup...
the owner of Furniture
The investment is a
NOORALI MANJI, HOTEL
Palace along Mombasa
mix of equity and a bank
DEVELOPER
road.
loan advanced by Diamond Trust Bank, accordThe Hilton Garden
ing to the developer.
Inn will be operated as an
Mr Manji conrmed that his comairport hotel targeting sophisticated
pany, Modern Reliance Industries ltd,
travellers seeking convenience of achas signed a lease agreement with
commodation that minimises their
Hilton for the franchise.
chances of being held up in Nairobis
We are expecting the name to sell
notorious trac jams.
the business, said Mr Manji.
We are also targeting factories that
are close-by like Kapa, the Nation MeThe prime location is likely to atdia Group and others in the industrial
tract business travellers and tourists
BY EVELYN SITUMA
Hilton Garden Inn hotel under construction on Mombasa Road. SALATON NJAU
area, said the developer.

Modern Reliance becomes the latest developer to seek a hotel franchise
from a globally recognised brand.
Other recent investors in the industry include the Popat family which
owns Kempinski and Best Western
Nairobi. Michael Kaiiru, a businessman, won the Radisson Blu Nairobi
franchise.
Administrators of household items
seller Tile and Carpet won a franchise
deal with Bangkok-based hotel and
resort chain Dusit International located it Riverside and Radission Blu
budget hotel.
Park inn in Westlands is owned by
AMS properties.
Lonrho Group, which operated
iconic hotels like The Norfolk, also
secured the American easyHotels franchise. The easyHotels is a budget hotel
franchise. Lonrho is yet to announce

details of agreements with developers.
They have, however, been providing
temporary accommodation to oil companies in Northern Kenya.
Emaar, a Dubai-based hotel, is expected to operate the Address Mara
in Maasai Mara.
Accor and Marriot have been eyeing the hospitality market in Kenya
but are yet to announce their local
partners.
The government is in the process
of selling its stake in Hilton Nairobi,
but the international chain has already
said it will not exercise its pre-emptive
rights to buy out the States ownership
of the Kenyan business.
Hilton Garden Inn will begin recruiting sta in November ahead of
the March opening.
esituma@ke.nationmedia.com
Lavington ats
develope seeks
epieve fom
ABC Bank auction
BY BRIAN WASUNA
A private developer is seeking to stop

ABC Bank from auctioning its block
of high end apartments in Nairobis
Lavington area to recover a Sh200
million loan.
Emperium Real Estate Limited
has accused the bank of frustrating
the projects completion in a bid to
take over the estate currently valued
at Sh786 million.
The investor claims ABC Bank has
sabotaged the project by replacing its
security guards, blocking potential buyers from viewing available apartments
and organising robberies on the site so
as to block progress of the project.
The defendants are quickly depleting Emperiums assets at the site
through removal of construction material and the purported robberies. It is
clear that ABCs intention is to frustrate
completion and take over the project,
says the developer.
But ABC has hit back at Emperium,
arguing the developer has been changing the terms of the loan without informing the bank contrary to the terms
of the agreement. The bank further says
Emperium failed to disclose to it details
of the apartments it had already sold.
While Emperium accused ABC of
playing foul, the bank maintains that
the realtor is not revealing some crucial
facts to the court.
Emperium commenced the sale
of the apartments without ABCs consent and collected the payments made
through third parties or through payments made to it directly. Emperium
has falsied records of actual sales made
by issuing dierent sales and progress
reports, ABC says.
But Emperium says that ABCs
consultants last year demanded that
an additional Sh20 million was needed
for further works on the site, and that
the project manager resigned before
any work was done. The Sh20 million,
the developer adds, has been added to
its debts.
To date, ABC has not given an account of how the Sh20 million was spent
yet it has been loaded on Emperiums account and the bank continues to charge
punitive interest, the realtor says.
ABC however says the investor has
been playing foul, as one of its directors,
Gabriel Amaha, admitted in August last
year that he had sold two apartments
at Sh10 million each without any documentation.
ABC has all along this time acted
in the best interest of this project. Emperium through its directors have been
dishonest and acted in bad faith to the
detriment of ABC and the purchasers,
says Agatha Kiattu, the banks legal
manager.
10
CORPORATE NEWS GLOBAL
IBM eyeing bitcoin tech fo

majo cuencies pay system
INNOVATION
The objective is to
save users transaction
costs levied by banks
International Business Machines Corp
is considering adopting the underlying
technology behind bitcoin, known as
the blockchain, to create a digital cash
and payment system for major currencies, according to a person familiar with
the matter.
The objective is to allow people to
transfer cash or make payments instantaneously using this technology without
a bank or clearing party involved, saving
on transaction costs, the person said. The
transactions would be in an open ledger
of a specic countrys currency such as
the dollar or euro, said the source, who
declined to be identied because of a lack
of authorization to discuss the project
in public.
The blockchain a ledger, or list, of
all of a digital currencys transactions is
viewed as bitcoins main technological
innovation, allowing users to make payments anonymously, instantly, and without government regulation.
Rather than stored on a separate
server and controlled by an individual,
company, or bank, the ledger is open and
accessible to all participants in the bitcoin
network. The proposed digital currency
system would work in a similar way.
When somebody wants to transact
in the system, instead of you trying to acquire a bitcoin, you simply say, here are
some US dollars, the source said. Its sort
of a bitcoin but without the bitcoin.
IBM is one of a number of tech companies looking to expand the use of the
blockchain technology beyond bitcoin,
the digital currency launched six years
ago that has spurred a following among
General Motors Co is recalling about

64,000 Chevrolet Volt hybrid electric cars for a software update to
prevent carbon monoxide buildup
when a driver forgets to shut o the
vehicle, Automotive News reported
on Thursday, citing a statement
from the company.
GM is aware of two injuries
related to the issue, Automotive
News said.
The company is recalling cars
from the 2011-2013 model years
for a software update to limit how
long the car can be left idling, the
website said.
GM could not be immediately

reached for comment.
The company also told dealers
to halt deliveries of about 2,300
Chevrolet Trax and Buick Encore
small crossovers from model year
2015 for a pending safety recall to
x a potential loss of electric power
steering, Automotive News further
reported.
GM had informed the U.S. National Highway Trac Safety Administration about the recalls, the
website said, citing memos from
the company.
- REUTERS
A man walks out of a shop displaying a bitcoin sign in Hong Kong last February. The
blockchain a ledger, or list, of all of a digital currencys transactions is viewed
as bitcoins main technological innovation. AFP
investors and tech enthusiasts. The company has been in informal discussions
about a blockchain-tied cash system with
a number of central banks, including the
US Federal Reserve, the source said. If
central banks approve the concept, IBM
will build the secure and scalable infrastructure for the project.
IBM media relations oce did not respond to Reuters emails about this story
and the Fed declined to comment.
However, there are signs that central
banks are already thinking about the innovations that could arise through digital
currency systems. The Bank of England,
in a report in September 2014, described
the blockchains open ledger as a signicant innovation that could transform the
nancial system more generally.
Instead of having ledgers maintained
by banks that act as a record of an individuals transactions, this kind of open ledger
would be viewable by everyone using the
system, and would use an agreed-upon
process for entering transactions into the
system. The project is still in the early
stages and constantly evolving, the source

said. It is also unclear how concerns about
money-laundering and criminal activities
that have hamstrung bitcoin. Unlike bitcoin, where the network is decentralised
and there is no overseer, the proposed digital currency system would be controlled
by central banks, the source said.
These coins will be part of the money supply, the source said. Its the same
money, just not a dollar bill with a serial
number on it, but a token that sits on this
blockchain.
According to the plans, the digital currency could be linked to a persons bank
account, possibly using a wallet software
that would integrate that account with the
proposed digital currency ledger.
We are at a tipping point right now.
Its making a lot more sense for some type
of digital cash in the system, that not only
saves our government money, but also is
a lot more convenient and secure for individuals to use, the source said.
- REUTERS
US cautious ove China-backed Asia bank

The US has expressed concern over Britains eort to become a founding member
of a Chinese-backed bank that could rival
the likes of the World Bank.
The UK is the rst big Western economy to apply for membership of the Asian
Infrastructure Investment Bank (AIIB).
The AIIB will fund Asian energy, transport and infrastructure projects.
However, the US has raised questions
over the banks commitment to international standards on governance.
In a statement, UK Chancellor George
Osborne said the UK had actively promoted closer political and economic engagement with the Asia-Pacic region
Geneal Motos ecalls about

64,000 Chevolet Volt hybids
and that joining the AIIB at the founding

stage would create an unrivalled opportunity for the UK and Asia to invest and
grow together. The hope is that investment in the bank will give British companies an opportunity to invest in the
worlds fastest growing markets.
But the US sees the Chinese eort as
a ploy to dilute US control of the banking system, and has persuaded regional
allies such as Australia, South Korea and
Japan to stay out of the bank.
In response to the move, US National
Security Council spokesman Patrick Ventrell said: We believe any new multilateral institution should incorporate the
high standards of the World Bank and

the regional development banks.
Some 21 nations came together last
year to sign a memorandum for the
banks establishment, including Singapore, India and Thailand.
But in November last year, Australias Prime Minister Tony Abbott oered
lukewarm support to the AIIB and said
its actions must be transparent.
US President Barack Obama, who met
Mr Abbott on the sidelines of a Beijing
summit last year, agreed the bank had
to be transparent, accountable and truly
multilateral.
- BBC
GlaxoSmithKline staff walks past the drug rms Beijing ofce reception in
China. FILE
GSK aises Sh78bn by halving

stake in S. Afican dugmake
GlaxoSmithKline has taken prots in
Aspen Pharmacare by selling half its
stake in the South African drugmaker
for $853 million, following a long investment in the rm.
The sale, which was conducted
through a share placing at a discount
to the market price, is the latest example of GSK pruning non-core investments as it refocuses its business and
works to protect its sizeable dividend
payments to shareholders.
Britains biggest drugmaker will
remain a 6.2 per cent shareholder in
Aspen and has undertaken not to sell
any more shares in the South African
group for 180 days.
GSK said on Friday it had sold 28.2
million Aspen shares at a 372 rand
each, compared to Thursdays closing
price of 406.5. The sale was handled
by Citi and UBS.
In November 2013, GSK sold another similar sized tranche of Aspen
stock for 250 rand a share.
Simon Dingemans, GSKs chief
nancial ocer, said the disposal
would help give his company exibility to invest in new opportunities
in the wake of a $20 billion-plus asset
swap transaction with Novartis.

As we continue to reshape the
group around our core franchises
and drive the benets from the Novartis transaction, optimizing our
nancial exibility to invest behind
these priorities is key, he said in a
statement.
As a result we have decided now is
the right time to realize further value
from this successful relationship. We
continue to believe in the strategy of
Aspen and we remain committed to
working together in the future.
GSK said that the net prot on the
disposal would not be included in core
operating prot and core earnings in
2015, and GSK would no longer account for Aspen as an associate.
GSK has been suering from weak
sales of its key respiratory drugs in
the past year, especially in the United
States, and has implemented a 1 billion pounds cost-cutting program.
It is also considering an initial public oering for its majority-owned HIV
unit, known as ViiV Healthcare. But
plans to sell a portfolio of older drugs
were dropped in December.
- REUTERS
11
COUNTY BUSINESS
NEWS | FEATURES | ANALYSIS
Failue to supply
powe deepens
Mumias cash woes
Embakasi
youth eject
gabage plan
BY OTIATO GUGUYU
NAIROBI
EARNINGS Shortage of bagasse hits miller
amid governments turnaround efforts

November and is yet to inject power
into the national grid since it resumed
NAIROBI
operations in December.
Troubled Mumias Sugar Company has
Data from the Energy Regulatory
failed to supply electricity to Kenya
Commission (ERC) indicate that Mumias power generation volumes were
Power since November, denying the
on the decline in the months before
miller revenues as it struggles to recover from losses.
it shut down.
Kenya Power says the
In July, it sold 5.14
miller has been unable to
million kilowatts hours
supply it with power due
Mumias has no (KwH) to Kenya Power
to a shortage of a key raw
compared to 2.9 million
bagasse, when units in October.
materialbagassewhich
remains from crushed they closed down
Last year, revenues
cane that turn electricity
from
Mumias co-genthe factoy that
eration plant slumped
generation turbines after
meant they could 24.6 per cent to Sh230
heating.
million which the comThis is linked to a
not poduce
pany blamed on inadshortage of cane in westenegy
ern Kenya that cut its
equate bagasse in its anBEN CHUMO, KENYA POWER
nual report.
overall sales 62 per cent
CHIEF EXECUTIVE
The miller also buys
to Sh2.67 billion and
electricity from the power rm to
prompted the Nairobi bourse listed
jump-start its machines and bridge
miller to temporarily shut down its
periodical decits. But Mumias has
plant for 45 days.
since November last year been relying
Mumias has no bagasse. When
on diesel power generators after it was
they closed down the factory that
disconnected by Kenya Power over an
meant they could not produce eneroutstanding debt amid a protracted
gy, Ben Chumo, Kenya Power chief
dispute over the sugar rms bills.
executive told Business Daily in a
Mr Chumo said the disputed cash
phone interview last week.
The miller closed for 45 days from
amounts to Sh1.17 billion and includes
BY NEVILLE OTUKI
A worker at the Mumias Sugar factory.

The rm has not supplied electricity to
Kenya Power since last November. FILE
Mumias revenues from cogeneration plant (Mn Sh)
SOURCE: COMPANY ANNUAL REPORT
Sh225.9 million that Mumias has not

paid for electricity consumed.
The remaining Sh953 million is
tied to disputes arising from power
purchase agreements in which the
two rms are locked in a tussle over
taris chargeable and the amounts
owed to each other.
Mumias has complained that Kenya Power bills it under the domestic
tari, which is often higher than the
industrial rate, an allegation that the
power rm denies.
The company invested in power
generation to cushion itself from competition arising from cheap sugar imports from the Common Market for
Eastern and Southern Africa region. It
also manufactures water and ethanol
in a bid to diversify its revenue.
Mumias Sugar reported a bigger rst-half loss from a year ago,
which it blamed on lower prices of
the sweetener as well as a prolonged
shutdown but forecast an improved
second half.
The cash-strappedcompany, which
received a cash bailout from the government at the end of January, said its
loss deepened to Sh2.08 billion from
a restated loss of Sh407.4 million loss
a year earlier. Mumias said as part of
its medium term to long terms plan,
it was re-negotiating its payment
schedules with creditors and plans
a Sh4 billion rights issue.
notuki@ke.nationmedia.com
Kenya ceates 31 moe coal exploation blocks

BY ALLAN ODHIAMBO
NAIROBI
An additional 31 coal exploration

blocks have been created in the
coastal counties as the country seeks
to expand its energy sources to meet
growing demand by industrial and
domestic consumers.
Coal has the potential to become
one of Kenyas most reliable and easily accessible base for electricity generation but remains underutilised
and currently provides just about
one per cent of the primary energy
consumed in the country, mainly by
cement manufacturers
In this regard it (the government)
has established 31 more coal blocks
for the purpose of establishing coal
Coal blocks in Mui Basin and wells drilled

Block
A (Zombe-Kabati)
B (Itiko-Mutito)
C (Yoonye-Katieko)
D(Isiekele-Karunga)
Area
(Km sq)
121.5
117.5
131.5
120
Drilled wells
Coal intercepted
8
8
56
4
4
4
32
2
SOURCE: MINISTRY OF ENERGY& PETROLEUM
potential and delineating the blocks

for concessioning the Energy and Petroleum ministry said in a policy document seen by the Business Daily.
This increases the overall number
of exploration blocks to 35 even as the
ministry stepped up eorts to strike
more deposits of coal for power generation and industrial uses.
The country has adequate coal
deposits for commercial exploitation
and the government is fast tracking

exploration and development of the
resource for power generation and
other industrial uses, the ministry
further said.
Exploration for coal has been active on four blocks within the Mui
Basin, Kitui County. The basin is subdivided into four blocks, namely, A,
B, C and D. In 2010 an estimated 400
million tonnes of coal reserves were
conrmed in Block C. Kenya has sunk

76 appraisal wells within Mui basin
and conrmed vast deposits of coal
in 40 of them, records by the Energy
ministry showed.
Chinas Fenxi Mining Group was
recently awarded rights to develop
coal blocks C and D within Mui basin
and expects to start production soon.
Preparations are ongoing for the concessioning of blocks A and B.
The government has also stepped
up coal exploration in Kwale, Taita
Taveta and Kili counties, raising
hope of increasing the countrys energy sources.
Feasibility tests have shown potential large deposits of coal in the Taru
basin that runs across Kwale and Kili
counties.
A section of Embakasi residents have

vowed to block private garbage collection rms appointed by the county
government from the area.
Nairobi County has been divided
into nine zones, with each zone to have
one private franchise monopoly licence
to collect garbage.
City Hall plans to have the entire
nine demarcations given to one rm
each by 2016 in a bid to get back a negotiated fee from garbage collection.
Speaking on Monday accompanied
by the areas Member of Parliament Irshad Sumra, the areas youth said they
would resist what they termed eorts
to run them out of business.
We have over 1,200 youths who
directly depend on this business, we
want to appeal to the governor not to
interfere with our livelihoods as it will
lead the youth to crime, the groups
chairman Stephen Apindi said.
Old players in the garbage collection industry have also faulted the
county franchise system operating
without an existing law.
Waste and Environment Management Association of Kenya (Wemak)
said it had been denied licences to operate in some areas although a law to
implement the system has not been
enacted.
Nairobi County has already put out
advertisements for its new waste collection system.
After awarding an exclusive tender to Sifa Limited to operate in zone
7 comprising Kangemi, Kileleshwa
and Lavington, two more zones have
already been put on oer.
Zone 1, including Karura, Kitusuru, Parklands and Highridge have
been put on oer beginning the next
nancial year.
Zone 6 Karen Mugumoini, South
Cand Nairobi West have also been advertised alongside Zone 9s Imara Daima, Kwa Ruben, Kwa Njenga Kware
and Pipeline. Zone 9 will also include
part of Makadara, Kamkunji, Landi
Mawe, Nairobi Central Starehe and
Makongeni.
The county reportedly did not offer old players an authority letter to
operate even though implementation
of the system in Zone 7 is contested
in court.
They are denying us authority letters to operate in zone 7 even though
the court had ruled that the status quo
remains before the matter is heard and
determined, Wemak chairman Samuel Onyancha said
12
COUNTY BUSINESS
Concen as Noth
Rifts insecuity
stalls development
CHALLENGES Several projects abandoned as
armed bandits attack and communities wrangle

BY WYCLIFF KIPSANG AND
BARNABAS BII
NAKURU
Most multi-billion projects initiated

by Kerio Valley Development Authority (KVDA) and other agencies in cattle rustling-prone areas in the North
Rift have stalled due to rampant cases
of insecurity.
KVDA managing director David Ki-
mosop said potential investors were

staying away from the region and that
development was under threat.
Kerio Valley sits on massive enormous resources but with elusive peace
no meaningful development will be
achieved, Mr Kimosop told Business
Daily. He cited a water project in Loiyabat near Kainuk in Turkana County
which was abandoned after four workers were killed by armed bandits.
A water project in Kapedo also
A woman grazes goats on the banks of the Turkwel River on the border of West Pokot
and Turkana. FILE
stalled after the warring Turkana and
Pokot communities diered on where
the disputed area falls. Rampant killings, including the massacre of 19 Administration Police ocers in November last year have aected our development pace, said Mr Kimosop.
Other stalled projects include Nakwamoru irrigation project on the
downstream of the Turkwel power
project, Katilu irrigation scheme, and
Tades tun to Uganda fo

eggs amid biting shotage
BY EVERLINE OKEWO
Lotubae irrigation project in Turkana

East. Leaders from cattle rustlingprone counties are set to hold a meeting to nd a lasting solution to the insecurity menace. The meeting will be
attended by leaders among them, governors, MPs, senators, speakers, MCAs
and religious leaders from West Pokot,
Samburu, Baringo, Turkana, ElgeyoMarakwet, Nakuru and Laikipia.
It comes even as conicts are ex-
Eastleigh cime ght gets shot in the

am as Naiobi donates police post
BY OTIATO GUGUYU
NAIROBI
KISUMU
An acute shortage of eggs in

western Kenya has forced traders to import from Uganda to
meet the high demand.
The scarcity is attributed to lack of interest in
chicken rearing by Kisumu,
Vihiga, Kakamega and Siaya
residents. Traders have now
turned to Uganda where eggs
are fetching low prices. A tray
retails at Sh220 in Uganda and
Sh320 locally.
Elvis Omondi, a trader in
Nyalenda, Kisumu told the
Business Daily that he travels to Uganda every week to
buy eggs in bulk to supply to
traders. Eggs are cheaper in
Uganda and that is why I prefer
travelling there, he said.
He has joined hands with a
group of traders to cut costs in
transportation. The eight traders hire a lorry from Uganda
and spend between Sh100,000
and Sh200,000.
According to agricultural
expert Dr Stephen Orot, the
bulk of egg being consumed in
Kisumu come from Uganda.
There are very few poultry
farmers in the county. There
is need for the county government to support poultry
farmers to reduce expenses
incurred while importing
Egg trays stacked at a poultry farm. FILE
eggs, said Dr Orot.

He attributed the limited
production of eggs in the lakeside region to most residents
engaging in shing, the main
economic activity.
Mr Kennedy Wekesa, a
poultry trader in Kakamega
said the scarcity of eggs coupled with exorbitant prices had
also forced him to import eggs
from Uganda.
There are so many poultry farmers in Uganda. That
is why the prices of eggs there
is low. An egg retails at Sh4 in
Uganda but here it is sold at
Sh10 or Sh12, he said.
Ms Leah Wambui, another
poultry trader in Kisumu said
transporting eggs from the
neighbouring country was
much cheaper and it had better returns than buying them

locally. She said she makes a
prot of Sh5,000 per day from
supplying eggs to other small
scale traders.
I supply up to 8,000 trays
of eggs on a weekly basis, Ms
Wambui said.
A deal signed between
Kisumu and several countries including Angola and
the Democratic Republic of
Congo to export one million
eggs weekly collapsed due to
scarcity of eggs.
Kisumu was supposed to
start exporting the eggs early
this year but the plan opped
due to lack of enough poultry
farmers to supply the county
with the required quantity.
pected to increase during the dry season as the scramble for resources intensies. The discovery of oil in Kerio
Valley by Tullow Oil is also expected to
feature prominently during the twoday meeting. According to Mr Kimosop
residents have been demanding to be
issued with title deeds before roll out
of the project.
Tullow Oil has identied the more
than 7,000Km2 Block 12A at Kerio Valley belt which runs across Elgeyo-Marakwet and Baringo counties as potential areas for oil exploration and drilling is set to start soon following the
conclusion of the seismic surveys in
February 2014.
Also likely to face opposition is roll
out of a Sh6 billion geothermal power
project in Baringo county which will
see the generation of more than 3,000
megawatts. Mr Kimosop said KVDA
has already concluded mapping out
resources and come up with an master
plan in a bid to establish how they can
be exploited for the economic betterment of locals.
wkipsang@ke.nationmedia.com
bbii@ke.nationmedia.com
Nairobis Eastleigh area got its

rst police post amid concerns
of harassment from police ofcers.
The Eastleigh business community maintains there is need
for enhanced security, but want
law enforcers stationed in the
area to work with the locals.
The area has been at the centre
of terrorist activities and allegations of human right abuses by
police ocers.
The police post, right at the
centre of the estate, adjacent
to a missing link road to Thika Road will serve one of the
most populous areas in the City.
Nairobi county government

donated the former Soup
Centre which once served as
the kitchen for schools for use
as a police post.
It is envisioned that once
the county hands over the property to the National Police Service, plans will be drawn to build
a ten storey building on the one
acre plot.
Speaking during the commissioning of the post Kamkunji MP Yusuf Hassan said
discussions were underway
to host immigration oces
as well national government
revenue oces at the post.
He added that it was long overdue that the area got its own
police post and urged the government to upgrade it into a
full-edged police station.

Governor Evans Kidero
who donated the piece of land
directed his Lands chief ocer
Stephen Mwangi and planning
and housing county executive
member Tom Odongo to work
with the community to come up
with plans for the building.
After the plans we will
know how much will be need
so we can get resources from
the Constituency Development
Fund, the central government,
the county and the Eastleigh
business community, Dr Kidero said.
The Eastleigh business community said the Soup Kitchen
will be renovated and two vehicles provided for police patrol
at Sh15 million.
MCAs demand epot on missing deductions

BY PHILIP BWAYO
TRANS NZOIA
The county government in

Trans Nzoia has been accused
of not remitting deductions
from MCAs and sta salaries
to relevant agencies since the
start of devolution.
The County Assembly wants
the executive to explain why it
has not been remitting the deductions for NHIF, NSSF and
gratuity for MCAs as required,
yet pay slips have been reecting the deductions.

Nabiswa ward MCA Joel
Milimo demanded that the
executive ocer in charge of
nance furnishes the House
with detailed information
of what has been happening
with the funds.
We want to know if somebody somewhere is holding
back these funds because we
have received complaints that
the remittances are not for-
warded to the relevant agencies, said Mr Milimo. House

speaker David Sifuna directed
that Majority Leader Alfred
Weswa to obtain a complete
statement from nance executive ocer Ken Simiyu regarding the matter in two weeks.
A complete report of deductions on MCAs and all employees of both the executive
and the assembly should be
presented in two weeks time,
said Speaker Sifuna.
13
IDEAS & DEBATE

OPINIONS I REVIEWS I ANALYSIS
Fist Ladys Half Maathon un an

apt example of stategy in action
Other Voices
Benjamin Netanyahu
Israeli PM
WORTHY CAUSE
It is possible to build
a brand based on
a cause that touches
every day life
Avi Shlaim (Guardian)

Israeli voters have to choose between two
radically different visions for the future of
their country when they go to the polls on 17
March. The rightwing ruling Likud party faces
a challenge from the Zionist Union. The Likud,
led by Benjamin Netanyahu, is committed to
permanent Israeli control over most of the
West Bank. Netanyahus narrative completely
distorts the motives behind the withdrawal,
the manner in which it was implemented, and
the consequences of the move. Ariel Sharon
presented the disengagement from Gaza as a
contribution to the Quartets road map, but it
was nothing of the sort.
THE NIT PICKER

BY CAROL MUSYOKA
ast week, I joined thousands of

runners, walkers, joggers and
sightseers on the second edition
of the First Ladys Half Marathon that
is a key brand pillar for her agship
Beyond Zero campaign. The starting
point for the race was at Uhuru Highway opposite the Nakumatt Mega store,
but since roads were closed, the closest
we could get dropped o was at the
Madaraka/Nairobi West roundabout.
The road was lled with pedestrians
dressed in the bright violet shade of the
race T-shirt, and an instant camaraderie was struck with anyone wearing the
same uniform.
As soon as the gunshot to start the
10 km race went o, Uhuru Highway
west bound was lled with thousands
of people, and the pitch black tarmac
quickly morphed into a beautiful sea
of purple as middle class Kenya owed
onto the route. There were no tribal or
social groupings, just joyful noise as
sections of the crowd broke into songs
and cheers to maintain a slow jogging
momentum.
But not everyone was wearing the
ocial violet race T-shirt. Zipping in
between the runners were young men
and women in bright crimson T-shirts
emblazoned Sonko Rescue Team,
many of them on roller blades. A few
women wore long, black buibuis, and
I saw one whose face was completely
covered save for her eyes that shone
with determination to complete the
course in 30 degree centigrade temperatures.
There were beauty queens too,
Miss Turkana County and a couple of
other counties were also represented,
the title holders proudly adorning their
distinctive winners sashes on top of
their racing gear. It was also an opportunity for many to use the services of
the pay-as-you-go Ekotoilet facilities
at the north and south ends of Uhuru
Some of the participants in the First Ladys Half Marathon in Nairobi on March 8. EVANS HABIL
Park and long lines had snaked their

way around the buildings by the time
we were getting there. It was also quite
interesting to observe the participants
who stopped at the viewpoint outside
Maji House on Community Hill to take
pictures of themselves with the ubiquitous KICC in the background.
Weaving past the participants were
female riders clad in leather from head
to toe astride sexy motorbikes branded IMG, the organisers of the event.
Their duty became apparent when a
girl collapsed somewhere near Riara
University with no ambulance in sight.
A walkie-talkie was rapidly unleashed
from its leather bound connes and a
St. Johns Ambulance was there in no
time at all. All in all, it was an entertaining, musical and very
colourful experience that
I thoroughly enjoyed.
Two years ago, the
First Ladys marathon
did not exist. The Beyond Zero campaign
was founded in January
2014 to partner with the
government in reducing maternal and child
mortality. The aim is to
provide mobile clinics
in all 47 counties with a
view to helping reduce
Kenyas current maternal mortality rate of 488
deaths per 100,000 live
births to 147 by this year. What I observed last Sunday was that if you give
middle class Kenyans a cause that they
believe in, they can and will actually get
o their backsides and ll the streets
with passion and fervour to run, walk
or rollerblade in its name.
The Beyond Zero campaign is a classic textbook example of how to build a

brand. According to a recent article in
Forbes magazine, there are ve critical
steps to building a brand but I want to
focus on just two. First, you the brand
owner have to build a brand you are
passionate about. Right from the starting block of her husbands swearing-in
as President, the First Lady has presented a strong, visible maternal image that has brought a softness and
humanity to State House without appearing contrived or choreographed.
Her passion over women and childrens
issues is aligned to the strategic objectives of her oce: HIV control, as well
as promotion of maternal, new born
and child health in Kenya. These strategic objectives happen to cut across all
regions and tribes
and immediately
stir up anity and
sympathy amongst
Kenyans.
Secondly,brandbuilding exercise is
that you have to be
your brands biggest
advocate.
Watching the First
Lady train and then
execute the 21 kilometres, followed by
the full 42 kilometres in London last
year captured the hearts of many by
showing vulnerability and a willingness to endure physical pain and discomfort for a cause she believes in. It
was not a gimmick and it wasnt for
the cameras.
For many Kenyans whose idea
You can get

Kenyans to un
walk o limp fo
a cause if you ae
willing to make
the sacice
Bashar al-Assad
Syrian President
of exercise is mouthing o curses at

matatus, kanjo ocers and trac
overlappers in that order, this was a
truckload of inspiration: If a middleaged mother of three can get up and
run a marathon, so can I.
In the 2014 rst edition, the marathon registered 11, 000 ocial participants. This year, there were over
17, 000 registered participants and
about 4-6,000 unregistered participants who showed up anyway to run
for the cause.
The organisers got a taste of the
peculiar Kenyan habit of last minute
action. Registration for the race began in September 2014 and by March
2, 2015, six days before the race, only
4,000 people had registered in the 17
registration centres, which translated
to less than a person a day on average.
In the last ve days before the race,
13,000 showed up to register in true
native fashion. 148 corporate teams
also graced the occasion and the pool
of collections for the campaign since
inception now stands at about Sh200
million with an objective of raising Sh
600 million in total.
The First Ladys marathon is a
contemporary example of strategy in
action. It demonstrates that it is possible to build a brand based on a cause
that touches every day life, a cause that
knows no social class or tribe. It also
demonstrates that you can get Kenyans
to run walk or limp for your cause if
you yourself are willing to make the
sacrice, physical or otherwise, for the
same. I do my hat to the First Lady
and her strategy team.
Carol.musyoka@gmail.com
Twitter: @carolmusyoka
Natalie Nougayrde (Guardian)

It all started with calls for freedom and peaceful
street demonstrations against the Assad
regime. Four years on, Syrias nightmare
continues unabated. We watch from afar. We
dread the jihadi radicalism that seeps from the
Middle East into Europe. But Islamic State is the
monster we confront. Not the Assad regime.
The current western strategy of bombing Isis
on the one hand and appeasing Bashar alAssad on the other is not only a losing strategy
it is making things worse.
Barack Obama
US President
Michael Gerson (Washington Post)

The true scandal of the Tom Cotton letter to
Iranian leaders is the manner in which the
Republican Senate apparently conducts its
affairs. The document was crafted by a senator
with two months of experience under his belt.It
is true that President Obama set this little
drama in motion. Major arms-control treaties
have traditionally involved advice and consent
by the Senate. Obama is proposing to expand
the practice of executive agreements to cover
his prospective Iranian deal effectively
cutting senators out of the process.
14
EDITORIAL & OPINION
Published by the Nation Media Group, Kimathi Street, Nairobi
Linus Gitahi: Chief Executive Ofcer | Tom Mshindi: Acting Editorial Director
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
Employment Bill should

not violate Constitution
s Members of Parliament
prepare to debate the
National
Employment
Authority Bill, there is need to ensure that the Constitution is not violated in the quest to score political
points. As we report today, the Bill
proposes that Kenyans aged above
35 years should be restricted from
seeking employment in the Civil
Service so as to boost the hiring
of the youths in the sector.
It demands that a database of
those aged between 18 and 35 be
created and managed by a new
authority so that they can get rst
preference whenever there are vacancies in the public service. State
bodies will be obliged to refer all
vacancies to the authority and
positions will only be advertised
in the Press if there are no qualied youths.
It proposes that those aged over
35 will only be considered if the
skills and qualications required
are not available in the youths database.
While the unemployment problem in the country is still growing
rapidly, we believe that locking out
qualied Kenyans based on age is
not the way to tackle the joblesslessness that is prevalent in the
country.
We would like to urge our poli-
ticians to read the Bill of Rights,

which clearly states that the State
or a person shall not discriminate
against any person on any ground,
including age.
Another contentious clause in
the proposed Bill is the fast-tracking of youths in employment regardless of experience. Which employer in their right mind will overlook an experienced job applicant
so as to employ a greenhorn who is
also supposed to be rushed through
to the management ranks.
Our politicians should avoid
playing to the gallery or pandering to the gullible in their quest for
political marks. The proposal will
obviously be welcomed by many
youths regardless of the hurdles
and violations that it will create.
We believe that there is need
for the National Assembly to vet
all Bills before they are brought to
the oor of the House. It is only in
this way that Bills that go against
the Constitution can be reviewed
before being debated.
The unemployment problem
must be addressed urgently by
creating opportunities in both
the formal and informal sectors.
However, this can only succeed if
we follow the law and avoid discriminating against other members of society.
Release cash to schools
eports that special schools

risk being closed due to
delays by the Treasury in
disbursing subsidy funds to the
institutions are worrying. The Special Schools Heads Association of
Kenya has warned that more than
200 special schools face closure if
the government fails to give them
money.
We urge the government to
resolve the matter urgently as it
would be unfair to the students
who are already facing more
challenges to be denied a chance
to learn. The Education ministry had earlier promised that it
would upgrade all schools for
students with special needs since
the institutions dont have good
infrastructure. Most of the special
schools depend on the subsidies
to buy drugs and provide special
diets to the students. It is high time

we stopped treating the students
with disabilities as lesser members
of the society. The performance
of these students in national examinations shows that if given a
chance they can excel and better
their lives if they are provided with
a conducive environment to learn.
For example in last years Kenya
Certicate of Secondary Education examination, more than 180
candidates got C plus and above
with ve getting As and 14 had A
minus.
The onus is on the government to ensure that they receive
the required funds without delay.
There is also urgent to increase
the annual allocations that are
given to these institutions. The
special schools were allocated
Sh200 million.
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: bdfeedback@nation.co.ke
Of course youre an asset to the company... Its just that youre

the depreciating type...
Why we must impove investment climate
COLLINS ODOTE
DEVELOPMENT
eloitte recently produced its

third Annual Africa Construction Trends Report. The report
highlights progress in development of
capital intensive infrastructure in the
continent. It focuses especially on
transportation, energy, power and oil
and gas. The report makes the following important observation: Despite a
sometimes uncertain regulatory environment in parts of Africa, companies
cannot ignore the substantial growth
prospects that the continent oers.
Africa is expected to grow by 5.7 per
cent in 2015, with. African growth will
be driven by increased output in the
natural resources sector, underpinning
rising scal expenditure, especially in
infrastructure projects and an expected increase in Africas trade and investment which also ties with emerging and
developing economies.
The observation made by a private
sector player is important for policy development in the country. According
to the report, seven of the ten highest
growing economies will be in Africa.
This means that Africa is well positioned
to reap from these prospects.
What does this mean for us as a
country? First we have to ensure that
our regulatory environment is supportive of private sector and investment generally.

This involves focusing on conditions
under which private sector operate, clarity on licensing and regulatory regime
and a general favourable investment
climate. On this score Kenya has made
tremendous progress over the last few
years.
The second area of focus must be
on our land regimes. In the past land
rights, land security and process of accessing land for investment has been
held up as a key hindrance to attracting investors.
The need for reforming land governance led to the adoption of a national
land policy in 2009, inclusion of robust
provisions on land in the Constitution,
adoption of new land laws and institutional reforms.
However despite this, land still
remains a key obstacle to investment.
There lacks eective land security as
a result of incomplete issuance of title deeds, slow pace in nalisation of
provisions in law to implement community land as a tenure category, land
grabbing, inaccurate land records and
incomplete digitisation of the land information system.
In the discussions of land rights and
its impact on investments, the above
are legitimate concerns. However,
sometimes investors raise a perspective which only views land from their
vantage position, which is the need to
get easy and cheap access to land for
investment.
I remember reading a technical

report justifying a new Mining Policy
sometimes in 2010. The report undertaken by the Commonwealth Secretariat essentially advocated for relaxation
of the rules on security of tenure so as
to attract investors to the mining sector. Many investors will also complain
about the impact of land rights on investment climate
While it is true that land has a key
role to play in investments, especially
of large infrastructure projects like
the LAPSSET project highlighted in
the Deloitte report, it is not correct to
argue for ignoring or relaxing security
of land rights.
A study of the fate of most investments in the continent will reveal that
two of the main causes of conicts
around investments relates to land
compensation and land rights on the
one hand and benet sharing on the
other.
The solution, therefore, is to secure
and clarify land rights and make it
easier to identify the holders of those
rights, put in place mechanisms for negotiations and compensation for those
land rights so that it ensures investors
of peace and stability once their commence their projects.
Addressing this and other issues
like transparency and enhancing the
ght against corruption are key in improving the investment climate and attracting investors in larger numbers to
the country.
Dr. Odote is a senior lecturer,
University
of
Nairobi
VIEWS FROM ABROAD

Delays retard development
Opinions fom aound the wold

Womens fund long overdue
Stop police abuse of power
The issue of delays in implementing many

government projects took centre stage at
the recent National Leadership Retreat.
Some contractors had packed their bags
and left midway,
THE NEW TIMES
KIGALI
other projects were
found to have been poorly designed after
implementation had begun, necessitating
major changes at an extra cost. This should be
a wakeup call to Parliament and other bodies
with oversight mandate: Get out there as
there must be many projects wallowing in
neglect. It should not take another retreat to
point accusing ngers. Parliament should act
urgently.
Governments plan to set aside a micro-loan

to boost womens enterprises should be a
fortune-changer. The fund should be wellplanned and executed if it is to benet the
majority of Ugandas
DAILY MONITOR
KAMPALA
women. Sadly,
even when women are largely known to be
breadwinners in most families in Uganda,
their control of nancial resource is negligible.
Hence conditions for this micro-credit facility
should be well-spelt out, beneciaries clearly
classied, and modalities of disbursement
made crystal clear. Short of this the fund risks
running into problems that have plagued
similar government-sponsored funds.
Just before President Jacob Zuma appeared

in Parliament last Thursday, ve unidentied
ofcers claiming to be from the VIP protection
unit assaulted a Media24 photographer
and forced him to
MAIL & GUARDIAN
JOHANNESBURG
delete some images.
Harassing and assaulting journalists are
usually attempts to cover up and destroy
evidence of unlawful conduct. The questions
are: Why the need to protect Zuma? What is
he being protected from? Are we willing to
sacrice freedom of the media and violate
rights to protect one man? ANC leaders who
tacitly encourage unlawful conduct for narrow
political interests will come to regret it.
15
EDITORIAL & OPINION
Afica can tun its ideas into competitive poducts

SNDUBUISI EKEKWE
INNOVATION
pportunity is on the rise

in Africa. New research,
funded by the Tony Elumelu Foundation and conducted by
a team at the African Institution
of Technology, shows that within
Africa, innovation is accelerating
and the continent is nding better ways of solving local problems,
even as it attracts top technology
global brands.
But despite this progress, Africa
remains challenged by factors that
indirectly stymie access to capital,
including property rights, poor
technical manpower and inadequate infrastructure. We have seen

inventions - such as a local company that turns automobile engines
into electric power generators. But
ways to invest to scale such inventions have not been evident. Some
operate in the informal economy,
without government registration,
IP rights, or access to banking. Investors subsequently have a dicult
time calculating their valuations.
Getting over these hurdles will
help Africa move from this invention economy lots of ideas, but
lack of scalable products into an
innovation economy, with competitive products and services.
Letters
Insight from workshops in

more than 82 African universities
and companies and ongoing data
collection, reveals the following
clusters:
Information and communications technologies: ICT is driving
eciency in business operations
across Africa from mobile payments to integrated banking systems. Major clusters are forming
in Lagos, Nairobi and Kigali.
Local craft: Africa is a land of
craft, with local artisans involved
in leather works for shoes, bags and
fashion. But participants are poorly trained and produce low quality
products. The sector needs mod-
ernisation, and improve design.

Health care and medicine: Cape
Town and Ibadan are promising
clusters for this sector, but most
African countries have yet to seriously invest in the sector.
Engineering and science: There
is a need to nd eective local solutions to process and preserve
food. The same applies to aordable housing, energy and water.
The era of Internet of Things will
unlock opportunities in this sector.
The presence of IBM in Kenya will
seed future startups in this sector.
Ekekwe is a founder of the nonprot African Institution of Technology.
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 bdfeedback@ke.nationmedia.com
Chairman has no powerful role at Central Bank
write in response to an article

titled CBK to get powerful
chairman, which was published in the Business Daily of
March 12. The gist of that article
was eloquently expressed in the
rst paragraph; which stated that
the looming appointment of a
substantive Central Bank of Kenya (CBK) chairman with powers
of over the governor could usher
in a period of unprecedented turbulence in the key economic policy
organ.
That critical statement, which
is expounded on in the rest of the
article is not only misleading in
terms of the law but also a misrepresentation of the intention of the
previous Parliament which created
the position of board chairperson
distinct from that of Governor of
the Central Bank.
Section 4(1) of the Central
Bank of Kenya Act [Chapter 491
of the Laws of Kenya] states that
the principal object of the Bank
shall be to formulate and implement monetary policy. At Section
4D, the Act proceeds to create the
powerful Monetary Policy Advisory
Committee; which the chairperson
of the Board is not a member of.
In actual fact, the CBK Board
chairperson is not the all-powerful statutory creature that the article paints.
He or she is merely one of seven
members of the board in the same
way that the Governor is also a
member; with the only dierence
being that in the event of a tied
vote the chairperson casts the deciding or second vote. However, it
The Central Bank of Kenya: The law is clear on the roles and authority of the
chairman and the governor. FILE
should also be borne in mind that
any member of the board can act
as the chairperson in the absence
of the chairperson at any meeting
and upon a vote to that eect.
The CBK board itself is constrained under Section 10 of the
Act to only determining the general policy and general objectives
of the Bank and reviewing the performance of the Bank, the performance of the Governor and allocating and monitoring the resources
of the Bank.
The Board is expressly barred
under Section 10 from interfering
in Monetary Policy which is at the
heart of the Banks activities.
Section 13(3) of the Act gives the
CBK Governor wide powers and
discretion which are limited only
by the general Policy decisions of
the board.
The board cannot, in law, and
does not, in fact, interfere with

the day to day running of the
Bank, even in the areas in which
it is allowed to formulate policy
directions.
It is, therefore, entirely untrue
and indeed utterly irresponsible for
the Business Daily to characterise
the chairperson as somehow having powers over the governor.
Those powers, which are purely
general in nature, are exercised by
the CBK board collectively through
majority vote and not by the chairperson unilaterally.
The previous Parliament voted
to create the position of chairperson
separate from that of the governor.
A reading of the relevant extracts
of the Hansard of the National Assembly shows that the underlying
thinking behind that decision was
that there needed to be greater independent oversight and perform-
ance monitoring of the Bank and

the governor. Curiously, the article
does not reference the origins and
thinking behind the amendment
that created the position of chairperson as it exists today.
Much is made in the article
about the likelihood of the gravitas of a chairperson who is competitively recruited resulting in a
clash of egos at the CBK. Even if
this were to somehow occur, the
law is clear on the roles and authority of both the chairperson and the
governor.
The alarmist prediction that
there will be a paralysis and a crisis at the helm of the CBK holds
no water.
The article also references other
jurisdictions which have the Governor playing the dual-role. Kenya
has abandoned that position due to
the need to cater our laws and operations to our own unique circumstances and experiences. While we
can be guided by and learn lessons
from so-called international best
practices, we should never robotically apply the same without regard
for the needs on the ground.
No doubt sensationalism sells.
Catchy headlines and articles that
proceed to warn about the sky falling down on our heads is a sure
recipe for increased circulation.
The Business Daily can and
should do better in future.
KEN W. KIHARA
Secretary,
Liaison, Parliament and Commissions, Executive Ofce of
the President
Execution of the
development
budget needs
to be impoved
JOHN MUTUA
BUDGET
he budget has been expanding in the

last ve nancial years. It increased
from Sh998.8 billion in 2010/11 to
Sh1.773 trillion in 2014/15, an average growth
rate of 15.6 per cent. This massive budget may
mean dierent things to many people.
But wait a minute, how has the government performed in budget implementation?
Does a burgeoning budget necessarily mean
better service delivery?
The Institute of Economic Aairs used the
Oce of Controller of Budget Annual Implementation Report 2013/14 in an attempt to
answer the above question. This analysis focused only on the National Government.
The report shows that the government
failed to spend Sh308.3 billion, that is, 27 per
cent of its annual budget of Sh1.135 trillion
by the end of 2013/14 that was surrendered
to the Treasury. Although a slight improvement from the previous nancial year, the
story was more or less similar.
The lion share of what was unutilised
is development budget. For example, out
a budget of Sh463.6 billion in 2013/14, only
52 per cent was utilised well below the 80
per cent target compared to 55 per cent of
Sh396.6 billion in 2011/12 implying that the
government has been spending less and less
of this amount.
Delays
In fact, development budget accounted for
almost 70 per cent of total unspent funds
by end of 2013/14. Low spending leads to
delays in completion of projects such as
road construction and general lack of service delivery.
Therefore, increasing budgetary allocations without quality spending translates
to poor results and thus why parliamentarians, the media and the public in general
should pay closer attention to budget implementation.
As we gear up to Budget 2015/16 and in the
future, the government needs to scale down
all projections of donor disbursement for a
more accurate budget planning. This should
apply to slowest spending ministries.
Secondly, the government and donors
not only need to hold regular consultations
and meetings to discuss progress of donornanced projects but also to amend procurement law in order to harmonise their procurement procedures.
Finally, the Oce of the Controller of
Budget should present disaggregated revenue information into individual tax heads
to facilitate better analysis and interpretation
and in turn promote budget transparency
as captured in past reports, for instance the
2011/12 one.
Mr Mutua is programme ocer for budget
analysis at the Institute of Economic Aairs,
a think tank.
16
NEWS INDEPTH
NEWS INDEPTH
Threats
African wetlands cover more than 131m hectares.
They are experiencing threats across the
continent.
The prospect of immense prots from oil, coal
and gas deposits has led to a rise in exploration and
mining in sensitive ecological areas.
Developments in Lamu, Kenya, are set to take
place in the Indian Ocean Rims most important
mangrove area and sheries breeding ground.
In KwaZulu-Natal of S Africa, heavy mineral
sands are located in important forest ecosystems.
In East Africa, oil discoveries have been made
in the Congo Basin rain forest and the Virunga
National Park.
The Okavango Delta in Botswana is shrinking
due to drier climate, increased grazing and growing
pressure from tourism.
Why safeguading Aficas

shinking wetlands is
quite a daunting task
ENVIRONMENT
Resource
experiencing
immense
pressure from
agriculture,
climate change,
settlements,
excessive
exploitation
by local
communities
and improperlyplanned
development
activities
African wetlands are among the most biologi- discoveries have been made in the tropical Congo
cally diverse ecosystems on the continent, cov- Basin rain forest and the Virunga National Park
ering more than 131 million hectares, according a world heritage site and a wetland recognised
to the Senegalese-based Wetlands International under the Ramsar Convention.
The Okavango Delta in Botswana, one of AfAfrica (WIA).
Yet, despite their importance and value, wet- ricas most important wetlands and designated
land areas are experiencing immense pressure as the 1,000th world heritage site by UNESCO,
across the continent. Commercial dehas been home to many threatened
velopment ranks as the major threat
species and the main water source of
for the draining of wetlands, including
regional wildlife in Southern Africa.
for tourism facilities and agriculture,
Yet it is shrinking due to drier climate,
This delta is a
increased grazing and growing preswhere hundreds of thousands of hectue oasis in
sure from tourism.
tares of wetlands have been drained.
the middle of
This delta is a true oasis in the
Other threats to Africas wetlands
middle of the bone-dry Kalahari Sand
are commercial agriculture, settlethe bone-dy
ments, excessive exploitation by local
Kalahai Sand Basin, a rare untouched wilderness
communities and improperly-planned
thats been preserved by decades of
Basin
development activities.
border and civil wars in the Angolan
catchment, said National Geographic
The prospect of immense prots
STEVE BOYES
from recently discovered oil, coal and
explorer Steve Boyes in an interview.
NATIONAL GEOGRAPHIC
gas deposits has also led to an increase
Many people along the Okavango
EXPLORER
in on-and oshore exploration and
River live like communities did some
400 years ago and from them I think
In Nigeria, Guinea-Bissau and Mozambique, for we can learn a lot about how to be better stewards
example, wetlands and estuaries coincide with of the natural world.
Boyes calculated the abundance of life in the
fossil fuel deposits and related infrastructure
delta: more than 530 bird species, thousands of
developments.
In northern Kenya, port developments in Lamu plant species, 160 dierent mammals, 155 reptiles,
are set to take place in the West Indian Ocean scores of frogs and countless insects.
Rims most important mangrove area and sherEverywhere you look you nd life. We suries breeding ground. In KwaZulu-Natal and the veyed bats and we found 17 species in three days.
Eastern Cape of South Africa, heavy mineral sands We started looking for praying mantises and
are located in important dune forest ecosystems, found 90 dierent species, he said. A recent surand gas is being prospected for in the water-scarce vey by the Botswana Department of Wildlife and
and ecologically unique Karoo. In East Africa, oil National Parks and the environmentalist group
17
Farmers tend their

rice paddies in Jabana Swamp, Gasabo
District in Kigali
Province. Farming
and human settlements are rapidly
eating into Africas
wetlands. FILE
BirdLife Botswana concluded that the wetlands

historical zones of dense reed beds and water g
islands were largely destroyed by hydrological
changes and re. Bush res and a high grazing
pressure further reduced the natural shores of
the Okavango Delta.
Studies by BirdLife Botswana also showed
that the slaty egret, a vulnerable water bird
living only in Southern Africa, with its main
breeding grounds in the wetlands of Zambia,
Mozambique and Botswanas Okavango Delta,
is now estimated to have a total population of
only about 4,000 birds.
Losing breeding sites

The egret, which is listed on the IUCN Red List
of Threatened Species as vulnerable, seems to be
losing its main breeding sites in the Okavango.
Environmentalists hope that they can still save
the wetland, and pin their hopes on a Slaty Egret
Action Plan which will be used by the Botswanas Department of Wildlife and National Parks,
BirdLife and other environment stakeholders to
guarantee the survival of the Okavango Delta as
a safe haven for the birds.
In a further step to save the wetlands, the
Botswana government announced this month
that from now on, seekers of mobile safari licences would be prohibited from operating in
the Okavango Delta because the area in now
congested.
The Botswana Guides Association, which
represents many of the mobile safaris, is threatening to appeal.
In 2013, a Dutch court found the Nigerian
subsidiary of Shell culpable for the pollution of
farmlands at Ikot Ada Udo in Akwa Ibom state
in the coastal south of the country.
The Niger Delta is Africas largest delta, covering some 7,000 square kilometres one-third
of which is made up of wetlands. It contains the
largest mangrove forest in the world.
Assisted by environmental organisation
Friends of the Earth, the court ruling was a
victory for the communities in the Niger Delta
after years of struggle against the oil company
dating back 40 years, although the clean-up still
has far to go.
Destruction of wetlands is prevalent in almost all countries in Africa because the driving
factor is the same population pressure many
mouths to feed, ignorance about the role wetlands
in playing in the ecosystem, lack of policies, laws
and institutional framework to protect wetlands
and in cases where these exist, they are hardly
enforced, John Owino, Programme Ocer for
Water and Wetlands with the International Union for Conservation of Nature (IUCN) told IPS
from his base in Nairobi, Kenya.
- IPS
Laws to potect maine esouces still a long way o
egislation to protect ocean areas

beyond national borders is moving dangerously slowly, a summit on ocean resources has heard.
The meeting heard that many oceanic resources, such as sh stocks, minerals and coral reefs, need to be legally
protected as soon as possible.
Marine resources in many areas are
covered by UN convention on the law of
the sea, but this does not contain provision for resources in sea areas beyond
national jurisdictions, commonly called
the high seas.
Because of this, such resources are
especially vulnerable to exploitation as
they are not governed by specic laws,
participants heard.
Concerns were also raised that developing countries could miss out on
resources from the deep ocean as this
area is often only accessible to nations
with advanced and damaging extraction technologies. The summit by
the UNs Food and Agriculture Organization (FAO) ran from 17 to 20 February
in Rome, Italy.
There has been some progress on
the issue, with the UN-established International Seabed Authority granting
at least 26 deep sea mineral prospecting
licences to seven countries in 2014.
The process to determine whether
it would be helpful to create a broader
it then takes you a decade to go through

a process to create an international legal instrument.
The decline of ecosystems in ocean
waters beyond national borders disproportionately aects small island states,
whose marine biodiversity depends on
healthy open seas, the conference heard.
According to the FAO, around 300 million people depend on the high seas for
their livelihood, and protecting these
resources is part of the draft Sustainable Development Goals.
Damage the environment
A man steers a boat at Mida Creek near Malindi. Marine resources are vulnerable to
exploitation as they are not governed by specic laws. FILE
protective law for the high seas started last month under the coordination
of the Global Environmental Facility
(GEF), an independent partnership
that addresses environmental issues.
To begin this process, GEF has created a
committee to assess the need for such a
framework and what it might cover.
But this committee is not expected to
make recommendations until the end
of 2017. Only then will the UN decide,

sometime in 2018, whether it wants
to formally start developing a legal
framework.
This is despite the fact that in documents the language is always urgent,
urgent, urgent, says Liesbeth Lijnzaad,
a representative for the Netherlands in
cases before the International Tribunal
for the Law of the Sea. This is a bit o, if
Smaller states without the capacity to

access resources deep under the high
seas also lose out on scientic discovery, resource exploitation and shing,
conference participants warned. This
is becoming a problem as new hi-tech
activities such as deep sea mining, oil
drilling and geoengineering damage the
environments before less developed nations have a chance to explore them, the
conference heard. One problem is that
high sea resources are solely dened
as mineral resources under the current law of the sea, says Eden Charles,
the UN ambassador for Trinidad and
Tobago.
But a lot of biodiversity is found in
these areas, he says. They should be
explored and exploited in a sustainable
Austalia fames
in battle fo suvival
amid biting dought
On the road to Walgett a sign welcomes
visitors: Farming is not a way of life, it
keeps everyone alive. But with drought
taking a heavy toll on the region, farming has become a battle for survival.
The Australian agricultural town,
which takes its name from the Aboriginal word meaning the meeting of
two rivers, is in the grip of the worst
drought in a century, with disillusioned
farmers battling to stay aoat.
Three wet seasons have come and
gone with hardly a drop of rain. Green
oodplains have become endless expanses of cracked brown earth. Along
roads lined with wooden stakes set up
to measure water levels, instead plumes
of dust rise between the feet of passing emus. The horizon shimmers in a
haze of heat.
Its a game of chess in every direction to try to survive -- its a game
of survival, Wayne Newton, a farmer
from the remote town some 650 kilometres (400 miles) northwest of Sydney, told AFP. The mornings are the
worst because you dont know whats
in front of you and you know its going to be a gruelling day. What really
gets you down is if youve got to put a
cow down or something thats been
too aected. It just builds, the constant
pressure and no relief. Chris Clemson,
who has helped farmers sell their livestock for almost two decades, said even
hardened and experienced landowners
were struggling.
Ive had some really big, solid farmers say to me if it doesnt rain, theyll
have to walk, he said.
Australia one of the worlds largest red meat producers and exporters
had its hottest year on record in 2013,
while last year was third warmest.
Climate change
This is putting fresh strain on farmers
in areas like Walgett, in the southeastern state of New South Wales. The region was hit by drought for most of the
rst decade of this century.
The current dry period spans NSW
and Queensland an area bigger
than France. We had droughts 2001-
manner, for the benet of the international community as a whole. Meanwhile, the UN negotiations on creating a
legal framework for the high seas could
be stalling even before the committee
reports its recommendations.
Countries participating in the discussions disagree over whether new legislation is needed or whether existing
laws need to be better implemented.
One insider in the talks told the conference that this could be a major stumbling block, further delaying action.
Biliana Cicin-Sain, a policy adviser
to the UN and president of the Global
Ocean Forum, an independent organisation focused on improving ocean
governance, also criticised the slow
procedure. She pointed out that the
UN Conference of the Parties to the
UN Convention on Biodiversity raised
alarm over the state of the high seas
during its Kuala Lumpur conference
in 2004.
Nations are increasingly aware
of the role they play in managing [the
high seas] as stewards of the oceans,
she says.
But the legislative process around
this must take into account national
and regional initiatives and laws, and
this is bound to take time, Cicin-Sain
adds.
- WWW.SCIDEV.NET
to 2007, published in 2012, found clear

evidence to support a 15 percent increased risk of suicide for rural men
aged between 30 and 49 as farming
conditions worsen.
Trevor Hazell, a rural mental health
expert at the University of Newcastle,
said what was missing were longerterm studies on the impact of living
under drought conditions.
There is social research during
the time of drought, but as soon as the
drought breaks, the research stops,
he said.
Financia problems
A home in the Adelaide Hills of Australia. Some parts of the country are in the grip of
the worst drought in a century. AFP
08, then we had three years o and
then we are back in it again, said Bill
Murray, whose family has farmed a
large tract of land about an hours
drive west of Walgett for 150 years.
And thats hard.
Adding to their despair, an Australian study last year forecast climate
change would lead to less rainfall in
the nations south -- and more severe
droughts.
Salvation Army rural chaplain
Lloyd Graham said communities in
Walgett and in the town north, Lightning Ridge, were very low in spirits.
You have husband and wife at each

others throats and you have families
that are bickering about it, and the
drought causes that much stress that
it all comes out in the open, he said.
But the increased availability of
mental health services has helped
struggling families to cope this time,
he added.
While there are no known cases of
suicide in Walgett due to drought, it is
a big issue for rural communities in
the country. An Australian National
University study on the link between
suicide and drought in NSW from 1970
With 80 percent of the Walgett areas income coming from agriculture, Murray
has watched locals increasingly struggle with nancial as well as emotional
problems during his recent three-year
stint as mayor.
In 2010-11, this shire was the thirdhighest in agricultural production in
NSW, Murray said as temperatures of
40 degrees Celsius (104 degrees Fahrenheit) scorched his property.
(Now) we are at the bottom of
the list. Weve gone from a rooster
to a feather duster. Walgett, home to
the largest grain depot in the southern hemisphere, now produces no
wheat.
Just over a decade ago, the area
had 1.2 million sheep and 89,000 cattle. Now there are 200,700 sheep and
23,000 cattle, Clemson said.
- AFP
16
NEWS INDEPTH
NEWS INDEPTH
Threats
African wetlands cover more than 131m hectares.
They are experiencing threats across the
continent.
The prospect of immense prots from oil, coal
and gas deposits has led to a rise in exploration and
Developments in Lamu, Kenya, are set to take
place in the Indian Ocean Rims most important
mangrove area and sheries breeding ground.
In KwaZulu-Natal of S Africa, heavy mineral
sands are located in important forest ecosystems.
In East Africa, oil discoveries have been made
in the Congo Basin rain forest and the Virunga
National Park.
The Okavango Delta in Botswana is shrinking
due to drier climate, increased grazing and growing
pressure from tourism.
Why safeguading Aficas

shinking wetlands is
quite a daunting task
ENVIRONMENT
Resource
experiencing
immense
pressure from
agriculture,
climate change,
settlements,
excessive
exploitation
by local
communities
and improperlyplanned
development
activities
African wetlands are among the most biologi- discoveries have been made in the tropical Congo
cally diverse ecosystems on the continent, cov- Basin rain forest and the Virunga National Park
ering more than 131 million hectares, according a world heritage site and a wetland recognised
to the Senegalese-based Wetlands International under the Ramsar Convention.
The Okavango Delta in Botswana, one of AfAfrica (WIA).
Yet, despite their importance and value, wet- ricas most important wetlands and designated
land areas are experiencing immense pressure as the 1,000th world heritage site by UNESCO,
across the continent. Commercial dehas been home to many threatened
velopment ranks as the major threat
species and the main water source of
for the draining of wetlands, including
regional wildlife in Southern Africa.
for tourism facilities and agriculture,
Yet it is shrinking due to drier climate,
This delta is a
increased grazing and growing preswhere hundreds of thousands of hectue oasis in
sure from tourism.
tares of wetlands have been drained.
the middle of
This delta is a true oasis in the
Other threats to Africas wetlands
middle of the bone-dry Kalahari Sand
are commercial agriculture, settlethe bone-dy
ments, excessive exploitation by local
Kalahai Sand Basin, a rare untouched wilderness
communities and improperly-planned
thats been preserved by decades of
Basin
development activities.
border and civil wars in the Angolan
catchment, said National Geographic
The prospect of immense prots
STEVE BOYES
from recently discovered oil, coal and
explorer Steve Boyes in an interview.
NATIONAL GEOGRAPHIC
gas deposits has also led to an increase
Many people along the Okavango
EXPLORER
in on-and oshore exploration and
River live like communities did some
400 years ago and from them I think
In Nigeria, Guinea-Bissau and Mozambique, for we can learn a lot about how to be better stewards
example, wetlands and estuaries coincide with of the natural world.
Boyes calculated the abundance of life in the
fossil fuel deposits and related infrastructure
delta: more than 530 bird species, thousands of
developments.
In northern Kenya, port developments in Lamu plant species, 160 dierent mammals, 155 reptiles,
are set to take place in the West Indian Ocean scores of frogs and countless insects.
Rims most important mangrove area and sherEverywhere you look you nd life. We suries breeding ground. In KwaZulu-Natal and the veyed bats and we found 17 species in three days.
Eastern Cape of South Africa, heavy mineral sands We started looking for praying mantises and
are located in important dune forest ecosystems, found 90 dierent species, he said. A recent surand gas is being prospected for in the water-scarce vey by the Botswana Department of Wildlife and
and ecologically unique Karoo. In East Africa, oil National Parks and the environmentalist group
17
Farmers tend their

rice paddies in Jabana Swamp, Gasabo
District in Kigali
Province. Farming
and human settlements are rapidly
eating into Africas
wetlands. FILE
BirdLife Botswana concluded that the wetlands

historical zones of dense reed beds and water g
islands were largely destroyed by hydrological
changes and re. Bush res and a high grazing
pressure further reduced the natural shores of
the Okavango Delta.
Studies by BirdLife Botswana also showed
that the slaty egret, a vulnerable water bird
living only in Southern Africa, with its main
breeding grounds in the wetlands of Zambia,
Mozambique and Botswanas Okavango Delta,
is now estimated to have a total population of
only about 4,000 birds.
Losing breeding sites

The egret, which is listed on the IUCN Red List
of Threatened Species as vulnerable, seems to be
losing its main breeding sites in the Okavango.
Environmentalists hope that they can still save
the wetland, and pin their hopes on a Slaty Egret
Action Plan which will be used by the Botswanas Department of Wildlife and National Parks,
BirdLife and other environment stakeholders to
guarantee the survival of the Okavango Delta as
a safe haven for the birds.
In a further step to save the wetlands, the
Botswana government announced this month
that from now on, seekers of mobile safari licences would be prohibited from operating in
the Okavango Delta because the area in now
congested.
The Botswana Guides Association, which
represents many of the mobile safaris, is threatening to appeal.
In 2013, a Dutch court found the Nigerian
subsidiary of Shell culpable for the pollution of
farmlands at Ikot Ada Udo in Akwa Ibom state
in the coastal south of the country.
The Niger Delta is Africas largest delta, covering some 7,000 square kilometres one-third
of which is made up of wetlands. It contains the
largest mangrove forest in the world.
Assisted by environmental organisation
Friends of the Earth, the court ruling was a
victory for the communities in the Niger Delta
after years of struggle against the oil company
dating back 40 years, although the clean-up still
has far to go.
Destruction of wetlands is prevalent in almost all countries in Africa because the driving
factor is the same population pressure many
mouths to feed, ignorance about the role wetlands
in playing in the ecosystem, lack of policies, laws
and institutional framework to protect wetlands
and in cases where these exist, they are hardly
enforced, John Owino, Programme Ocer for
Water and Wetlands with the International Union for Conservation of Nature (IUCN) told IPS
from his base in Nairobi, Kenya.
- IPS
Laws to potect maine esouces still a long way o
egislation to protect ocean areas

beyond national borders is moving dangerously slowly, a summit on ocean resources has heard.
The meeting heard that many oceanic resources, such as sh stocks, minerals and coral reefs, need to be legally
protected as soon as possible.
Marine resources in many areas are
covered by UN convention on the law of
the sea, but this does not contain provision for resources in sea areas beyond
national jurisdictions, commonly called
the high seas.
Because of this, such resources are
especially vulnerable to exploitation as
they are not governed by specic laws,
participants heard.
Concerns were also raised that developing countries could miss out on
resources from the deep ocean as this
area is often only accessible to nations
with advanced and damaging extraction technologies. The summit by
the UNs Food and Agriculture Organization (FAO) ran from 17 to 20 February
in Rome, Italy.
There has been some progress on
the issue, with the UN-established International Seabed Authority granting
at least 26 deep sea mineral prospecting
licences to seven countries in 2014.
The process to determine whether
it would be helpful to create a broader
it then takes you a decade to go through

a process to create an international legal instrument.
The decline of ecosystems in ocean
waters beyond national borders disproportionately aects small island states,
whose marine biodiversity depends on
healthy open seas, the conference heard.
According to the FAO, around 300 million people depend on the high seas for
their livelihood, and protecting these
resources is part of the draft Sustainable Development Goals.
Damage the environment
A man steers a boat at Mida Creek near Malindi. Marine resources are vulnerable to
exploitation as they are not governed by specic laws. FILE
protective law for the high seas started last month under the coordination
of the Global Environmental Facility
(GEF), an independent partnership
that addresses environmental issues.
To begin this process, GEF has created a
committee to assess the need for such a
framework and what it might cover.
But this committee is not expected to
make recommendations until the end
of 2017. Only then will the UN decide,

sometime in 2018, whether it wants
to formally start developing a legal
framework.
This is despite the fact that in documents the language is always urgent,
urgent, urgent, says Liesbeth Lijnzaad,
a representative for the Netherlands in
cases before the International Tribunal
for the Law of the Sea. This is a bit o, if
Smaller states without the capacity to

access resources deep under the high
seas also lose out on scientic discovery, resource exploitation and shing,
conference participants warned. This
is becoming a problem as new hi-tech
activities such as deep sea mining, oil
drilling and geoengineering damage the
environments before less developed nations have a chance to explore them, the
conference heard. One problem is that
high sea resources are solely dened
as mineral resources under the current law of the sea, says Eden Charles,
the UN ambassador for Trinidad and
Tobago.
But a lot of biodiversity is found in
these areas, he says. They should be
explored and exploited in a sustainable
Austalia fames
in battle fo suvival
amid biting dought
On the road to Walgett a sign welcomes
visitors: Farming is not a way of life, it
keeps everyone alive. But with drought
taking a heavy toll on the region, farming has become a battle for survival.
The Australian agricultural town,
which takes its name from the Aboriginal word meaning the meeting of
two rivers, is in the grip of the worst
drought in a century, with disillusioned
farmers battling to stay aoat.
Three wet seasons have come and
gone with hardly a drop of rain. Green
oodplains have become endless expanses of cracked brown earth. Along
roads lined with wooden stakes set up
to measure water levels, instead plumes
of dust rise between the feet of passing emus. The horizon shimmers in a
haze of heat.
Its a game of chess in every direction to try to survive -- its a game
of survival, Wayne Newton, a farmer
from the remote town some 650 kilometres (400 miles) northwest of Sydney, told AFP. The mornings are the
worst because you dont know whats
in front of you and you know its going to be a gruelling day. What really
gets you down is if youve got to put a
cow down or something thats been
too aected. It just builds, the constant
pressure and no relief. Chris Clemson,
who has helped farmers sell their livestock for almost two decades, said even
hardened and experienced landowners
were struggling.
Ive had some really big, solid farmers say to me if it doesnt rain, theyll
have to walk, he said.
Australia one of the worlds largest red meat producers and exporters
had its hottest year on record in 2013,
while last year was third warmest.
Climate change
This is putting fresh strain on farmers
in areas like Walgett, in the southeastern state of New South Wales. The region was hit by drought for most of the
rst decade of this century.
The current dry period spans NSW
and Queensland an area bigger
than France. We had droughts 2001-
manner, for the benet of the international community as a whole. Meanwhile, the UN negotiations on creating a
legal framework for the high seas could
be stalling even before the committee
reports its recommendations.
Countries participating in the discussions disagree over whether new legislation is needed or whether existing
laws need to be better implemented.
One insider in the talks told the conference that this could be a major stumbling block, further delaying action.
Biliana Cicin-Sain, a policy adviser
to the UN and president of the Global
Ocean Forum, an independent organisation focused on improving ocean
governance, also criticised the slow
procedure. She pointed out that the
UN Conference of the Parties to the
UN Convention on Biodiversity raised
alarm over the state of the high seas
during its Kuala Lumpur conference
in 2004.
Nations are increasingly aware
of the role they play in managing [the
high seas] as stewards of the oceans,
she says.
But the legislative process around
this must take into account national
and regional initiatives and laws, and
this is bound to take time, Cicin-Sain
adds.
- WWW.SCIDEV.NET
to 2007, published in 2012, found clear

evidence to support a 15 percent increased risk of suicide for rural men
aged between 30 and 49 as farming
conditions worsen.
Trevor Hazell, a rural mental health
expert at the University of Newcastle,
said what was missing were longerterm studies on the impact of living
under drought conditions.
There is social research during
the time of drought, but as soon as the
drought breaks, the research stops,
he said.
Financia problems
A home in the Adelaide Hills of Australia. Some parts of the country are in the grip of
the worst drought in a century. AFP
08, then we had three years o and
then we are back in it again, said Bill
Murray, whose family has farmed a
large tract of land about an hours
drive west of Walgett for 150 years.
And thats hard.
Adding to their despair, an Australian study last year forecast climate
change would lead to less rainfall in
the nations south -- and more severe
droughts.
Salvation Army rural chaplain
Lloyd Graham said communities in
Walgett and in the town north, Lightning Ridge, were very low in spirits.
You have husband and wife at each

others throats and you have families
that are bickering about it, and the
drought causes that much stress that
it all comes out in the open, he said.
But the increased availability of
mental health services has helped
struggling families to cope this time,
he added.
While there are no known cases of
suicide in Walgett due to drought, it is
a big issue for rural communities in
the country. An Australian National
University study on the link between
suicide and drought in NSW from 1970
With 80 percent of the Walgett areas income coming from agriculture, Murray
has watched locals increasingly struggle with nancial as well as emotional
problems during his recent three-year
stint as mayor.
In 2010-11, this shire was the thirdhighest in agricultural production in
NSW, Murray said as temperatures of
40 degrees Celsius (104 degrees Fahrenheit) scorched his property.
(Now) we are at the bottom of
the list. Weve gone from a rooster
to a feather duster. Walgett, home to
the largest grain depot in the southern hemisphere, now produces no
wheat.
Just over a decade ago, the area
had 1.2 million sheep and 89,000 cattle. Now there are 200,700 sheep and
23,000 cattle, Clemson said.
- AFP
18
REGIONAL NEWS
TERRORISM Country allegedly using soldiers of fortune against the Boko Haram
Nigeia hies foeign mecenaies

to take on Islamist militant goup
BY ED CROPLEY AND DAVID LEWIS
Nigeria has brought in hundreds of

mercenaries from South Africa and
the former Soviet Union to give its
oensive against Boko Haram a shot
in the arm before a March 28 election,
according to regional security, defense
and diplomatic sources.
Rumours about the use of foreign
soldiers of fortune against the Islamist militant group gained substance
this month when pictures surfaced
on Twitter showing armoured vehicles rumbling along a street in what
was said to be Maiduguri, the regional
capital of Nigerias Boko Haram-hit
northeast.
In one photo that appeared on
Twitter on March 6, a white man in
a khaki tee-shirt and body armour is
shown beside a heavy-calibre machine
gun on top of one of the sand-colored
vehicles as the column drives through
the streets at dusk.
A Reuters reporter with knowledge
of Maiduguri was able to verify the location of the photo as the Bama road,
leading southeast out of the city, near
the University of Maiduguri.
Election campaign posters of Borno state governor Kashim Shettima
hanging from street lights indicate it
was taken recently. The lights, notable
for their ornate ironwork, were only
installed last year.
In conrming the presence of hundreds of foreign military contractors
on the ground, including recently in
the city of Maiduguri, security and diplomatic sources put the total much
higher than the hundred or so previously reported.
Nigerian government spokesman
Mike Omeri declined to comment, referring questions to military spokesman Chris Olukolade, who also de-
Chadian soldiers patrolling in the Nigerian border town of Gamboru after taking
control of the city. Boko Haram attacked the town on February 11 . AFP
clined to respond to multiple requests

for comment.
In an interview with Voice of
America late on Wednesday, President Goodluck Jonathan said two
companies were providing trainers
and technicians to help Nigerian forces. He did not name the rms, or the
nationalities, or give numbers.
But a West African security source
and a South African defense source
said the foreign troops were linked
to the bosses of former South African private military rm Executive
Outcomes.Executive Outcomes was
best-known for its involvement in Angolas 1975-2002 civil war and against
Revolutionary United Front rebels in
an internal conict in Sierra Leone in
1995. It disbanded in 1998, under pressure from the post-apartheid government in Pretoria to curtail mercenary
activities.
The West African security source
said several hundred foreigners were
involved in running major oensive
operations against Boko Haram, and

were being paid around $400 a day
in cash.
Their impact on the ghting so
far could not be quantied, but the
general run of the campaign has seen
the tide turn somewhat against Boko
Haram in recent weeks.
Separately, a South African defense
contractor conrmed to Reuters that
ex-Executive Outcomes leaders were
involved in the deployment, which
comes after the six-week postponement of elections in mid-February due
to the threat from Boko Haram.
One Abuja-based diplomat said the
South Africans were backed by soldiers and hardware from the former
Soviet Union in an alliance against
Boko Haram, which has killed thousands of people in its six-year campaign to establish an Islamic caliphate
in northern Nigeria.
Its an incoherent mix of people,
helicopters and random kit from all
sorts of dierent sources, but there
is an element of internal cohesion

from the Nigerian army, the diplomat said.
It appears to be a desperate ploy
to get some sort of tactical success
up there in six weeks for the electoral boost, the diplomat added.
The numbers of soldiers involved
were in the low hundreds, the diplomat added.
John Stupart, editor of African
Defence Review, identied the troop
carriers as Reva III, manufactured by
a Pretoria-based company called Integrated Convoy Protection.
After reports of South African
military trainers rst surfaced in the
Afrikaans-language Beeld newspaper
in January, Defence Minister Nosiviwe Mapise-Nqakula made clear her
displeasure, saying any deployment
would be illegal under 1998 anti-mercenary laws.
They are mercenaries, whether
they are training, skilling the Nigerian
defense force, or scouting for them.
The point is they have no business to
be there, she was quoted as saying in
domestic media this month.
South Africa bans its nationals
from participating directly in hostilities for private gain. Georgia, seen
as a major source of mercenaries, has
laws before parliament criminalising
participation in a broad range of foreign military activities .Reuters was
unable to reach the former bosses of
Executive Outcomes through military
contacts in South Africa. The appearance of foreign private soldiers comes
four months after Nigerias ambassador to the United States said Washington was not helping the struggle
against Boko Haram, and had failed
to share intelligence and sell Nigeria
the weapons it needed.
-REUTERS
Moment of tuth on Tanzanias Swiss billions

Nearly four years down the road, Tanzanians will nally get to know the
truth about the Swiss billions that are
allegedly hidden in the secret bank
accounts of local politicians, businessmen and public servants.
Attorney General George Masaju
says that the probe report was ready
but the Public Accounts Committee
(PAC) ordered that the ndings be
tabled in Parliament this week.
The report is highly anticipated,
given that it will reveal who owns
what in oshore bank accounts. It
will also set in motion legal action
against the suspects.
PAC earlier asked the Tanzania
Revenue Authority (TRA) and Cen-
tral Bank of Tanzania (BoT) to disclose the measures they had taken
to trace the money. They have not
delivered concrete details and PAC
ordered that the report compiled by
a taskforce led by former AG Frederick Werema be tabled in Parliament
next week.
BoT Deputy Governor Juma Reli
said yesterday that the bank had yet
to take action against leaders with
oshore accounts despite a recent
leak that shows that 99 Tanzanians
have millions of dollars in HSBC bank.
Mr Reli, who declined to name those
believed to have o-shore accounts,
said he was aware that the report was
ready but only the Attorney General
A branch of HSBC Private Bank

(Suisse) in Geneva. FILE
could release it. The Foreign Exchange Act requires that Tanzanians
apply for a permit before they can
open oshore bank accounts, according toBoT Secretary Yuston Tongola.
Judge Masaju told editors in Dar es

Salaam last month that the nal report would be tabled in Parliament
any time and the House would then
debate the document and decide on
the next course of action.
The AGs revelation came in the
wake of leaked data that showed
that 99 Tanzanians wired $114 million (Sh205 billion) to HSBC Bank in
Switzerland from 2006 to 2007. But
that amount hardly comes close to
the $1billion that has reportedly been
stashed away yearly from Tanzania in
the form of capital ight, tax evasion
and money laundering.
-THE CITIZEN
BRIEFING
DARESALAAM
Donors agree to release $44m
promised aid to Tanzania
Donors have agreed to release part of the
$500 million of promised budget support
to Tanzania that was withheld after an energy sector graft scandal that led to three
cabinet ministers resigning. The donor
group, including the World Bank and the African Development Bank, said it would give
Tanzania $44 million immediately, leaving
a balance of $428 million pledged for Tanzanias 2014/15 budget year, which ends
on June 30. In October donors said they
would delay the payment until Tanzania investigated the alleged corruption and took
action. Tanzania, which has made big discoveries of natural gas and hopes to start
large-scale production.
JOHANESBURG
Eskom CEO is suspended over
inquiry on struggling company
South Africas state-owned power company Eskom has suspended its chief executive and three other top ofcials as its board
launched an inquiry into the troubled utility
after a series of crippling blackouts.
Eskom has been struggling to keep the
lights on in Africas most advanced economy since November with consumer demand repeatedly eclipsing supply.
To ensure that this process is as transparent and uninhibited as possible, the board
has also resolved that four of its senior executives... should step down for the duration of this enquiry, said Eskom Chairman
Zola Tsotsi.
PARIS
Smoker numbers declining
in many parts of the world
Smoker numbers are declining in many

parts of the world, but upward trends in
African and Mediterranean countries mean
the global total will not change much over
the next 10 years, researchers said Friday.
The World Health Organization (WHO) estimates that about six million people die
around the world every year from smokingrelated causes more than ve million
from direct tobacco use and the rest from
second-hand smoke. About 80 percent of
the worlds one billion smokers, it says, live
in low- and middle-income countries.
KHARTOUM
Sudan says its not scared of ICC
threat, shrugs off tribunal move
Sudan said it was not scared of the International Criminal Court and dismissed the tribunals move to report it to the UN Security
Council as a sign of failure. The ICC said on
Monday that Sudan had failed to cooperate
in its war crimes investigation of President
Omar Hassan al-Bashir and it would ask the
Security Council to take unspecied measures in response. Sudan information minister and government spokesman Ahmed
Bilal Osman told the Sudanese Media Centre website, which has close links to state
security: The ICC is aware that it doesnt
scare Sudan, Osman said.
19
MONEY & MARKETS

Repieve fo ms
as Comesa favous
lowe mege fees
NSE closes
tade week 21
points lowe
BY CHARLES MWANIKI
COST Kenyan companies stand to benet
as fees are reviewed from Sh44 million

lion ($500,000) and 0.5 per cent of the
merging parties combined turnover
Companies eyeing the regional mar- in the Comesa region. If successful, the
ket through mergers and acquisitions reduction in the ling fees for merger
may get a reprieve as Comesa considers and acquisition fees will bring further
lowering by up to 60 per cent the fees relief to rms eyeing new opportunicharged to approve such deals.
ties in the region.
Sindiso Ngwenya, secretary-general
The Comesa Competition Comof the Common Market for Eastern and mission last year revised its rules so
Southern Africa (Comesa), said many that the fee would only apply to mergcompanies have raised
ers that aect at least
concern over the Sh44 miltwo of the 19 markets
lion ($0.5 million) notiand for rms with a
This means thee combined turnover
cation fees and called for
a review.
shall be an incease of $5 million (Sh440
He said Comesa was
in the numbe of million).
considering passing a recThat means mergnotications by
ommendation to reduce the
ers involving small
mergers and acquisitions
ms involved in companies with no
fees to $0.2 million (Sh17.6
cross-border operameges...
tions will only be remillion). The lower fee
quired to pay the fee
would make it particularly
SINDISO NGWENYA, COMESA
easier for medium-sized encharged by national
SECRETARY GENERAL
tities that may nd the curcompetition authorirent Sh44 million high.
ties such as the ComThis means there shall be an petition Authority of Kenya, which
increase in the number of notica- had sought a legal opinion on the
tions by rms involved in mergers suitability of the Comesa charges for
and acquisitions that subscribe to the fear that they would hinder consolidaComesa Competition Commission, tion in the region.
Under the new guidelines, any party
Mr Ngwenya said.
Currently, the ling fee stands at interested in merging with or acquirwhichever is lower between Sh44 mil- ing another within Comesa will now
BY ALLAN ODHIAMBO
NUMBERS
888,000
Sh
The amount that the CAK

wants Comesa merger and
acquisition fee reviewed to.
be required to notify the commission

of the transaction four months prior to
the completion of the deal so as to allow
the commission to assess the planned
merger or acquisition. However, if the
Commission is not able to complete the
scrutiny within the time frame, it can
seek an extension of up to 30 days.
Wangombe Kariuki, director-general of the Competition Authority of
Kenya (CAK), last year welcomed the
reviewed guidelines but proposed
further changes especially on the
fees charged on notications and the
transaction time lines. Mr Kariuki said
mergers should be based on cost analy-
Competition Authority of Kenya director-general Wangombe Kariuki. The

authority supports a downward review
of fees. SALATON NJAU
sis and not be a means of revenue generation while transaction review time
lines should slashed to about 60 days
and not the four months given.
We shall advocate a review of the
guidelines so that the merger fee is lowered to $10,000 (Sh880,000) as per international standards, he added.
The CAK was last year given the
go-ahead by Attorney-General Githu
Muigai to clear local mergers and
acquisitions so as to protect local
companies as opposed to the Comesa
commissions move to do so in all its
member states.
The merger and acquisition rules
in Comesa have also been criticised
for locking out small rms especially
those in countries without competition
authorities. In East Africa, only Kenya
and Tanzania have national competition authorities.
aodhiambo@ke.nationmedia.com
The Nairobi Securities Exchange

(NSE) closed 21 points lower for the
week on Friday as the index paid the
price for limited price gains among the
bigger counters in the bourse.
The NSE 20-Share Index ended
the week at 5,350 points compared
to 5,371 the previous week, while the
NSE All-Share Index was up marginally from 171.6 points to 172.
BOC Gases was the weeks top
gainer, up 8.8 per cent to Sh148, followed by Nation Media Group, which
closed higher by 7.8 per cent at Sh248.
Flame tree Group, buoyed by the announcement that it was taking over
snack and spice manufacturer Chirag
Kenya on Thursday, was next on the
top gainers list. It was up 6.3 per cent
to Sh9.30.
Big cap counters such as Safaricom, EABL, KCB and Equity Bank
saw movement of less than two per
cent in share price, with Safaricom
unchanged at Sh15.80 a share.
On the losing end, CIC Insurance
saw its price decline by 16.8 per cent
to Sh9.40, followed by Home Afrika
which slid to an all-time closing low
of Sh3.10, having shed 12.7 per cent
during the week.
Brokers on NSE trading oor. FILE
Agicultue ministy poposes VAT waive to spu tea eanings

BY GERALD ANDAE
The ministry of Agriculture has proposed to waive value added tax (VAT)
and reduce ad valorem levy charged on
Kenyan tea in order to make the beverage competitive in the wake of a slump
in world prices.
Agriculture principal secretary Sicily Kariuki (right) said last week that
the tax ad valorem levy - which is a tax
charged on the value of tea - would be
reduced from one to 0.75 per cent following an outcry from the industry.
The proposals, Ms Kariuki said, have
been included in the in new draft tea
regulations and have been submitted to
the oce of the Attorney General.
We have proposed for the reduction of the ad valorem tax and a waiver
on VAT following complaints from the
stakeholders, said Ms Kariuki.
She said the 0.75 per cent was arrived at after a meeting with the stakeholders that involved ocials from the
tea directorate, a division within the
ministry of Agriculture.
Ms Kariuki said her ministry had
also forwarded a request to the National
Treasury for consideration for a waiver
of VAT on locally sold tea for inclusion
in the 2015/16 nancial year.
The waiver will spur local tea
sales hence increase local consumption, she said.
Kenyans consume less than 10 per
Tea consumption
According to the Kenya Tea Board
statistics, local consumption of tea in
December last year dropped to two million
kilogrammes, down from 2.4 million kg the
previous month.
Kenya is the leading exporter of black tea
to the United States.
cent of the local tea, with 90 per cent
nding its way to the world market,
making the country a leading exporter
followed by India and China.
She said that the tea directorate
has also made proposals that would
see changes related to licensing of tea
dealers in order to reduce the cost of
doing business. The stakeholders in the

tea sector have been complaining about
the taxes saying that they had made
Kenyan tea uncompetitive in the wake
of low prices in the world market.
Our tea has just become uncompetitive in the market because of all
these levies. Other teas trading at the
auction are cheap because these taxes

are not levied on their commodity,
said Mr Peter Kimanga, a director at
the Global Tea Commodities.
He noted that the taxes have a discriminative eect on Kenya teas compared to the other eight countries offering the produce through the same
auction.
Mr Kimanga told the Business
Daily that the levies have slowed Kenyas bid to benet from value addition,
which is what the market is current
demanding.
Packers who want to venture into
value addition for export have been
hindered by these levies, said Mr Kimanga.
20
MONEY & MARKETS
Shilling set to hit low of 94.40 units against dolla this yea
BY CHARLES MWANIKI
The shilling will depreciate to about

Sh94.40 to the dollar this year as the
US currency strengthens, economists
at Barclays Africa say.
Barclays projection is similar to that
of institutional research teams from
Citi, Consensus Economics Forecast
and Standard Bank (SA) which have
variously put the expected exchange
level by year end at between 93.80 and
95 units to the dollar.
We expect that the shilling is going
to weaken to the mid-94 range. However, the context of the depreciation is very
important because looking at the global
forecast of currencies against the dollar, all are expected to weaken whether
in the Eurozone, Asia or Africa, said
Barclays head of Africa macroeconomic

and strategy research Je Gable.
Some currencies around Africa may
however depreciate by an even bigger
margin than Kenyas.
Therefore the shillings depreciation would actually be very modest
in the grand scheme of things, said
Mr Gable.
The Barclays research shows that
the shillings projected depreciation
will not be as pronounced as is being
portrayed by those hedging currencies
in the market.
Those hedging are projecting the
Kenya unit at Sh97.10 by year end,
indicative of the general pessimism
around African currencies this year in
light of falling commodity prices, but
also indicating that there is optimism
Depreciation
Data from African Alliance Investment
Bank covering 25 economies says the
shilling is the second best performer
against the dollar in Africa.
It depreciated by 1.2 per cent.
Regional peers fared worse than
Kenya.
Tanzania was 5.6pc down, Uganda
10.6pc, Rwanda 2.4pc and Egypt 5.6pc.
on the recovery levels of the US currency. Data from African Alliance Investment Bank covering 25 economies
for the year to date shows the shilling
as the second best performer against
the dollar even with a depreciation of
1.2 per cent after Malawis Kwacha
which is 7.3 per cent weaker.
Regional peers have fared worse

than Kenya to the dollar, including
Tanzania (5.6 per cent down), Uganda
(10.6 per cent), Rwanda (2.4 per cent)
and another key trading partner, Egypt
(5.6 per cent).
The South Africa rand is 4.9 per cent
down to the dollar this year, while the
Cement sales
ise by a fth on
obust popety
development
Health m gets Sh9m

loan, plans expansion
BY JOHN GACHIRI
CONSUMPTION Uptake of building
material up by 19pc from 4.2m tonnes in 2013

Ben Woodhams. This, coupled
with government projects such
Cement consumption grew by
as the standard gauge railway
nearly a fth to hit a record ve
and Lapsset (Lamu Port South
million tonnes last year driven
Sudan and Ethiopia Transport
corridor) will continue pushing
by robust growth in property
up demand, he added.
development.
Kenyas real estate sector has
The consumption is expectover the years become popular
ed to rise further as the governments infrastructure projects
among investors as a moneyget under way.
spinner due to princey returns.
Data from the
The KNBS data
shows that consumpKenya National
tion has grown 61.2
Bureau of Statisper cent from 3.1 miltics (KNBS) shows
The eal
lion tonnes in 2010 to
that uptake of the
estate secto is
ve million tonnes in
building material
witnessing a
2014.
rose by 19 per cent
This looks set to
from 4.2 million
boom with no
increase the share
tonnes in 2013.
signs of abating of the construction
Global property
consultancy Knight
sector to the counBEN WOODHAMS
Frank said the uptrys gross domestic
KNIGHT FRANK (KENYA) MD
take is set to rise
product.
further on the back
Constructiongrew
of a vibrant real esby 18.9 per cent in the
second quarter of last year, the
tate sector and planned mega
fastest pace among the econoinfrastructure projects.
The real estate sector is witmys sectors, statistics show.
nessing a boom with no signs
Multiple rms have entered
of abating, said Knight Frank
into the sector eyeing a piece
(Kenya) managing director
of the market amid growing
Nigeria naira is 8.3 per cent down. The

biggest decline among the currencies
surveyed by African Alliance is on the
Zambia Kwacha, which is 12.1 per cent
lower to the dollar this year.
Short-term support for the shilling
is expected to come from the ongoing
sale of the infrastructure bond, which
is expected to attract heavy interest
among foreign investors hence improving short-term dollar inows
into the currency.
Analysts at Genghis Capital expect
the shilling to hold steady in a narrow
range, between Sh91.15 and Sh91.55
to the dollar for the remainder of this
month.
Lower oil prices have also helped the
shilling by reducing the pressure on the
countrys foreign exchange reserves.
BY NEVILLE OTUKI
Workers off load cement. Construction grew by 18.9 per

cent in the second quarter of last year. FILE
demand for residential units,
commercial oce blocks and
shopping malls.
For instance, Centum is constructing East Africas largest
shopping mall on 100-acres in
Nairobis prime Runda estate,
while the Sh22.7 billion Garden City Mall on Thika Road is
nearing completion.
Cement rms recently cut
the ex-factory price of the commodity to Sh575 per 50kg bag,
from over Sh600, citing falling
energy prices in what could further ratchet up demand.
The rising demand for cement
has also been fuelled by saccos
which are building housing units
for their members.
These include Stima Sacco,
which is building 1,500 houses at
a cost of Sh4 billion, while Mwalimu National Sacco is construct-
ing homes worth Sh2.9 billion.

Firms have been producing
more cement that the market can absorb with statistics
showing that production stood
at 5.7 million tonnes last year,
up from 5.05 million tonnes the
previous year.
Standard Investment Bank,
in its latest report on the sector,
says production will rise to 6.3
million tonnes this year and 6.7
million tonnes next year.
There are six cement makers
in Kenya namely Bamburi, Athi
River Mining, East Africa Portland Cement, Savannah Cement,
National Cement and Mombasa
Cement.
Two other potential entrants
are Sanghi and Dangote Cement,
with Dangote seen as a big threat
to local players.
notuki@ke.nationmedia.com
Penda Health, a chain of

clinics which serves women in the low and middle-income markets, plans to increase its branch network
after getting funds from the
owner of a large US healthcare chain.
Penda Health said it
would use a Sh9 million convertible loan from Fastmed
founder and chief executive
Jason Williams to double its
branch network.
The length and interest
rate on the loan was not
disclosed.
The healthcare chain
will use the money to hire
more sta and increase its
branch network to six from
the current three by the end
of this year.
Penda is using Jason
Williams investment to
hire several new leadership members to its team.
The company will be hiring a branch manager for
its largest and most successful branch in Umoja Estate
of Nairobi, as well as the
head of operations, head
of clinics, head of patient
experience and a senior
data analyst, said Penda
Health co-founder Nicholas Sowden.
Other branches are
in South C in Nairobi
and Kitengela in Kajiado
County.
Mr Sowden, in a previous interview, said that
each new branch costs
about Sh2.5 million to set

up and takes seven months
to break even. The rm specialises in women health
services such as breast and
cervical cancer screening
and family planning, in
addition to general consultation, diagnostic tests
and medicines.
Penda Health plans to
have 100 branches over
the next 10 years servicing
outpatient clients.
The clients are expected
to spend $2 billion (Sh182
billion) every annually for
the 10 years.
Healthcare is increasingly attracting investors who
have seen an opportunity
created by the governments
failure to invest adequately
in the sector.
Acumen Fund and private equity rm Ascent
Capital have invested in
clinics in the region.
Ascent Capital recently
made a $2.5 million (Sh227.5
million) equity investment
in Medpharm Holdings, an
Ethiopian diagnostic laboratory which has regional
expansion plans.
The growth of the medical sector in Africas second
most populous country has
been made possible, in part,
due to the increased availability of evidence-based
medical diagnostics services. This has been signicantly aided by Medpharms
countrywide presence, said
Ascent at the time.
21
22
MARKET DATA
Agro Commodities Market
Early Morning wholesale commodity prices 12.03.2015
COMMODITY
Unit
Kg
Nairobi Nakuru
CEREAL
Dry Maize
Bag
90
2500
2100
Green Maize
Ext Bag
115
3500
2000
Finger Millet
Bag
90
7200
6500
Sorghum
Bag
90
3700
3150
Wheat
Bag
90
LEGUMES
Beans Canadian
Bag
90
6200
6400
Beans Rosecoco
Bag
90
6400
6400
Beans Mwitemania
Bag
90
6200
4900
Mwezi Moja
Bag
90
Dolichos (Njahi)
Bag
90
6800
6000
Green Gram
Bag
90
11500
10800
Cowpeas
Bag
90
7200
7200
Fresh Peas
Bag
51
3400
4500
Groundnuts
Bag
110
12500
12500
ROOTS & TUBERS
Red Irish Potatoes
Bag
110
3000
3000
White Irish Potatoes Bag
110
3100
3000
Cassava Fresh
Bag
99
2200
Sweet Potatoes
Bag
98
3600
3000
VEGETABLES
Cabbages
Ext Bag
126
2600
Cooking Bananas
Med Bunch 22
560
350
Carrots
Ext Bag
138
3400
2500
Tomatoes
Lg Box
64
5800
4500
Onions Dry
net
13
900
850
Spring Onions
Bag
142
2200
1500
Kales
Bag
50
2200
Chillies
Bag
38
3400
3500
Cucumber
Bag
50
2400
Capsicums
Bag
50
3400
3500
Brinjals
Bag
44
2400
3000
Cauliower
crate
39
2600
Lettuce
Bag
51
2200
FRUITS
Passion Fruits
Bag
57
4800
5000
Oranges
Bag
93
3200
3200
Lemons
Bag
95
3000
2700
Mangoes Local
Bag
126
2800
2800
Mangoes Ngowe
Sm Basket 25
1000
Limes
net
13
800
300
Ripe Bananas
Med Bunch 14
700
750
Pineapples
Dozen
13
740
Pawpaw
Lg Box
54
2200
Avocado
Bag
90
2700
2500
OTHERS
Eggs
Tray
300
280
Commodities
Kisumu
Eldoret
Embu
3200
2400
7200
3600
2200
1800
7200
7650
3400
2500
3400
5600
3600
4800
7400
7200
9000
9000
12000
8000
2500
10400
2800
2800
2000
2200
2100
300
5000
5000
1040
1400
3500
1400
11250
11700
7650
2040
12600
1400
1200
1800
1500
2000
4200
1300
1120
2200
1700
2600
5040
300
650
3000
900
5600
1000
3040
4000
4000
1760
3900
4590
3000
3000
1600
2600
1700
3135
3800
7980
4500
2200
550
1500
500
290
360
A port worker
watches as bags
of fertiliser are
ofoaded from the
MV Matsushima
Bay at the port of
Mombasa. The
fertiliser is part of
a 69,000- tonne
consignment from
Turkey branded
Masoko and will
be distributed by
the Kenya National
Trading Corporation.
2200
2000
600
1105
3240
1800
Mombasa
6000
6000
6000
5800
6500
10000
7000
5600
13500
2700
1350
350
600
1300
1600
Fetilise consignment
KEVIN ODIT
Global Commodity Prices

Effective date: 13th March 2015
NET.CHNG
OPEN
300
HIGH
LOW
CLOSE
CI-UAE
459.55
8.65%
36.58
459.55
459.55
459.55
422.97
CI-AC AMER.
1076.76
5.55%
56.64
1076.76
1076.76
1076.76
1020.12
CI-ARGENTINA
2013.71
20.23%
338.80
2013.71
2013.71
2013.71
1674.91
CI-C.AS EX JP
706.13
1.85%
12.86
706.13
706.13
706.13
693.27
CI-BRIC
559.92
4.63%
24.76
559.92
559.92
559.92
535.17
BRIC
276.20
4.27%
11.31
276.20
276.20
276.20
264.89
CI-BAHRAIN
102.33
5.81%
5.62
102.33
102.33
102.33
96.71
4256.70
3.44%
141.43 4256.70
4256.70
4256.70
4115.28
CI-CHILE
CI-CHINA FREE
CI-COLOMBIA
69.74
3.27%
2.21
69.74
69.74
67.53
12.79
7.24%
7.48%
SH
11.02%
11.64%
10.52%
MADISON
SH
10.05%
-0.42
CBA
SH
8.85%
9.19%
UAP
SH
10.39%
10.91%
ICEA
SH
11.02%
11.64%
AMANA
SH
10.88%
11.43%
GENCAP HELA
SH
11.12%
11.58%
COFFEE C CON1 USC
130.25
1.85
COCOA CON1
USD
2915.00
-7.00
RUBBER
JPY
213.00
0.00
FROZEN OJ CON1 USC
116.90
0.90
PAN AFRICA PESA+
SH
10.82%
11.43%
COTTON NO2
62.28
0.03
CIC
SH
11.02%
11.64%
USC
FIXED INCOME FUND
GRAINS
WHEAT CON1
USC
549.00
2.50
BALANCED FUND
ROUGH RICE
USD
10.24
0.07
OLD MUTUAL / TOBOA
SH
165.76
175.51
BRITISH AMERICAN
SH
196.08
201.82
BA MANAGED RETIREMENT
SH
138.92
141.65
AMANA
SH
123.11
123.11
OILSEEDS
SOYBEANS CON1 USC
979.00
-7.50
SOY BEAN OIL USC
30.69
-0.19
MADISON
SH
68.25
CANOLA
CAD
458.50
-1.20
ICEA
SH
147.37
155.12
PALM OIL
MYR
2264.00
-8.00
GENCAP ENEZA
SH
133.12
128.45
UAP
SH
11.01
11.56
SH
10.75
11.08
USD
115.12
115.12
SH
13.89
14.53
2414.30
295.41
278.91
CI-EAFE+EM V.
176.37
5.44%
9.10
176.37
176.37
176.37
167.27
PAN AFRICA CHAMA+

NABO AFRICA
493.43
493.43
466.92
1454.84
1394.50
CI-EGYPT
1897.71
-4.38%
-86.85
1897.71
1897.71
1897.71
1984.55
CI-ACEUROPE
462.21
6.24%
27.15
462.21
462.21
462.21
435.07
CI-GOLD DRAGON
165.18
2.47%
3.98
165.18
165.18
165.18
161.20
CI-HUNGARY
833.43
11.53%
86.18
CI-INDON. FREE
6533.16
4.24%
CI-KOREA
550.23
0.74%
4.07
CI-KUWAIT
571.51
4.63%
25.28
CI-MOROCCO
301.50
2.89%
CI-EM ASIA V.
153.56
2.50%
CI-EM EUROPE
4876.14
CI-MEXICO FREE
CI-MALAYSIA FREE
CI-OMAN
833.43
265.49 6533.16
8.47
833.43
747.25
SILVER CON1
JPY
JPY
4511.00
61.00
NET CHG
EQUITY FUND
-16.00
OLD MUTUAL
SH
414.40
444.01
0.00
OLD MUTUAL EAST AFRICA FUND
SH
161.54
170.96
AMANA
SH
122.23
122.23
BRITISH AMERICAN
SH
215.53
222.38
MADISON
SH
53.08
56.35
CBA
SH
170.22
170.22
PLATINUM CON1 JPY
4392.00
-3.00
PALLADIUM CON1
JPY3113.00
-29.00
550.23
550.23
550.23
546.16
ICEA
SH
155.50
163.68
571.51
571.51
571.51
546.23
GENCAP HISA
SH
139.52
134.64
293.03
UAP
SH
10.86
11.40
NABO AFRICA
USD
103.33
103.33
SH
14.60
15.37
301.50
301.50
301.50
149.82
4.93%
229.05 4876.14
4876.14
4876.14
4647.09
42163.62
7.17%
2822.53 42163.62
42163.62
42163.62
39341.09
637.95
2.42%
-4.01
GOLD CON1
LAST
6267.66
153.56
-0.51%
CIC
SYMBOL CURRENCY
6533.16
153.56
15.10
METALS & MINING
72.00
6533.16
153.56
778.07
3.74
833.43
9.42
CIC
NABO AFRICA
2388.05
1454.84
101.84
9.18
-2.00
1.25
295.41
493.43
101.84
SH
381.25
155.75
2388.05
26.51
USD
USC
295.41
60.34 1454.84
110.05
EUR
16.49
4.33%
SELL
114.04
CORN
5.91%
5.68%
BUY
SH
MAIZE EUR
-1.09%
493.43
CURRENCY
GENCAP HAZINA
295.41
1454.84
DAILY YIELD EFFECTIVE ANNUAL RATE
BRITISH AMERICAN
2388.05
CI-EM X ASIA
CURRENCY
SH
CI-CZECH REPUBLI
CI-EU
-26.25 2388.05
69.74
CURRENCY LAST NET CHNG
COMMODITY
SUGAR 11 CON1 USC
MSCI Emerging Markets Sector Indices

LAST PCT.CHNG
MONEY MARKET FUND

OLD MUTUAL
SOFTS
SOURCE: STATE DEPARTMENT OF AGRICULTURE. EMAIL MARKETINFO@KILIMO.GO.KE
NAME
Effective date: 12th March 2015
AGRO COMMODITIES
380
1200
1350
3000
Unit Trusts
637.95
778.07
637.95
778.07
637.95
778.07
622.85
782.07
CI-PERU
2196.42
3.15%
67.10 2196.42
2196.42
2196.42
2129.32
CI-PHILIPP.FREE
1327.55
1.29%
16.85
1327.55
1327.55
1327.55
1310.71
CI-RUSSIA
827.47
10.69%
79.89
827.47
827.47
827.47
747.58
OIL& GAS
CIC
SYMBOL
CURRENCY
BRENT CRUDE
USD
56.45
LAST
NET CHG
BOND FUND
-0.63
OLD MUTUAL BOND FUND
SH
101.38
103.79
-10.25
BRITISH AMERICAN
SH
138.82
141.65
ICEA
SH
97.91
UAP
SH
10.73
10.73
PAN AFRICA PATA+
SH
10.37
10.69
SH
119.08
113.13
GAS OIL APR1
USD
LIGHT CRUDE
USD
45.86
-1.19
NATURAL GAS
USD
2.71
-0.03
529.50
98.90
SHARIAH COMPLIANT
GENCAP IMAN
23
MARKETDATA
DATA
MARKET
Euope makets
gain as bond
buying policy
keeps euo low
European equities were set for a sixth
straight week of gains last Friday, fuelled
by a dramatic slide in the euro on the
back of the European Central Banks
bond-buying plan that has kept euro
zone yields near record lows.
The past week, described by one
strategist as a game-changer, saw
diverging central bank policies in the
euro zone and the United States - with
the former battling to compress yields
further while the latter paves the way
for a rate hike - drive the dollar to fresh
12-year highs versus the euro.
Emerging markets, however, were
set for a second week of losses as the
stronger dollar and expectations of a US
interest-rate hike kept up pressure on
the region. Weaker energy prices, with
Brent crude hovering at around $57 per
barrel, have also hit investor condence
in oil-producing markets.
Russia in particular was in focus
ahead of a central bank monetary policy
meeting at which the bank is expected
to cut its main rate. The Russian rouble
traded slightly weaker against the dollar
in early trade on Friday.
Bond-buying
I dont think its an exaggeration to say
this week has been a game-changer, said
Neil Mellor, a currency strategist with
Bank of New York Mellon in London,
pointing to recent forecast-beating jobs
data out of the US and the launch this
week of the ECBs quantitative easing
(or QE) bond-buying programme. The
combination of last Fridays (US) jobs
numbers and the launch of QE in Europe
this week has cemented the picture of
monetary policy divergence.
The MSCI All-Country World equity
index was broadly at at 420.97 points,
with emerging-markets stocks down 0.2
percent and the FTSEurorst 300 panEuropean index up 0.1 per cent.
The dollar against a basket of six
major currencies was slightly weaker
at 99.36 but still close to its highest trading levels since 2003.
The greenback had a slight downward blip after disappointing US retail
sales data for February, a month marked
by harsh weather. That tempered the
outlook for rst-quarter growth and
gave investors reason to doubt that the
Federal Reserve might hike interest
rates as early as June.
However, many investors ratehike bets remained intact after

last weeks stronger-than-expected
US payrolls report. The Feds
policy-setting committee meets on
March 17 and 18, and investors
hope the meeting will yield further
clues about the timing of the rate
increase. -REUTERS
Active Counters:
ACTIVE
COUNTERS
xxxxxxxxxxxxxx
Britam
Total
Kenya
Kenya
19.20
27.50
0.52%
-2.65%
FebFeb
14 13
Feb15
1.40
2.08
13.71
13.22
0.52%
2.18%
Earnings per share

Earnings per share
Price to earnings ratio (p/e)
Dividend Yield
Dividend Yield
EAUchumi
Portland
Kenya
Mumias
Kenya Power
Kenya
Kenya
Feb 14Feb 13
Earnings per share
Earnings per share
Dividend Yield
Dividend Yield
ARM
EABL
60.00
Kenya
18.80 Kenya
0.00%
2.17%
Kenya
Feb 14
Feb15
Feb 14
(4.30)1.35 Earnings
perper
share
Earnings
share
13.93
-13.95
Price
to earnings
ratio
(p/e)
Price
to earnings
ratio
(p/e)
1.60%
0.00%
Earnings
share
Earnings
perper
share
Price
to earnings
ratio
(p/e)
Price
to earnings
ratio
(p/e)
Dividend
Yield
Dividend
Yield
Dividend
Yield
Dividend
Yield
18.30
3.05
2.81%
1.67%
Kenol
Longhorn
Kenya
Kenya
Feb 14Feb 13
Feb15
-1.09
3.31
-2.80
5.53
0.00%
2.73%
14.20
10.05
0.00%
0.50%
Feb15
1.80
0.38
7.89
26.45
5.63%
1.00%
Earnings per share

Earnings per share
Dividend Yield
Dividend Yield
85.00
244.00
1.19%
7.49%
Feb15
C&G
Bamburi
Kenya
163.00
30.25
1.88%
-3.20%
Feb 14
Earningsper
pershare
share
2.74
8.82 Earnings
Pricetotoearnings
earningsratio
ratio(p/e)
(p/e)
31.02
27.66 Price
DividendYield
Yield
0.71%
2.25% Dividend
USE All Share
July 14
Feb15
July 14
Feb15
EA Cables
Kenya
Airways
Kenya
Kenya
Feb 14
Feb15
1.40
1.29
11.50
8.60
4.35%
3.60%
11.75
15.65
0.00%
-3.69%
Feb15
Feb15
Umeme
Housing Finance
Kenya
Feb 14
Earnings
per
share
Earnings
per
share
Price
toto
earnings
ratio
(p/e)
Price
earnings
ratio
(p/e)
Dividend
Yield
Dividend
Yield
Crown Berger
KPLC
Kenya
Kenya
Feb 14
Feb15
2.26
4.31
8.49
7.66
3.80%
5.30%
123.00
14.45
-9.56%
0.35%
Feb15
RSE All Share

Rwanda
137.33
0.00%
30719.36
-0.82%
July 14
19.20
33.00
-0.52%
-1.49%
-6.35
2.23
per share
9.01
1.37 Earnings
Earnings
per share
-1.85
to earnings
ratioratio
(p/e)(p/e)
6.48
to earnings
13.65
11.42 PricePrice
0.00%
YieldYield
0.00%
Dividend
1.42%
6.39% Dividend
NGSE All share
2598.35
36.52%
July 14
11.10
16.10
-5.93%
0.00%
Nigeria
Tanzania
2040.00
-2.63%
51798.74
-0.84%
Earnings per share

Earnings per share
Dividend Yield
Dividend Yield
per share
9.807.48 Earnings
Earnings per share
to earnings ratio (p/e)
16.634.04 Price
Yield
2.64% Dividend
Dividend Yield
7.36%
DSE All Share
Uganda
South Africa
FebFeb
14 13
Feb15
Tracking the markets: Benchmark Index (Latest Data)

Africa
JSE All Share Index
Kengen
Barclays
Kenya
Feb15
July 14
Feb15
World
DJ Industrial
Xetra Dax
July 14
Feb15
July 14
Feb15
23823.21
0.11%
July 14
Sensex
Tokyo
Hongkong
11823.04
0.20%
17895.22
1.47%
Nikkei
HangSeng
Frankfurt
New York
Feb15
Mumbai
19254.25
1.39%
July 14
Feb15
28554.25
-1.30%
July 14
Feb15
24
MARKET DATA
African Indices
Nairobi Stocks
NSE 20 Share Index
Nairobi
NAME
5,350.30
-0.43%
NSE 20 - SHR IDX
LAST
PCT.CHNG
5350.30
0.05%
2.76
All Share Index (NASI)

Nairobi
Feb 15
Active
Active Counters
Counters
Gainers
Losers
MARKET UPDATES
OPEN
LOW
CLOSE
5350.30
5350.30
5347.54
ALL SHARE INDEX
6144.05
0.00%
0.00
6144.05
6144.05
6144.05
6144.05
51798.74
-0.84%
-441.32
52194.06
52404.12
51706.73
52240.06
ALSIUG
2040.00
-2.63%
-55.00
2040.00
2040.00
2040.00
2095.00
162.70
0.00%
0.00
162.70
162.70
162.70
162.62
CFG INDEX
22271.58
-0.03%
-7.53
22299.50
22302.91
22199.32
22279.11
MALAWI ALL SHR
14915.52
0.00%
0.00
14915.52
14915.52
14915.52
14915.52
DSE ALL SHR IDX
2598.35
36.52%
695.01
2598.35
2598.35
2598.35
2605.04
NSE ALL SHARE/D
30719.36
-0.82%
-254.44
30973.80
31027.63
30712.13
30973.80
EGX 30 IDX/D
9640.77
0.67%
64.31
9575.00
9690.97
9575.00
9576.46
TUN MAIN INDEX
5369.91
-0.19%
-10.38
5372.06
5376.64
5354.78
5380.29
137.33
0.00%
0.00
137.33
137.33
137.33
RSE ALLSHARE IND
137.33
Daily Share Report

172.01
-0.29%
52 WK
HIGH
52 WK
LOW
AGRICULTURAL
100.00
25.00
EAAGADS
346.00
98.00
KAKUZI
180.00
120.00
KAPCHORUA TEA
1185.00
570.00
LIMURU TEA
REA VIPINGO
19.95
11.50
SASINI
320.00
240.00
WILLIAMSON TEA
AUTOMOBILES & ACCESSORIES
62.00
30.00
CAR & GEN
13.60
8.00
MARSHALLS
9.40
5.50
SAMEER
BANKING
19.15
15.30
BARCLAYS
155.00
85.00
CFC STANBIC
280.00
202.00
DTBK
Feb 14
Feb 15
63.00
29.50
EQUITY
55.00
29.50
HF
147.00
120.00
I&M HOLDINGS
1,247.61
64.00
42.25
KCB
1.16%
39.25
22.25
NBK
Nairobi 13.03.2015
85.00
54.50
NIC BANK
355.00
285.00
STAN. CHART.
25.00
17.00
CO-OP BANK
COMMERCIAL
8.50
3.80
EXPRESS (K)
HUTCHINGS BIEMER
13.50
7.60
KQ
30.75
8.00
LONGHORN
345.00
230.00
NATION MEDIA
78.00
40.00
SCANGROUP
47.50
25.25
STANDARD GRP
50.00
32.00
TPS EA
19.50
8.00
UCHUMI
CONSTRUCTION & ALLIED
96.50
76.00
ARM CEMENT LTD
214.00
135.00
BAMBURI
Feb 14
Feb 15
165.00
76.00
CROWN BERGER
17.00
13.50
EA CABLES
110.00
51.00
EAPC
ENERGY & PETROLEUM
14.20
8.70
KENGEN
10.50
7.90
KENOLKOBIL
Last fri
Prev fri
%
Total Shares
18.40
12.85
KENYA POWER
32.00
20.00
TOTAL
Counter
Price
Price
Change
Traded
23.00
13.00
Safaricom
15.80
15.80
0.00%
35,260,900 UMEME
INSURANCE
52.00
51.50
0.97%
21,610,200
Equity
40.00
16.40
BRITISH AMERICAN
2.65
2.70
-1.85%
15,308,700 CIC INSURANCE
Mumias
12.40
5.80
555.00
300.00
18.30
17.80
2.81%
8,707,100 JUBILEE
Kenya Power
21.00
16.00
KENYA RE
20.00
20.75
-3.61%
5,471,400 LIBERTY KENYA
Co-Op Bank
26.00
14.75
145.00
87.00
PAN AFRICA
INVESTMENT
84.50
34.25
CENTUM INVEST.
Last fri
Prev fri
Net
%
10.85
2.50
OLYMPIA
Counter
Price
Price
Change
Chng
31.00
18.00
TRANSCENTURY
BOC Gases
148.00
136.00
12.00
8.82% INVESTMENT SERVICES
15.00
248.00
230.00
18.00
7.83% NAIROBI SECURITIES EXCHG 28.00
Nation Media
MANUFACTURING & ALLIED
8.75
0.55
6.29% A. BAUMANN
Flame Tree Group 9.30
190.00
123.00
274.00
10.00
3.65% BOC GASES
Williamson Tea 284.00
1050.00
521.00
BAT KENYA
18.30
17.80
0.50
2.81%
Kenya Power
46.75
19.60
CARBACID
355.00
212.00
EABL
5.35
2.65
EVEREADY EA
192.00
4.40
K. ORCHARDS
4.20
1.35
MUMIAS
Last fri
Prev fri
Net
%
56.50
18.00
UNGA
Counter
Price
price
Change
Chng
TELECOMMUNICATION & TECHNOLOGY
CIC Insurance
9.40
11.30
-1.90
-16.81% SAFARICOM
16.00
10.60
3.10
3.55
-0.45
-12.68% GROWTH AND ENTERPRISE MARKET SEGMENT
Home Africa
ATLAS DEVELOPMENT & SUPPORT 13.75
11.00
289.00
330.00
-41.00
-12.42%
Kakuzi
8.00
FLAME TREE GROUP HOLDINGS 14.00
21.50
24.25
-2.75
-11.34% HOME AFRICA
Carbacid
6.50
3.15
1500.00
KURWITU VENTURES LTD 1500.00
9.75
10.90
-1.15
-10.55%
Uchumi
FTSE Pan African Index
HIGH
5350.30
ALL SHARE INDE/D
ZSE INDUSTRIAL
Feb 14
NET.CHNG
YTD
%
VWA
LAST
PRICE
VWA
PREV
PRICE
DAILY
PRICE
CHANGE
-10.12%
65.00%
2.92%
44.49%
0.00%
21.40%
10.48%
37.25
289.00
141.00
1124.00
27.50
15.60
284.00
37.50
330.00
141.00
1114.00
27.50
15.65
274.00
-0.67%
-12.42%
0.00%
0.90%
0.00%
-0.32%
3.65%
-1.85%
22.45%
4.17%
53.00
12.20
6.20
53.50
12.20
6.45
2.10%
4.03%
4.26%
4.00%
-19.13%
3.25%
1.75%
0.00%
8.70%
5.67%
6.25%
17.05
124.00
242.00
52.00
38.75
124.00
59.50
24.75
62.00
355.00
20.00
1.61%
0.00%
8.62%
-1.08%
-7.22%
5.52%
20.14%
-9.46%
7.96%
DAILY
TRADED
SHARES
SHARES
ISSUED
MN
MKT CAP.
KSHS
EPS
LATEST
12MNTH
P/E
TRAILING
PBV
TRAILING
DPS
LATEST
12MNTH
TOTAL
DIVIDEND
YIELD
14,900
700
300
1,000
51,200
500
32,157,000
19,599,999
3,912,000
1,200,000
60,000,000
228,055,500
8,756,320
1,213,926,750
6,075,999,690
551,592,000
1,348,800,000
1,650,000,000
3,569,068,575
2,486,794,880
(1.30)
8.42
32.21
23.80
5.85
0.54
81.36
-28.65
34.32
4.38
47.23
4.70
28.89
3.49
2.98
1.95
0.40
5.47
0.74
0.56
0.39
0.00
3.75
5.00
7.50
0.00
0.25
7.00
0.00%
1.30%
3.55%
0.67%
0.00%
1.60%
2.46%
-0.93%
0.00%
-3.88%
2,600
11,100
208,100
40,103,308
14,393,106
278,342,393
2,125,475,324
175,595,893
1,767,474,196
6.57
(11.90)
1.44
8.07
-1.03
4.31
1.02
0.45
0.74
0.60
0.00
0.30
1.13%
0.00%
4.84%
16.80
129.00
245.00
51.50
38.50
126.00
59.00
25.50
63.00
352.00
20.75
1.49%
-3.88%
-1.22%
0.97%
0.65%
-1.59%
0.85%
-2.94%
-1.59%
0.85%
-3.61%
2,896,200
158,500
130,900
21,610,200
423,600
150,900
3,083,500
120,200
2,267,000
828,100
5,471,400
5,431,536,000
92,336,112,000
395,321,638 49,810,526,388
242,110,105 58,590,645,410
3,702,777,020 192,544,405,040
235,750,000
9,135,312,500
392,362,039
49,437,616,914
2,984,227,692 176,069,433,828
280,000,000
6,650,000,000
639,945,603
39,676,627,386
309,159,514 109,442,467,956
4,889,316,295 99,008,654,974
1.54
14.38
21.92
4.55
4.30
11.75
5.63
3.11
7.07
29.42
1.86
11.07
8.62
11.04
11.43
9.01
10.55
10.57
7.96
8.77
12.07
10.75
2.86
2.12
2.54
3.74
1.49
2.22
2.78
0.56
1.91
3.03
2.28
1.00
6.15
2.40
1.80
1.75
1.90
2.00
0.00
1.00
14.50
0.50
5.87%
4.96%
0.99%
3.46%
4.52%
1.53%
3.36%
0.00%
1.61%
4.08%
2.50%
6.00
20.25
9.30
9.00
248.00
47.50
40.75
33.00
9.75
6.15
20.25
9.75
9.20
230.00
48.00
43.00
34.00
10.90
-2.44%
0.00%
-4.62%
-2.17%
7.83%
-1.04%
-5.23%
-2.94%
-10.55%
81,500
2,500,800
224,400
149,900
1,708,600
8,600
33,400
294,600
35,403,790
360,000
1,496,469,035
243,750,000
188,542,286
378,865,102
81,731,808
182,174,108
364,959,616
212,422,740
7,290,000
13,991,985,477
2,193,750,000
46,192,860,070
18,185,524,896
3,330,571,176
6,239,463,199
3,740,836,064
0.01
(18.34)
(2.25)
1.62
13.40
2.70
2.41
3.45
1.45
600.00
-1.10
-4.13
5.56
18.51
17.59
16.91
9.57
6.72
1.07
#DIV/0!
4.45
1.21
5.72
2.20
1.84
0.54
0.88
0.00
0.00
0.00
2.00
10.00
0.40
0.50
1.35
0.30
0.00%
0.00%
0.00%
22.22%
4.03%
0.84%
1.23%
4.09%
3.08%
-2.33%
15.83%
20.72%
-1.23%
1.72%
85.00
163.00
123.00
15.65
60.00
84.00
160.00
136.00
16.25
60.00
1.19%
1.88%
-9.56%
-3.69%
0.00%
590,100
461,900
6,100
722,500
4,100
495,275,000
362,959,275
23,727,000
253,125,000
90,000,000
41,107,825,000
58,799,402,550
2,918,421,000
3,923,437,500
5,400,000,000
2.74
9.80
9.01
1.37
(4.30)
31.02
16.63
13.65
11.42
-13.95
5.18
2.04
2.14
1.64
1.12
0.60
12.00
1.75
1.00
0.00
0.71%
7.36%
1.42%
6.39%
0.00%
7.77%
14.94%
24.57%
16.67%
-8.10%
11.10
10.05
18.30
27.50
19.20
11.80
10.00
17.80
28.25
19.30
-5.93%
0.50%
2.81%
-2.65%
-0.52%
3,620,600
1,063,700
8,707,100
74,100
451,200
2,198,361,456
1,471,761,200
1,951,467,045
175,028,706
1,623,878,005
24,291,894,089
14,791,200,060
35,614,273,571
4,769,532,239
31,340,845,497
1.29
0.38
3.31
2.08
2.26
8.60
26.45
5.53
13.22
8.49
0.35
2.22
0.82
0.95
3.40
0.40
0.10
0.50
0.60
0.73
3.60%
1.00%
2.73%
2.18%
3.80%
-5.04%
16.15%
21.33%
8.21%
3.23%
9.17%
27.25
9.40
548.00
18.60
24.75
133.00
28.75
11.30
540.00
18.50
24.25
132.00
-5.22%
-16.81%
1.48%
0.54%
2.06%
0.76%
1,615,100
5,000,000
72,200
590,800
439,600
30,100
1,938,415,838
2,615,538,528
59,895,000
699,949,068
535,707,499
96,000,000
52,821,831,586
26,940,046,838
32,882,355,000
12,949,057,758
13,124,833,726
12,864,000,000
1.40
0.43
38.00
4.29
2.15
9.07
19.46
21.86
14.42
4.34
11.51
14.66
3.04
3.04
3.07
0.73
2.51
3.82
0.25
0.10
7.00
0.60
1.00
0.00
0.92%
1.06%
1.28%
3.23%
4.04%
0.00%
-3.28%
19.23%
-6.98%
59.00
6.00
17.75
59.50
6.00
18.00
-0.84%
0.00%
-1.39%
2,308,900
65,500
82,500
665,441,775
40,000,000
280,284,476
39,261,064,725
248,000,000
5,059,134,792
4.54
0.38
1.06
13.00
15.79
16.75
1.94
0.30
0.94
0.00
0.00
0.40
0.00%
0.00%
2.25%
19.55
19.75
-1.01%
173,000
194,625,000
3,795,187,500
1.35
14.48
5.21
0.25
1.28%
0.00%
18.40%
-6.83%
2.30%
-2.60%
10.81%
1.82%
58.97%
19.50%
11.10
148.00
831.00
21.50
304.00
4.15
115.00
2.65
46.75
11.10
136.00
849.00
24.25
299.00
4.25
112.00
2.70
47.75
0.00%
8.82%
-2.12%
-11.34%
1.67%
-2.35%
2.68%
-1.85%
-2.09%
8,800
45,300
226,200
1,446,600
65,100
500
15,308,700
98,900
3,840,066
42,624,733
19,525,446
2,889,766,008
100,000,000 83,900,000,000
254,851,988
5,734,169,730
790,774,356 237,232,306,800
210,000,000
861,000,000
12,868,124
1,441,229,888
1,530,000,000
3,978,000,000
75,708,873
3,539,389,813
(2.02)
10.38
42.55
1.93
8.21
(0.85)
0.15
(1.77)
3.65
-5.50
14.26
19.53
11.14
37.03
-4.88
766.67
-1.50
12.81
#VALUE!
1.99
10.97
3.31
8.80
2.69
605.26
0.38
0.76
0.00
5.20
42.50
0.30
5.50
0.00
0.00
0.00
0.75
0.00%
3.51%
5.11%
1.40%
1.81%
0.00%
0.00%
0.00%
1.60%
12.10%
15.80
15.80
0.00%
35,260,900
40,065,428,000 639,043,576,600
0.57
27.72
7.90
0.47
2.97%
-15.85%
-
11.50
9.30
3.10
1500.00
11.50
8.75
3.55
1500.00
0.00%
6.29%
-12.68%
0.00%
58,000
121,700
2,383,600
-
(0.04)
0.92
0.05
(62.40)
-287.50
10.11
62.00
-24.04
0.00
0.9208
#DIV/0!
0.00
0.00%
9.90%
0.00
0.00%
433,063,193
161,866,804
405,255,320
102,272
4,958,573,560
1,489,174,597
1,296,817,024
153,408,000
0.00%
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MARKET DATA
MARKET DATA
Equities & Bonds
Weekly Kenya Treasury and Infrastructure Bonds
Share Price Performance Scorecard

SCORECARD AS AT 13TH MAR 2015
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
REA VIPINGO
SAFARICOM
SAMEER AFRICA
SASINI
SCANGROUP
STANDARD GRP
STD CHART KEN
TOTAL KENYA
TPS (EA)
TRANSCENTURY
UCHUMI SUPER
UNGA GROUP
25
PREVIOUS
11.10
11.45
83.00
162.00
17.00
839.00
148.00
27.25
53.00
22.50
59.00
126.00
10.30
20.25
123.00
242.00
15.50
60.00
37.75
300.00
52.00
4.10
6.00
9.20
284.00
20.25
3.20
38.75
126.00
549.00
310.00
141.00
112.00
11.05
9.35
59.00
10.05
18.25
18.50
1500.00
24.50
1124.00
9.00
12.20
2.60
19.50
245.00
23.75
62.00
6.20
134.00
27.50
15.95
6.35
15.65
48.00
40.75
354.00
27.25
34.25
18.05
10.25
46.75
CLOSE
11.10
11.50
85.00
163.00
17.05
831.00
148.00
27.25
53.00
21.50
59.00
124.00
9.40
20.00
123.00
242.00
15.65
60.00
37.25
304.00
52.00
4.15
6.00
9.30
284.00
20.25
3.10
38.75
124.00
548.00
289.00
141.00
115.00
11.10
9.30
59.50
10.05
18.30
18.60
1500.00
24.75
1124.00
9.00
12.20
2.65
19.55
248.00
24.75
62.00
6.00
133.00
27.50
15.80
6.20
15.60
47.50
40.75
355.00
27.50
33.00
17.75
9.75
46.75
% 1D
0.00
0.44
2.41
0.62
0.29
-0.95
0.00
0.00
0.00
-4.44
0.00
-1.59
-8.74
-1.23
0.00
0.00
0.97
0.00
-1.32
1.33
0.00
1.22
0.00
1.09
0.00
0.00
-3.13
0.00
-1.59
-0.18
-6.77
0.00
2.68
0.45
-0.53
0.85
0.00
0.27
0.54
0.00
1.02
0.00
0.00
0.00
1.92
0.26
1.22
4.21
0.00
-3.23
-0.75
0.00
-0.94
-2.36
-0.32
-1.04
0.00
0.28
0.92
-3.65
-1.66
-4.88
0.00
% 5D
0.00
0.00
1.19
1.88
1.49
-2.12
8.82
-5.22
-0.93
-11.34
-0.84
-3.88
-16.81
-3.61
-9.56
-1.22
-3.69
0.00
-0.67
1.67
0.97
-2.35
-2.44
6.29
3.65
0.00
-12.68
0.65
-1.59
1.48
-12.42
0.00
2.68
-5.93
-4.62
0.85
0.50
2.81
0.54
0.00
2.06
0.90
-2.17
0.00
-1.85
-1.01
7.83
-2.94
-1.59
0.00
0.76
0.00
0.00
-3.88
-0.32
-1.04
-5.23
0.85
-2.65
-2.94
-1.39
-10.55
-2.09
% 1M
0.00
-3.77
-1.16
7.24
2.10
-7.67
-0.67
-6.03
1.92
-13.13
-5.60
-5.34
-14.93
0.00
-18.00
-0.41
-0.32
-14.29
-6.88
-8.43
-1.89
-8.79
-4.76
6.90
-5.33
0.00
-18.42
-4.91
1.64
1.67
18.44
0.00
4.55
8.29
-11.85
0.85
0.50
14.02
1.09
0.00
1.02
10.52
-4.26
2.52
-7.02
-4.63
-6.77
-1.98
-1.59
-6.98
12.71
0.00
6.40
-6.77
15.99
5.56
-0.61
2.90
0.00
-12.00
-4.83
-15.58
3.31
% 3M
0.00
2.41
13.99
5.90
-13.26
8.03
-1.80
-0.93
-1.15
-0.84
-0.80
2.73
8.70
2.50
3.86
1.95
0.84
0.68
-3.49
4.00
16.90
-4.00
14.11
2.90
0.00
-23.46
-15.30
-1.59
22.05
38.28
2.92
-2.54
3.26
3.91
2.59
13.56
22.00
9.41
0.00
8.79
7.05
-8.16
34.81
51.43
-4.63
-9.82
-1.00
-3.13
5.26
14.66
0.00
12.46
2.48
19.08
8.57
8.67
4.72
5.77
-9.59
-2.20
4.28
21.43
% 6M
0.00
1.19
4.49
0.00
2.59
6.47
-1.80
17.78
-18.87
-0.84
-3.13
11.24
3.09
11.82
-5.47
4.33
-22.08
6.43
9.75
2.97
40.68
-5.51
-1.39
0.00
0.00
-15.30
-9.49
32.69
70.00
6.02
265.08
2.30
-3.63
3.48
12.92
25.77
1.92
37.50
49.87
-40.79
23.86
29.27
-9.07
-20.51
-12.39
-13.89
25.00
2.31
0.00
22.48
-7.46
4.00
7.95
15.60
5.34
5.77
-5.71
0.00
-7.58
30.77
% 1Y
0.00
-3.41
-21.26
4.92
35.56
-4.52
47.30
68.25
-43.42
58.39
12.73
0.00
5.26
44.71
0.00
-1.26
-32.20
26.27
16.48
54.07
18.57
46.34
-0.35
0.00
0.00
14.81
0.00
77.35
162.73
-6.00
3733.33
-9.02
-21.52
29.35
5.24
21.59
-2.62
52.31
81.29
-33.33
10.91
-25.35
-21.77
-13.91
-3.88
27.66
12.71
0.00
27.94
-11.43
-11.36
-5.94
27.34
16.78
12.24
-24.57
0.00
-38.49
88.89
ISSUE
MATURITY
ISSUED VALUE
DATE
DATE
IN MILLIONS
ISSUE NO.
MARCH 13, 2015

AVERAGE
COUPON
(%)
TRADED YIELD
(%)
TOTAL VALUE
(KSHS)
TWO YEAR BONDS

FXD 1/2013/2YR
25-FEB-13
23-FEB-15
20,445.00
12.844
FXD 2/2013/2YR
25-MAR-13
23-MAR-15
19,960.65
12.940
FXD 3/2013/2YR
26-AUG-13
24-AUG-15
17,927.40
12.939
FXD 4/2013/2YR
24-DEC-13
21-DEC-15
25,251.00
11.553
FXD 1/2014/2YR
24-MAR-14
21-MAR-16
20,000.00
10.803
FXD 2/2014/2YR
26-MAY-14
23-MAY-16
20,130.15
10.793
FXD 3/2014/2YR
22-DEC-14
19-DEC-16
8,905.12
10.890
FXD 1/2015/2YR
23-FEB-15
20-FEB-17
23,592.55
11.470
FXD 1/2010/5YR
24-MAY-10
18-MAY-15
11,924.85
6.950
FXD 2/2010/5YR
30-NOV-10
23-NOV-15
14,973.10
6.671
FXD 1/2011/5YR
31-JAN-11
25-JAN-16
22,083.10
FXD 1/2012/5YR
28-MAY-12
22-MAY-17
31,079.55
FXD 1/2013/5YR
29-APR-13
23-APR-18
20,240.75
12.892
FXD 2/2013/5YR
1-JUL-13
25-JUN-18
26,340.05
FXD 3/2013/5YR
25-NOV-13
19-NOV-18
14,937.80
FXD 1/2014/5YR
28-APR-14
22-APR-19
25,540.95
10.870
FXD 2/2014/5YR
23-JUN-14
17-JUN-19
16,418.25
10.934
24-APR-06
13-APR-15
3,045.25
13.500
FXD1/2006/10YR
27-MAR-06
14-MAR-16
3,451.05
14.000
FXD2/2006/10YR
29-MAY-06
16-MAY-16
5,028.10
14.000
FXD1/2007/10YR
29-OCT-07
16-OCT-17
9,308.80
10.750
FXD1/2008/10YR
29-OCT-07
16-OCT-17
2,992.75
10.750
10.4500
145,050,000
10.7900
100,000,000
10.8167
600,000,000
7.636
11.5000
400,000
11.855
9.5000
2,700,000
11.305
11.1500
125,500,000
11.952
11.1500
2,200,000,000
FIVE YEAR BONDS
NINE YEAR BONDS

FXD1/2006/9YR
TEN YEAR BONDS
FXD2/2008/10YR(RE-OPENED)
28-JUL-08
16-JUL-18
13,504.70
FXD3/2008/10YR
29-SEP-08
28-SEP-18
4,151.60
10.750
FXD1/2009/10YR
27-SEP-09
15-APR-19
4,966.85
10.750
FXD1/2010/10YR
26-APR-10
13-APR-20
19,394.15
8.790
FXD2/2010/10YR
1-NOV-10
19-OCT-20
18,849.90
9.307
FXD1/2012/10YR
30-JUN-12
13-JUN-22
16,803.75
12.300
FXD1/2013/10YR
1-JUL-13
19-JUN-23
24,301.46
FXD1/2014/10YR
27-JAN-14
15-JUL-24
30,520.25
25-SEP-06
11-SEP-17
4,031.40
13.750
10.750
11.9000
330,000,000
12.371
12.2869
1,490,300,000
12.180
12.3050
1,145,000,000
ELEVEN YEAR BONDS

FXD1/2006/11YR
Weekly Corporate Bonds

ISSUE
MATURITY
DATE
DATE
ISSUE NO.
CORPORATE BONDS
CENTUM BOND SENIOR UNSECURED FIXED RATE AND EQUITY LINKED NOTES
CTNB.BD.18.09.17/13.50 (SENIOR UNSECURED FIXED RATE NOTES) 26-SEP-12
CTNB.BD.18.09.17/12.75 (SENIOR UNSECURED EQUITY LINKED NOTES)
CONSOLIDATED BANK OF KENYA LTD MEDIUM TERM NOTE PROGRAMME
CON.BD-FXD(SN)/2012/7YR
30-JUN-12
24-JUL-19
CON.BD-FXD(SBN)/2012/7YR
30-JUN-12
24-JUL-19
CON.BD-FR(SN)/2012/7YR
30-JUN-12
24-JUL-19
SHELTER AFRIQUE MEDIUM TERM UNSECURED NOTES
11-JUL-11
7-JUL-14
FR 1/2011/3YR
FXD 1/2011/3YR
11-JUL-11
7-JUL-14
FXD 2/2012/3YR 2ND TRANCHE
17-DEC-12
14/12/2015
PTA BANK LTD FLOATING RATE BOND
FR(MTN)/2007/7YR
15-OCT-07
31-OCT-14
BARCLAYS BANK MEDIUM TERM FLOATING RATE NOTES
19-NOV-07
19-NOV-14
FR (MTN)/2007/7YR
FXD (MTN)/2008/7YR
14-JUL-08
14-JUL-15
FXD (MTN)/2008/7YR
14-JUL-08
14-JUL-15
MRM
FR (MRM) 2008/8YR
27-OCT-08
3-JAN-17
FXD (MRM) 2008/8YR
27-OCT-08
3-JAN-17
CFC STANBIC BANK SENIOR & SUBORDINATED BOND ISSUE
7-JUL-09
7-JUL-16
FR (CFC STANBIC) 2009/7YR
FXD (CFC STANBIC) 2009/7YR
7-JUL-09
7-JUL-16
FXD2 (CFC STANBIC) 2010/4YR
27-DEC-10
22-DEC-14
KENGEN PUBLIC INFRASTRUCTURE BOND OFFER 2019
2-NOV-09
31-OCT-19
FXIB 1/2009/10YR
SAFARICOM LTD DOMESTIC MEDIUM TERM NOTE
FXD2 (SAFARICOM LTD) 2009/5YR
20-DEC-10
20-DEC-15
FR2 (SAFARICOM LTD) 2009/5YR
20-DEC-10
20-DEC-15
HOUSING FINANCE MEDIUM TERM NOTE
FXD (HFCK) 02/2012/7YR 2ND TRANCHE
22-OCT-12
14-OCT-19
FR (HFCK) 2010/7YR
26-OCT-10
2-OCT-17
FXD (HFCK) 2010/7YR
26-OCT-10
2-OCT-17
I&M MEDIUM TERM NOTE
FRN I&M-01/13/5.25
13-DEC-13
8-MAR-19
FXD I&M-01/13/5.25
13-DEC-13
8-MAR-19
BRITAM MEDIUM TERM NOTE
BRTB.BD.22/07/19-0037-13
22-JUL-14
15-JUL-19
UAP HOLDINGS MEDIUM TERM NOTE
UAP.BD.22.07.2019
28-JUL-14
22-JUL-19
NIC MEDIUM TERM NOTE
NIC.BD.09/09/19-0039-12.5
8-SEP-14
9-SEP-19
CIC INSURANCE GROUP LTD. MEDIUM TERM NOTE
8-OCT-14
2-OCT-19
CIC.BD.2.10.2019
CFC BANK MULTICURRENCY FIXED MEDIUM TERM NOTE
15-DEC-14
8-DEC-21
CFCB.BD.08/12/21-0042-12.95
CBA FIXED MEDIUM TERM NOTE
CBAB.BD.14/12/20-0041-12.75
22-DEC-14
14-DEC-20
BONDS LISTED AT THE NAIROBI SECURITIES EXCHANGE
TWELVE YEAR BONDS

ISSUED VALUE
IN MILLIONS
18-SEP-17
26-SEP-12
1480.60
1965.00
1.00
1,416.79
1,083.21
500.00
COUPON
(%)
2,917.10
18-SEP-17
13.250
13.600
AVERAGE
TRADED YIELD
(%)
13.500
1,250.80
TOTAL VALUE
(KSHS)
FXD1/2006/12YR
28-AUG-06
13-AUG-18
3,900.95
14.000
FXD1/2007/12YR
28-MAY-07
13-MAY-19
4,864.60
13.000
FXD1/2007/15YR
26-MAR-07
7-MAR-22
3,654.60
14.500
FXD2/2007/15YR
25-JUN-07
6-JUN-22
7,236.95
13.500
26-NOV-07
7-NOV-22
17,568.00
FXD1/2008/15YR
31-MAR-08
13-MAR-23
7,830.90
12.500
FIFTEEN YEAR BONDS

12.500
FXD1/2009/15YR
26-OCT-09
7-OCT-24
9,420.45
12.500
FXD1/2010/15YR
29-MAR-10
10-MAR-25
20,823.73
10.250
1,000
FXD2/2010/15YR
27-DEC-10
8-DEC-25
13,513.10
9.000
1.500
1,300
0.700
FXD1/2012/15YR
24-SEP-12
6-SEP-27
21,089.45
11.000
656,000,000
25-FEB-13
7-FEB-28
40,886.33
FXD2/2013/15YR
10-APR-28
17,385.85
12.000
12.750
12.750
13.000
29-APR-13
12.500
12.6000
800,000,000
11.250
12.7034
13,785
6,215
13.000
TWENTY YEAR BONDS
9,790
24,020
2,500
12.500
7.250
30-JUN-08
5-JUN-28
20,360.95
FXD1/2011/20YR
5-MAY-31
9,365.80
10.000
15,625.00
12.000
FXD1/2012/20YR (RE-OPENED)
1,400,000,000
26-NOV-12
1-NOV-32
43,082.72
4,287
2,000
7.750
TWENTY FIVE YEAR BOND

28-JUN-10
28-MAY-35
20,192.50
11.250
2,969.10
1,167
5,864
13.000
THIRTY YEAR BOND
8.500
SDB 1/2011/30YR
28-FEB-11
21-JAN-41
23,888.95
3,429
226
(182+2%)
12.800
INFRASTRUCTURE BONDS
IFB 1/2011/12YR
3-OCT-11
18-SEP-23
6,000
13.000
IFB 1/2009/12YR
23-FEB-09
8-FEB-21
2000.00
13.000
IFB 2/2009/12YR
7-DEC-09
22-NOV-21
18,897.65
12.000
IFB 1/2010/8YR
1-MAR-10
19-FEB-18
15,908.05
9.750
IFB 2/2010/9YR
31-AUG-10
19-SEP-19
32,871.55
6.000
11.1535
104,550,000
IFB 1/2013/12YR
30-SEP-13
15-SEP-25
38,841.68
11.000
10.9000
300,000,000
IFB 1/2014/12YR
27-OCT-13
12-OCT-26
35,060.55
11.000
10.8645
850,200,000
FXD1/2010/25YR
5514.00
12.500
5000.00
13.000
5080.00
12.950
7000.00
12.750
30-MAY-11
13.750
12.000
13.1411
12.000
13.3437
400,000,000
43,447.35
12.000
11.0365
1,670,000,000
19,726.85
12.500
26
MARKET DATA
Global Markets & Currencies
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 $
BUY
91.62
136.21
97.11
7.45
32.55
20.00
7.78
16.84
24.94
72.00
91.11
75.42
10.64
11.26
13.02
1.46
11.80
66.10
24.43
14.64
70.33
SELL
91.75
136.43
97.26
7.46
32.71
20.14
7.88
17.41
24.98
72.14
91.27
75.55
10.66
11.28
13.04
1.46
11.82
66.22
24.47
14.66
70.48
MEAN
91.69
136.32
97.18
7.45
32.63
20.07
7.83
17.12
24.96
72.07
91.19
75.49
10.65
11.27
13.03
1.46
11.81
66.16
24.45
14.65
70.40
US Dollar
BACKGROUND
EURO
JAPANESE YEN
BRITISH POUND
SWISS FRANC
GOLD LBMA
SILVER
AUSTRALIAN DOLLAR
CANADIAN DOLLAR
SWEDISH KRONA
NORWEGIAN KRONE
BOSNIAN MARK
DANISH KRONE
RUSSIA ROUBLE
TURKISH LIRA
ICELAND KRONA
INDIAN RUPEE
POLISH ZLOTY
CZECH KORUNA
HUNGARIAN FORINT
INDIAN RUPEE
UKRAINE HRYVNIA
ISRAEL SHEKEL
ALBANIAN LEK
BULGARIAN LEV
SERBIAN DINAR
CYPRUS POUND
ESTONIAN KROON
GEORGIAN LARI
GIBRALTAR POUND
CROATIAN KUNA
KAZAKHSTAN TENGE
LITHUANIA LITAS
LATVIAN LATS
MOLDOVAN LEU
MACEDONIA DENAR
MALTESE LIRA
ROMANIAN LEU
SLOVAK KORUNA
SERBIAN DINAR
ARMENIAN DRAM
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
RWANDA FRANC
KENYA SHILLING
COMORO FRANC
LIBERIAN DOLLAR
LESOTHO LOTI
LIBYAN DINAR
MOROCCAN DIRHAM
MALAGASY ARIARY
MAURITANIAOUGUIYA
MALAWI KWACHA
MOZAMBIQUE METICAL
NIGERIAN NAIRA
SC RUPEE
SUDANESE DINAR
SUDAN POUND
ST HELENA POUND
SIERRALEONLEON
SAO TOME DOBRA
SOMALI SHILLING
SWAZILAND LILAGENI
THAI BAHT
TUNISIAN DINAR
TANZANIA SHILLING
UGANDA SHILLING
CFA FRANC
CFA FRANC
MAURITIUS RUPEE
SOUTH AFRICA RAND
ZIMBABWE DOLLAR
FTSE 100
Europes Blue Chips
Currencies
BID
1.0611
121.4700
1.4866
1.0042
1156.1500
15.5500
0.7661
1.2732
8.6324
8.1361
1.8186
7.0254
61.4799
2.5934
138.7900
62.8179
3.9101
25.7000
287.0100
62.8179
21.4000
4.0073
131.8600
1.8431
59.9900
0.3975
11.6971
2.1573
1.4855
7.2068
185.6300
2.8536
0.5078
18.0500
57.7400
3.4077
4.1860
21.5460
112.8600
480.0000
106.3650
1533.9000
0.0992
913.0000
98.9300
177.0000
97.0433
7.6250
20.2840
3.5300
42.6000
15.0000
7128.0000
714.0000
91.6500
439.4000
84.0000
12.3253
1.3568
10.0490
2967.0000
311.0000
426.9600
34.0000
199.4500
13.5825
200.0200
2025.5000
1.5405
4340.0000
22390.0000
703.0000
12.3253
32.8600
1.9786
1840.0000
2890.0000
618.0100
612.0000
35.8500
12.3376
378.0000
ASK
1.0614
121.4800
1.4870
1.0046
1156.9500
15.6200
0.7664
1.2738
8.6354
8.1405
1.8683
7.0267
61.4900
2.5947
139.0600
62.8330
3.9106
25.7300
287.4100
62.8330
21.7000
4.0153
132.7500
1.8435
60.1900
0.3980
11.7076
2.1984
1.4860
7.2118
185.6700
2.8542
0.5087
18.3500
58.3400
3.4197
4.1915
21.6000
113.3200
483.0000
107.4280
1583.9000
0.0995
943.0000
100.4300
178.0000
97.4473
7.6301
20.4870
3.5700
43.6000
15.5000
7328.0000
722.0000
91.7500
440.4000
85.0000
12.3604
1.3618
10.0580
3037.0000
319.0000
447.5100
34.6800
199.5500
14.0825
201.0200
2035.6000
1.5425
4440.0000
23784.0000
710.0000
12.3704
32.8800
1.9811
1850.0000
2900.0000
625.0100
620.0000
35.9500
12.3464
381.0000
Based on one day performance in local currency

DAILY LOCAL CURRENCY
% PERFORMANCE IN LOCAL CURRENCY
COMPANY
COUNTRY
INDUSTRY
LAST
CHG % CHG
1-WK
YTD
52-WK
ROCHE HOLDING PART. CERT.
SWITZERLAND
PHARMACEUTICALS
264.5
4.1
1.57
1.73
-2.0
2.16
LLOYDS BANKING GROUP PLC
UNITED KINGDOM
BANKS
79.2
1.04
1.33
-2.74
4.5
-1.76
ROYAL DUTCH SHELL A
UNITED KINGDOM
INTEGRATED OIL&GAS
1961
25
1.29
-3.4
-8.9
-9.9
AXA
FRANCE
FULL LINE INSURANCE
23.11
0.29
1.27
1.4
20.3
25.91
ZURICH INSURANCE GROUP
SWITZERLAND
FULL LINE INSURANCE
315.7
2.8
0.89
1.94
1.3
18.33
BANCO BILBAO VIZCAYA ARGN SPAIN
BANKS
9.09
0.06
0.71
0.63
15.7
4.81
DAIMLER
GERMANY
AUTOMOBILES
92.65
0.58
0.63
3.04
34.3
43.16
BT GROUP PLC
UNITED KINGDOM
FIXED LINE TELECOMMUNICATIONS
448.8
2.3
0.52
-2.26
11.8
11.56
BANCO SANTANDER S.A.
SPAIN
BANKS
6.44
0.03
0.5
-0.62
-7.0
3.32
RIO TINTO
UNITED KINGDOM
GENERAL MINING
2857
13
0.46
-2.07
-4.8
-9.97
ALLIANZ SE
GERMANY
FULL LINE INSURANCE
154.5
0.65
0.42
2.15
12.5
28.06
BRITISH AMERICAN TOBACCO
UNITED KINGDOM
TOBACCO
3641.5
14.5
0.4
-4.81
4.0
13.16
SANOFI SA
FRANCE
PHARMACEUTICALS
89.5
0.23
0.26
2.11
18.3
22.94
NATIONAL GRID
UNITED KINGDOM
MULTIUTILITIES
855.5
2.1
0.25
-1.16
-6.8
2.7
FINANCIERE RICHEMONT
SWITZERLAND
CLOTHING&ACCESSORIES
84
0.2
0.24
-1.81
-5.4
-0.47
BP PLC
UNITED KINGDOM
INTEGRATED OIL&GAS
425.85
0.7
0.16
-4.73
3.6
-11.76
ING GROEP
NETHERLANDS
BANKS
13.48
0.02
0.15
0.52
24.4
31.14
SIEMENS
GERMANY
DIVERSIFIED INDUSTRIALS
102.2
0.1
0.1
2.74
9.0
14.45
SAP
GERMANY
SOFTWARE
63.8
0.05
0.08
0.52
9.5
17.28
GLENCORE PLC
UNITED KINGDOM
GENERAL MINING
285.75
0.1
0.04
-1.3
-4.4
-7.67
UBS GROUP
SWITZERLAND
BANKS
17.38
UNCH.
...
0.12
1.7
-5.39
TOTAL
FRANCE
INTEGRATED OIL&GAS
45.44
-0.03
-0.05
-3.33
6.9
-1.73
TELEFONICA S.A.
SPAIN
FIXED LINE TELECOMMUNICATIONS
13.28
-0.01
-0.08
-3.17
11.4
18.96
RECKITT BENCKISER GRP
UNITED KINGDOM
NONDURABLE HOUSEHOLD PRODUCTS
5710
-5
-0.09
-1.55
9.6
17.08
VODAFONE GROUP
UNITED KINGDOM
MOBILE TELECOMMUNICATIONS
216.9
-0.3
-0.14
-1.36
-2.6
-5.51
UNILEVER
UNITED KINGDOM
FOOD PRODUCTS
2819
-4
-0.14
-1.81
7.3
18.74
BG GRP
UNITED KINGDOM
INTEGRATED OIL&GAS
838.6
-1.4
-0.17
-9.93
-3.1
-21.59
BARCLAYS
UNITED KINGDOM
BANKS
254.5
-0.5
-0.2
-3.96
4.5
8.88
NOVARTIS AG
SWITZERLAND
PHARMACEUTICALS
96.65
-0.2
-0.21
0.47
4.7
33.49
NESTLE
SWITZERLAND
FOOD PRODUCTS
75.1
-0.2
-0.27
-1.38
2.9
14.48
HSBC HLDGS
UNITED KINGDOM
BANKS
560.3
-1.5
-0.27
-1.36
-7.9
-6.49
LAIR LIQUIDE
FRANCE
COMMODITY CHEMICALS
120.7
-0.4
-0.33
1.77
17.4
23.91
UNILEVER CVA
NETHERLANDS
FOOD PRODUCTS
39.61
-0.17
-0.43
-0.03
21.3
42.98
ANHEUSER-BUSCH INBEV
BELGIUM
BREWERS
114.95
-0.55
-0.48
-0.65
22.5
56.76
LVMH MOET HENNESSY
FRANCE
CLOTHING&ACCESSORIES
170.6
-0.9
-0.52
1.01
29.0
46.74
BASF
GERMANY
COMMODITY CHEMICALS
90
-0.48
-0.53
2.08
28.8
18.64
BAYER
GERMANY
SPECIALTY CHEMICALS
140.25
-0.85
-0.6
4.94
24.1
50.61
ENI
ITALY
INTEGRATED OIL&GAS
16.33
-0.1
-0.61
0.43
12.5
-5.06
SCHNEIDER ELECTRIC SE
FRANCE
ELECTRICAL COMPONENTS&EQUIPMENT
71.83
-0.52
-0.72
-0.17
18.5
14.98
BNP PARIBAS
FRANCE
BANKS
51.6
-0.41
-0.79
-0.92
4.8
-10.2
Global Indices
NAME
LAST
PCT.CHNG
NET.CHNG
DJ INDU AVERAGE
17895.22
1.47%
259.83
OPEN
HIGH
LOW
CLOSE
17626.84
17900.10
17620.49
17635.39
FTSE EUROTOP 100
3145.70
0.01%
0.31
3143.81
3153.05
3140.91
3145.39
XETRA DAX PF/D
11823.04
0.20%
23.65
11845.90
11845.90
11797.54
11799.39
CAC 40 INDEX/D
4993.19
0.12%
5.86
4997.94
4999.44
4983.65
4987.33
22809.01
FTSE MIB/D
22843.43
0.15%
34.42
22907.37
22924.80
22804.22
SMI PR/D
9151.33
0.35%
31.52
9134.81
9153.69
9121.62
9119.81
HANG SENG INDE/D
23823.21
0.11%
25.25
23808.97
23918.71
23790.83
23797.96
NIKKEI 225 INDEX
19254.25
1.39%
263.14
19119.58
19335.80
19042.25
18991.11
ALL ORDINARIES
5787.98
-0.48%
-28.00
5816.00
5821.00
5771.90
5815.98
3373.60
STRAITS TIMES/D
3362.77
-0.32%
-10.83
3369.18
3381.46
3362.16
SSE COMPOSITE/D
3373.79
0.73%
24.46
3359.49
3391.26
3352.15
3349.32
S&P SENSEX/D
28554.25
-1.30%
-376.16
29134.93
29183.76
28486.77
28930.41
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
BG GROUP/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
EVRAZ PLC/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
IMPERIAL TOBAC/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
MEGGITT PLC/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
ROYAL DTCH SHL/D
REED ELSEVIER/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
KENYA AIRWAYS/D
LAST
1079.50
2988.00
1494.00
455.40
1563.00
714.00
1180.00
289.10
548.59
4506.00
536.70
254.85
3672.50
834.20
812.00
1434.50
1842.00
423.20
1836.00
452.50
3126.00
238.60
1162.00
1167.00
2732.00
1805.00
1852.00
196.10
188.31
1146.15
656.00
292.10
366.90
289.10
1547.50
652.00
1123.00
557.35
544.11
572.14
2652.28
1339.03
3090.00
2551.00
251.86
3266.00
207.60
357.00
1207.00
286.60
79.43
568.50
492.00
207.45
853.80
7410.00
224.75
859.50
528.50
1672.50
1461.00
5765.00
360.80
1957.00
1129.00
2052.00
559.51
2863.50
972.50
4611.00
420.10
3625.50
266.00
3178.00
2454.00
473.40
5470.00
459.50
1166.00
1141.00
180.40
1467.00
982.40
1961.00
610.50
311.54
236.60
2831.00
900.94
518.50
217.25
1838.00
4109.00
1555.00
5370.00
9.30
CLOSE
1079.00
2992.00
1485.00
455.80
1560.00
700.50
1162.00
286.80
549.00
4479.00
535.00
254.50
3641.50
838.60
805.00
1435.50
1841.00
425.85
1845.00
448.80
3097.00
241.40
1157.00
1169.00
2718.00
1807.00
1882.00
196.80
190.00
1142.00
653.50
290.50
362.00
285.75
1548.50
649.50
1117.00
560.30
544.00
570.00
2654.00
1337.00
3085.00
2540.00
248.90
3279.00
207.10
352.90
1198.00
285.30
79.20
559.50
494.10
207.60
855.50
7395.00
223.60
863.50
532.00
1660.00
1448.00
5710.00
360.20
1961.00
1123.00
2053.00
561.00
2857.00
970.00
4595.00
419.20
3632.50
263.70
3195.00
2436.00
476.80
5455.00
458.50
1166.00
1141.00
183.70
1491.00
979.00
1967.00
607.50
308.20
235.75
2819.00
902.50
527.50
216.90
1827.00
4051.00
1548.00
5260.00
9.35
PCT.CHNG
0.05%
-0.13%
0.61%
-0.09%
0.19%
1.93%
1.64%
0.80%
-0.09%
0.60%
0.37%
0.14%
0.85%
-0.53%
0.87%
-0.07%
0.05%
-0.62%
-0.49%
0.82%
0.94%
-1.16%
0.43%
-0.17%
0.52%
-0.11%
-1.59%
-0.36%
-1.00%
0.35%
0.38%
0.55%
1.35%
1.17%
-0.07%
0.39%
0.54%
-0.52%
0.09%
0.35%
-0.08%
0.22%
0.16%
0.43%
1.21%
-0.40%
0.24%
1.16%
0.75%
0.46%
0.29%
1.61%
-0.43%
-0.05%
-0.20%
0.20%
0.49%
-0.46%
-0.66%
0.75%
0.90%
0.96%
0.17%
-0.20%
0.53%
-0.05%
-0.27%
0.23%
0.26%
0.35%
0.22%
-0.19%
0.87%
-0.53%
0.74%
-0.71%
0.28%
0.22%
0.00%
0.00%
-1.85%
-1.61%
0.35%
-0.31%
0.49%
1.10%
0.36%
0.43%
-0.11%
-1.71%
0.16%
0.60%
1.43%
0.45%
2.09%
-0.53%
NET.CHNG
0.50
-4.00
9.00
-0.40
3.00
13.50
19.00
2.30
-0.50
27.00
2.00
0.35
31.00
-4.40
7.00
-1.00
1.00
-2.65
-9.00
3.70
29.00
-2.80
5.00
-2.00
14.00
-2.00
-30.00
-0.70
-1.90
4.00
2.50
1.60
4.90
3.35
-1.00
2.50
6.00
-2.90
0.50
2.00
-2.00
3.00
5.00
11.00
3.00
-13.00
0.50
4.10
9.00
1.30
0.23
9.00
-2.10
-0.10
-1.70
15.00
1.10
-4.00
-3.50
12.50
13.00
55.00
0.60
-4.00
6.00
-1.00
-1.50
6.50
2.50
16.00
0.90
-7.00
2.30
-17.00
18.00
-3.40
15.00
1.00
0.00
0.00
-3.40
-24.00
3.40
-6.00
3.00
3.40
0.85
12.00
-1.00
-9.00
0.35
11.00
58.00
7.00
110.00
-0.05
LI E
MANAGEMENT
FINANCE
Poo standads cultue
will kill many Kenyan
businesses
Page 28
SPORTS
Lewis Hamilton
wins with ease
Page 31
PERSONAL FINANCE
What dives people who become

top entepeneus to take st steps
STRENGTHS
Determined people
swim with the sharks but
keep eyes on the prize
ot all entrepreneurs are created from

the same blueprint. They come from
dierent geographic locations, upbringing, income brackets and social classes,
as well as education levels. While there isnt a
foolproof map to entrepreneurial greatness,
one thing is consistent successful entrepreneurs all possess the following 10 traits.
1. Full of determination
When you set out to become an entrepreneur it will require you to set very clear
goals along the way. Growing your business,
increasing sales and hiring new employees
require several micro-goals within them to
be executed successfully.
This type of workload and challenge is
enough to stop many people from pursuing
the entrepreneurial career path. You have
to be determined from the beginning to be
successful before you even start. If you
arent fully determined to make it there is
a good chance you will crumble under the
pressure.
2. Not afraid to take risks

Some of the most successful entrepreneurs took major risks, and they paid o in
a big way. Shark Tanks Barbara Corcoran
turned a $1,000 loan into a $5 billion-dollar real estate business that she sold for $66
million back in 2001.
When most people hear the word risk
they relate it to a nancial risk, but in the
case of Corcoran, the initial nancial investment wasnt very risky. The risk came into
play when she went all in, devoting 100 per
cent to making her business work with such
a small amount of seed capital. Many would
assume it isnt possible to start a business
with very little money, but those who arent
afraid to take risks dont see things such as
limited funding as a handicap.
3. High level of condence

Entrepreneurs that have a high level of
condence are able to get the job done even
under the most stressful conditions. They
understand that big challenges breed big
rewards. This is the same mentality that
allows successful entrepreneurs to spot an
opportunity when most just see a possible
challenge. When most focus on the challenge,
a successful entrepreneur focuses on the nish line and the end reward.
4. Craves learning
an entrepreneur, you will take those failures

and use them as learning experiences. Real
world experience, even failing, will teach
you more than you would ever learn in a
classroom.
You have to stay sharp, and that requires

that you are constantly learning. Industries
constantly change and evolve only those
6. Passionate about business
that are also growing through
Passion fuels the drive and deconstant learning will stay
termination required to be successful, whether you are building
ahead. You will always have
If not fully
a company from the ground up
competitors breathing down
detemined
or buying an Internet business
your neck trying to surpass
that already has a proven track
you. There will always be
to make it
record.
someone claiming to be the
thee is a good
You have to thoroughly enjoy
next greatest thing.
chance you
Staying sharp, through conwhat you are doing there will
stant learning, will enable you
be long days and nights and at
will cumble
to stay ahead and avoid getting
some points along the way your
passed. Read and wake up earbusiness will consume you. If you
ly for industry news.
arent fully passionate about what
you are doing the added stress and obstacles
5. Failure is part of the game
will build up on your shoulders and eventuRichard Branson said it best: Few rst
ally be responsible for your collapse.
ventures work out. It is how a beginning entrepreneur deals with failure that sets that
7. Highly adaptable
If entrepreneurs had the ability to see
person apart. In fact, failure is one of the secrets to success, since some of the best ideas
what was hiding around each turn it would
arise from the ashes of a shuttered business.
make it much easier but unfortunately
If you understand that failure is part of being
that is not the case. There can be surprises
around every corner, even with a well thought

out plan and strategy. If you are extremely
adaptable it gives you the ability to respond
quickly in any situation.
8. Good understanding of money

It doesnt matter if you are bootstrapping
your business, using personal credit cards
or have millions of dollars from investors
you must have excellent money management
skills. Poor nancial decisions, such as overspending or allocating funds to less important
tasks can quickly ruin a business.
Have a clear nancial map drawn out.
9. Expert at networking
A large collection of business cards and a
huge contact list doesnt make you an expert
at networking. Building value-based relationships that are truly meaningful is what
networking is all about these are the relationships that lead to business opportunities
and long-term relationships that are mutually benecial.
10. Ability to sell and promote

The successful spot an
opportunity
when most
just see a
challenge.
If you watch the TV show Shark Tank then

you have certainly heard Mark Cuban tell entrepreneurs on several occasions that knowing how to sell is an absolutely essential part
of being a successful business owner.
If you cant express what it is that makes
your product or service a solution to a problem, you will be in for a rough ride. If you, the
creator, cant explain it, then who will?
-ENTREPRENEUR
27
28
Life: Finance
People queue outside a shop
in Nairobi: Clients should be
concerned when they do not
get the right service.
Why poo standads

cultue will kill many
Kenyan businesses
MANAGEMENT
Beliefs, values, and

attitudes inuence
decisions, operations
and the bottom line
BY MUMBI WAWERU AND PETER WERE
n business, culture illustrates the accepted

norms and traditional behaviour of a group.
Its a set of collective beliefs, values and attitude. Having interacted with individuals of dierent backgrounds and culture, it has immensely
inuenced the way of doing business.
Culture in business is a key component in management and the strategic direction of a company.
It greatly inuences the bottom line of a company,
but how many take time to sit and reect on it? It

impacts management decisions, operations, and all
business functions from accounting production.
Business culture evolves with time. As a company
matures from start up to more of an established
group, the company culture will change. This also
is greatly inuenced by the dierent kind of employees that work in your premises.
Below par
In Kenya, many are times you walk into a banking hall or a restaurant and it takes a tremendous
amount of time to get served but at times its interesting to see that customers seem so calm and
patient. Nobody raises an eyebrow that the service
is below par.
Why would a group build a banking hall with
ve windows while one is operational? Or while a
bank teller is at your service and they are busy on
personal handsets, resulting to errors? Have we as
a society adapted to such culture?
We need to understand the concept on value for
money. We will not get much to it as it will navigate
from the topic at hand.
As for the employers, how much time do you dedi-
cate ensuring employees get continuous training

and education in their line of work? Culture sustains
employee enthusiasm. You want happy employees
because happiness means more productivity. More
productivity means growth and competition.
Business culture is part of your business model.
Many start-up and small medium enterprises and
rms tend to focus on customer development and
product market t.
But it is important, even in early days to think of
what culture you want to create around your business. Without the necessary measures in place, you
may run into reputation risk in business.
Hence, want to increase productivity in your
business? The easiest way to access your company
culture is to look around.
Take time and listen to your employees, suppliers or clients. This will give you a good benchmark
on the potential and growth of your company.
Secondly, before changing the culture determine
what you want it to look like in the future. Thinking about your culture proactively is a key ingredient of success.
The writers are directors of Anchorage Limited, a
real estate and nance advisory rm.
Success fomula: Tain youself to wok had and take a beak
he most productive time of

the day is not early morning.
Work productivity has absolutely nothing to do with your daily
rituals or habits. And the truth is, your
success probably has little to do with
productivity in the rst place.
Productivity is about eciency
and output. That may count for something if you make cars or semiconductor chips, but for the overwhelming
majority of you, productivity doesnt
mean a damn thing.
If being creative matters to you,
and it should, it might surprise you to
know that youre probably most innovative when youre tired. I often have
epiphanies when Im half asleep, during an exhausting workout, or in the
shower not a weird shower, mind
you, just a normal one. But thats nei-
ther here nor there.

The thing is, were all dierent. And
if you listen to your own body and instincts youll do ne. The great irony
is thats mostly instinctive and youre
all much too busy binging on all sorts
of online nonsense and distraction to
pay any attention to what your body
and your gut are telling you.
The great irony is, cavemen had
all that gured out. They awoke with
the sun, ate when there was food, and
slept when they got tired. They somehow managed to accomplish all that
with a brain about a third of the size
of yours. And everything worked out
ne ... as long as they avoided those
saber-toothed tigers.
You know, the only thing that distinguishes modern man from caveman
is our highly evolved neocortex. Hon-
If you are tired, take a break or go and

sleep.
estly folks, do you really think humans
developed the capacity for complex
reasoning so we can sit on our butts
and ponder stu that a caveman or
even a frog does without even thinking? Of course not.

A great mind is a terrible thing to
waste. So quit wasting yours. And quit
wasting the precious time you have to
build your career and business worrying about stupid nonsense like what
time you get up, how you eat breakfast, your sleep habits, and what kind
of showers you take.
Look, youre supposed to be an entrepreneur, right? And thats all about
business, right? So what do you say
we take a step back and look at this
logically. When it comes to business,
the only important time of day is the
time you spend actually working. And
the only habits that matter are your
work habits.
Thats right, nothing else matters
unless, of course, youre slacking
o when you should be working. So

get to work.
And for the record, here are ve
questions that enormous brain of
yours needs to answer if you want to
make something of yourself and have
a successful business someday.
What customer problem do you
solve? Whats your solution and whats
its value proposition? How are you going to win and keep customers?
How are you going to gain market
share and scale? How are you going
to fund your growth?
If you come up with those ve strategies and successfully execute, I guarantee youll do quite well for yourself.
If you dont, youd better keep working on it until you do, because none of
them are optional if you want to get
anywhere on your own.
29
Life: Management
Give egional oce employees

all the suppot and attention
TEAM SPIRIT Satellite
ofces are part of the

game, so never allow
distance to create a
barrier between workers
Getting the right person to lead a team is key for the success
of any endeavour. FOTOSEARCH
Dea CEO, povide

team leades with
bette, faste data
ver heard the phrase, Out of sight,

out of mind? Too often, thats how
remote employees feel. But just because theyre not physically present doesnt
mean they should be left out of important
conversations and culture-building activities.
Speaking from personal experience, Ive
seen what a morale damper it can be when
colleagues perceive our company to be too
San Fran centric, as one put it. Instead of
being reactive, the best thing you can do is
show you value each and every employee
regardless of where they work on a
consistent basis.
Here are ve best practices you can implement right away.
1. Make communication seamless
This may seem obvious, but it bears
repeating: If you have remote team members, invest in all of the necessary tools to We are one: Find ways to encourage
ensure that they feel connected. From Hip- collaboration and communication across
Chat to Skype or Slack and Asana, nding ofces.
ways to limit the amount of email and also
help everyone understand where a project like the ones from Vgo or Double Robotstands will make their lives -- and yours -- ics. These allow remote workers to have a
physical presence in your oce even when
much easier
However, simply having the tools avail- theyre miles away, so they can feel more
able isnt enough: Its about using them. Its connected. Even something as simple as
not an all-hands meeting if all the hands engaging in oce chatter can make a huge
arent aware and plugged in, which is the dierence.
home oces responsibility to make happen.
At one of my previous companies, when
Find ways to incentivise collaboration and a team from another oce was in town for
communication across oces.
a week-long project, they immediately set
2. Cultivate social interup an always-on video conferencing presence with their
action
home colleagues. What made
Ideas happen out loud. In a
Commit to
them great was that they
best-case scenario, your remote
ying you
didnt allow distance to inemployees are working at satelemote
lite oces with other colleagues.
terfere with their ability to
But for individuals who are clockcollaborate as a team.
employees to
ing in from a home oce, the lack
3. Schedule regular
headquates
of conversation whether on
visits
at least once
Commit to ying your rework topics or not can limit
perspective and squelch innovamote employees to headquareach yea
tion. To improve the latter sceters at least once each year.
nario, see if its possible to have
Make their trip worthwhile
in terms of business goals and
your team member work out of
company meetings (it should go without
a co-working space.
Not only do these places oer access to saying that the best time to host an osite
conference rooms, a kitchen full of snacks is when everyone is present) but allow time
and even a game room for that much-needed for team-building as well.
break, but they also help foster a clear disOrganise a happy hour, take them out
tinction between home and oce. If a co- to lunch and invite them to pinch-hit in the
working setup isnt available, consider giving company softball league. On and o the eld,
your team members an extra nudge to get make them feel like a part of the team.
out of the house (and resist the temptation
By the same token, leadership must visit
of crawling back into bed) by sending them remote oces regularly.
a gift card to a local coee shop.
Dont make these visits feel like inspecAlternatively, if you have the budget, tion tours, but go for a few days, work reconsider purchasing a telepresence robot motely yourself and make sure your teams
BY MARCUS BUCKINGHAM
get to know you as more than a voice on a

conference line.
4. Empower local involvement
Find creative ways for your remote employees to become involved as a representative of your company. Industry events and
local conferences oer opportunities to elevate the prole of your business among the
broader community.
Similarly, show your team that their region is a priority by oering to sponsor a
Meetup or host a networking happy hour
where they can serve as your brand ambassador.
By facilitating their attendance at job
fairs, encouraging them to speak at a schools
career day or sponsoring their membership
to a professional organisations local chapter, youll help employees understand that
their presence makes a dierence.
5. Model inclusive behaviour
At the end of the day, it all starts with you.
Show your employees how to treat long-distance colleagues by checking in with your
remote team members frequently, prompting collaboration and nding ways to include them even if it takes an extra step or
a few dollars. Its easy to continue talking
with the people in the room if a call drops
but model good behaviour by making sure
that everyone is able to participate before
continuing. Once they see that youve prioritised inclusiveness, it will become part
of your company culture.
Regardless of what you choose to implement, you must lay the foundation for
a strong company culture that transcends
physical location.
-ENTREPRENEUR
Study performance inside any organisation and one nding

leaps out at you: the variation in performance between two
teams in the same organisation doing precisely the same
kind of work. Whether that performance is measured as
per-person productivity, quality, employee engagement,
customer satisfaction or accidents on the job, you still nd
signicant range in the performance metrics.
Your team leader is the one who makes the dierence.
Performance and engagement are created in the context
of a team and a team leader, or not created at all. The most
important decision an organization makes on any subject
is not strategy, marketing or capital allocation. It is who
you make team leader.
So you might think that the tools and processes that
address performance and engagement inside an organization would focus on serving the team leader. But they
dont. Our entire suite of people systems misses its most
important audience.
Take employee engagement. Though the company can
provide support and tools, the actual work environment is
in the hands of each team leader. Yet the data on employee
engagement rst goes to human resources for vetting, and
then to senior management, where patterns are explained
and improvements celebrated. Often months pass before
the data cascades down to team leaders, where, inevitably,
the information is dismissed as too stale or too abstract,
with the broad patterns irrelevant.
To build engagement in our organizations, we need to
redesign our system so that it delivers real-time data to the
right audience: team leaders.
Similarly, the intended audience for most performance management systems is the organisation, not the
team leader.
Once broad priorities have been communicated, the
team leaders chief concerns are what are the strengths and
capabilities of each team member and how can I focus each
person on the right outcomes this week and the next?
Its a challenge to design tools that are simple, agile and
exible enough to support team leaders in answering these
questions, but it will be impossible if we dont keep in mind
whom the tools are actually for.
Designing these tools for team leader means they will
be constantly in use, and will generate real-time, reliable
data. This is the brass ring for any organization - to be able
to see, right now, which teams are most productive and
engaged, and which arent.
Buckingham trains in performance management. He is
the author of the forthcoming StandOut 2.0: Assess Your
Strengths, Find Your Edge, Win at Work.
30
Life: Law
How softwae expets

can potect ceations
INNOVATION The Intellectual Property Act
needs changing urgently to free patentability

BUSINESS LAW
CATHY MPUTHIA
he software development market in Kenya has increased by a

large percentage. In fact, studies
show that Kenya is one of the leading
countries in Africa that has embraced
ICT well.
There are several key players in the
sector that could have contributed to
this growth. One is the setting up of ICT
hubs and the presence of global ICT
market leaders in Kenya some being
Google, Microsoft and Samsung.
Colleges and universities oer varied
ICT courses with the number of graduates growing, meaning having qualied
professionals.
Businesses are also fast embracing
ICT and provide market for various
products. But, in terms of regulation, a
lot still needs to be done in the twentyrst century.
A solid and clear-cut regulation
should direct the industry and its professionals be guided by statutes like
other professions.
One of the regulations that may need
amendment is the Industrial Property
Act, which limits the ability of software
developers to patent.
A patent can be granted for qualifying innovations, however those that
provide methods for doing business
are excluded.
The end users of most software are
businesses and, therefore, this exclusion
severely limits the IP rights of software
developers. However, many people have
Non-disclosure agreement
Compact
discs:
Software
can be
protected
using
utility
models
or trade
secrets.
argued that it does not make sense to

patent a software due to the time and
cost involved besides software become
easily obsolete in a short time. A venture capitalist I met said that he does
not invest in software ventures because
of limited IP rights in Kenya.
Considering this limitation, how
does a software developer secure his
IP rights? One is through copyright
under the Copyright Act as a software
can be considered to be a literary work.
What is protected is the source code
and this is led with the regulator.
Many software developers are reluctant to disclose their source code
in such manner as doing so opens up
their creations to competitors, who can
come up with an improved version after the disclosure.
FRIDAYS SOLUTIONS
CODEWORD
Solution no. 3175
WORD BUILDER
Solution no. 515
The solutions are not available due to some
technical problems
TRIO 507
UPO(Upon,Coupon,Stupor,Cupola)
The other option is to le a utility

model at the industrial property ofces. A utility model is almost similar
to a patent save for less stringent requirements. Therefore, the IP right is
a copyright and utility model.
Software developers can further
protect their innovations by using
trade secrets. That is, limited disclosure
of the source code by use of passwords.
Firms should put in restrictive clauses
when employing developers and put in
place proper structures to ensure that
the developed material remains in the
hands of a few.
Trade secrets and restrictive covenants can manage the disclosure
of the software to third parties and
can be enforced against the breaching party.
Software developments can either
be sold, licensed or jointly owned. In
each scenario, ownership issues come
up. Where the developer sells the software he ceases to have ownership and,
in most cases, should disclose everything to the client.
Sometimes a developer may be retained to come up with a specic software for a client. In such a case, they
may choose co-ownership, sell it o
or license it.
Software development contracts are
not cast in stone and are not regulated,
meaning the parties agree on how the
deal should look like. Selling the software means ceding all or some of IP
rights to the client.
Licensing means you retain IP
rights but allow some access to users.
Joint venture is where the IP is owned
by the client and the developer.
When selling and marketing your
software, during pitching, it is important to have a non-disclosure agreement preventing the client from using
or disclosing the product without authority. Furthermore, it is important to
have secured IP rights over your creation before going to the market, that
is, utility model and copyright.
Mputhia is the founder of C M Advocates.
TIMES 25,011
WORD WHEEL
(Solution 509)
Omission
QUICK CROSSWORD Solution 0904
Across:
Down:
1 Dessert,
1 Dodgem,
8 Ireland,
2 System,
9 Disks,
3 Enshrine,
(Desert Island Discs) 4 Tingle,
10 Highlight,
5 Peel,
11 Exe,
6 Hang up,
12 Maize,
7 Edited,
13 Gaped,
13 Giftwrap,
14 Brace,
14 Basque,
16 Maa,
15 Adverb,
19 Coo,
16 Martyr,
20 Savile Row,
17 Actual,
22 Roust,
18 Jostle,
23 Unready,
21 Leaf.
24 Repulse.
P E C C AD I L L O
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L O R D P E T E RW I MS E Y
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SUDOKU 209
TIMES CROSSWORD 25,012

1
8
10
12
11
13
14
15
16
17
20
19
18
21
23
22
25
24
26
Across
1 Abandon teams lower ank (3,3,4,4)
9 Call ships people from port (9)
10 Old woman Welsh revolutionary
stabbed (5)
11 Back in Tokyo Jonah reported lack of
success (2,3)
12 Hurried round to throw crooks out
(5,4)
13 Late summer fare back to Southern
German town (8)
15 Ducks following male penguin (6)
17 Poignant old verse found in vase (6)
19 Polish youth leader quietly returning
to Mecca? (8)
22 Round belt, broad line curls (9)
23 Demonstrated while speaking a
foreign language (5)
24 Girls leg showing in meadow (5)
25 Politicians out to lunch around New
Year ladies abandoned (5,4)
26 Ode by Gogol, then play, book, and
lm (3,4,7)
Down
1 Chap using cellphone rings up an
English number (2,5,1,6)
2 Belch can gure in cup (4,3)
3 With locks triggering alarm (5)
4 Observed embracing duke, gracious,
promising assets (8)
5 Caesar for one act like Lady Macbeth?
(6)
6 Runs out of play area as conversion is
described (9)
7 Book burning no longer healthy
practice (7)
8 Provincial government building
motorway blocks new state controls
(8,6)
14 Scrap board game and lobby for
this? (5,4)
16 Swine keeps web address active for
limited duration (8)
18 Lead part that of Gandhi hard
for picture maker (3,4)
20 Saw dog wearing lead (7)
21 Instrument producing crude oil in
Bordeaux, perhaps (6)
23 Authority makes no comment (3-2)
SUDOKU PUZZLE
How to play
210
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
Lewis Hamilton wins with ease

in Austalia as only 11 cas nish
FORMULA ONE Mercedes teammate Nico Rosberg and new
Ferrari driver Sebastian Vettel nished second and third
ewis Hamilton dominated the

Australian Grand Prix yesterday to get his world title defence o to the perfect start.
He drove a measured race, controlling the gap to his Mercedes
team-mate NicoRosberg throughout
as the team left the rest of the eld
behind. Ferraris improved form was
conrmed as new signing Sebastian
Vettel took third, beating Williamss
Felipe Massa. Jenson Button achieved
his aim of nishing in the slow and
unreliable McLaren-Honda but was
11th and last.
The season started in dramatic
style as the eld lost three cars cars
even before the start, in front of a
capacity crowd in Albert Park under
blue Melbourne skies, the warm sunshine tempered by a cool, strong and
blustery wind.
Williamss ValtteriBottas was ordered not to race by the ocial doctor
after suering an injured disc in his
back in qualifying and spending the
night in hospital. McLaren-Hondas
poor reliability struck Kevin Magnussen as he headed around to take his
place on the grid, the Dane stopping in
a cloud of blue smoke between Turns
Five and Six.
Red Bull also lost a car before the
start, DaniilKvyat stopping shortly
afterwards, just failing to make it
around to the pits after hitting gearbox trouble.
With the absence of the Manor Marussia team, who did not run at all
throughout the weekend, that meant
just 15 cars took the start.
And another was lost within a
few hundred metres, as Lotuss Pas-
tor Maldonado was tagged by Felipe

Nasrs Sauber at the rst corner and
spun into the barriers, bringing out
the safety car.
When the race nally started, the
excitement ebbed away as Hamilton
quickly built a lead and then controlled his pace until the rst laps, holding
it at about two seconds.
It was the same story after their
pit stops, Hamilton allowing an initial
4.6-second lead to reduce to the region
Lewis Hamilton (left) and Felipe Massa after qualifying for the Australian
Grand Prix in Melbourne. AFP
of two seconds and holding it there.
Movie star Arnold Schwarzenegger presented the trophies and did the
podium interviews, Hamilton telling
him: My team did an amazing job
today and its an incredible feeling to
win and also to be here with you, man.
I thought you were taller!
Rosberg said: I was trying every

lap to my maximum and I will do all
year. I will give him a big run for his
money and hopefully beat him.
Mercedes were in a race of their
own at the front and behind them Ferrari managed to get Vettel into third
ahead of Massa with clever strategy.
Massa was caught behind Red
Bulls Daniel Ricciardo on his rst
lap after his pit stop and Vettel was
ahead when he emerged from his own
tyre change two laps later.
The second Ferrari of KimiRaikkonen, the only leading driver to make
two pit stops, dropped back after a
slow rst stop caused by a problem
tting his left rear. Raikkonen was
planning to challenge Massa after his
second stop but after another problem
with the same wheel he was sent on
his way without it being properly tted and was forced to pull o just four
corners after rejoining.
There will be a post mortem at Ferrari after Raikkonen suered similar
problems at both stops and the team
face punishment from the FIA for an
unsafe release.
The Finns retirement promoted
Saubers Felipe Nasr to an impressive fth place on his debut, to give
the struggling Swiss team their rst
points for more than a year.
The Brazilian held o Ricciardo on
a poor weekend for Red Bull, who were
only slightly faster than their junior
team Toro Rosso.
Novice Carlos Sainz was running
strongly in seventh early in the race,
just behind Ricciardo, but dropped to
the back after a slow pit stop.
Sainz fought back to run eighth in
the closing laps, behind Force Indias
NicoHulkenberg, but was passed by
Saubers Marcus Ericsson with two
laps to go. -BBC
Messi double
maintains
La Liga lead
Lionel Messi scored twice to take his seasons goal total
to 43 as Barcelona beat Eibar comfortably to open up a
four-point lead at the top of La Liga.
Messi converted a 31st-minute penalty for Luis

Enriques side, who face Manchester City in the
Champions League on Wednesday.
The Argentina forward headed in Ivan Rakitics
corner after half-time.
Federico Piovaccari hit the bar late on for Eibar,
who are slipping towards danger after eight
straight defeats.
GaizkaGaritanos side, three points above the
bottom three, face a crucial trip to relegation
rivals Granada next weekend.
Granada missed the chance to climb out of the
relegation zone on Saturday as they were beaten
3-1 at RayoVallecano. For Barcelona, this was just
about as straightforward a victory as they could
have hoped for ahead of two key home matches.
Enriques side hold a 2-1 lead going into their
last-16 second leg meeting with City, after which
they will host second-placed Real Madrid in La
Liga next weekend.
Real can reduce the gap at the top to one point
by beating struggling Levante at the Bernabeu on
Sunday.
Barcelonas boss rested centre-back Jeremy
Mathieu and midelder Javier Mascherano
- probably with one eye on the Madrid game,
as both are one booking away from a domestic
suspension.
After a cagey opening half-hour, the visitors
took the lead when BorjaEkiza was ruled to have
handled deliberately in blocking a shot from
Messi, who thumped the resulting penalty into
the corner.
Eibar made a superb start to their rst
season in Spains top ight after two successive
promotions. -BBC
Leo Messi of Barcelona . DPPI
West Indies beat UAE to close in on Wold Cup quate nals spot
est Indies all but secured

a place in the World Cup
quarter-nals with a comfortable, if unconvincing, victory over
the United Arab Emirates.
The UAE crumbled to 26-5 in Napier as Windies captain Jason Holder
took 4-27.
But Nasir Aziz and AmjadJaved exploited some ragged bowling to add a
record-tying 107 for the seventh wicket and lift the associates to 175 all out.
Johnson Charles and Jonathan Carter

struck fties as the Windies eased home
by six wickets in 30.3 overs.
In reaching their target inside 36.2
overs, West Indies ensured they will
go through to the quarter-nals on net
run rate as long as there is a winner in
the Pool B contest between Ireland and
Pakistan in Adelaide.
But their performance did little to
suggest they will be a match for Brendon McCullums unbeaten New Zea-
land side in Wellington on 21 March.

The inconsistency that has blighted
their campaign was again in evidence
as a wayward spell from Kemar Roach
helped the UAE get back into the game
after Holder and Jerome Taylor had
blown away their top order with some
high-class pace bowling.
There was also a show of dissent
from former captain Darren Sammy when he reacted badly to being
pulled from the attack after one over
and earned himself a talking-to from

Holder.
By that point, the UAE were in the
midst of an impressive recovery in
which Aziz and Javed equalled their
own teams record for the highest World
Cup seventh-wicket stand, set against
Ireland in Brisbane in February.
Aziz top-scored in his rst one-day
innings, while Javed reached 50 for the
rst time with seven fours and a huge
six, when he planted Taylor into the
31
stands over long-on. Their partnership was nally ended in the 41st over
and the Windies wrapped up the tail
eciently as Taylor dismissed captain
Mohammad Tauqir for his third wicket
of the day.
With Chris Gayle sidelined by a back
injury, Charles was handed an opportunity at the top of the West Indies order,
and he kick-started the run chase with a
four and a six in the rst over on his way
to a 34-ball half-century. -BBC
32
The OUTL OO K
ECONOMIC ANALYSIS & COMMENTARY with Anzetse Were
www.businessdailyafrica.com
GRASSROOTS It facilitates development of small-scale projects close to the community
Economic benets
of decentalisation
wont be immediate
W
hat will be the impact of

cal and national economies.
the introduction of politiIn addition, decentralisation crecal, administrative and sates a local platform that allows incal decentralisation in Kenya? More
vestors to become more knowledgeimportantly, what are the pros and
able and sensitive to local potential,
competitive advantage, problems and
cons of decentralisation with regard
needs. Decentralisation allows for the
to economic development?
generation of more exhaustive and acIn terms of pros, scal decentralicurate economic information on which
sation can promote cost-eectiveinvestment decisions can be made and
ness, and greater co-ordination and
implemented. Inveseciency in public retors are always most
source utilisation. There
is a higher likelihood that
comfortable with inMost evidence
budgets can be and will be
vesting when they
points to
better scrutinised as subhave a rich pool of
the fact that
national governments are
data and informamore closely accountable
tion
on which they
decentalisation
to citizens for taxing and
can draw.
in Afica has not
In terms of cons,
spending decisions. Furhad a signicant
ther, since decision-makdecentralisation can
ing is localised, projects
encourage economeect on povety
can be managed more efic separatism that
eduction
ciently thereby avoiding
reinforces narrow
costly delays.
sectional interests
In terms of grassroots
that do not leverage
economic development,
economies of scale
decentralisation facilitates the develand joint project development.
opment of small-scale projects close
Secondly, elite capture is a real
to the community that directly speaks
risk in the context of decentralisato their context and constraints. This
tion where local elites respond to
participation and localised attention
decentralisation by making eorts to
can contribute to the economic develcapture all benets. This can be done
opment of individuals and SMEs thus
by elites dominating local politics
allowing more participation in the loand gaining control of local politi-
Citi-linked China
bokes IPO oe
ovesubscibed
by ove 90 times
Chinese investors inspect clothes at an EPZ factory in Athi River. FILE

cal institutions, or by central government actors transferring powers and
resources into counties along lines
of economic and political alliances.
The result is that the economy of the
county is dominated by elite interests
and economic power is consolidated
not distributed.
Further, most evidence points to
the fact that decentralisation in Africa
has not had a signicant eect on poverty reduction. Also bear in mind that
levels of economic development differ within counties with an economic
dominance of more urbanised areas.
This translates to more tax extracted
from urban sources. If urban residents
feel that their tax revenues are used by
county ocials for the benet of rural
residents, their incentive to pay local
taxes may reduce.
Further, some counties have been
historically neglected and start at a
relative disadvantage making them
less attractive for relocation and investment, and less able to retain skilled
labour thereby deepening the rift of
economic development between counties. On the other hand, a county that is
deemed particularly attractive may see

migration that leads to saturation of
labour supply. In Kenya, this dynamic
is particularly dicey due to the fact that
county boundaries generally fall across
tribal lines. Therefore local communities may resent individuals from other
tribes setting up shop in their area,
potentially causing socio-political tension and conict.
Finally, it should be noted that according to some studies, it will take
10 to 15 years to show the results of
decentralisation. Therefore, Kenya is
currently investing in a process with
unknown outcomes. An important
overall point of which one should be
cognisant is that the relationship between decentralisation and economic
activity could be non-linear with the
positive eect receding with increasing levels of decentralisation. Some
evidence even suggests there is a level
of optimal decentralisation beyond
which additional devolution would
restrain rather than foster economic
activity.
Ms Were is a development
economist
GLOBAL MARKET WATCH

DJ INDU
17895.2
259.83
FTSE 100
3145.70
0.31
XETRA DAX
11823.04
23.65
MARKET CAP IN SH BN
TOTAL SHARES TRADED
EQUITY TURNOVER IN SH
BONDS TURNOVER
PREVIOUS WEEK
LAST
PREVIOUS
2,401.50
2,408.60
10,430
10,667
123,569,500
6,990,033,797
12,319,700,000
17,224,400,000
TOTAL DEALS (BONDS)
90
210
TOTAL DEALS (EQUITY)
10,430
10,667
5,350.30
5,373.22
172
173
NSE 20 SHARE INDEX

NSE ALL SHARE INDEX
- REUTERS
CURRENCY RATES
CAC 40
4993.19
5.86
FTSE MIB
22843.43
34.42
SMI PR
9151.33
31.52
Market Activity
LAST WEEK
The largest mainland China initial public

oering (IPO) since 2011 has been oversubscribed by over 90 times as investors
scrambled for a sale boosted by new rules
capping IPO prices and soaring industry prots.
The $1.6 billion IPO was by a Citigroup
Inc unit joint venture partner called Orient Securities Co.
Under Chinese rules, the process
involved in the rms roughly 10 billion
yuan sale means the more than 930 billion yuan ($148.59 billion) put forward to
buy shares is now frozen for three days
until a lottery takes place to decide who
gets the stock. The number was disclosed
in a company statement posted on the
Shanghai stock exchange on Friday.
The massive demand for shares
in Orient Securities means the nearly
$150 billion funds now on ice is the largest amount frozen during a mainland
Chinese IPO in ve years. The brokerage
operates a joint venture with ShanghaiCitigroup Global Markets Asia, according
to the JVs website.
Despite the investor rush, Orient
Securities listing comes amid concerns
about Chinas brokerages facing imminent competition from banks. Earlier
this month Chinas securities regulator
said it is considering issuing brokerage
licenses to lenders, triggering a fall in
brokerage shares.
According to the Orient Securities
statement, institutional investors set
aside 432.5 billion yuan for the chance
to purchase shares in the IPO. Retail investors put aside 506.5 billion yuan.
HANG SENG
23823.21
25.25
NIKKEI 225
19254.25
263.14
ALL ORD.
5787.98
-28.00
SSE COMP.
3373.79
24.46
S&P SENSEX
28554.25
-376.16
$: 91.69
: 97.18
: 136.32
TSh
USh
SAR
20.07
32.63
7.45
HE SAID
Download the NMG PLAY app on Google

Play and scan this QR code with your
smart phone for pictures, videos and
more stories
As you get older, you have to force

yourself to have new dreams. For
instance, Ive been ying for 37 years,
but now teaching others to y is
interesting for me. Sometimes you have
to nd new angles on life to keep you
interested, like sharing successes and
inspiring and helping others
- John Travolta
American actor, dancer, and singer
Born: February 18, 1954
www.businessdailyafrica.com

Mar 16th 2015

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