Jaindi Kisero points out that commercial banks borrow money from you at 2% and lend it to the government at 8%.
ICDCI closed the year with a profit after tax of 295 million, up from 241m in 2004. While investment income dropped sharply from 355m to 240m, expenses remained flat at 80m. The increased profit comes from the 1st time inclusion of UAP Insurance results (ICDCI owns 24% of UAP which returned a profit of 334m) and this lifted up income from share of associated companies from 72m to 245m. In addition to a reduced stake in Uchumi, ICDCI also owns 1% of KCB and EA Breweries, among other investments. The company will pay a dividend of 3 shillings per share (same as in ’04) on December 7 to shareholders of record as at November 10th.
The Great Lakes University of Kisumu, a new institution, is being built in Kisumu by the Tropical Institute of Community Health & Development (TICH) in Africa.
The Standard on Saturday reported that Air Kenya had cleared a 333 million shilling debt with Barclays bank to avoid being placed under receivership. In May, Barclays had appointed a Statutoty Manager when the airline defaulted on its debt.
Ugly face of food aid
American generosity must be good, not just for the world’s hungry, but also for American agriculture.