Business Briefs

Bank profits lower in 2004:  Banks have started to report their 2004 results: At First American Bank (owned by Sameer investments), despite a sizeable drop in net interest income, managed to increase its pre-tax profit by 43% – from 150 million to 214 million (a 43% increase), thanks to increased other income (commission and fees). This will be the situation at most banks as the low interest rates forced them to seek non-traditional income streams in 2004.

KPA crisis: Staff are on a go-slow to protest the treatment of their (suspended/not-suspended but barred from the premises) MD, Mr Brown Ondengo, as well as non-payment of a promised bonus.

Mukhisa vs. Bretton Woods:  At the Davos World Economic Forum, Minister Mukhisa Kituyi has urged the World Bank & IMF to stay away from global trade negotiations, and leave them to the World Trade Organization (Standard Feb 4)

Nairobi-Miami Flights on Hold: Titus Naikuni, the Kenya Airways MD now says that Kenya Airways will not be flying to Miami, saying “he does not see a commercial justification for it at this point in time” (Standard Feb 4)

A380 Welcome in Nairobi: Meanwhile, the Managing Director of the Kenya Airports Authority, Mr. George Muhoho, said that Jomo Kenyatta Airport would be able to receive the new Airbus A380 giant double-decker aircraft in Nairobi when it begins operations. He said, “a suitable passenger bridge has been identified, and lounges will be redesigned to accommodate departing passengers. Also the runway and taxiways will be strengthened and widened.” (Nation Feb 3)