Connect with us

Business News

U.S. lawmakers say Boeing 737 MAX 8 grounded for at least ‘weeks’

Published

on


WASHINGTON (Reuters) – U.S. lawmakers said after a briefing with the acting head of the Federal Aviation Administration on Thursday that Boeing 737 MAX 8 and 9 planes will remain grounded for “weeks” at a minimum, until a software upgrade could be tested and installed in all of the planes.

FILE PHOTO: An American Airlines Boeing 737 MAX 8 flight from Los Angeles lands at Reagan National Airport shortly after an announcement was made by the FAA that the planes were being grounded by the United States over safety issues in Washington, U.S. March 13, 2019. REUTERS/Joshua Roberts – RC1ED164C940/File Photo

FAA Administrator Dan Elwell told reporters on Wednesday the software update will be ready within a couple of months after regulators around the world grounded the plane following a second fatal crash in the 737 MAX 8 since October.

The FAA said Monday it planned to require the upgrade it termed “design changes” by April. An FAA spokesman confirmed Thursday that the FAA will not unground the airplanes until the software patch is approved and installed.

The software patch may not be enough to allow the planes to be ungrounded depending on the findings from the ongoing investigation into the crash of Ethiopian Airlines 302 that killed 157 people on Sunday.

Boeing declined to comment, but said Monday it would roll out the software improvement “across the 737 MAX fleet in the coming weeks.”

Representative Rick Larsen said after the briefing the software upgrade would take a few weeks to complete and installing on all aircraft would take “at least through April.” He said additional training would also have to take place.

Larsen, the top Democrat on an aviation subcommittee, said despite the fact that the FAA was the last major regulator to ground the plane, the “rest of the world is looking to the FAA to lead the effort on the fix and to make a decision about ungrounding the airplanes.”

Representative Peter DeFazio, the chairman of the House Transportation and Infrastructure Committee, said the software upgrade will result in the airplanes behaving more like older versions of the 737.

The upgrade will revise an automated protection system called the Maneuvering Characteristics Augmentation System or MCAS, which come under scrutiny in October’s fatal Lion Air crash in Indonesia.

“After the pilot has tried to correct, the MCAS is going to not keep repeating itself, which is what it does now. It keep triggering automatically and the pilot has to do it again,” DeFazio said, unless it is manually disengaged by the pilot. “It will essentially shut itself off.”

The upgrade will address if there is a disagreement between censors, DeFazio said.

Lawmakers noted that there have been no confirmed incidents in 50,000 North America flights with the 737 MAX 8 and questioned if training by carriers abroad was an issue.

Reporting by David Shepardson; Writing by Makini Brice; Editing by Chizu Nomiyama and Nick Zieminski

Comments

comments

Continue Reading
Comments

Business News

Second-round M-Akiba bond issue a letdown again

Published

on


By JAMES ANYANZWA
More by this Author

The Kenya government’s attempts to boost national savings through its retail market bond dubbed M-Akiba failed to excite the market for the second time in a row posting a 21 per cent undersubscription.

The government reopened the mobile-based infrastructure bond hoping to raise Ksh250 million but only managed Ksh197 million ($1.97 million), accounting for a 79 per cent subscription rate.

The bond, which was listed on the Nairobi Securities Exchange on March 12, has a duration to maturity of 18 months and will be redeemed on September 7, 2020.

The proceeds of the bond issue were meant to settle total interest payments valued at Ksh12.38 million ($123,800) for investors who bought into the initial tranche of Ksh150 million in March 2017.

The Central Depository and Settlement Corporation Ltd has so far paid out, on behalf of the government, a total of Ksh59.67 million ($596,700) in interest to M-Akiba bondholders since the first issue.

The government is targeting investors with as little as Ksh3,000 ($30) in investment capital to purchase the bond and benefit from an annual rate of return of 10 per cent paid after every six months, implying that such an investor would receive Ksh150 ($1.5) through his phone after six months and a total of Ksh300 ($3) in a year.

But according to Financial Sector Deepening Kenya, some investors feel that the Ksh3,000 would be better allocated to alternative savings groups or investment opportunities that could provide quick returns or access to credit.

Although the M-Akiba bond was launched with the aim of promoting a national savings culture and reducing the government borrowing costs, this is yet to happen. The government had set a target to raise Ksh1 billion ($10 million) through the M-Akiba bond but last year the issue failed after a successful pilot project.

The government had put M-Akiba bond worth Ksh1 billion ($10 million) on offer, with hopes that the issue would sell out and even allowed a green-shoe option of Ksh2.8 billion ($28 million), that in case of oversubscription it could take up a massive Ksh3.8 billion ($38 million.

However, the government managed to raise only Ksh247 million ($2.47 million) of the targeted Ksh1 billion ($10 million).

Over 300,000 people registered on the M-Akiba platform but only 5,988 purchased the M-Akiba $2.47 million, less than a quarter of the Ksh 1 billion ($10 million) on offer.

It was a three-year bond with a coupon rate of 10 per cent paid semi-annually and a tax-free status in line with other infrastructure bonds.



Source link

Comments

comments

Continue Reading

Business News

Uhuru visits Africa’s biggest fish freezing factory, says Kenya will copy Namibia’s example

Published

on


He said African nations should work together and learn from the examples of countries like Namibia, which has implemented progressive measures to develop its fisheries sector/PSCU

, WALVIS BAY, NAMIBIA, Mar 23 – President Uhuru Kenyatta has said African countries must take stronger steps to benefit from their immense marine resources.

He said many nations including Kenya gain almost nothing from their sea resources including fish.

The President said it was disappointing that foreign nations are benefiting more from the abundant fish in the territorial waters of many African countries.

He said African nations should work together and learn from the examples of countries like Namibia, which has implemented progressive measures to develop its fisheries sector.

The Kenyan leader spoke when he toured Seaflower Pelagic Processing factory in Walvis Bay, Namibia, which has the distinction of being the biggest fish-freezing factory in Africa.

The factory was set up recently at the cost of $40 million (about Sh4 billion) through a partnership between the Namibian Government and a private investor.

The factory freezes 600 tonnes of fish on a daily basis and has created jobs for 700 people.

President Kenyatta instructed Agriculture Cabinet Secretary Mwangi Kiunjuri and Trade and Industry CS Peter Munya to immediately take steps to learn from the Namibian experience so that Kenya can have a similar factory.

Namibia’s Vice President Dr Nangolo Mbumba and Fisheries Minister Bernhardt Esau said the Government embarked on strengthening fishing in order to give Namibia a food security guarantee.

Vice President Mbumba said Namibia and Kenya are united by true friendship that started when Namibians were fighting for freedom.

“When SWAPO was fighting for freedom, the first vehicle it ever owned was bought by Kenya. We will also never forget the role played by the Kenyan contingent of UNTAG which remained behind at the cost of Kenya to protect Namibians until the country was stable,” said Vice President Mbumba.

President Kenyatta toured the fish factory after visiting the headquarters of Namibia port authority, Namport, also in Walvis Bay.

“We are here to learn from how Namibia is benefiting from its blue economy even as we continue to support and partner with them in various other fields,” said President Kenyatta.

The port of Mombasa and Walvis Bay are similar because they serve many nations in the interior of Africa.

The President was taken on a tour of the port and shown how the Government is reclaiming land from the sea to enable the port to handle ships with bigger capacity.

To enhance its efficiency in serving neighbouring landlocked countries, Namport has assigned dry ports to the different nations so that they can manage their own cargo.

President Kenyatta said Kenya would study the idea of dry ports for neighbouring countries that depend on the Port of Mombasa for their imports and exports.

“That kind of arrangement can let them manage their own cargo and our job will be to be efficient port owners,” said President Kenyatta.

He said the port of Mombasa and Namport would partner in the areas of efficiency enhancement, and the bridging of management and administration gaps that lead to corruption with the aim of improving service delivery.

The President said mismanagement and other malpractices at the ports create inefficiencies, which in turn affect economies of many countries that depend on these ports as gateways into their countries.

The Namibian Government has already requested guidance from Kenya in the setting up of a single window system for processing and clearing transit cargo across many borders. The system allows importers to input data once which is then used by all countries through which the goods pass on their way to their destinations.

President Kenyatta said Africa would only succeed when all nations agree to collaborate to achieve progress.

“If Africa succeeds Namibia has succeeded and if Africa succeeds Kenya will also have succeeded,” said President Kenyatta.

President Kenyatta is on a State Visit to Namibia and was Friday hosted at State House, Windhoek, where he held bilateral talks with President Hage Geingob.





Source link

Comments

comments

Continue Reading

Business News

Transfast upgrade to facilitate inter-Africa transfers : The Standard

Published

on


The firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.

Global money transfer and payment firm Transfast has revealed plans to re-engineer its platforms to allow Kenyans and other East Africans to send money both across and outside Africa.

This is even as transaction times are set to be radically adjusted to allow for much efficiency and further cost reductions.
The far-reaching changes were announced as Transfast recently met with East African business partners to build its network strength in Africa by partnering with a number of banks and other institutions.
New on the list of 18 partners was Postbank Uganda and Tanzania’s NMB Bank. Others were Ecobank Rwanda, Safaricom, Commercial Bank of Africa, as well as Guaranty Trust Bank Kenya.
Gulf African Bank and Kenya’s payment solutions provider PI Consulting, also came on board as Transfast agents.
“As we seek to be a leader giving the best service across the globe, we are looking to invest heavily is upgrading our systems to facilitate transactions at very affordable rates,” said Transfast Eastern Africa Regional Manager Daniel Muchika.
Further, he said the firm is set to unveil new modes of money transfer that seek to guarantee users much convenience at lower cost.
“We are also working at supporting freelance work around the world through integration partnerships with as many job platforms,” he said.
Transfast is a growing international money transfer and cross-border payments company headquartered in New York with additional offices in the UAE and the Philippines.
Founded in 1988, the company is a provider of multi-currency, cross-border payments solutions for consumers and businesses around the world.
Remittances are processed through its direct-to-bank network, and the company offers over 350, 000 cash payout points across 130 countries.
In Africa, Transfast operates in over 30 countries where the company’s bank network covers up to 90 per cent of adult bank account holders in those nations.
Transfast has crossed the 45,000-location mark in India with more than four million customers globally.
To date, the platform is on record for having processed about $8.5 billion worth of transactions.

TransfastMoney transfer





Source link

Comments

comments

Continue Reading
Entertainment4 weeks ago

‘He sings like an angel’ Sauti Sol announce their first sign in BenSoul under Sol Generation

General News4 weeks ago

Kerio dams billions diverted to build Ruto’s palatial Sugoi residence and Dolphin Beach Resort –

General News1 week ago

UHURU nominates HILLARY MUTYAMBAI as the new Inspector General of Police! He now replaces JOSEPH BOINNET

General News4 weeks ago

How DP Ruto fleeced Kenyans to acquire Sh300m ranch –

General News2 weeks ago

Ruto converts his private home in Karen into a hotel

General News1 week ago

He is NIS’ HILLARY MUTYAMBAI! Another one from NIS! President UHURU finally nominates the person who will succeed BOINNET

General News4 days ago

Is President Uhuru Kenyatta’s Cousin Behind The Banda Homes Scam?

General News2 weeks ago

Big race to succeed IG Boinnet: Who will it be? : The Standard

Business News1 week ago

Safaricom to recruit 300 interns for its new Eldoret Call Center

Business News2 weeks ago

Why Sh1trn Kenya Saccos are a ticking time bomb

Entertainment3 weeks ago

Record statement with DCI if you are innocent on 21billion dam scandal -DP Ruto told

General News4 weeks ago

Sextortion link in Joho, Jumwa wars – Weekly Citizen

General News4 weeks ago

DAILY POST: Horny Lecturers at University of Nairobi Parklands campus SEXUALLY harassing female students

Business News1 week ago

French firm unveils solar system for emergency situations

General News4 weeks ago

Wedding bells toll as Waiguru finds her love : The Standard

Entertainment3 weeks ago

‘Selina’ actor Kone Nouhoum succumbs to injuries – Nairobi News

General News2 weeks ago

Mombasa ODM wars turn deadly as Joho ally is hospitalised after poisoning

Entertainment2 weeks ago

List of 32 Kenyans who perished in the ill fated Ethiopia Airlines Addis to Nairobi

Entertainment2 weeks ago

Inspector General of police Joseph Boinnet Retires today

Entertainment4 weeks ago

Police arrest four suspects of Kilimani estate burglaries – PHOTOS + VIDEO – Nairobi News

Columns And Opinions14 mins ago

OKORE: Hospitals are deathtraps that need reforms

Sports29 mins ago

KCB RFC down Mwamba in Kenya Cup

Sports46 mins ago

KCB, Kabras march on with Kenya Cup victories

Entertainment53 mins ago

DRCongo election official denies US corruption claim

Trending Videos1 hour ago

Truthmeter 17th October 2014

Trending Videos1 hour ago

Inflation Of Commodities & Its Effects To Consumers

Trending Videos1 hour ago

A Sh.13m ward set up to reduce maternal and child mortality in Kakamega

Trending Videos1 hour ago

KTN News Live Stream (Nairobi Kenya)

Trending Videos1 hour ago

UN conference on Trade and Development to take place on 17-22nd July 2016

Trending Videos1 hour ago

Margaret Wambui to be laid to rest in Ngando Dagoretti

Trending Videos1 hour ago

Mpasho WCW: From Linet – Size 8 to Size 8 reborn. Watch the big transformation of Size 8

Trending Videos1 hour ago

Mt. Elgon MP Fred Kapondi captured on tape in a fistfight during a funeral

Trending Videos1 hour ago

Celeb Vibes with Gin Ideal

Trending Videos1 hour ago

Uhuru SACKS DP Ruto ally Echesa, CS Amina demoted

Trending Videos1 hour ago

CEMANIA NA WANJOHI WA KIGOGOINE THUTHA WA HONEYMOON

Trending Videos1 hour ago

Huge fire destroys section of Toi market

World News1 hour ago

As Mueller Report Lands, Prosecutorial Focus Moves to New York

Entertainment1 hour ago

Fatuma ‘Iron Fist’ Zarika defeats Zambia’s Phiri to retain WBC World Championship belt ▷ Kenya News

Sports2 hours ago

The Standard – Kenya: Burundi make history, qualify for first ever AFCON as Aubameyang’s Gabon crash out | The Standard

Sports2 hours ago

Zarika retains WBC Super bantamweight title at KICC

Facebook

Dont Miss!

Columns And Opinions14 mins ago

OKORE: Hospitals are deathtraps that need reforms

By SCHEAFFER OKOREMore by this Author Kenya’s public health system is extremely harsh to the majority of caregivers and receivers....

Sports29 mins ago

KCB RFC down Mwamba in Kenya Cup

Mwamba RFC’s Stephen Sikuta taking on KCB RFC players. Photo/RAYMOND MAKHAYA NAIROBI, Kenya, March 24 – Kenya Cup champions...

Sports46 mins ago

KCB, Kabras march on with Kenya Cup victories

KCB RFC and Kabras Sugar kept their early Kenya Cup charge going as they won their respective fixtures to remain...

Entertainment53 mins ago

DRCongo election official denies US corruption claim

The United States on Friday imposed new sanctions on Corneille Nangaa and two other Congolese officials who monitored last year’s...

Trending Videos1 hour ago

Truthmeter 17th October 2014

source Comments comments

Trending Videos1 hour ago

Inflation Of Commodities & Its Effects To Consumers

Like our pages and follow us on twitter for more hot entertainment. Twitter: https://twitter.com/EbruTVKenya Facebook: https://www.facebook.com/ebrutvkenya. source Comments comments

Trending Videos1 hour ago

A Sh.13m ward set up to reduce maternal and child mortality in Kakamega

A Swiss international company, Vestergaard Frandsen has put up an ultra modern maternity ward at Emusanda health center in Kakamega...

Trending Videos1 hour ago

KTN News Live Stream (Nairobi Kenya)

SUBSCRIBE to our YouTube channel for more great videos: https://www.youtube.com/ Follow us on Twitter: https://twitter.com/KTNNews Like us on Facebook: …...

Trending Videos1 hour ago

UN conference on Trade and Development to take place on 17-22nd July 2016

The United Nations Conference on Trade and Development (UNCTAD) 14 Conference will be taking place in Nairobi as from the...

Trending Videos1 hour ago

Margaret Wambui to be laid to rest in Ngando Dagoretti

President Uhuru Kenyatta’s sister Margaret Wambui to be laid to rest in Ngando Dagoretti. source Comments comments

Trending Videos1 hour ago

Mpasho WCW: From Linet – Size 8 to Size 8 reborn. Watch the big transformation of Size 8

Bold & True #MpashoWCW: From Linet – Size 8 to #Size8reborn. Watch the big transformation of Size 8 since she...

Trending Videos1 hour ago

Mt. Elgon MP Fred Kapondi captured on tape in a fistfight during a funeral

http://www.nation.co.ke A burial ceremony of a prominent business man turned tragic in Mt Elgon, Bungoma County after supporters of two...

Trending Videos1 hour ago

Celeb Vibes with Gin Ideal

Celeb Vibes with Gin Ideal. source Comments comments

Trending Videos1 hour ago

Uhuru SACKS DP Ruto ally Echesa, CS Amina demoted

President Uhuru Kenyatta has made a major Cabinet reshuffle that has seen Sports Cabinet Secretary Rashid Echesa rendered jobless. Education...

Trending Videos1 hour ago

CEMANIA NA WANJOHI WA KIGOGOINE THUTHA WA HONEYMOON

source Comments comments

Categories

Trending