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Kenya Airways Spends $142m Annually On Leasing Aircraft

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Kenya Airways Spends $142m Annually On Leasing Aircraft

A new report has shown, that troubled national carrier, Kenya Airways, spends a whopping $142m annually, to service the huge leasing contracts it signed with financiers to acquire 20 aircraft.

The confidential report, which was submitted to the transport committee of the Kenyan parliament, means the airline spends up to 11 per cent of its operating costs to service loans.  That is way above global average of five per cent.

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Kenya Airways, which is struggling to rise from the depths of historic corporate loss-making, also told parliament, that 53 million dollars of the total amount, covers aircraft depreciation costs, leaving 89 million dollars for actual servicing of leasing costs.

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For the first time last week, Kenya Airways revealed that 11 firms bank-rolled leasing of the carrier’s 20 aircraft, which is half its fleet.

And in a revelation meant to anchor its role as the key tenant at Nairobi’s Jomo Kenyatta International Airport, the airline disclosed it pays more than half a billion dollars annually to the Kenya Airports Authority for using the airport as its hub.

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That amount does not include the one hundred six million dollars it pays Kenya Airports Authority in annual landing fees, $4 million in building and utilities rents and $2 million in concession fees.

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African Summit Gives Sudan Military Three Months To Implement Reforms

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African Summit Gives Sudan Military Three Months To Implement Reforms

African leaders have agreed, at a meeting in Cairo on Tuesday, to give Sudan’s ruling military council three months to implement democratic reforms, and a quick restoration of the constitutional system through a political process, amid pressure for a handover of power to civilians.

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The decision extends a 15-day deadline set by the African Union last week for Sudan’s Transitional Military Council (TMC) to hand over power or be suspended from the A.U. TMC took over after president Omar Al-Bashir was ousted earlier this month.

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The TMC has been under pressure from demonstrators to hand power to civilians immediately.

Egypt`s Abdul Fatah Al Sisi, who holds the rotating African Union presidency, said at the end of the summit in Cairo, they have agreed on the need to give more time to Sudanese authorities and Sudanese parties to implement required measures.

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African News

Mozambican Authorities Warn Of A Possible Tropical Storm Hit

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Mozambican Authorities Warn Of A Possible Tropical Storm Hit

Mozambican authorities have warned of a tropical storm that could hit the country this week, just one month after cyclone Idai ravaged the nation. The next organized tropical cyclone, to be named Kenneth could also affect Tanzania.

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The National Institute for Disaster Management’s spokesman, Paulo Tomás says, they will keep abreast of the evolution of the weather system.

Last month, cyclone Idai killed at least 960 people in parts of Mozambique, Malawi and Zimbabwe, leaving some 3 million people in need of humanitarian assistance.

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Egypt Voters Approve Referendum Extending President’s Rule

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Egypt Voters Approve Referendum Extending President's Rule

Egypt’s election commission has announced, 88% of voters had approved changes to the constitution that could allow president Abdul Fattah Al-Sisi stay in power until 2030. The amendments would also give the president new powers over the judiciary.

The commission says, voter turnout during the three-day referendum was nearly 44 and a half percent and almost 90 percent approved the amendments while 11.17 percent voted no.

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The amendments will extend Sisi’s current term to six years from four and allow him to run again for a third six-year term in 2024 and to appoint one or more vice presidents.

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His critics questioned the credibility of the turnout figure announced and are asking how can a constitution be changed to fit one person.

Sisi’s supporters say he has stabilized Egypt and needs more time to reform and develop the economy.

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After the announcement was made, Al-Sisi sent the message quote “I am your god.”

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