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Kenya Power Appoints Bernard Ngugi as Managing Director

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The Kenya Power Company’s General Manager in charge of Supply Chain Bernard Ngugi has been appointed as the Managing Director & Chief Executive Officer of the Company.

Ngugi takes over from Eng. Jared Othieno who had been appointed Acting Managing Director and CEO in July 2018 following the exit of the former Ken Tarus led management team.

Prior to his appointment, Mr Ngugi was the Company’s General Manager in charge of Supply Chain.

Mr Ngugi has over 30 years’ experience in the Company with expertise in financial and revenue accounting, internal audit and supply chain management. He holds a Master of Business Administration in Finance and Bachelor of Commerce in Accounting.

He is a Certified Public Accountant of Kenya and a member of the Institute of Certified Public Accountants of Kenya. He is also a Certified Public Secretary of Kenya and a member of the Institute of Certified Public Secretaries of Kenya.

Additionally, Mr Ngugi holds a Graduate Diploma from the Chartered Institute of Purchasing and Supplies and is a member of the Kenya Institute of Supplies Management.

“My immediate focus is to lead the Company towards improved profitability while ensuring the business fulfils its socio-economic purpose. This will be achieved by implementing our 5 Year Strategic Plan that broadly aims at delivering excellent customer service and ensuring our business sustainability,” Mr Ngugi said.

The Board of Directors of Kenya Power & Lighting Company Plc is confident that operations of the Company will run smoothly under the leadership of Mr Ngugi.

“We believe that Mr Ngugi will see the Company through an important stage of its development and growth as we work to diligently implement all our plans to strengthen the Company and the commercial aspects of our business,” said Kenya Power’s Chairman Amb (Eng) Mahboub Maalim.

He thanked the interim management team led by Eng. Othieno for stabilizing the Company after the crisis occasioned by the exit of the previous management team.

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Business

LG ThinQ technology Features

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LG’s ThinQ technology focuses on below elements:

Ease-of-Use

LG ThinQ-equipped integrated products can be monitored and operated via the simple use of a smartphone app. Elevating convenience a step further, LG’s advanced OLED and NanoCell AI ThinQ TVs also features natural language processing, enabling voice-activated control via the Magic Remote.

Personalization

LG ThinQ is designed to work in sync with each user in the household, who may use the same devices in different ways. LG InstaView can be programmed to align with the home’s daily rhythm by recognizing peak use periods and adjusting for optimal cooling.

Efficiency

LG InstaView can monitor usage patterns and automatically run in save mode during hours less frequently used for optimal energy consumption.

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LG ThinQ Experience Launched at Sarit Centre

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Nairobi, August 05, 2020 – LG Electronics has launched its LG ThinQ Experience Zone in Kenya, designed to let visitors experience its artificially intelligent products, at the Sarit Centre.

The ThinQ Zone located in the recently re-launched Hotpoint’s largest retail store will be the first of its kind, giving consumers the exclusive opportunity to witness firsthand information on how the company is enabling the smart, premium lifestyle experience.

This will be the first of the experience zones for LG ThinQ to be set up in East Africa.

The LG ThinQ zone is located at the Hotpoint shop on the ground floor of the Sarit Centre and it will feature LG’s latest premium product lineup equipped with ThinQ technology which includes OLED TVs, the recently launched NanoCell TVs, the AI DD Washing Machine, InstaView Refrigerators, DualCool Floor Standing Air Conditioners among other home appliances.

The facilities will be used to further bolster the company’s Artificial Intelligence footprint in the country, with the firm set to work closely with their esteemed trade partners in a way of developing and communicating their state of the art AI-powered technologies.

The underpinning smart home ecosystem is the LG ThinQ technology, which integrates appliances and electronics with AI and deep learning algorithms to deliver a more intuitive experience for users.

With the LG ThinQ Experience Zone, the company aims to raise awareness of how a smart home ecosystem can be built and tailored to the needs of the individual.

LG Electronics plans to expand the LG ThinQ Experience Zone to other towns in the country as well as in the East Africa region.

Speaking at the event, LG’s Marketing Manager, Mr. Haewoong Im said: “LG continues to pursue innovation to improve home living and we are now excited to be bringing that same passion and technology leadership in Kenya as we continue to enhance the shopping experience and comfort of Kenyan consumers.”

“AI is the next frontier in technological evolution and as leaders in home appliances and consumer electronics, we have a responsibility to make AI more approachable in order to improve their quality of life for homeowners,” added Mr. Kim.

LG’s ThinQ technology focuses below elements:

Ease-of-Use

LG ThinQ-equipped integrated products can be monitored and operated via the simple use of a smartphone app. Elevating convenience a step further, LG’s advanced OLED and NanoCell AI ThinQ TVs also features natural language processing, enabling voice-activated control via the Magic Remote.

Personalization

LG ThinQ is designed to work in sync with each user in the household, who may use the same devices in different ways. LG InstaView can be programmed to align with the home’s daily rhythm by recognizing peak use periods and adjusting for optimal cooling.

Efficiency

LG InstaView can monitor usage patterns and automatically run in save mode during hours less frequently used for optimal energy consumption.

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Equity Bank Earns International Acclaim

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Nairobi, 3 rd August 2020… Equity has been recognized among the top 1000 best banks globally by the Financial Times Banker Magazine.

Equity was ranked at position 754 out of 1000 global banks, a ranking that was based on an array of metrics including the size of the lender, financial soundness, profits on capital, and return on assets. The lender jumped 90 spots from last year’s position 844.

 Equity was ranked position 62 on Capital Assets Ratio and Financial Soundness, which is an improvement of 13 spots, from last year. The lender also ranked at position 20 overall on Return on Assets, and position 55 on Profit on Capital. According to the publication, Return on Assets was at 3.35%; Profit on Capital was at 23% and Capital Assets Ratio was 14.56%.

Continentally, Equity was placed in position 22 of the best banks in Africa. Despite the growth and development of its financial sector, Africa remains a minor player in global banking terms. In 2019, the continent’s banking industry accounted for less than 1% of global Tier 1 capital making it the smallest regional player, behind Latin America with just over 2%.

Nonetheless, the performance in capital terms of the top five African countries – South Africa, Egypt, Morocco, Nigeria, and Kenya was noted as being impressive.

0n receipt of the Financial Times Banker Magazine ranking, Dr James Mwangi, Managing Director and CEO Equity Group said, “We are humbled that despite being a regional bank operating in Africa, we have made it among the top 754 banks in the world and demonstrated our efficiency and quality by being ranked among the top 62 global banks in the most important three parameters; Soundness or Financial Stability, Return on Assets and Return on Equity.”

Equity’s steady improvement in the global rankings is a result of a deliberate strategy to improve operational efficiencies, backed by an elaborate digitization strategy that has seen Equity’s over 14 million customers get access to customized, secure and convenient banking solutions aimed at meeting their evolving banking needs.

This year, Equity Group Holdings Board has taken a conservative approach that recognizes the emerging unquantified risk of the pandemic and opted to preserve capital in the face of the prevailing uncertainty occasioned by Covid-19. In the first quarter of 2020, Equity’s profit before provisions was up by 10% to Kshs.10 billion from Kshs. 9.1 billion the previous year.

However, the Group increased its loan loss provision tenfold to Kshs. 3 billion up from Kshs. 300 million the previous year leading to a decline of profit after tax by 14% from Kshs. 6.2 billion to 5.3 billion for the same period last year.

 A strong Group liquidity position of 51.6% and strong total capital to risk-weighted asset buffer of 19.5% against a low loan to total assets ratio of 55% places the Group in a strong position to adequately handle the economic and financial challenges of the COVID-19 global health pandemic.

This position is further enhanced by an agile liquid balance sheet with cash and cash equivalents of 38% of total assets and long-term funding of shareholders’ funds and long-term debts constituting 23% of the total assets.

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