Company News in Brief

Nairobi Securities Exchange allows Kenya Airways shares to trade againNairobi Securities Exchange has lifted a suspension on trading shares of national carrier Kenya Airways, the bourse said on Monday."The suspension on the trading of Kenya Airways PLC shares was lifted following the company’s recent performance which saw the company record a profit after tax and the withdrawal of theNational Aviation Management Bill 2020," the bourse said in a statement.Kenya Airways' shares were suspended from trading in 2020, when at the time the government had announced plans to renationalise the airline. The plan did not take off.One of Africa's three biggest carriers, Kenya Airways slid into insolvency in 2018 after an expansion drive left it with hundreds of millions of dollars in debt.On its last day of trade on March 2, 2020, the stock closed at 3.83 shillings a share.It posted an operating profit of 10.53 billion shillings ($80.38 million) in 2023, the first since 2017.-REUTERSSA Rugby deal: US-based Ackerley Sports Group to revive bidAckerley Sports Group will pursue a new deal for the commercial rights to the world champion Springboks rugby team after an initial bid for the South African organisation failed. The Seattle-based group, which cited support for its efforts from South African Sports Minister Gayton McKenzie, said it will work with a professional adviser and will engage with any "approved South African consortium" to revive the deal. The rugby group is at risk of financial collapse unless it bolsters its revenue by emulating rivals such as New Zealand’s All Blacks, which has concluded a private equity deal, according to SA Rugby President Mark Alexander. Ackerley’s exclusive negotiating period with SA Rugby lapsed at the end of last year. That was weeks after its $75 million (R1.4 billion) bid for a 20% stake in an SA Rugby commercial rights company and effective control of its board failed to win support from the South African group’s member unions. The Ackerley family has owned stakes in several sports franchises including Seattle SuperSonics and Seattle Storm in basketball, the Seattle Seadogs in soccer and the Seattle Kraken hockey team. In 2023 a private holding company for the family bought a minority stake in England’s Leeds United Football Club.The Springboks have won the World Cup a record four times, gaining global recognition. The team, once an emblem of apartheid, has been held up as an example of successful transformation. Netwerk24 reported Ackerley’s intention to pursue a partnership earlier. -BLOOMBERG NEWS Canada PM Trudeau is likely to announce resignation, source saysCanadian Prime Minister Justin Trudeau is increasingly likely to announce he intends to step down, though he has not made a final decision, a source familiar with Trudeau's thinking said on Sunday.The source spoke to Reuters after the Globe and Mail reported that Trudeau was expected to announce as early as Monday that he would quit as leader of Canada's ruling Liberal Party after nine years in office.The source requested anonymity because they were not authorized to speak publicly.Trudeau's departure would leave the party without a permanent head at a time when polls show the Liberals will badly lose to the official opposition Conservatives in an election that must be held by late October.Sources told the Globe and Mail that they did not know definitely when Trudeau would announce his plans to leave but said they expect it would happen before a emergency meeting of Liberal legislators on Wednesday.Trudeau propelled the Liberals to power in 2015 promising "sunny ways" and a progressive agenda that promoted the rights of women and a promise to fight climate change.But the everyday realities of governing gradually wore him down and like many Western leaders, the need to deal with the effects of the pandemic ate up much of his time.Although Ottawa spent heavily to protect consumers and businesses, racking up record budget deficits, this provided little protection from public anger as prices soared.A botched immigration policy led to hundreds of thousands of arrivals, straining an already overheated housing market.-REUTERS

Company News in Brief

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