Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Kenya Airways Heads for Two-Week High on Plan to Fire Workers

Sept. 4 (Bloomberg) -- Kenya Airways Ltd., sub-Saharan Africa’s third-biggest airline, headed for its strongest close in almost two weeks following a court ruling the company can cut jobs, a move that may slash costs.

The stock climbed as much as 3.9 percent and was trading 0.8 percent stronger at 13.10 shillings by 2:08 p.m. in Nairobi, the capital, according to data compiled by Bloomberg. A close at that level would be the highest since Aug. 22.

The company can move forward with plans to axe at least 650 jobs after Kenya’s Industrial Court lifted an injunction stopping the cuts, the Nairobi-based Nation newspaper reported on Aug. 31. Workers are contesting the decision.

“The costs will go down if they are laying off staff, which could make the company a more attractive investment opportunity,” Mbuthia Irungu, an equity trader with Renaissance Capital Ltd., said by phone from Nairobi.

To contact the reporter on this story: Sarah McGregor in Nairobi at smcgregor5@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.