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Kenya Airways...why ignore..
Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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obiero wrote:Ericsson wrote:obiero wrote:A blessing in disguise. MJ and AK should rock the headcount boat now or forever hold their peace Rock the headcount with which money 5B remember BOOM!
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Member Joined: 5/29/2016 Posts: 898 Location: Nairobi
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obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent....   No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics.
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. In actual number perspective a KES 2.4M gross salary would now be KES 480,000..
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: New-farer Joined: 5/24/2017 Posts: 44
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ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off...
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Rank: Member Joined: 5/29/2016 Posts: 898 Location: Nairobi
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Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now.
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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ArrestedDev wrote:Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now. The employees you refer to are overpaid and underworked.. Meanwhile CBK has already issued restructuring guidelines to all commercial banks for all loan classes
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:ArrestedDev wrote:Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now. The employees you refer to are overpaid and underworked.. Meanwhile CBK has already issued restructuring guidelines to all commercial banks for all loan classes  Anyway life moves on.... possunt quia posse videntur
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. Applying band aid on a skull fracture Life is short. Live passionately.
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Rank: Chief Joined: 1/3/2007 Posts: 18,055 Location: Nairobi
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ArrestedDev wrote:Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now Allan is not a miracle worker but good luck to him. The payments of loans can be suspended. NCBA ata-do? As much as one pities the employees, where's the money? [GoK?] Can Allan convince the banks to lend more to KQ to keep paying salaries and other costs?  From the bank's perspective: Does the bank lend more to a firm that is dying, hasn't made a profit in 7 years and is guaranteed to lose money for the next 6 months?  The bank has shares in the firm worth ZERO unless a broke GoK makes them whole. The bank has made huge loans that are not being serviced (NPLs, ECL). Kenyan banks are going to have to restructure loans worth billions in 2020/2021. They will have to increase NPLs and ECLs for properties, businesses, tourism, personal loans, etc. Without a government guarantee why would they lend to what's a basket case. I have stopped beating up on KQ and @Obiero. I feel for KQ. It just doesn't get a break. We should look at a REGIONAL airline that accepts its primary purpose is connecting the region but not profits. No need for KQ+TZ+UG+RW. Perhaps ET can join up to create a well-run regional airline that connects the countries to the entire world. Even Warren Buffett who was against investing in airlines, went into HEALTHY airlines as a shareholder in a big way and has now taken a huge hit. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/7/2012 Posts: 11,901
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VituVingiSana wrote:ArrestedDev wrote:Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now Allan is not a miracle worker but good luck to him. The payments of loans can be suspended. NCBA ata-do? As much as one pities the employees, where's the money? [GoK?] Can Allan convince the banks to lend more to KQ to keep paying salaries and other costs? From the bank's perspective: Does the bank lend more to a firm that is dying, hasn't made a profit in 7 years and is guaranteed to lose money for the next 6 months? The bank has shares in the firm worth ZERO unless a broke GoK makes them whole. The bank has made huge loans that are not being serviced (NPLs, ECL). Kenyan banks are going to have to restructure loans worth billions in 2020/2021. They will have to increase NPLs and ECLs for properties, businesses, tourism, personal loans, etc. Without a government guarantee why would they lend to what's a basket case. I have stopped beating up on KQ and @Obiero. I feel for KQ. It just doesn't get a break. We should look at a REGIONAL airline that accepts its primary purpose is connecting the region but not profits. No need for KQ+TZ+UG+RW. Perhaps ET can join up to create a well-run regional airline that connects the countries to the entire world. Even Warren Buffett who was against investing in airlines, went into HEALTHY airlines as a shareholder in a big way and has now taken a huge hit. The final phase of KQ's life!!! In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Is it that the staff were too highly Paid, or was it that KQ was overstaffed?? Cutting the staff number would definitely have more lasting outcome but lowering income would also most likely result in a lot of voluntary resignation. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Elder Joined: 6/23/2009 Posts: 13,475 Location: nairobi
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HaMaina wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Is it that the staff were too highly Paid, or was it that KQ was overstaffed?? Cutting the staff number would definitely have more lasting outcome but lowering income would also most likely result in a lot of voluntary resignation. It's a combination of both. There won't be any voluntary resignation as there are no jobs in the economy. Please note though, not all KQ employees are bad, but it is majority
HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:HaMaina wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Is it that the staff were too highly Paid, or was it that KQ was overstaffed?? Cutting the staff number would definitely have more lasting outcome but lowering income would also most likely result in a lot of voluntary resignation. It's a combination of both. There won't be any voluntary resignation as there are no jobs in the economy. Please note though, not all KQ employees are bad, but it is majority @Obiero let me help you out on this.... there are some grades in KQ where the salaries are above what it should be... Rem we always say that the pilots and senior management are around 480-500 but they earn 60% of the entire 16Bn wage bill.... The was supposed to be a staff rationalisation programme but it had been deffered for a long time...The ones being done are cosmetic fitting people who belong to the system where they want and giving them good salaries... Hope after this/if we get through this things will change. On being overstaffed I don't think so.... Look at the annual reports staff numbers have been reducing YoY....If you go now your role will probably just be filled with another employee without any increment. My biggest problem has been the mindset of most people never changed....Wanton wastage was the order of the day.This is what really really hurts me the most.... Now everyone is in shock... Including those pilots. possunt quia posse videntur
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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VituVingiSana wrote:ArrestedDev wrote:Zichi wrote:ArrestedDev wrote:obiero wrote:ArrestedDev wrote:sparkly wrote:maka wrote:maka wrote:lochaz-index wrote:Boeing's stock price has plunged to $97 from highs of about $440 in 2019 in the type of moves bankruptcies are made of. For KQ it is the case of a broke GoK attempting to save a broke SOE...I wouldn't count on it. Things are extremely bad....Totally grounding of the entire fleet is imminent.... No comments! . A CEO who thinks like this is not fit to drive this Company out of the bad management it has been through for so many years. What about employees who are living from hand to mouth, relying from paycheck to paycheck? Salary reduction should apply to senior executives only. What they need to do is to ask for a bailout from the government. This is the only way out. Reducing salaries of junior employees is a drop in the ocean. What about lease costs for planes that will be parked for months? Does Allan want to tell us the savings from the salaries is enough to service the lease costs and other loans. A serious executive will negotiate at first instance with banks on the loans they are servicing and aircraft lessors regarding ways to defer the monthly repayments. The letter above addressed to the employees does not mention of such a discussion, only a sentence talks about the government. By increasing his paycut by 5% to 80% is just laughable. 80% pay cut isn't laughable.. The staff were always the problem at KQ Just 5% to 80% is just PR theatrics. His paycut increased from 35% to 80%. Only essential payments to be made, others are deferred. Talks with Government on extending a line of credit, talks with banks and saccoa on a 6 month moratorium for loans. With other airlines sending people home on unpaid leave I think we should be fair to Allan for this step. A slice of cake is better than no cake at all. Huku sand pit engineer's have been sent home on two weeks unpaid leave-with a possibility of it being extended...other groups being laid off... Not loans for employees. Management should direct energy towards aircraft loans and monthly lease costs. Developed countries rolling out stimulus packages already. Employees in those countries can get unemployment benefits. Kenya is a different case here. Junior employees does not earn much. This move should be taken as the the last resort. I need to see Allan telling us that he has managed to convince NCBA to defer loan repayments for KQ with immediate effect. We don’t want a situation where poor employees are being targeted. We are talking of employees who have never seen a pay rise for years now Allan is not a miracle worker but good luck to him. The payments of loans can be suspended. NCBA ata-do? As much as one pities the employees, where's the money? [GoK?] Can Allan convince the banks to lend more to KQ to keep paying salaries and other costs? From the bank's perspective: Does the bank lend more to a firm that is dying, hasn't made a profit in 7 years and is guaranteed to lose money for the next 6 months? The bank has shares in the firm worth ZERO unless a broke GoK makes them whole. The bank has made huge loans that are not being serviced (NPLs, ECL). Kenyan banks are going to have to restructure loans worth billions in 2020/2021. They will have to increase NPLs and ECLs for properties, businesses, tourism, personal loans, etc. Without a government guarantee why would they lend to what's a basket case. I have stopped beating up on KQ and @Obiero. I feel for KQ. It just doesn't get a break. We should look at a REGIONAL airline that accepts its primary purpose is connecting the region but not profits. No need for KQ+TZ+UG+RW. Perhaps ET can join up to create a well-run regional airline that connects the countries to the entire world. Even Warren Buffett who was against investing in airlines, went into HEALTHY airlines as a shareholder in a big way and has now taken a huge hit. Delta Airlines in trouble Life is short. Live passionately.
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 12/4/2009 Posts: 10,639 Location: NAIROBI
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Spikes wrote:Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. Sawa Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Spikes wrote:Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. . Life is short. Live passionately.
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Rank: Veteran Joined: 4/23/2014 Posts: 903
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Spikes wrote:Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. I also see a very possible house of cards effect at the NSE. “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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HaMaina wrote:Spikes wrote:Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. I also see a very possible house of cards effect at the NSE. This whole fiasco is not ending anytime soon....Countries are shutting down completely... possunt quia posse videntur
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Rank: Member Joined: 12/1/2007 Posts: 537 Location: Nakuru
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HaMaina wrote:Spikes wrote:Tomorrow expect a bloodbath as NSE opens.... a bloodbath worse than the one witnessed in Italy! You can take this info to your nearest bank and qualify for interest free loan. I also see a very possible house of cards effect at the NSE. Prophets of doom. I think Corona has already been priced in the current prices... reaction if any wont be very bloody... For investors as a whole, returns decrease as motion increases ~ WB
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