The Raging Battle at WPP Scangroup

Your daily dose of Kenya's Business and Financial News

Brian Nzomo
October 30, 2024

Good evening readers ☺️

Here are our main business stories today :

🚩 Data Regulator Orders WPP Scangroup to Pay Former CEO KSh 1.95mn

Former CEO for WPP Scangroup Bharat Thakrar, will be smiling all the way to the bank after the Office of the Data Protection Commissioner (ODPC) ordered the listed advertiser, its parent company, and a consultancy firm, to pay him KSh 1.95 million. Apparently, WPP Scangroup injured Thakrar’s reputation after suspending him for misconduct in 2021. This was the beginning of a scuffle between WPP, the largest shareholder in the NSE-listed firm, and Thakrar, who is the second largest shareholder in the regional company. Thakrar fired the first shot in March this year after suing the company in both Kenya and the UK. What did the ODPC say in regard to the case?

💼 Over 270 National Bank Staff to Lose Jobs in Merger with Access Bank

The Competition Authority of Kenya (CAK) has given Nigerian lender, Access Bank, the greenlight to acquire National Bank. But there are consequences. About 20% of over 1,000 National Bank employees will pack up and leave, unwanted by their new acquirer. The other 80% will join Access Bank's 300+ staff to foster the joint entity. The process to acquire National Bank kicked off in March this year and COMESA has already agreed to the deal. Access Bank is on an acquisition drive in the region, seeking to break into new markets here. It won't be easy, but the lender is determined. Which other Kenyan lender did Access Bank plan to acquire?

🗣️ Google Adds 15 More African Languages on Voice Search

Kikuyu and Somali are the new Kenyan languages that you can use in the Google voice search and Gboard. The world's most popular search engine is making more inroads into the continent by opening up its services to more African languages for inclusivity. Other new languages available on the platform include Kirundi, Tigrinya, Amharic, Oromo, and Twi (from Ghana). Reaching 300 million people from Africa using their own languages is a goal that Google aims to accomplish in the next ten years. Thanks to AI, language extension in the platform has become faster and better. How is this beneficial for digital transformation in Africa?

Other top stories today

5 Must Visit Art Galleries in Nairobi

Each gallery offers something unique, and together, they paint a picture of Nairobi’s art scene and elevate the artistic talent of Kenya

kenyanwallstreet.com/5-must-visit-art-galleries-in-nairobi

OP-ED: The 'Silicon Valley Model' Is Not to Blame for the Death of African Tech Darlings

I have just seen yet another complaint about how the mythical Silicon Valley model in Africa is responsible for startup deaths.

kenyanwallstreet.com/op-ed-the-silicon-valley-model-is-not-responsible-for-the-death-of-african-tech-darlings/

Africa Calls for US$ 120bn Development Fund, Reforms in Global Financial Structures

Africa is pushing for an additional US$ 15bn in funding for the International Development Association (IDA).

kenyanwallstreet.com/africa-calls-for-us-120bn-development-fund-reforms-in-global-financial-structures

How Banks Can Tap Design Thinking to Improve Customer Experience

Centering customers' attitudes and preferences is a maze for banks and financial institutions, motivating them to rely on design thinking.

kenyanwallstreet.com/how-banks-can-tap-design-thinking-to-improve-customer-experience

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Have a restful evening 🙏