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Dec 5, 2014

ICC prosecutor drops charges against Kenyan president

NAIROBI (Reuters) – Prosecutors dropped charges of crimes against humanity against Kenyan President Uhuru Kenyatta on Friday, signalling failure for the International Criminal Court in the highest-profile case in its 11-year history.

Judges in The Hague had on Wednesday given prosecutors a week to decide whether to proceed against Kenyatta, who was accused of fomenting ethnic violence after the 2007 election, or withdraw the charges. (Full Story)

Dec 5, 2014

ICC prosecutor withdraws charges against Kenyan president

AMSTERDAM/NAIROBI (Reuters) – Prosecutors dropped charges of crimes against humanity against Kenyan President Uhuru Kenyatta on Friday, signaling failure for the International Criminal Court in the highest-profile case in its 11-year history.

Judges in The Hague had on Wednesday given prosecutors a week to decide whether to proceed against Kenyatta, who was accused of fomenting ethnic violence after the 2007 election, or withdraw the charges.

Nov 28, 2014

High costs, sluggish listings hold back African capital markets

DIANI, Kenya, Nov 28 (Reuters) – African stock exchanges
should lower transaction costs and encourage new listings if
they want to become more attractive vehicles for raising capital
and lure new investment.

Shares on many Sub-Saharan African bourses have offered
enticing returns in the past five years, but investors complain
about a limited number of initial public offerings, high fees
and poor liquidity.

Nov 26, 2014

Somalia’s new bourse sees seven firms listing on opening in 2015

DIANI, Kenya Nov 26 (Reuters) – The Somalia Stock Exchange
expects seven companies in the telecoms, financial services and
transport sectors to list their shares when the bourse is set up
in 2015, its founder said.

Somalia’s economy is slowly recovering from more than two
decades of conflict, although the government is still battling
an Islamist insurgency. Amid the chaos, some businesses have
thrived, including money transfer and mobile phone firms.

Nov 26, 2014

Nigeria bourse aims to offer derivatives by 2016

DIANI, Kenya, Nov 26 (Reuters) – The Nigerian Stock Exchange
plans to start allowing trading by 2016 of derivatives such as
futures and options in interest rates, currencies and equity
indexes, its chief executive said.

The exchange, one of the main entry points for foreign funds
looking to tap Africa’s fast-growing economies, now only offers
shares, bonds and exchange-traded funds.

Nov 13, 2014

Ebola, travel warnings push Kenya Airways into H1 loss

NAIROBI, Nov 13 (Reuters) – Kenya Airways swung
into a first-half pretax loss after suspending flights to two
Ebola-hit West African nations while attacks by Islamist
militants in Kenya prompted Western countries to issue travel
warnings, hurting the carrier’s bookings.

The airline, which is part-owned by Air-France KLM
, reported a pretax loss of 12.5 billion shillings
($140 million) for the period through September, including a
paper loss of 5.4 billion shillings due to a writedown of planes
being retired from its fleet.

Nov 4, 2014

Safaricom’s profit rises on growth in data, M-Pesa

NAIROBI, Nov 4 (Reuters) – Kenya’s Safaricom said
first-half pretax profit rose by almost a third, due to growth
in financial services and data usage, offsetting sluggish voice
revenues.

Safaricom, which is 40 percent owned by Britain’s Vodafone
, said on Tuesday pretax profit rose to 21.1 billion
shillings ($235.8 million) in the half-year to end-September.

Oct 31, 2014

Kenya pulls in brands but growth path still rocky

NAIROBI, Oct 31 (Reuters) – Kenya, like other nations on a
continent that boasts some of the fastest growth rates in the
world, is racing to upgrade neglected infrastructure, improve
regulations and revise often outdated economic figures to spur
investment.

For some, there are echoes of the start of Asia’s rise.

But Kenya’s challenges, many of which are mirrored across
Africa, are formidable if it wants to build on recent gains. It
cannot boast the high savings that helped boost Asian economies
and its efforts to attract the kind of new industry that will
create jobs and boost exports have had mixed results.

Oct 3, 2014

Liberty Kenya’s life business eyes top-three spot in six years

NAIROBI, Oct 3 (Reuters) – Liberty Kenya plans to
become one of the top three life insurers by market share in the
country, East Africa’s biggest economy, whose potential has
attracted the likes of British firm Prudential Plc.

Annual life insurance premiums amount to just 1 percent of
Kenya’s economic output of $42.6 billion, while only about 4
percent of the population estimated at 40 million have life
cover. Some have group cover offered by employers.

Oct 1, 2014

IMF says Kenya’s new economic numbers show reforms are working

NAIROBI, Oct 1 (Reuters) – An upward revision of Kenya’s
economic output shows that the country’s economic reforms are
paying off, with the potential for future growth to exceed 6
percent a year, an International Monetary Fund (IMF) official
said on Wednesday.

Kenya announced on Tuesday that last year’s gross domestic
product was $53.4 billion – 25 percent higher than previously
stated – after updating the base year for its calculation.
Growth for 2013 was revised up to 5.7 percent from 4.7 percent.