Duncan's Feed
Jul 24, 2015

Kenyans applaud traffic-free Nairobi’s Obama face-lift

NAIROBI, July 24 (Reuters) – Residents of Kenya’s capital
Nairobi enjoyed rare traffic-free roads on Friday morning as
many businesses shut down or cut their trading hours ahead of a
visit by U.S. President Barack Obama to his father’s homeland.

Police prepared to close major thoroughfares for several
hours before Obama arrived, and financial markets said they
would bring the shutters down early in the hurly-burly city of
more than 3 million.

Jul 9, 2015

Kenya’s new mining law to be in place in September

NAIROBI, July 9 (Reuters) – Kenya’s new mining law, which
will give the government a 10 percent stake in new projects and
aim to spur growth of the sector, should be in place in
September, the minister in charge of the plan told Reuters.

Kenya exports titanium, fluorspar and manganese and has
reserves of coal, niobium and rare earths, but mining currently
accounts for less than 1 percent of its economic output.

Jul 7, 2015

Kenya central bank announces surprise rate hike to 11.5 percent

NAIROBI, July 7 (Reuters) – Kenya’s central bank announced a
surprise 150 basis point rise in its benchmark lending rate
to 11.50 percent on Tuesday, saying a weaker
shilling could push up prices, although analysts said the hike
could curb growth.

After a 150 basis point increase last month to 10.0 percent
at a special policy meeting, most analysts polled by Reuters had
forecast rates would stay on hold at this week’s meeting.

Jul 2, 2015

Kenya sees 20 firms investing $80 mln after U.S. trade pact extended

NAIROBI, July 2 (Reuters) – Kenya expects 20 companies to
start investing about 8 billion shillings ($80 million)
immediately in the African nation’s textiles industry after the
renewal of a deal offering access to the U.S. market, its
industrialisation minister said.

President Barack Obama signed the Africa Growth and
Opportunity Act (AGOA) this week, renewing a deal allowing
Sub-Saharan African countries to export thousands of products to
the United States, without tariffs or quotas, for a further 10
years.

Jun 19, 2015

CORRECTED (OFFICIAL) -UPDATE 2-US equity firm TPG ties up with Satya Capital for Africa investments

NAIROBI, June 18 (Reuters) – U.S. private equity firm TPG
will invest up to $1 billion in African companies under a tie-up
with Sudanese billionaire Mo Ibrahim’s Satya Capital, the
companies said on Thursday.

TPG is a newcomer to Africa while Satya’s interests range
from healthcare in Nigeria to manufacturing in Tanzania.

Jun 18, 2015

US equity firm TPG ties up with Satya Capital for Africa investments

NAIROBI, June 18 (Reuters) – U.S. private equity firm TPG
will invest up to $1 billion in African companies under a tie-up
with Sudanese billionaire Mo Ibrahim’s Satya Capital, the
companies said on Thursday.

TPG is a newcomer to Africa while Satya’s interests range
from healthcare in Nigeria to manufacturing in Tanzania.

Jun 10, 2015

Barclays eyes Kenyan asset management after insurance deal

NAIROBI, June 10 (Reuters) – Barclays Africa Group
plans to move into the asset management business in Kenya this
year after reaching a deal on Wednesday to buy a majority stake
in insurer Kenya First Assurance Ltd for 2.8 billion shillings
($28.84 million).

Barclays’ deal to buy a 63.3 percent in the Kenyan insurance
company is part of a plan to boost revenue from its African
operations outside of South Africa.

May 13, 2015

Kenya’s Equity Bank plans 10-nation Africa expansion

NAIROBI, May 13 (Reuters) – Kenya’s Equity Bank
plans to enter 10 more African countries in the next decade, in
addition to the five it already serves, by building operations
from scratch or acquiring existing lenders, its chief executive
said on Wednesday.

James Mwangi told Reuters the bank, Kenya’s largest by
number of customers, had extended his contract by 10 years in
April, to steer the expansion.

Apr 29, 2015

Kenya’s economic growth slowed last year, outlook better

NAIROBI, April 29 (Reuters) – Kenya’s economic growth eased
to 5.3 percent in 2014 as tourism fell and agricultural output
slowed, but should pick up this year, a minister said on
Wednesday.

East Africa’s biggest economy has struggled with a number of
challenges in the past year, including attacks blamed on
Somalia’s al Shabaab militants that have scared away tourists,
and periodic droughts that have reduced farm output.

Apr 17, 2015

Kenya Airways to sell assets, seeks loan to navigate cash crunch

NAIROBI, April 17 (Reuters) – Kenya Airways is to
sell some older planes and land and is negotiating a bridging
loan to help it through a cash crunch caused by a drop in
passenger numbers, its chief executive said on Friday.

The carrier, part-owned by AirFrance-KLM, made a
big loss in the half-year to September after a spate of Islamist
militant attacks drove tourists away from Kenya and made it
tough to fill its fleet of new Boeing 787 Dreamliners.