NAIROBI, March 26 (Reuters) – Kenya’s shilling is overvalued
by about 5 to 10 percent to the dollar but demand for imports
and other market pressures are likely to weaken it gradually so
no policy change is required, the IMF said.
The shilling has lost 1.7 percent since the start of
2015 against the dollar, after a 4.5 percent fall in 2014 that
was largely blamed on a downturn in the vital tourism industry
after a number of militant attacks.
MUMIAS, Kenya, March 18 (Reuters) – In the sugar cane fields
of western Kenya, farmers complain that falling prices mean they
can barely make ends meet. Yet rival African producers can still
offer cheaper supplies.
With much of the production coming from small rain-fed plots
rather than large irrigated plantations, costs are much higher
than Kenya’s competitors.
NAIROBI (Reuters) – The Nairobi Securities Exchange (NSE.NR: Quote, Profile, Research, Stock Buzz) will work with three banks to set up a clearing house for its planned offering of derivative instruments from the second quarter of this year, its chief executive said on Friday.
Jeff Odundo, who started the job this week, told the Reuters Africa Investment Summit the new products would boost liquidity at the bourse, as it seeks to become the third biggest exchange on the continent, up from fifth currently.
NAIVASHA, Kenya (Reuters) – Kenya’s Keroche Breweries is investing 5 billion shillings ($55 million) to increase its capacity tenfold and help it grow its share of the alcohol market six-fold to 20 percent in about a year, its chief executive said.
Tabitha Karanja told the Reuters Africa Investment Summit the money was being used to build a new 1 million hectoliters-a-year brew house and bottling line to be launched this month that would help the company raise its market share from 3 percent.
NAIROBI (Reuters) – Kenya’s Centum Investment (ICDC.NR: Quote, Profile, Research, Stock Buzz) is working on selling its stakes in several firms to fund new investments in power plants, real estate and other areas, its chief executive said.
James Mworia told the Reuters Africa Investment Summit the company, whose market value has jumped seven-fold over the last five years to 40 billion shillings ($438 million), was targeting new investments that would maintain growth momentum.
NAIROBI (Reuters) – Kenya’s drive to improve rail, roads and power plants will help spur economic growth to 6.9 percent in 2015 and 7 percent in coming years, its finance minister said.
Henry Rotich also told the Reuters Africa Investment Summit that the government would remain “active” in international capital markets after its oversubscribed Eurobond debut last year, but did not give details of new issues.
NAIROBI, Feb 19 (Reuters) – When Kaleli Muli needed to buy
rings for his wedding, he popped into his local superstore in a
suburb of Kenya’s capital to avoid the hassle of a trip downtown
to find a jeweller.
He left 20 minutes later clutching a plastic bag with two
gold bands worth 45,000 shillings ($492), happy with his
purchase but also the time saved. Before the advent of
hypermarkets, the rings might also have cost hours of shopping.
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)
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.
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.