JUBA/NAIROBI, Dec 5 (Reuters) – Kenya Commercial Bank
started small in Africa’s newest nation, South Sudan -
Executive Martin Oduor-Otieno, sleeping in a tent at night,
found a shop he could rent in Juba that was just big enough to
fit a partition and grill, the basic requirement to open KBC’s
NAIROBI, Dec 3 (Reuters) – Kenya began work on a $653
million expansion of the capital’s main airport on Tuesday, the
second large-scale infrastructure project it has launched in a
week aimed at boosting trade and cementing its status as a
regional commercial hub.
The new terminal will be able to handle 20 million
passengers when completed, three times the existing passenger
flow through the airport, whose arrivals hall was gutted by a
massive blaze in August.
NAIROBI, Nov 13 (Reuters) – Kenya Airways expects
to post higher profits next year, thanks to the planned delivery
of fuel-efficient planes and the expansion of its Nairobi hub,
it said on Wednesday.
The carrier, which is 26.73 percent owned by Air France-KLM
and 29.8 percent by the government, is ranked among
the largest carriers in sub-Saharan Africa.
NAIROBI, Nov 13 (Reuters) – In Africa, foreign investors
beware: business is often a family affair. Just ask Wal-Mart
, the world’s largest retailer.
When it sought a foothold in east Africa, it sparked a
family feud in one of its acquisition targets, Kenya’s Naivas
NAIROBI, Nov 5 (Reuters) – Kenya is processing applications
for licences to operate derivatives exchanges from both local
and foreign firms, the capital markets regulator said on
Tuesday, as Nairobi inches towards its goal of becoming an
international financial centre.
Paul Muthaura, acting chief executive of the Capital Markets
Authority (CMA), told Reuters after a media briefing that such
exchanges were vital to that plan, but he did not say when
operators would be chosen nor when exchanges would open.
NAIROBI, Oct 17 (Reuters) – Kenya’s largest retail chain,
Nakumatt, will speed up plans to open new outlets after its
flagship store was destroyed in the Islamist rebel attack on a
Nairobi shopping mall, the chain’s head said on Thursday.
Nakumatt lost more than 2 billion shillings ($23.52 million)
in stock, furniture, fittings and business, when gunmen from the
Somali militant group al Shabaab stormed the Wesgate mall and
killed at least 67 people.
NAIROBI, Oct 16 (Reuters) – Wal-Mart’s push for a
foothold in east Africa hit a hurdle after Kenyan retailer
Naivas said on Wednesday it was no longer selling a controlling
stake to the U.S. company’s South African subsidiary, Massmart.
Strong economic growth in Africa is attracting global
retailers such as Wal-Mart Stores Inc, which acquired Massmart
in a $2.4 billion deal two years ago. Sub-Saharan Africa is
expected to grow by 4.9 percent this year after 4.2 percent in
2012, the World Bank said.
NAIROBI, Oct 3 (Reuters) – Second biggest Kenyan cement firm
ARM Cement expects earnings to grow at a slightly
faster rate this year after a new plant in Tanzania has pushed
up capacity, its chief executive said on Thursday.
East African cement consumption is growing thanks to vibrant
economies, drawing in foreign firms like Nigeria’s Dangote
Cement, which plans a $400 million plant in Kenya.
NAIROBI (Reuters) – Kenyan authorities are holding eight people in connection with an attack by Islamist militants on a Nairobi shopping mall and have released three others after the assault that killed 67 civilians and soldiers, the interior minister said on Friday.
Somali Islamist group al Shabaab suggested Saturday’s attack, followed by a four-day siege, would be followed by other actions by its ‘warriors’.
NAIROBI, Sept 27 (Reuters) – Kenya does not see a
significant impact on its economic growth from the attack by
Islamist militants on a shopping mall, and it plans to go ahead
with a debut Eurobond issue this financial year, the finance
minister said on Friday.
The east African nation’s growth target for 2013 remained at
5.5-6 percent, Henry Rotich said in a statement, adding that
tourism was stable and would not suffer “long lasting effects”
from the attack.