Duncan's Feed
Aug 4, 2015

Kenya says national airline may need $500-$600 mln bailout

NAIROBI, Aug 4 (Reuters) – Loss-making Kenya Airways
, which has been hit by a slump in tourism in the
African country, may require a $500-600 million bailout, Kenya’s
finance minister said on Tuesday.

The carrier, part-owned by Air France-KLM, has not
made a profit in three years and sunk deeper into the red in the
year through March with a pretax loss of 29.7 billion shillings
($294 million). Debts also climbed and shareholder equity turned
negative.

Aug 4, 2015

Kenya’s Equity Bank to focus on developing mobile banking business

NAIROBI, Aug 4 (Reuters) – Kenya’s Equity Bank
aims to double profits from its foreign markets in east Africa
and increase users of its mobile banking service to boost
earnings, its chief executive said on Tuesday.

The lender, which has the highest number of depositors in
east Africa, posted a 12 percent jump in pretax profit to 12.1
billion shillings ($120 million) in the first half, thanks to
growth in commissions, foreign exchange trading and the
contribution of its foreign subsidiaries in the region.

Jul 30, 2015

Kenya Airways says tourism slump may have bottomed out

NAIROBI, July 30 (Reuters) – Kenya Airways sunk
deeper into the red in the year through March, sending its
shares plummeting on Thursday, but CEO Mbuvi Ngunze said the
tourism slump that sparked the losses may have bottomed out.

The airline, part-owned by AirFrance-KLM, has
faced rising debts due to new plane purchases and has been in
the red for the past three years as Kenya’s tourism industry was
hammered by Islamist militant attacks in the country.

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.