Duncan's Feed
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.

Sep 23, 2014

Kenyan shilling edges down due to demand, shares sag

NAIROBI, Sept 23 (Reuters) – Kenya’s shilling
weakened on Tuesday due to demand for dollars, particularly by
energy importers, and traders said the currency could extend
losses unless the central bank offered support.

The benchmark share index edged down as investors
booked gains from its recent rally.

Sep 22, 2014

Dollar demand weighs down Kenyan shilling, shares surge

NAIROBI, Sept 22 (Reuters) – Kenya’s shilling weakened on
Monday after importers sought to buy dollars, partly unwinding a
strengthening seen at the end of last week when the central bank
intervened.

The benchmark share index at the Nairobi bourse
surged 1.86 percent, driven by demand from local investors
pulled in by a recent rally in shares.

Aug 29, 2014

Africa needs to make agriculture create wealth not just food

KIRINYAGA, Kenya, Aug 29 (Reuters) – Nancy Njeri lugs a sack
of fresh coffee berries to a hilltop factory from her small
farm, which produces one of Kenya’s main cash crops yet earns
barely enough for her family of seven children.

“We are toiling hard and the coffee does not give us good
returns,” she said, after reaching the processing plant where
the berries from her 200 coffee trees are de-husked and the
extracted beans are graded and dried ready for roasting.

Aug 20, 2014

Kenyan shilling firms, main share index slips

NAIROBI, Aug 20 (Reuters) – The Kenyan shilling
firmed on Wednesday, lifted by profit-taking and exporters
cashing in on the currency’s recent losses, while the NSE-20
share index stumbled.

At the 1300 GMT close of trade, commercial banks quoted the
shilling at 88.20/30 to the dollar, up from Tuesday’s close of
88.35/88.45, its low for this year.

Jul 31, 2014

Kenya’s KCB may issue bond to raise funds for mortgages after strong H1

NAIROBI, July 31 (Reuters) – KCB Bank, Kenya’s
largest lender by assets, plans to raise funds from
international debt markets for lending to the real estate
sector, its CEO said after announcing a 16 percent jump in
first-half profit.

Kenya successfully issued its first sovereign bond, worth $2
billion, last month, setting a benchmark for local companies
that may wish to tap debt markets abroad.

Jul 23, 2014

Kenya’s stock exchange prices IPO, plans derivatives market

NAIROBI, July 23 (Reuters) – Kenya’s securities market
priced shares in its initial public offering at 9.50 shillings
($0.11) on Wednesday, saying it planned a new derivatives
market, as it opened up to non-brokers for the first time in 60
years.

The Nairobi Securities Exchange (NSE) is used as an entry
point into east Africa by foreign investors seeking exposure to
fast-growing economies in the region. Several Kenyan firms are
cross-listed on neighbouring bourses.

Jul 3, 2014

Africa’s number crunchers leave investors in the dark

NAIROBI, July 3 (Reuters) – African countries’ rapid growth
over the past decade may have been the envy of many developed
economies, but their number crunchers have struggled to keep up.

That barely mattered when investors were desperate to find a
place to park their cash as more developed markets careered off
course.

Jun 25, 2014

Kenya Airways looks to transit business to offset drop in tourist traffic

NAIROBI, June 25 (Reuters) – Kenya Airways is to
focus on carrying transit passengers through its Nairobi hub as
tourists have been put off visiting the east African nation by
the series of attacks blamed on Islamists, its new chief
executive said on Wednesday.

The airline, which picked chief operations officer Mbuvi
Ngunze to replace Titus Naikuni as chief executive when he
leaves in December, has suffered following a fire at the Nairobi
airport last August and attacks by Somalia’s al Shabaab rebels.