Duncan's Feed
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.

Apr 12, 2015

Kenyan student dies, more than 100 injured in campus stampede

NAIROBI (Reuters) – A Kenyan student died and more than 100 others were injured as they fled after a electricity transformer explosion before dawn on Sunday triggered fears that their campus was being attacked, officials said.

Students jumped from windows at their University of Nairobi residence halls in a stampede that underlined growing tensions just over a week after gunmen stormed another university campus.

Apr 11, 2015

Kenya demands U.N. removes massive Somali refugee camp

NAIROBI (Reuters) – Kenya has given the United Nations three months to remove a camp housing more than half a million Somali refugees, as part of a get-tough response to the killing of 148 people by Somali gunmen at a Kenyan university.

Kenya has in the past accused Islamist militants of hiding out in Dadaab camp which it now wants the U.N. refugee agency UNHCR to move across the border to inside Somalia.

Apr 7, 2015

Kenyan university students march to demand security after Garissa

NAIROBI (Reuters) – Kenyan university students marched in the capital on Tuesday to demand more security from the government after gunmen killed 148 people at a campus in the eastern town of Garissa last week.

A citizens group held a vigil in Nairobi’s main park later in the evening, grieving for those killed in the attack claimed by al Shabaab Islamists based in neighboring Somalia.

Mar 26, 2015

Kenya shilling 5-10 pct overvalued, no policy shift needed -IMF

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.

Mar 18, 2015

Kenya sugar farming turns sour as import curbs fail

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.

Mar 6, 2015

Kenya bourse chief says banks sign up to clear derivatives

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.

Mar 3, 2015

Kenya’s Keroche Breweries eyes market share surge to 20 percent

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.