Duncan's Feed
Aug 25, 2011

Nokia unveils two cheap phones for emerging markets

NAIROBI (Reuters) – Ailing Nokia Oyj unveiled two cheap cellphone models inspired by consumer needs in Africa, aiming to strengthen its position against low-cost Asian rivals.

Nokia shares have roughly halved this year as the company struggled to keep up with the pace of smartphone development while also losing ground at the cheaper end of the market to Asian brands such as ZTE and G’Five.

Aug 24, 2011

Bonds hit StanChart Kenya’s H1 profit

NAIROBI, Aug 24 (Reuters) – Standard Chartered Bank of Kenya
posted a 14.6 percent fall in first-half profit, as
operating costs rose and a jump in interest rates devalued its
bond portfolio, it said on Wednesday.

A unit of Britain’s Standard Chartered Plc , the
bank is the second of the country’s major banks to post a profit
drop for the period, hobbled by rising interest rates since the
start of last year.

Aug 24, 2011

Tanzania to ease share controls – bourse CEO

NAIROBI, Aug 24 (Reuters) – Tanzania will lift rules
limiting the amount of shares foreigners can buy at its stock
exchange, in line with regional integration goals, the bourse
chief executive said on Wednesday.

Out of the five-nation East African Community (EAC) bloc of
Rwanda, Burundi, Uganda, Tanzania and Kenya, Tanzania has
tighter capital controls, including barring foreigners from
investing in government securities.

Aug 8, 2011

Kenya may tighten limit on banks’ forex holdings

NAIROBI, Aug 8 (Reuters) – Kenya may cut the amount of
foreign currency banks are allowed to hold, the central bank
said on Monday, as it seeks ways to stem a steep decline in the
value of the country’s shilling .

The local currency has lost 16 percent against the dollar
this year, battered by falling appetite for riskier currencies
in frontier markets like east Africa and a perception that the
country’s monetary policymakers have fallen behind the curve.

Aug 3, 2011

Inflation clouds outlook for Kenyan banks

NAIROBI, Aug 3 (Reuters) – Barclays Bank of Kenya ,
the second-largest bank by assets in the region’s biggest
economy, warned soaring inflation and high interest rates would
make the second half of the year challenging.

The unit of Barclays posted on Wednesday a 13
percent rise in first-half pretax profit to 5.35 billion
shillings ($58.5 million) after a drop in operating costs more
than offset a decline in interest income.

Jul 25, 2011

Kenya’s Equity bank says well positioned for H2

NAIROBI, July 25 (Reuters) – Kenya’s Equity Bank
posted a 52 percent rise in first-half profit driven by growth
in customers and banking outlets and forecast a similar
performance for the rest of its financial year, the bank’s CEO
said on Monday.

Equity, which focuses on the low-income part of the market,
earned 5.90 billion shillings ($65.4 mln) in pretax profit in
the first six months of this year.

Jul 5, 2011

Kenyan shilling halts gains vs dlr, stocks dip

NAIROBI, July 5 (Reuters) – The Kenyan shilling
halted a five day winning streak against the dollar on Tuesday
pushed by oil sector demand for the U.S. currency, but traders
expected it to firm on the back of tight liquidity.

At the Nairobi Stock Exchange, the benchmark NSE-20 Share
Index reversed Monday’s gains, edging down by 0.6
percent to 3,938.53 points led by industrial stocks.

Jun 24, 2011

Essar Kenya unit to break even in 2 years – head

NAIROBI, June 23 (Reuters) – Essar Telecom Kenya, a unit of
Indian conglomerate Essar Group, hopes to break even in the
next two years through expansion of its network to tap more
subscribers, its country manager said on Thursday.

Operating under its “Yu” brand, Essar is the smallest
operator in the east African nation of 39 million people. Last
year, it doubled its users to 1.6 million — out of a total
subscriber base of 25 million, according to the industry
regulator.

Jun 23, 2011

Kenyan c.bank says has acted on fx speculation

NAIROBI, June 23 (Reuters) – Kenya’s central bank has taken
unspecified action against some commercial banks to curb
speculative positions versus the currency of east Africa’s
largest economy, its governor said on Thursday.

The shilling hit a new low against the dollar of 91.90 on
Wednesday but recovered on Thursday to end at 90.1 after a
report the central bank would take steps to stem the trades.

Jun 21, 2011

Kenya allocates funds for expected airline cash call

NAIROBI, June 21 (Reuters) – Kenya’s government has set
aside 5 billion shillings ($55.04 million) to take up its shares
in an expected cash call by Kenya Airways (KQ) , the
country’s investment secretary said on Tuesday.

Esther Koimett said although the government is selling off
assets in various sectors from agriculture to banking, keeping
its 23 percent stake in the airline — one of Africa’s largest
and 26 percent owned by Air France-KLM — was a matter
of national interest.