Duncan's Feed
Oct 25, 2011

Kenya Commercial Bank Jan-Sept profit jumps 40 pct

NAIROBI, Oct 25 (Reuters) – Kenya Commercial Bank (KCB)
boosted net interest income and fees and commissions to
post a 40 percent jump in pretax profit to 9.1 billion shillings
($90.55 million) for its nine months ended September, it said on

The bank, which has the largest asset base in the country
and operates in several neighbouring countries from Rwanda to
South Sudan, said it was positive about the full year.

Oct 24, 2011

Second blast hits Kenyan capital, one dead

NAIROBI (Reuters) – Two grenade blasts killed one person and wounded more than 20 in Nairobi on Monday, two days after the U.S. embassy warned of an imminent attack as Kenya fights Islamist rebels in Somalia.

A grenade was thrown into a bar early in the morning, wounding 13 people, and police said a second device was thrown at a bus terminal in the capital just before 8 p.m. (1700 GMT), killing one person and leaving eight in a critical condition.

Oct 19, 2011

IMF upbeat on Africa growth, warns of global risks

NAIROBI, Oct 19 (Reuters) – The International Monetary Fund
said it was still positive about the growth outlook for
Sub-Saharan Africa as economies expand output in areas like
mining but warned that the global economic turmoil posed
potentially significant risks.

Regional economies are expected to post nearly 6 percent
average economic growth in 2012, rising from just above 5
percent on average this year, the IMF said, pointing to a better
outlook than in advanced economies, which are more likely to
experience a sharp slowdown due to global volatility.

Oct 18, 2011

Kenya lawmaker seeks to regulate banks’ lending rates

NAIROBI, Oct 18 (Reuters) – A Kenyan member of parliament
said on Tuesday he would propose a bill to regulate banks’
lending and deposit rates to stop their ‘sheer exploitation’ and
to mobilise funds for economic activities.

Martin Ogindo, legislator for Rangwe in western Kenya, said
the bill would set the minimum deposit rate at 70 percent of the
central bank rate and cap lending rates at no more than 400
basis points above the rate.

Oct 7, 2011

Kenya affirms commitment to floating fx rate

NAIROBI, Oct 7 (Reuters) – Central Bank of Kenya’s record
increase of its key lending rate was an “important” step
towards stabilising the ailing shilling, top government
officials said on Friday, reaffirming the country’s commitment
to a floating exchange rate.

Policymakers in east Africa’s biggest economy have struggled
to get to grips with rampant inflation and a battered local
currency this year, although Wednesday’s 4 percentage points
rate rise is expected to go a long way to restoring confidence.

Sep 30, 2011

Poor nations urged to tap Web fast for growth

NAIROBI (Reuters) – With online business increasingly driving economic growth, developing nations’ top priority should be the infrastructure their citizens need to get connected, delegates at an Internet conference in Nairobi said this week.

The Internet’s potential to raise living standards is under-exploited in the developing world, where just 21 percent of the population have access, compared with 69 percent in the developed world.

Sep 27, 2011

Europe plans charter to safeguard Internet users

NAIROBI (Reuters) – The Council of Europe plans to establish an Internet user charter to guarantee the rights of consumers in an era of increasing government attempts to seize control of the Web, its deputy secretary general said on Tuesday.

Internet activists say governments ranging from Egypt to Pakistan have been trying to control the Internet through tactics like filtering and blocking of content and surveillance, making the lives of users and rights campaigners difficult. [ID:nL5E7KR1XT]

Sep 27, 2011

Activists meet to defend Internet from state control

LONDON/NAIROBI, Sept 27 (Reuters) – Internet activists
accused governments of making it difficult for users of the Web,
rights campaigners and private businesses to carry out their
work through state attempts to seize control of the Web.

They said state officials were getting bolder in their drive
to regulate the Web that has fuelled Arab revolutions, enabled
mass leaks of U.S. diplomatic cables and allowed online piracy
to thrive.

Sep 23, 2011

Kenya shilling still sickly after cbank defends policies

NAIROBI, Sept 23 (Reuters) – Kenya’s central bank said it
was committed to a market-determined foreign exchange rate only
as long as it was supported by fundamentals, in remarks that
spooked some observers who feared a retreat from free-market

Central bank governor Njuguna Ndung’u on Friday blamed in
part the shilling’s slide on global market turmoil and vowed not
to take actions that undermine confidence, defending policies at
a time when the local currency has lost nearly a quarter of its
value this year.

Sep 13, 2011

Kenya MPC seen raising rates at crunch meeting – analysts

NAIROBI, Sept 13 (Reuters) – Kenya’s central bank has a
chance to restore stability to the country’s money and foreign
exchange markets and win back market confidence, if it
aggressively raises interest rates at an emergency meeting on
Sept. 14, analysts said.

The bank has been caught badly between a spike in inflation
and a steep slide in the value of the shilling, which has shed
as much as 18 percent this year, worsening inflation further.