Duncan's Feed
Dec 12, 2011

Kenya’s Kibaki pleads with doctors to end strike

NAIROBI (Reuters) – Kenyan President Mwai Kibaki urged striking doctors at state hospitals on Monday to resume work after a week-long stoppage over demands for higher pay left patients unattended.

During a speech to mark 48 years of independence from Britain, Kibaki directed his minister of public service and other relevant officials to conclude talks over the pay dispute with the doctors’ union.

Nov 24, 2011

Kenya’s CFC Stanbic Bank Jan-Sept profit rises

NAIROBI, Nov 24 (Reuters) – Kenya’s CFC Stanbic Bank
posted a 58 percent increase in pretax profit during the nine
months ended September to 2.4 billion shillings ($26.58 million)
on the back of higher interest income, it said on Thursday.

Operated by CFC Stanbic Holdings, the bank is
ranked among the top five banks in asset terms in Kenya.

Nov 22, 2011

Kenya almost-doubles inflation target to 9 pct

NAIROBI, Nov 22 (Reuters) – Kenya’s central bank
changed another key policy aim by almost-doubling this fiscal
year’s inflation target to 9 percent, just weeks after being
driven to make a huge rate rise to combat soaring inflation and
save the plunging shilling.

Tuesday’s unveiling of the new target, for the year running
July to June, followed months of trenchant criticism of the bank
for not taking aggressive action to stop the shilling’s slide on
the back of double-digit inflation and a yawning balance of
payments gap.

Nov 16, 2011

Total Kenya nine-month profit tumbles 67 percent

NAIROBI, Nov 16 (Reuters) – Kenyan oil marketer Total
posted a 67 percent plunge in nine-month pretax profit
on Wednesday after government price-capping squeezed margins,
sales costs rose and volumes slipped in a tough environment.

The company, part of French oil major Total SA,
made a pretax profit of 195 million shillings ($2.1 million) and
said it would have swung to a loss were it not for 200 million
shillings income from the disposal of assets.

Nov 9, 2011

Safaricom keeps FY guidance as H1 profit slumps

NAIROBI, Nov 9 (Reuters) – Kenya’s largest telecoms
operator, Safaricom , held firm on its full year
forecasts on Wednesday in the face a 48 percent slide in
first-half profit as costs rose and voice revenue slipped amid a
punishing price war.

Chief Executive Bob Collymore told reporters the company
expected its earnings before interest, taxes, depreciation and
amortisation (EBITDA) margin to finish in the low-to-mid 30s and
for revenue to grow by high single digits over the full year.

Nov 3, 2011

Kenya Airways raises H1 profit ahead of cash call

NAIROBI, Nov 3 (Reuters) – Kenya Airways used fuel
hedges to protect its bottom line from an escalation in direct
costs in its first-half ended September, it said on Thursday, as
it prepares to raise funds to finance its expansion.

The airline, 26 percent owned by Air France-KLM ,
posted a 38 percent jump in pretax profit to 2.83 billion
shillings ($29 million) as 1.45 billion shillings in realised
gains from fuel derivatives offset a 52 percent jump in direct
costs, which it blamed partly on higher jet fuel prices.

Oct 25, 2011

Kenya arrests “terror cell” member after blasts

NAIROBI (Reuters) – Kenyan police said on Tuesday they arrested a man suspected of belonging to a terrorist group, a day after two blasts in Nairobi killed one person and injured more than 20 others.

The suspect, who had Kenyan identity papers, was detained along with an arms cache including 13 hand grenades, an AK47 rifle, a machine gun, four pistols, ammunition and copies of military literature, they said.

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.