Duncan's Feed
Jul 18, 2012

US proposes new trade deal with East Africa bloc

NAIROBI, July 18 (Reuters) – The United States has proposed
a new trade deal with the East African Community (EAC) common
market, underscoring the growing interest of American businesses
in investing in Africa, a senior adviser to President Barack
Obama said on Wednesday.

The five-nation African bloc of 130 million people has
doubled intra-regional trade in the five years after it
introduced a customs union in 2005.

Jul 5, 2012

Kenya surprises with bigger-than-expected rate cut

NAIROBI, July 5 (Reuters) – Kenya’s Monetary Policy
Committee softened its nine-months long hawkish stance on
Thursday with a bigger-than-expected 150 basis points rate cut,
sending the shilling down against the dollar and drawing
criticism from some analysts.

The Monetary Policy Committee cut the central bank rate
by 150 basis points to 16.5 percent, saying its
tightening stance had worked, although some risks lingered.

Jul 4, 2012

Wary of sanctions, Kenya cancels Iran oil deal

NAIROBI, July 4 (Reuters) – Kenya is cancelling an agreement
to import 4 million tonnes of Iranian crude oil per year because
of international sanctions against Iran, its top energy official
said on Wednesday.

Kenya’s move earlier this week to turn to Iran for up to
80,000 barrels of oil per day had surprised Western powers.
Kenya is a key strategic ally in the U.S.-led fight against
militant Islam in east Africa.

Jun 20, 2012

Kenya oil refinery to add merchant operations

NAIROBI, June 20 (Reuters) – Kenya’s sole refinery will
start buying its own crude oil next month to start operating as
a merchant refinery, a move that is expected to lower retail
fuel prices in the country, its chief executive said on
Wednesday.

CEO Brij Mohan Bansal said the plant, which processes 1.6
million metric tonnes of crude a year, will no longer be just a
toll refinery after signing a $250 million credit line from
Standard Chartered Bank to finance crude
imports.

Jun 19, 2012

Kenya’s Centum stuns with big profit drop, shares dive

NAIROBI (Reuters) – Kenyan investment firm Centum (ICDC.NR: Quote, Profile, Research, Stock Buzz) posted a 40 percent drop in full year profit on Tuesday without issuing a profit warning beforehand as required by market rules, sending its shares tumbling.

Companies are required by market regulator Capital Markets Authority to publicly issue a profit warning if they expect their full year profit to fall by at least 25 percent.

Jun 14, 2012

Kenya keeps robust growth forecast in budget

NAIROBI, June 14 (Reuters) – Kenya’s Finance Minister
Robinson Githae maintained the country’s 2012 economic growth
forecast at 5.2 percent in his budget speech on Thursday,
raising allocations to roads, power and railways in order to
support the economy.

The east African nation faces risks from the global economy
due to continued problems in the euro area, inflation that is in
double digits, lingering weakness in its currency and security
challenges from neighbouring Somalia.

Jun 14, 2012

Kenya Airways looks for cost cuts after profit plunge

NAIROBI, June 14 (Reuters) – Kenya Airways will
cut costs this year to protect its bottom line, its chief
executive said on Thursday, after a sharp rise in its fuel bill
hit annual profits.

The airline, which is owned 26.73 percent by Air France KLM
and 29.8 percent by the Kenyan government following
this month’s rights issue, is ranked among the largest carriers
in sub-Saharan Africa, alongside South African Airways and
Ethiopian Airlines.

Jun 10, 2012

U.S. to act firmly on Somalis who hinder roadmap

NAIROBI (Reuters) – The United States will impose travel sanctions and freeze assets of Somalis who hinder a political roadmap towards a new constitution and president in the Horn-of-Africa nation, a senior State Department official said on Sunday.

Somalia faces an August deadline to achieve both targets, which are a key step towards restoring stability after more than two decades of turmoil following the overthrow of dictator Mohamed Siad Barre.

Jun 10, 2012

Anti-Shabaab Kenyan minister killed in air crash

NAIROBI (Reuters) – Kenya’s internal security minister, who was closely involved in the fight against Somali militant group al Shabaab, was killed when the police helicopter he was travelling in crashed into a forest on Sunday.

George Saitoti, his deputy Orwa Ojode, two pilots and two bodyguards were killed when the aircraft came down outside the capital Nairobi and burst into flames, the government said.

May 28, 2012

Africa mustn’t let growth go to its head-AfDB

ARUSHA, Tanzania, May 28 (Reuters) – Africa’s robust 4.5
percent economic growth forecast for 2012 should not prompt
premature celebration, the African Development Bank (AfDB)
cautioned on Monday, citing the festering euro zone crisis and
chronic youth joblessness.

Ranked as the poorest continent in the world, Africa has
posted strong growth rates in recent years, second only to Asia,
drawing rising inward investment and giving rise to talk of its
economic resilience, accompanied by much self-congratulation
among officials.