Duncan's Feed
Feb 14, 2012

Kenya finmin says inflation easing, urges banks to cut rates

NAIROBI, Feb 14 (Reuters) – Kenya’s acting finance
minister said on Tuesday that inflation in east Africa’s biggest
economy should continue to fall and urged banks to cut lending
rates to help the middle class.

Aggressive monetary tightening since October and slight
declines in prices of food and fuel saw the inflation rate fall
in January for a second consecutive month, to 18.3 percent after
it hit a peak of 19.7 percent in November, fanning widespread
discontent.

Jan 24, 2012

Insight: As Africa’s consumers rise, so does inequality

NAIROBI (Reuters) – In a cafe on the terrace of a Nairobi mall, well-heeled Kenyans sip coffee as shoppers in the car park navigate between BMW X5s, Toyota Land Cruisers and Mercedes. A nearby cinema last month advertised an array of Hollywood fare including Brad Pitt’s “Moneyball.”

Sales at this Java House outlet along the Ngong Road were up last year, says Kevin Ashley, a Californian who co-founded the chain of 14 coffee houses 13 years ago. Kenya’s rich and new middle classes have a growing taste for lattes and ice cream.

Jan 24, 2012

As Africa’s consumers rise, so does inequality

NAIROBI, Jan 24 (Reuters) – In a cafe on the terrace
of a Nairobi mall, well-heeled Kenyans sip coffee as shoppers in
the car park navigate between BMW X5s, Toyota Land Cruisers and
Mercedes. A nearby cinema last month advertised an array of
Hollywood fare including Brad Pitt’s “Moneyball”.

Sales at this Java House outlet along the Ngong Road were up
last year, says Kevin Ashley, a Californian who co-founded the
chain of 14 coffee houses 13 years ago. Kenya’s rich and new
middle classes have a growing taste for lattes and ice cream.

Jan 17, 2012

Kenya shilling pares gains vs dollar, stocks steady

NAIROBI, Jan 17 (Reuters) – Kenya’s shilling
pared early gains against the dollar on Tuesday as demand for
dollars from importers partially offset tea sector inflows,
while stocks edged up marginally.

The central bank also offered some support for the shilling,
which has been on a downward trend so far this year, when it
mopped up 0.5 billion shillings ($5.8 million) in repurchase
agreements at a weighted average rate of 18 percent.

Jan 16, 2012

CIC Insurance shelves IPO plan

NAIROBI, Jan 16 (Reuters) – Kenya’s CIC Insurance has
shelved plans for an initial public offering after a lengthy
bear run at the Nairobi Securities Exchange, opting instead for
a listing by introduction, where existing shares are
placed on the market and no capital is raised.

“We have a responsibility to safeguard our shareholder
wealth and our risk analysts have advised the organisation that
this is not the apt timing for an IPO,” Chief Executive Nelson
Kuria said on Monday.

Jan 7, 2012

Britain warns of militant attacks in Kenya

NAIROBI, Jan 7 (Reuters) – Britain believes militants
are completing plans to attack Kenyan institutions as well as
places frequented by expatriates and tourists, the British
Foreign Office said on Saturday.

Kenya stepped up security after sending troops into
neighbouring Somalia last October to pursue Islamist al Shabaab
rebels, whom it blames for a string of kidnappings and
cross-border attacks, often targeting tourists.

Jan 6, 2012

Kenya says kills 50 Shabaab fighters in airstrikes

NAIROBI (Reuters) – Kenyan jets bombed an al Shabaab camp in southern Somalia Friday killing 50 fighters of the rebel group and injuring 60 others, its military spokesman said.

Emmanuel Chirchir told Reuters the fighters of the al Qaeda-linked al Shabaab group at the camp situated south of Garbahare had been planning to attack Kenyan and Somali troops in two nearby towns captured by Kenyan forces this week.

Dec 13, 2011

Kenya banks unveil steps to prevent loan defaults

NAIROBI, Dec 13 (Reuters) – Kenyan banks announced
measures on Tuesday aimed at preventing loan defaults after a
series of rises in the central bank’s benchmark lending rate
increased costs for borrowers.

The Kenyan Bankers association said it had agreed not to
pass on the central bank’s latest 150 basis point rise in its
key rate to holders of existing loans.

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.