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Nov 26, 2014

Somalia’s new bourse sees seven firms listing on opening in 2015

DIANI, Kenya Nov 26 (Reuters) – The Somalia Stock Exchange
expects seven companies in the telecoms, financial services and
transport sectors to list their shares when the bourse is set up
in 2015, its founder said.

Somalia’s economy is slowly recovering from more than two
decades of conflict, although the government is still battling
an Islamist insurgency. Amid the chaos, some businesses have
thrived, including money transfer and mobile phone firms.

Nov 26, 2014

Nigeria bourse aims to offer derivatives by 2016

DIANI, Kenya, Nov 26 (Reuters) – The Nigerian Stock Exchange
plans to start allowing trading by 2016 of derivatives such as
futures and options in interest rates, currencies and equity
indexes, its chief executive said.

The exchange, one of the main entry points for foreign funds
looking to tap Africa’s fast-growing economies, now only offers
shares, bonds and exchange-traded funds.

Nov 13, 2014

Ebola, travel warnings push Kenya Airways into H1 loss

NAIROBI, Nov 13 (Reuters) – Kenya Airways swung
into a first-half pretax loss after suspending flights to two
Ebola-hit West African nations while attacks by Islamist
militants in Kenya prompted Western countries to issue travel
warnings, hurting the carrier’s bookings.

The airline, which is part-owned by Air-France KLM
, reported a pretax loss of 12.5 billion shillings
($140 million) for the period through September, including a
paper loss of 5.4 billion shillings due to a writedown of planes
being retired from its fleet.

Nov 4, 2014

Safaricom’s profit rises on growth in data, M-Pesa

NAIROBI, Nov 4 (Reuters) – Kenya’s Safaricom said
first-half pretax profit rose by almost a third, due to growth
in financial services and data usage, offsetting sluggish voice

Safaricom, which is 40 percent owned by Britain’s Vodafone
, said on Tuesday pretax profit rose to 21.1 billion
shillings ($235.8 million) in the half-year to end-September.

Oct 31, 2014

Kenya pulls in brands but growth path still rocky

NAIROBI, Oct 31 (Reuters) – Kenya, like other nations on a
continent that boasts some of the fastest growth rates in the
world, is racing to upgrade neglected infrastructure, improve
regulations and revise often outdated economic figures to spur

For some, there are echoes of the start of Asia’s rise.

But Kenya’s challenges, many of which are mirrored across
Africa, are formidable if it wants to build on recent gains. It
cannot boast the high savings that helped boost Asian economies
and its efforts to attract the kind of new industry that will
create jobs and boost exports have had mixed results.

Oct 3, 2014

Liberty Kenya’s life business eyes top-three spot in six years

NAIROBI, Oct 3 (Reuters) – Liberty Kenya plans to
become one of the top three life insurers by market share in the
country, East Africa’s biggest economy, whose potential has
attracted the likes of British firm Prudential Plc.

Annual life insurance premiums amount to just 1 percent of
Kenya’s economic output of $42.6 billion, while only about 4
percent of the population estimated at 40 million have life
cover. Some have group cover offered by employers.

Oct 1, 2014

IMF says Kenya’s new economic numbers show reforms are working

NAIROBI, Oct 1 (Reuters) – An upward revision of Kenya’s
economic output shows that the country’s economic reforms are
paying off, with the potential for future growth to exceed 6
percent a year, an International Monetary Fund (IMF) official
said on Wednesday.

Kenya announced on Tuesday that last year’s gross domestic
product was $53.4 billion – 25 percent higher than previously
stated – after updating the base year for its calculation.
Growth for 2013 was revised up to 5.7 percent from 4.7 percent.

Sep 23, 2014

Kenyan shilling edges down due to demand, shares sag

NAIROBI, Sept 23 (Reuters) – Kenya’s shilling
weakened on Tuesday due to demand for dollars, particularly by
energy importers, and traders said the currency could extend
losses unless the central bank offered support.

The benchmark share index edged down as investors
booked gains from its recent rally.

Sep 22, 2014

Dollar demand weighs down Kenyan shilling, shares surge

NAIROBI, Sept 22 (Reuters) – Kenya’s shilling weakened on
Monday after importers sought to buy dollars, partly unwinding a
strengthening seen at the end of last week when the central bank

The benchmark share index at the Nairobi bourse
surged 1.86 percent, driven by demand from local investors
pulled in by a recent rally in shares.

Aug 29, 2014

Africa needs to make agriculture create wealth not just food

KIRINYAGA, Kenya, Aug 29 (Reuters) – Nancy Njeri lugs a sack
of fresh coffee berries to a hilltop factory from her small
farm, which produces one of Kenya’s main cash crops yet earns
barely enough for her family of seven children.

“We are toiling hard and the coffee does not give us good
returns,” she said, after reaching the processing plant where
the berries from her 200 coffee trees are de-husked and the
extracted beans are graded and dried ready for roasting.