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Aug 20, 2014

Kenyan shilling firms, main share index slips

NAIROBI, Aug 20 (Reuters) – The Kenyan shilling
firmed on Wednesday, lifted by profit-taking and exporters
cashing in on the currency’s recent losses, while the NSE-20
share index stumbled.

At the 1300 GMT close of trade, commercial banks quoted the
shilling at 88.20/30 to the dollar, up from Tuesday’s close of
88.35/88.45, its low for this year.

Jul 31, 2014

Kenya’s KCB may issue bond to raise funds for mortgages after strong H1

NAIROBI, July 31 (Reuters) – KCB Bank, Kenya’s
largest lender by assets, plans to raise funds from
international debt markets for lending to the real estate
sector, its CEO said after announcing a 16 percent jump in
first-half profit.

Kenya successfully issued its first sovereign bond, worth $2
billion, last month, setting a benchmark for local companies
that may wish to tap debt markets abroad.

Jul 23, 2014

Kenya’s stock exchange prices IPO, plans derivatives market

NAIROBI, July 23 (Reuters) – Kenya’s securities market
priced shares in its initial public offering at 9.50 shillings
($0.11) on Wednesday, saying it planned a new derivatives
market, as it opened up to non-brokers for the first time in 60

The Nairobi Securities Exchange (NSE) is used as an entry
point into east Africa by foreign investors seeking exposure to
fast-growing economies in the region. Several Kenyan firms are
cross-listed on neighbouring bourses.

Jul 3, 2014

Africa’s number crunchers leave investors in the dark

NAIROBI, July 3 (Reuters) – African countries’ rapid growth
over the past decade may have been the envy of many developed
economies, but their number crunchers have struggled to keep up.

That barely mattered when investors were desperate to find a
place to park their cash as more developed markets careered off

Jun 25, 2014

Kenya Airways looks to transit business to offset drop in tourist traffic

NAIROBI, June 25 (Reuters) – Kenya Airways is to
focus on carrying transit passengers through its Nairobi hub as
tourists have been put off visiting the east African nation by
the series of attacks blamed on Islamists, its new chief
executive said on Wednesday.

The airline, which picked chief operations officer Mbuvi
Ngunze to replace Titus Naikuni as chief executive when he
leaves in December, has suffered following a fire at the Nairobi
airport last August and attacks by Somalia’s al Shabaab rebels.

Jun 25, 2014

Kenya eyes new international issue after Eurobond

NAIROBI, June 25 (Reuters) – Kenya plans to tap
international markets again in the new financial year and may
opt for an Islamic bond after its debut $2 billion Eurobond was
heavily oversubscribed, the finance minister said on Wednesday.

President Uhuru Kenyatta told the same news conference that
funds raised via last week’s Eurobond would cut the government’s
local borrowing requirement, which would in turn help reduce
interest rates.

Jun 19, 2014

Sierra Leone economic growth seen slowing to 15 pct in 2014

NAIROBI, June 19 (Reuters) – Sierra Leone’s economic growth
is likely to slow to 15 percent this year from 21 percent in
2013, a top finance official said on Thursday, with the
expansion powered by fresh foreign investment in the mining and
farming industries.

A 15 percent growth rate would still be among the fastest in
Africa, Momodu Kargbo, minister of state in the West African
nation’s finance ministry, told Reuters on the sidelines of a
meeting in the Kenyan capital.

Jun 17, 2014

President says Kenyan politics not Islamists behind attacks

NAIROBI Kenya (Reuters) – Kenya’s president shifted blame to domestic rivals on Tuesday for two attacks that killed 65 people on the coast and he dismissed claims of responsibility by Somali Islamist militants, which Nairobi usually fingers for such assaults. Somalia’s al Shabaab militant group has said its gunmen carried out the attacks on the town of Mpeketoni on Sunday night and on a nearby village early on Tuesday morning.

In comments that could further stoke political tensions in a country where allegiances generally run along ethnic lines, President Uhuru Kenyatta instead pointed the finger at rivals he described as “hate-mongers”, though he did not name anybody.

Jun 17, 2014

Kenya secures bids for debut Eurobond worth $8.8 bln-source

NAIROBI, June 17 (Reuters) – Kenya secured bids worth $8.8
billion for its debut Eurobond and will accept $2 billion, a
senior Kenyan official said on Tuesday, saying the level of bids
was a record for Africa.

Bankers had said the final level of demand was nearer $8
billion, with the 10-year dollar denominated bond attracting
$5.5 billion and the five-year bond receiving $2.5 billion.

Jun 12, 2014

Kenya sees fiscal deficit dipping in 2014/15, plans infrastructure boost

NAIROBI, June 12 (Reuters) – Kenya expects its fiscal
deficit to fall slightly to about 7.4 percent of gross domestic
product for the 2014/15 financial year, figures from the finance
minister’s budget speech showed on Thursday.

The government has previously forecast a deficit for 2013/14
of 7.9 percent for the east African nation, which aims to raise
between $1.5 billion and $2 billion with a debut Eurobond it is
now marketing.