Duncan's Feed
Sep 22, 2013

Al Qaeda-linked Islamists hold hostages at Kenya mall after killing 39

NAIROBI, Sept 22 (Reuters) – Kenyan security forces were
locked in a standoff on Sunday with gunmen who killed at least
39 people in an assault at an upmarket shopping mall in Nairobi,
where the al Qaeda-linked militants were holding an unknown
number of hostages.

The Somali Islamist group al Shabaab claimed responsibility
for Saturday’s attack on the Kenyan capital’s Westgate mall,
which is frequented by Westerners as well as Kenyans. Several
foreigners, including a Canadian diplomat, were among the dead.

Sep 22, 2013

Stand-off at Kenyan mall after Islamists kill 39 in ‘terrorist’ attack

NAIROBI, Sept 22 (Reuters) – Kenyan security forces were
locked in a stand-off on Sunday with gunmen who killed at least
39 people at an upmarket shopping mall in the Kenyan capital,
and it was still unclear how many hostages the al Qaeda-linked
militants were holding.

The Somali Islamist group al Shabaab claimed responsibility
for Saturday’s assault on Nairobi’s Westgate mall, which is
frequented by Westerners as well as Kenyans.

Sep 18, 2013

Kenya secures funds for $650 million airport expansion

NAIROBI, Sept 18 (Reuters) – Kenya’s airport authority has
received full funding offers from three banks to build a new
terminal and second runway at its main airport, hit by a massive
fire last month, that will cost $653 million, the transport
minister said on Wednesday.

The plans to expand the ageing airport, a regional gateway
for passengers and cargo, are not new but the authorities have
come under pressure to speed up the expansion after the blaze
destroyed the arrivals terminal.

Sep 18, 2013

Kenya aims to host Africa’s first yuan clearing house

NAIROBI, Sept 18 (Reuters) – Kenya wants to host a clearing
house for China’s yuan currency – a bold African first that
would deepen the continent’s ties with Beijing, already a big
investor from The Cape to Cairo.

Such a venture would not eclipse the dollar in Africa
anytime soon, however, because the yuan is tightly managed and
traders are wedded to the greenback’s flexibility.

Aug 23, 2013

East African Breweries profit hurt by rising costs

NAIROBI, Aug 23 (Reuters) – Full-year pretax profit at East
African Breweries fell by more than a quarter as
expected due to a one-off item and soft demand in markets such
as Uganda and Tanzania.

The brewer, controlled by Britain’s Diageo Plc, on
Friday posted profit for the year to the end of June of 11.11
billion shillings ($126.90 million) on revenue up 6 percent to
59.06 billion shillings.

Aug 16, 2013

London, New York, Hong Kong and … Nairobi?

NAIROBI, Aug 16 (Reuters) – When Kenyan infrastructure firm
TransCentury wanted to issue a $75 million corporate
bond, it was forced to look to the Indian Ocean island of
Mauritius, Africa’s leading offshore financial centre some 3,000
km (1,900 miles) away.

Kenya is already a growing gateway for foreign investment
into East Africa and now has ambitions to become an
international banking and financial hub in its own right.

Jul 29, 2013

Kenya’s Equity Bank cashing in on Chinese arrivals

NAIROBI, July 29 (Reuters) – Kenya’s Equity Bank
has scored 2 billion shillings in new deposits in less than six
months from a specialised branch in Nairobi to support local
Chinese business, helping boost its half-year results, the
company said on Monday.

The boost from the branch, benefitting from China’s push for
more influence across Africa, helped drive a 17 percent rise in
first half pretax profit for Kenya’s biggest bank by number of
accounts to 9 billion shillings ($103 million).

Jul 19, 2013

Kenya’s Safaricom extends CEO’s contract by 2 years

NAIROBI, July 19 (Reuters) – Kenya’s biggest telecoms
operator, Safaricom, has extended the contract of its
chief executive officer Bob Collymore by two years, the CEO told
Reuters on Friday.

Profits have risen under Collymore, whose initial contract
of three years was due to expire at the end of August.

Jun 19, 2013

Kenya dismisses investor worries over capital gains tax plan

NAIROBI, June 19 (Reuters) – Kenya sought to assuage
concerns over a planned review of capital gains tax, saying it
was too early to say what asset classes will be targeted in a
measure aimed at compelling the rich to fund development.

Finance Minister Henry Rotich told lawmakers in his budget
speech last week there would be a review of the tax, suspended
in the 1980s, to allow the wealthy to make a token contribution
to the development of the country.

Jun 14, 2013

Kenya Airways sees peace, cheaper oil restoring profit

NAIROBI, June 14 (Reuters) – Peaceful elections, lower oil
prices and the easing of tensions in neighbouring Somalia should
help Kenya Airways recover from a tough two years that
saw it swing to a pretax loss in the year ended March, it said
on Friday.

The airline, which is 26.73 percent owned by Air France KLM
, reported a pretax loss of 10.83 billion shillings
($126.8 million) for the period. That followed a 57 percent drop
in pretax profit the previous year.