Duncan's Feed
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.

Jun 13, 2013

East African states raise taxes to fund growing budgets

NAIROBI, June 13 (Reuters) – Kenya will ask for more cash
from its wealthy citizens through a capital gains tax while
Uganda will increase taxes to make up for falling donor support,
the finance ministers of both states said in budget speeches.

East African states have attracted higher foreign
investments in recent years due to robust economic growth rates,
but decades of bad management of public resources have left them
struggling with rampant poverty and unemployment among citizens.

Jun 4, 2013

Kenya central bank sees credit growth gathering pace

NAIROBI, June 4 (Reuters) – Kenya’s central bank expects
commercial lending rates to fall and the pace of private sector
credit growth to pick up this year as the economy rebounds from
an election-related slowdown, its governor said on Tuesday.

An aggressive tightening of monetary policy to tackle
rampant inflation that began in mid-2011, and a slowdown in
economic activity ahead of the presidential vote in March saw
annual credit growth fall to about 12 percent in February from
35 percent in late 2011.

May 23, 2013

Rebound in key sectors seen driving Kenya economy in 2013

NAIROBI, May 23 (Reuters) – Kenya’s economy is expected to
expand by about 6 percent in 2013 thanks to a rebound in sectors
such as manufacturing and financial services, officials said on
Thursday.

The country’s $35 billion economy expanded by 4.6 percent
last year, only a touch more than in the previous year, as
activity was slowed by high costs and political uncertainty.