Duncan's Feed
Apr 23, 2013

Power cuts, bureaucracy and borrowing costs shackle Kenyan economy

NAIROBI, April 23 (Reuters) – From his leather chair in the
boardroom of Jamii Bora bank, Sam Kimani looks out over Kenya’s
booming capital city and laments the bureaucracy and power cuts
that drive up business costs and choke the supply of new homes.

He points through the window at the stand-by generator that
is an inevitable expense in east Africa’s biggest economy, and
he explains how the difficulties of tracking down land ownership
documents perpetuate Kenya’s housing shortage.

Apr 11, 2013

Kenya’s Housing Finance eyes more funding

NAIROBI (Reuters) – Kenya’s Housing Finance (HFCK.NR: Quote, Profile, Research, Stock Buzz) is looking to raise more funds in the second half of this year and increase mortgage lending as it expects last month’s peaceful elections to spur demand for houses.

Kenya’s second biggest mortgage lender said it would finalize plans for more funding in the next few months, having sold the last tranche of a 10 billion shillings ($118.5 million) bond last year.

Apr 11, 2013

Kenyan retailer Uchumi eyes Rwanda, South Sudan

NAIROBI (Reuters) – Kenya’s Uchumi Supermarkets (UCHM.NR: Quote, Profile, Research, Stock Buzz), the sole listed retailer in East Africa, plans to open six new stores in the next six months as well as expanding into Rwanda and South Sudan to tap new shoppers, its chief executive officer said on Thursday.

To fund the expansion Uchumi is preparing a cash call where 100 million shares will be offered to investors at a price that is yet to be determined, Jonathan Ciano told the Reuters Africa Investment Summit, confirming plans first outlined last year.

Apr 10, 2013

Kenya Commercial Bank targets SMEs to lift returns

NAIROBI (Reuters) – Kenya Commercial Bank (KCB.NR: Quote, Profile, Research, Stock Buzz), east Africa’s biggest bank by assets, plans to improve returns for shareholders by stepping up lending to fast-growing small and medium sized businesses, its chief executive said on Wednesday.

Joshua Oigara told the Reuters Africa Investment Summit that the bank, which lags the returns of some rivals like Equity Bank (EQTY.NR: Quote, Profile, Research, Stock Buzz), aimed to lift its return on assets to 4.5-5.0 percent this year from 3.6 percent in 2012, and higher the year after.

Apr 9, 2013

Kenya swears in president, West faces balancing act

NAIROBI (Reuters) – Kenyan President Uhuru Kenyatta took his oath of office on Tuesday, presenting Western states with a challenge of how to deal with a leader indicted by the International Criminal Court.

After a calm election that followed a bloodbath five years ago, many Kenyans hope Kenyatta will deliver on his promise to be a president for all and not just work for his own ethnic group, a practice they have come to expect from politicians.

Apr 9, 2013

Kenya to swear in president facing trial in The Hague

NAIROBI (Reuters) – Kenyans packed a stadium to witness the swearing in of Uhuru Kenyatta as president on Tuesday after a peaceful election that has left Western nations with the challenge of how to deal with a leader indicted by the International Criminal Court.

Many Kenyans hope the son of the nation’s independence hero will live up to his pledge to be a leader for all and not just work for people from his own ethnic group, a practice they have come to expect from their politicians.

Mar 14, 2013

StanChart Kenya uses new cash to build up capital

NAIROBI, March 14 (Reuters) – Standard Chartered Bank of
Kenya will plough a big chunk of the 8.3 billion
shillings ($97.3 million) it raised last year into strengthening
its capital base to meet tougher regulations, the company’s CEO
said.

The Kenyan central bank last year raised core capital
requirements for banks to 10.5 percent of assets from 8 percent,
and total capital to 14.5 percent from 12 percent.

Mar 10, 2013

Kenyatta declared winner of Kenya’s presidential vote

NAIROBI (Reuters) – Uhuru Kenyatta, indicted for crimes against humanity, was declared winner of Kenya’s presidential election on Saturday, but rival Raila Odinga said he would challenge the outcome in court and asked supporters to avoid violence.

Kenyatta, Kenya’s richest man and son of its founding president, faces trial on charges of playing a leading role in the wave of tribal killings that followed the disputed 2007 presidential election. His win on Saturday avoided what could have been a divisive a run-off penciled in for April.

Mar 9, 2013

Kenyatta wins Kenya presidency: provisional result

NAIROBI (Reuters) – The son of Kenya’s founding president, Uhuru Kenyatta, won the presidential election by a tiny margin with 50.03 percent, provisional results showed on Saturday, avoiding a run-off after a race that has divided the nation along tribal lines.

Kenyatta faces trial for crimes against humanity after the disputed 2007 presidential vote that unleashed tribal blood-letting.

Mar 8, 2013

Kenyan presidential election heads to nail-biting finish

NAIROBI (Reuters) – Kenya’s presidential race tightened on Friday as Uhuru Kenyatta’s lead slipped to a level that could mean there is no outright winner and open the way for a tense, second round run-off against his main rival Prime Minister Raila Odinga.

Kenyatta, 51, the deputy prime minister, who is due to go on trial at The Hague on charges of crimes against humanity linked to the violent aftermath of the last election in 2007, has led since results started trickling in after polls closed on Monday.