Duncan's Feed
Nov 13, 2013

Families, feuds and foreigners: a tale of African caution

NAIROBI, Nov 13 (Reuters) – In Africa, foreign investors
beware: business is often a family affair. Just ask Wal-Mart
, the world’s largest retailer.

When it sought a foothold in east Africa, it sparked a
family feud in one of its acquisition targets, Kenya’s Naivas
supermarket chain.

Nov 5, 2013

Kenya’s market regulator set to license futures exchange operators

NAIROBI, Nov 5 (Reuters) – Kenya is processing applications
for licences to operate derivatives exchanges from both local
and foreign firms, the capital markets regulator said on
Tuesday, as Nairobi inches towards its goal of becoming an
international financial centre.

Paul Muthaura, acting chief executive of the Capital Markets
Authority (CMA), told Reuters after a media briefing that such
exchanges were vital to that plan, but he did not say when
operators would be chosen nor when exchanges would open.

Oct 17, 2013

Kenyan retailer Nakumatt to speed up expansion after mall attack

NAIROBI, Oct 17 (Reuters) – Kenya’s largest retail chain,
Nakumatt, will speed up plans to open new outlets after its
flagship store was destroyed in the Islamist rebel attack on a
Nairobi shopping mall, the chain’s head said on Thursday.

Nakumatt lost more than 2 billion shillings ($23.52 million)
in stock, furniture, fittings and business, when gunmen from the
Somali militant group al Shabaab stormed the Wesgate mall and
killed at least 67 people.

Oct 16, 2013

Kenyan retailer Naivas says talks with Wal-Mart unit are off

NAIROBI, Oct 16 (Reuters) – Wal-Mart’s push for a
foothold in east Africa hit a hurdle after Kenyan retailer
Naivas said on Wednesday it was no longer selling a controlling
stake to the U.S. company’s South African subsidiary, Massmart.

Strong economic growth in Africa is attracting global
retailers such as Wal-Mart Stores Inc, which acquired Massmart
in a $2.4 billion deal two years ago. Sub-Saharan Africa is
expected to grow by 4.9 percent this year after 4.2 percent in
2012, the World Bank said.

Oct 3, 2013

Kenya’s ARM Cement sees profit up 35 pct this year due regional growth

NAIROBI, Oct 3 (Reuters) – Second biggest Kenyan cement firm
ARM Cement expects earnings to grow at a slightly
faster rate this year after a new plant in Tanzania has pushed
up capacity, its chief executive said on Thursday.

East African cement consumption is growing thanks to vibrant
economies, drawing in foreign firms like Nigeria’s Dangote
Cement, which plans a $400 million plant in Kenya.

Sep 27, 2013

Eight held over Nairobi mall attack, al Shabaab issues new threat

NAIROBI (Reuters) – Kenyan authorities are holding eight people in connection with an attack by Islamist militants on a Nairobi shopping mall and have released three others after the assault that killed 67 civilians and soldiers, the interior minister said on Friday.

Somali Islamist group al Shabaab suggested Saturday’s attack, followed by a four-day siege, would be followed by other actions by its ‘warriors’.

Sep 27, 2013

Kenya sees no big economic impact from attack, Eurobond “on course”

NAIROBI, Sept 27 (Reuters) – Kenya does not see a
significant impact on its economic growth from the attack by
Islamist militants on a shopping mall, and it plans to go ahead
with a debut Eurobond issue this financial year, the finance
minister said on Friday.

The east African nation’s growth target for 2013 remained at
5.5-6 percent, Henry Rotich said in a statement, adding that
tourism was stable and would not suffer “long lasting effects”
from the attack.

Sep 24, 2013

Kenya mall siege ‘over’ but death toll unclear

NAIROBI, Sept 25 (Reuters) – As Kenya began three days of
mourning on Wednesday for at least 67 people killed in the siege
of a Nairobi mall, it was unclear how many more hostages may
have died with the Somali Islamist attackers buried in the
rubble.

Declaring final victory over the al Qaeda-linked gunmen from
al Shabaab who stormed the Westgate shopping centre on Saturday,
President Uhuru Kenyatta said that three floors in a part of the
mall had collapsed near the end of the operation, leaving an
unknown number of bodies under steel and concrete.

Sep 24, 2013

Gunfire erupts after Kenya says all hostages freed in mall siege

NAIROBI (Reuters) – Kenya said its security forces had taken control of the Nairobi shopping mall where Islamist fighters killed at least 62 people, and that police were doing a final sweep of shops early Tuesday after the last of the hostages had been rescued.

An overnight eerie silence outside the mall was broken at daybreak following a loud burst of gunfire heard coming from inside the Westgate mall, suggesting that the complex had not yet been secured. A lone military chopper circled above.

Sep 24, 2013

Kenya says all hostages freed in al Shabaab mall siege

NAIROBI, Sept 24 (Reuters) – Kenya said its security forces
had taken control of the Nairobi shopping mall where Islamist
fighters killed at least 62 people, and that police were doing a
final sweep of shops early Tuesday after the last of the
hostages had been rescued.

There was an eerie silence outside the mall after a day in
which gunfire and explosions were heard in the Westgate mall. A
trickle of survivors escaped the building throughout the day on
Monday, but the fate of people listed as missing was unclear.