NAIROBI, Feb 21 (Reuters) – Kenya’s Pan Africa
Insurance Holdings posted a 17 percent decline in
pretax profit for 2011 to 552 million shillings ($6.6 million,
hit by lower valuations of its bonds and equities portfolios, it
said on Tuesday.
Controlled by South African insurer Sanlam, Pan
Africa commands around 23 percent of the life cover business in
the east African nation of 40 million people.
NAIROBI, Feb 16 (Reuters) – Kenya could suffer a
credit squeeze if a move by parliament to control banks’ lending
rates were to succeed, the managing director of Barclays Bank of
Aggressive monetary tightening to curb inflation and prop up
the east African country’s currency has seen commercial banks
raise lending rates to about 25 percent from 15 percent since
October, and lawmakers are pushing a new law to cap the rates.
NAIROBI, Feb 14 (Reuters) – Kenya’s acting finance
minister said on Tuesday that inflation in east Africa’s biggest
economy should continue to fall and urged banks to cut lending
rates to help the middle class.
Aggressive monetary tightening since October and slight
declines in prices of food and fuel saw the inflation rate fall
in January for a second consecutive month, to 18.3 percent after
it hit a peak of 19.7 percent in November, fanning widespread
NAIROBI (Reuters) – In a cafe on the terrace of a Nairobi mall, well-heeled Kenyans sip coffee as shoppers in the car park navigate between BMW X5s, Toyota Land Cruisers and Mercedes. A nearby cinema last month advertised an array of Hollywood fare including Brad Pitt’s “Moneyball.”
Sales at this Java House outlet along the Ngong Road were up last year, says Kevin Ashley, a Californian who co-founded the chain of 14 coffee houses 13 years ago. Kenya’s rich and new middle classes have a growing taste for lattes and ice cream.
NAIROBI, Jan 24 (Reuters) – In a cafe on the terrace
of a Nairobi mall, well-heeled Kenyans sip coffee as shoppers in
the car park navigate between BMW X5s, Toyota Land Cruisers and
Mercedes. A nearby cinema last month advertised an array of
Hollywood fare including Brad Pitt’s “Moneyball”.
Sales at this Java House outlet along the Ngong Road were up
last year, says Kevin Ashley, a Californian who co-founded the
chain of 14 coffee houses 13 years ago. Kenya’s rich and new
middle classes have a growing taste for lattes and ice cream.
NAIROBI, Jan 17 (Reuters) – Kenya’s shilling
pared early gains against the dollar on Tuesday as demand for
dollars from importers partially offset tea sector inflows,
while stocks edged up marginally.
The central bank also offered some support for the shilling,
which has been on a downward trend so far this year, when it
mopped up 0.5 billion shillings ($5.8 million) in repurchase
agreements at a weighted average rate of 18 percent.
NAIROBI, Jan 16 (Reuters) – Kenya’s CIC Insurance has
shelved plans for an initial public offering after a lengthy
bear run at the Nairobi Securities Exchange, opting instead for
a listing by introduction, where existing shares are
placed on the market and no capital is raised.
“We have a responsibility to safeguard our shareholder
wealth and our risk analysts have advised the organisation that
this is not the apt timing for an IPO,” Chief Executive Nelson
Kuria said on Monday.
NAIROBI, Jan 7 (Reuters) – Britain believes militants
are completing plans to attack Kenyan institutions as well as
places frequented by expatriates and tourists, the British
Foreign Office said on Saturday.
Kenya stepped up security after sending troops into
neighbouring Somalia last October to pursue Islamist al Shabaab
rebels, whom it blames for a string of kidnappings and
cross-border attacks, often targeting tourists.
NAIROBI (Reuters) – Kenyan jets bombed an al Shabaab camp in southern Somalia Friday killing 50 fighters of the rebel group and injuring 60 others, its military spokesman said.
Emmanuel Chirchir told Reuters the fighters of the al Qaeda-linked al Shabaab group at the camp situated south of Garbahare had been planning to attack Kenyan and Somali troops in two nearby towns captured by Kenyan forces this week.
NAIROBI, Dec 13 (Reuters) – Kenyan banks announced
measures on Tuesday aimed at preventing loan defaults after a
series of rises in the central bank’s benchmark lending rate
increased costs for borrowers.
The Kenyan Bankers association said it had agreed not to
pass on the central bank’s latest 150 basis point rise in its
key rate to holders of existing loans.