Duncan's Feed
Jan 10, 2014

Kenya says killed Shabaab commanders in air strikes

NAIROBI (Reuters) – Kenya’s military has killed more than 30 al Shabaab militants and commanders, a spokesman said, in its first major air strikes in Somalia since the retaliation for the Islamists’ attack on a Nairobi shopping mall.

Kenyan fighter jets hit a camp at Garbarahey in the Gedo region on Thursday evening, where the militants, who profess links to al Qaeda, were holding a meeting, the military said.

Dec 11, 2013

Kenyan shilling edges up, profit-taking hits shares

NAIROBI, Dec 11 (Reuters) – The Kenyan shilling inched
higher on Wednesday as banks cut long dollar positions and
importer appetite for the greenback waned. Profit-taking caused
shares to drop.

At the 1300 GMT close of trade, leading commercial banks
posted the shilling at 86.45/65 against the dollar, up slightly
from Tuesday’s close of 86.70/86.80.

Dec 5, 2013

Intrepid bankers reap rewards in Africa’s newest state

JUBA/NAIROBI, Dec 5 (Reuters) – Kenya Commercial Bank
started small in Africa’s newest nation, South Sudan -
very small.

Executive Martin Oduor-Otieno, sleeping in a tent at night,
found a shop he could rent in Juba that was just big enough to
fit a partition and grill, the basic requirement to open KBC’s
first branch.

Dec 3, 2013

Kenya starts work on $650 million airport expansion

NAIROBI, Dec 3 (Reuters) – Kenya began work on a $653
million expansion of the capital’s main airport on Tuesday, the
second large-scale infrastructure project it has launched in a
week aimed at boosting trade and cementing its status as a
regional commercial hub.

The new terminal will be able to handle 20 million
passengers when completed, three times the existing passenger
flow through the airport, whose arrivals hall was gutted by a
massive blaze in August.

Nov 13, 2013

Kenya Airways sees new planes, expansion boosting 2014 profits

NAIROBI, Nov 13 (Reuters) – Kenya Airways expects
to post higher profits next year, thanks to the planned delivery
of fuel-efficient planes and the expansion of its Nairobi hub,
it said on Wednesday.

The carrier, which is 26.73 percent owned by Air France-KLM
and 29.8 percent by the government, is ranked among
the largest carriers in sub-Saharan Africa.

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.