George's Feed
Jun 22, 2011

Kenyan shilling edges higher, bond yields jump

NAIROBI, June 22 (Reuters) – The Kenyan shilling hit
a new low against the dollar on Wednesday before gaining ground
as commercial banks trimmed some greenback positions while
two-year Treasury bond yields jumped to 12.4 percent at auction.

Traders said the market had largely shrugged off the central
bank governor’s comments that he would take action against banks
speculating against the shilling, although there was a risk of a
correction if concrete steps were actually taken.

Jun 22, 2011

Tanzania, Kenya gas pipeline costed at $630 mln

NAIROBI, June 22 (Reuters) – A pipeline to move natural gas
from Tanzania’s commercial capital Dar es Salaam to the coastal
city of Tanga and Mombasa in Kenya is seen costing up to $630
million, an East African Community study showed on Wednesday.

Tanzania has found gas deposits in four areas — Songo Songo
island off the eastern coast, in nearby West Songo Songo, Mnazi
Bay in southeastern Tanzania and Mkuranga near Dar es Salaam.

Jun 6, 2011

EABL says to buy SABMiller stake in Kenyan brewer

NAIROBI, June 6 (Reuters) – East African Breweries Ltd
(EABL.NR: Quote, Profile, Research) is buying SABMiller’s (SAB.L: Quote, Profile, Research) 20 percent stake in its
Kenyan unit as part of a deal to end a partnership that allowed
the firms to produce and market each other’s products.

EABL, east Africa’s biggest company by market value and
owned by British group Diageo (DGE.L: Quote, Profile, Research), said on Monday it would
pay 19.5 billion shillings ($225 million) for the stake.

Jun 2, 2011

Kenya economy to grow 5.0 pct in 2012 -W.Bank

NAIROBI, June 2 (Reuters) – Kenya’s economy is seen growing
by 5.0 percent in 2012 from 4.8 percent this year, as improved
infrastructure including investment in telecoms begin to bear
fruit and external conditions improve, the World Bank said on
Thursday.

The east African country’s economy is under pressure from
fuel and food price-driven inflation which have led to rises in
interest rates, and analysts say political uncertainty ahead of
next year’s general election is also weighing it down.

May 25, 2011

Top Rwanda genocide suspect seized in Congo: U.N. court

NAIROBI (Reuters) – Authorities in the Democratic Republic of Congo have arrested one of the masterminds of Rwanda’s 1994 genocide, a United Nations court handling their cases said on Wednesday.

The Tanzania-based International Criminal Tribunal for Rwanda (ICTR) said Bernard Munyagishari, a former Hutu militia leader, was wanted on charges of genocide and crimes against humanity, including rape.

May 18, 2011

Madagascar’s Avana says eyes 2011 listing

NAIROBI, May 18 (Reuters) – Independent Madagascar-based oil
and gas explorer Avana Petroleum plans to list this year, a move
it hopes will raise about $35 million, its chief executive said
on Wednesday.

Avana has interests in exploration blocks across the western
Indian Ocean in Seychelles, Comoros, Madagascar and Mauritius, a
region that has been largely shunned by oil majors because of
its remoteness and resource uncertainty.

May 17, 2011

Africa Oil plans up to 8 east Africa wells

NAIROBI, May 17 (Reuters) – Canadian oil and gas explorer
Africa Oil Corp (AOI.V: Quote, Profile, Research, Stock Buzz) plans to drill up to eight exploratory
wells in blocks it holds interests in across east Africa, a
senior company executive said on Tuesday.

Africa Oil and its partners hold exploration licences in
Kenya, Ethiopia and Somalia’s semi-autonomous Puntland region.

May 17, 2011

Africa Oil says plans to drill up to 8 wells in E.Africa

NAIROBI, May 17 (Reuters) – Canadian oil and gas explorer
Africa Oil Corp (AOI.V: Quote, Profile, Research) plans to drill up to eight exploratory
wells in blocks it holds interests in across east Africa, a
senior company executive said on Tuesday.

Africa Oil and its partners hold exploration licences in
Kenya, Ethiopia and Somalia’s semi-autonomous Puntland region.

Mar 17, 2011

Kenyan consumer confidence slides in Feb-survey

NAIROBI, March 16 (Reuters) – Consumer confidence in Kenya
fell in February on worries about political uncertainty, rising
inflation and a feeling that economic conditions will worsen
over the next six months, a survey showed on Thursday.

Research firm TNS RMS surveyed 1,010 respondents during the
month across east Africa’s biggest economy. Its consumer
confidence index dropped to 118 points from 136 in September,
when optimism about a new constitution was running high.

Mar 9, 2011

Kenyan inflation seen accelerating on oil prices, weak shilling

NAIROBI, March 9 (Reuters) – Kenyan inflation is set to
accelerate in coming months on the back of rising oil and food
prices, putting further pressure on consumers, and is leading to
calls for the central bank to act to shore up the country’s
record low exchange rate.

The surge in prices, and the shilling’s KES= fall to
record lows this week, threaten to dent the country’s growth
prospects.