NAIROBI, March 19 (Reuters) – Co-operative Bank of Kenya
reported on Wednesday a 9 percent rise in pre-tax
profit for 2013 and said it expected better growth this year
thanks to the expansion of its branch network and technology
The bank’s shares jumped 6 percent to 20.25 shillings by
“With the major investment in the branch network, ICT
infrastructure and new operations in South Sudan, we expect the
growth momentum to be sustained and better profitability in
2014,” the bank said in a presentation to investors.
NAIROBI, Feb 20 (Reuters) – Kenya’s Mumias Sugar
reported on Thursday a narrower loss in the six months ended
December as it increased revenues and cut costs.
It said illegal imports of cane as well as poaching by rival
millers had hit business, but it expected further improvements
in the second half of its financial year.
NAIROBI, Jan 8 (Reuters) – Kenya has pushed back the first
draft of its revised laws on the petroleum sector for
parliament’s approval to June, as east Africa’s biggest economy
prepares to exploit its oil finds.
Energy and Petroleum Principal Secretary Joseph Njoroge had
said the law was expected to be presented to parliament by
NAIROBI, Dec 10 (Reuters) – The World Bank cut its growth
forecast for Kenya for 2013 and 2014 to around 5 percent, citing
low levels of government spending and high interest rates
charged by commercial banks.
The cuts suggest growth rates in east Africa’s biggest
economy will lag those of its neighbours.
NAIROBI, Dec 5 (Reuters) – Tanzania has assured Britain’s
Ophir Energy and a unit of Singapore’s Temasek Holdings
that their proposed $1.3 billion asset sale of natural gas
fields in the east African nation will proceed smoothly and get
Ophir said last month it would sell a 20 percent
shareholding in Tanzanian Blocks 1, 3 and 4 to Pavilion Energy,
owned by Singapore state investor Temasek, for an
initial $1.25 billion plus a further contingent consideration of
NAIROBI, Nov 15 (Reuters) – Kenyan tea firm Williamson Tea
reported a rise in pretax profit for the first half
ended September, while peer Kapchorua posted a fall,
and both said falling tea prices were likely to hurt their
Williamson Tea, which shares owners with Kapchorua, said its
pretax profit rose 32 percent to 526 million shillings ($6.1
million), while that of Kapchorua fell 27 percent to 109.9
NAIROBI, Nov 7 (Reuters) – Tullow Oil and partner
Africa Oil said they would resume exploratory drilling
this week in northwest Kenya after reaching an agreement with
local leaders to prevent a repeat of protests that halted work
Residents of the remote, poverty-stricken northern Turkana
community, supported by a local politician, marched on Tullow
operations on Oct. 26 to demand more jobs and other benefits.
The government said protesters ransacked one site.
NAIROBI, Oct 30 (Reuters) – Kenya’s government would like
Africa-focussed explorer Tullow Oil to resume drilling
at two blocks next week and will hold talks with protesters
whose actions halted work at the sites, a minister said on
Oil discoveries in Uganda and gas finds offshore Tanzania
and Mozambique have drawn explorers to east Africa, now seen as
a potentially major new producing region.
NAIROBI, Oct 29 (Reuters) – South Sudan plans to auction
licences for a yet-to-be determined number of new petroleum
exploration blocks once it has finished mapping them, a senior
energy ministry official said on Tuesday.
South Sudan produces about 190,000 barrels per day (bpd),
its Petroleum and Mining Ministry said in October, revising down
a figure of 240,000 bpd it gave in September.
NAIROBI, Oct 27 (Reuters) – Drilling was suspended for a
second day on Sunday at Tullow Oil’s two exploration
blocks in northwest Kenya because of local protests, and a
senior local official called for intervention by the government.
Tullow Oil said late on Saturday it had temporarily
suspended drilling operations on Block 10BB and Block 13T in
northwest Kenya due to security concerns after local residents
held protests demanding more jobs at the sites.