George's Feed
Apr 29, 2014

Tullow, Africa Oil to submit Kenyan development plans in 2015

NAIROBI, April 24 (Reuters) – British explorer Tullow Oil
and partner Africa Oil Corp aim to submit
development plans to the Kenyan government late next year for
their oil discovery in the northwest of the country, executives
from the firms said on Tuesday.

Oil discoveries in Uganda and Kenya by Tullow Oil and gas
deposits found off Tanzania and Mozambique have turned east
Africa into a frontier for hydrocarbon exploration.

Apr 25, 2014

Australian navy seizes heroin worth $268 mln from dhow off Kenya

NAIROBI, April 25 (Reuters) – An Australian warship
patrolling the Indian Ocean has seized more than a tonne of
heroin worth A$289 million ($268 million) from a dhow in Kenyan
waters, Australia’s Defence Department said on Friday.

The frigate, HMAS Darwin, intercepted the vessel on
Wednesday night 27 nautical miles east off Kenya’s port city of
Mombasa and confiscated 1,023 kg (2,255 pounds) of heroin in 46
sacks hidden in bags of cement, the department’s website said.

Apr 17, 2014

Kenya’s Equity Bank looks to telecoms to boost growth

NAIROBI, April 17 (Reuters) – Equity Bank of Kenya
will launch a telecoms services arm in a bid to grow its market
share in the fast-growing mobile phone-based financial services
market, it said on Thursday.

Equity, which is Kenya’s biggest lender by depositors, said
pretax profit for the first quarter of this year rose by 21
percent to 5.4 billion shillings ($62.14 million), lifted by
growth in its loan book.

Apr 9, 2014

Kenyan shilling firms, stocks close higher

NAIROBI, April 9 (Reuters) – Kenya’s shilling gained
on Wednesday from tea sales and aid-agency dollar inflows, while
stocks edged higher, helped by telecoms firm Safaricom.

At close of trade at 1300 GMT, commercial banks quoted the
shilling at 86.50/60, a touch stronger than Tuesday’s
close of 86.55/65.

Mar 28, 2014

Safaricom, Bharti get conditional approval to buy Kenyan rival

NAIROBI, March 28 (Reuters) – Kenya’s telecoms regulator
granted conditional approval to the country’s biggest telecom
companies, Safaricom and the local unit of Bharti
Airtel, to buy No. 3 network Yu.

Safaricom, which is 40 percent owned by Vodafone,
wants to acquire Yu’s infrastructure such as base stations to
help improve the quality of its network. Airtel aims to acquire
the subscriber base that Yu has built up since entering the
Kenyan market in 2008.

Mar 27, 2014

Kenya’s tea output, earnings rise in 2013 -regulator

NAIROBI, March 27 (Reuters) – Kenya’s tea output and export
earnings rose last year, helped by good weather and by sales to
new markets, which cushioned its sector from a drop in world
prices, the industry regulator said on Thursday.

The Tea Board of Kenya said earnings rose 2 percent to 114.4
billion shillings ($1.3 billion), while total output jumped 17
percent to a record 432.4 million kg.

Mar 26, 2014

Kenya’s National 2013 profit up 57 pct y/y, cash call on track

NAIROBI, March 26 (Reuters) – National Bank of Kenya
posted a 57 percent jump in pretax profit to 1.81 billion
shillings ($20.88 million) last year and its plans to raise
capital from shareholders are on track, it said on Wednesday.

Munir Ahmed, the bank’s managing director, told an investor
briefing the bank plans to add seven new branches, to appoint
1,400 agents across the country and to launch new cash points as
well as Internet and mobile phone-based banking.

Mar 19, 2014

Kenya’s Co-op Bank expects 2014 profits to increase

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
infrastructure.

The bank’s shares jumped 6 percent to 20.25 shillings by
0736 GMT.

“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.

Feb 20, 2014

Kenyan sugar firm Mumias trims loss, says cane theft a problem

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.

Jan 8, 2014

Kenya delays energy bill until June

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
November.