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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.

Dec 10, 2013

World Bank cuts Kenyan GDP growth view for 2013, 2014

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.

Dec 5, 2013

Tanzania assures Ophir Energy of smooth asset sale

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
timely approval.

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
$38 million.

Nov 15, 2013

Kenyan tea firms post mixed results, say low prices a concern

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
full-year performance.

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
million shillings.

Nov 7, 2013

UK’s Tullow Oil to resume drilling in Kenya

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
last month.

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.

Oct 30, 2013

Kenya wants Tullow to resume drilling after protests

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
Wednesday.

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.