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Sep 30, 2014

Kenya’s economy increases by a quarter to join Africa’s top 10

NAIROBI, Sept 30 (Reuters) – Kenya’s gross domestic product
was estimated to be 25 percent bigger after the authorities
changed the base calculation year to 2009 from 2001, sending the
east African nation into the continent’s top 10 economies.

Economic output was calculated to be 4.76 trillion shillings
($53.4 billion) in 2013 after the rebasing, up from 3.8 trillion
shillings ($42.6 billion), the minister for devolution and
planning, Anne Waiguru, told a news conference on Tuesday.

Sep 21, 2014

Kenya to stay course in quest to stabilise Somalia – President

NAIROBI, Sept 21 (Reuters) – Kenyan troops will keep
fighting Islamist militants in Somalia until peace and stability
is restored to the region, President Uhuru Kenyatta said, one
year after gunmen stormed a shopping mall in his country’s

Militants belonging to Somalia’s al Qaeda-allied al Shabaab
attacked Nairobi’s upmarket Westgate shopping mall on Sept. 21,
2013, killing at least 67 people in an attack that evolved into
a four-day siege.

Jul 30, 2014

Kenya’s Equity Bank hopes for record year after strong first half

NAIROBI, July 30 (Reuters) – Kenya’s Equity Bank
could be on course for a record year after first-half pre-tax
profits rose 21 percent due to an expanding loan book and an
improved performance from subsidiaries in nearby countries.

Chief Executive Officer James Mwangi told a briefing on
Wednesday that loans advanced to customers grew 24 percent to
186.5 billion shillings.

Jul 28, 2014

Africa Oil, Tullow likely to seek partner for Kenya oil fields

NAIROBI, July 28 (Reuters) – Canadian explorer Africa Oil
Corp. and its partner Tullow Oil are likely to
bring in a third partner to help develop their oil discoveries
in northern Kenya, Africa Oil’s chief executive officer said.

The firms discovered oil reserves in Block 13 T and Block 10
BB in northern Kenya’s South Lokichar Basin, estimated at a
combined 600 million barrels.

Jul 8, 2014

KenGen expects to conclude rights issue by year-end

NAIROBI, July 8 (Reuters) – Kenyan power producer KenGen
said it aims to complete a 15 billion shilling ($171
million) rights issue by end-2014 and hopes to have a commitment
from the government by August on the amount of financial support
it will provide.

In February, KenGen said it planned to raise a total of 30
billion shillings this year, with 15 billion coming from
shareholders via a rights issue on the stock exchange. The rest
would be raised by the government using means it has yet to

Jul 7, 2014

Kenyan police fire tear gas as protesters gather for rally

NAIROBI (Reuters) – Police fired tear gas at anti-government protesters in Kenya on Monday, shortly before an opposition rally in the capital, stoking tensions in a nation haunted by past political violence and battling a wave of militant attacks.

Police shot gas canisters to disperse unruly protesters on Nairobi’s streets and fired again after youths hurled stones at them from inside a central park where a few thousand people gathered for the rally, witnesses said. Calm swiftly returned.

Jul 2, 2014

Kenyan bourse says to sell 31 pct of its shares in IPO

NAIROBI, July 2 (Reuters) – The Nairobi Securities Exchange
said it will sell 31 percent of its own shareholding in the
bourse after receiving regulatory approval, aiming to complete
the sale during the second half of this year.

“The NSE will now proceed with its IPO and offer to members
of the public up to 31 percent of the authorised, ordinary share
capital of the NSE,” bourse Chairman Eddy Njoroge said in a
statement issued late on Tuesday.

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.