George's Feed
Oct 17, 2013

Kenya to claim 10 percent of big mining concessions

NAIROBI, Oct 17 (Reuters) – Kenya plans to claim a 10
percent stake in large mining concessions under a new bill
intended to give the state a greater share in profits from the
sector, Mining Cabinet Secretary Najib Balala said on Thursday.

Successive governments have had little success in trying to
develop Kenya’s mining potential, with foreign exploration
companies discouraged by poor infrastructure and an outdated
legal framework.

Oct 11, 2013

Kenya Power to invest $1.8 bln in 5 years to expand network

NAIROBI, Oct 11 (Reuters) – Kenya Power plans to
spend 156 billion shillings ($1.83 billion) between now and 2018
to expand its electricity distribution network in order to keep
up with growing demand.

The country suffers from frequent blackouts due to supply
shortfalls and an aging grid, forcing most businesses and
wealthy people to have stand-by generators.

Sep 12, 2013

Kenya’s Safaricom warns against more tax rises on money transfers

NAIROBI, Sept 12 (Reuters) – Kenya’s leading mobile phone
operator Safaricom cautioned the government against
further rises in excise duty on mobile money transfers, saying
there was a risk new county-level administrations would add to
the tax burden.

Chief Executive Bob Collymore said on Thursday futher tax
increases would put a service that has deepened financial
inclusion, particularly in rural areas, beyond the reach of the
poor.

Sep 10, 2013

Uganda says to double power grid in 4 years

NAIROBI, Sept 10 (Reuters) – Uganda plans to double the
length of its power grid in four years at a cost of $500 million
as it seeks to boost electricity production and reduce
transmission losses, a senior government official said on
Tuesday.

East Africa’s third-largest economy is keen to rapidly
expand its electricity generation infrastructure before its
planned start of crude oil production by 2017.

Sep 7, 2013

Kenya says Nigeria’s Dangote to build $400 million cement plant

NAIROBI (Reuters) – Africa’s richest man, Nigerian Aliko Dangote, plans to invest $400 million in a cement plant in Kenya, the east African nation’s president’s office said.

Dangote owns various businesses under the umbrella company of Dangote Group, among them, Dangote Cement (DANGCEM.LG: Quote, Profile, Research, Stock Buzz), which said in May it was investing $5 billion to build cement plants on the African continent.

Sep 3, 2013

Kenya holds key interest rate, inflation on target

NAIROBI, Sept 3 (Reuters) – Kenya’s central bank held its
key lending rate at 8.50 percent on Tuesday, in
line with market expectation, saying inflation was within an
acceptable margin of its medium target.

A Reuters poll ahead of the decision had forecast Kenyan
policymakers would leave the bank’s benchmark rate unchanged
until at least the end of the year to help counter inflationary
pressures and a bearish currency.

Aug 29, 2013

Kenya Commercial Bank aims to grow subsidiaries’ profit

NAIROBI, Aug 29 (Reuters) – Kenya Commercial Bank (KCB)
said it would focus on increasing the contribution of
existing East African regional subsidiaries this year to reach
15 percent of pretax profits before it expands into other
countries.

Kenya’s largest bank, measured by assets, also operates in
Tanzania, Rwanda, Uganda, South Sudan and Burundi.

Aug 19, 2013

Seychelles, Mauritius plan joint offshore oil, gas exploration

NAIROBI, Aug 19 (Reuters) – Seychelles and Mauritius plan to
jointly explore for petroleum in an area in the Indian Ocean
that they both own.

East Africa has become a focal point for exploration after
oil discoveries in Uganda and Kenya and natural gas deposits in
Tanzania and Mozambique.

Aug 15, 2013

Kenya expects temporary airport terminal in eight weeks

NAIROBI, Aug 15 (Reuters) – Kenya expects a temporary
passenger terminal to be ready at Nairobi airport in eight weeks
after fire gutted the arrivals building and will accelerate work
on a new terminal already under construction, officials said on
Thursday.

Passengers using makeshift marquees still face long delays
and cancellations after the blaze at Africa’s fourth-busiest
airport last week.

Jun 19, 2013

Uganda aims for commercial oil output by 2016

NAIROBI, June 19 (Reuters) – Uganda is aiming for commercial
output of oil by 2016 at the earliest, as the landlocked east
African nation seeks cheaper energy and funds for infrastructure
projects.

Explorers struck oil in east Africa’s third largest economy
in 2006 and Uganda estimates its crude reserves at 3.5 billion
barrels, but wrangling over taxes and the viability of a local
refinery have stalled production.