March 26 (Reuters) – Kenya announced on Monday its first oil
discovery, saying it was found in the northern part of the
country where Africa-focused British firm Tullow Oil Plc
has been exploring for oil, and was now checking on the
commercial viability of the find.
Kenya and its neighbours in east Africa as well as the Horn
of the continent have become a hot spot for oil and gas
exploration in recent years, spurred by new finds.
NAIROBI, March 21 (Reuters) – Some African countries could
lose tax-free access for exports to the European Union if they
fail to sign a deal by next year to replace preferential
agreements that the World Trade Organisation has rejected, an EU
lawmaker said on Wednesday.
The European Union and African, Caribbean and Pacific (ACP)
countries had until the end of 2007 to sign the Economic
Partnership Agreement (EPA) agreements to replace existing
unilateral trade preferences, or risk having European trade
NAIROBI, March 9 (Reuters) – A senior U.S. official
urged Malawian President Bingu wa Mutharika on Friday to respect
his citizens’ right to freedom of expression, days after he
accused Western donors of funding an opposition protest movement
in his country.
Mutharika told state radio on Sunday that the opposition
planned to stage demonstrations in March financed by foreign
donors – some of whom have frozen aid because of concern about
his increasingly tight grip on power in the impoverished
southern African country.
NAIROBI, Feb 14 (Reuters) – A Kenyan parliamentary
committee has asked central bank governor Njuguna Ndung’u to
step aside from his post, it said on Tuesday, proposing an
investigation into how he handled the local currency’s plunge to
a historic low late last year.
The shilling hit a record low of 107 per dollar on Oct. 11,
but has since strengthened more than 20 percent after the
central bank raised its key lending rate to 18 percent in
December from 7 percent in September.
NAIROBI (Reuters) – Construction of a 310 megawatt (MW) wind power project in Kenya is expected to start in April after its financiers complete due diligence on the project, a senior company official said on Thursday.
Most of Kenya’s power is generated by hydroelectric plants, which are prone to the vagaries of frequent droughts, which cut water levels in dams, lead to power outages and force east Africa’s biggest economy to rely on diesel-powered generators.
NAIROBI, Nov 25 (Reuters) – Kapchorua Tea
and Williamson Tea, which have the same directors, both
reported a jump in first-half profit, helped by higher tea
prices and a weak Kenyan shilling.
Williamson said pretax profit jumped 64 percent to 1.07
billion shillings ($12 million) in the six months to
end-September, while Kapchorua’s profit doubled to 268 million.
NAIROBI, Nov 22 (Reuters) – Kenya’s central bank
changed another key policy aim by almost-doubling this fiscal
year’s inflation target to 9 percent, just weeks after being
driven to make a huge rate rise to combat soaring inflation and
save the plunging shilling.
Tuesday’s unveiling of the new target, for the year running
July to June, followed months of trenchant criticism of the bank
for not taking aggressive action to stop the shilling’s slide on
the back of double-digit inflation and a yawning balance of
NAIROBI, Nov 7 (Reuters) – Nairobi Securities Exchange has
launched two stock indexes in conjunction with FTSE Group, and
said on Tuesday it planned to start one for Treasury bonds next
The FTSE NSE Kenya 25 Index will comprise the
bourse’s 25 most liquid stocks, while the FTSE NSE Kenya 15
Index will be made up of the exchange’s 15 largest
stocks by market capitalisation.
NAIROBI, Oct 31 (Reuters) – The International Monetary Fund
on Monday trimmed its 2011 growth outlook for Kenya on Monday
and backed further funds to boost the country’s foreign exchange
reserves to help tackle a widening balance of payments gap.
The Washington-based body gave the green light to a $250
million top-up to a $500 million extended credit facility,
pending full board approval, and said Kenya’s central bank
should tighten monetary policy further to stem high inflation.
NAIROBI, Oct 24 (Reuters) – Equity Bank’s
nine-month pretax profit rose 39 percent as its push into
branchless or agency banking drove growth in deposits and loans,
Chief Executive James Mwangi said on Monday.
Kenya’s central bank allowed banks to start offering
services through agents such as retail stores and service
stations last year to deepen access to financial services in a
country where a third of the population lacks access.