NAIROBI, Feb 28 (Reuters) – Three of Kenya’s top banks
posted double-digit percentage rises in profit on Thursday,
driven by a growing economy and regional trade, and said they
would maintain growth by expanding into new markets, investing
in technology and cutting costs.
However, one executive cautioned that much could depend on
whether next week’s hotly-contested presidential election passed
calmly, without the bloodshed that followed the 2007 vote.
NAIROBI (Reuters) – Kenya’s foreign minister summoned European Union ambassadors on Monday after Britain, France and others said they would have only limited contact with one presidential candidate, who is wanted by the war crimes court, if he wins the March 4 vote.
The minister accused the envoys of stoking tensions and attempting to divide the country ahead of the elections by making remarks last week that “are clearly inflammatory and could have the effect of polarizing the country”.
NAIROBI (Reuters) – Kenya’s president rejected on Saturday plans by members of parliament to triple their end-of-term bonuses and award themselves diplomatic passports, bodyguards for life and state funerals.
In their last act before parliament closed for March 4 elections, Kenyan lawmakers, already among the best paid in the world, tried for a second time in a few months to increase their end-term bonus to 9.3 million shillings ($107,200) each.
LIMURU, Kenya, Dec 21 (Reuters) – Kenya will launch a
devolved system of government next year to try to hasten rural
development, but many fear the main result will be to spread the
chronic corruption that plagues national politics to a local
Politicians are billing devolution as a radical reform
designed to prevent a repeat of post-election violence in 2007/8
in which more than 1,200 people were killed after a disputed
NAIROBI (Reuters) – Two Kenyan presidential hopefuls indicted by the International Criminal Court (ICC) for allegedly inciting post-election violence said on Sunday they would join forces in next year’s vote and run on the same ticket.
Deputy Prime Minister Uhuru Kenyatta, son of the Kenya’s first president after independence from Britain in 1963, will seek the presidency while former cabinet minister William Ruto hopes to be vice president, according the deal.
NAIROBI (Reuters) – British oil firm Afren (AFRE.L: Quote, Profile, Research) plans to drill 13 wells on its blocks in east Africa, at a cost of at least $120 million in the next 18 to 24 months, a senior company executive said on Tuesday, highlighting increased exploration activity in the region.
Afren, whose main producing assets are in Nigeria and which also has assets in Kurdistan, has stakes in 11 blocks in Kenya, Tanzania, Ethiopia, Madagascar and Seychelles, where it is acquiring both 2D and 3D seismic data, Galib Virani, Afren associate director, told an east African oil and gas conference.
NAIROBI, Nov 13 (Reuters) – British oil firm Afren plans to drill
13 wells on its blocks in east Africa, at a cost of at least $120 million in the
next 18 to 24 months, a senior company executive said on Tuesday, highlighting
increased exploration activity in the region.
Afren, whose main producing assets are in Nigeria and which also has assets
in Kurdistan, has stakes in 11 blocks in Kenya, Tanzania, Ethiopia, Madagascar
and Seychelles, where it is acquiring both 2D and 3D seismic data, Galib Virani,
Afren associate director, told an east African oil and gas conference.
NAIROBI/KAMPALA, Oct 31 (Reuters) – Inflation rates in Kenya
and Uganda fell in October, helped by easing food prices,
creating room for further interest rate cuts to spur growth in
east Africa’s number one and three economies.
Inflation has tumbled across east Africa’s main economies
this year after central banks slammed on the monetary brakes in
the second half of 2011 to curb runaway prices that were driven
by soaring food and fuel costs and ailing local currencies.
NAIROBI, Sept 16 (Reuters) – Tanzania’s energy minister has ordered a review
of all contracts with oil and gas exploration companies by Nov. 30, saying some
were not in the country’s interest and should be revoked, adding to measures
already under way to overhaul the country’s energy policy, newspapers reported
Earlier in September, state-run Tanzania Petroleum Development Corporation
(TPDC) delayed a licensing round for nine deep-sea oil and gas blocks previously
set for this month until a parliamentary vote on a new gas policy in October.
NAIROBI (Reuters) – As giant oil and gas discoveries have some of the world’s biggest energy firms jostling for space in East Africa, the fate of one gas producer offers them a cautionary tale.
After investing $160 million in Tanzania, an offshoot of Canada’s Orca Exploration (ORCb.V: Quote, Profile, Research) is close to paralysis because of unpaid bills and quarrels with authorities over terms.