George's Feed
Oct 24, 2011

Branchless banking lifts Kenya Equity profits

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.

Oct 13, 2011

Kenya will fight shilling volatility – Finmin

NAIROBI, Oct 13 (Reuters) – Kenya’s Treasury will act
decisively to stem local currency volatility, Finance Minister
Uhuru Kenyatta said on Thursday, adding the shilling’s weakness
is not due to economic fundamentals which he said were broadly
sound.

Minutes later, at the same press conference, the central
bank said it was intensifying its efforts to mop up shilling
liquidity, underscoring efforts by policymakers to display a
coordinated response to tackling the currency crisis.

Oct 7, 2011

Kenya affirms commitment to floating fx rate

NAIROBI, Oct 7 (Reuters) – Central Bank of Kenya’s record
increase of its key lending rate was an “important” step
towards stabilising the ailing shilling, top government
officials said on Friday, reaffirming the country’s commitment
to a floating exchange rate.

Policymakers in east Africa’s biggest economy have struggled
to get to grips with rampant inflation and a battered local
currency this year, although Wednesday’s 4 percentage points
rate rise is expected to go a long way to restoring confidence.

Oct 5, 2011

Kenya says LNG facility to cost about $500 mln

NAIROBI, Oct 5 (Reuters) – Kenya expects a planned liquefied
natural gas terminal to cost $500 million and take 3-5 years to
build once it floats a tender in February 2012 as it seeks to
diversify sources of electricity to meet rising demand, an
energy official said on Wednesday.

The LNG terminal at the port city of Mombasa will have two
storage tanks, each holding some 35,000 tonnes of gas, the
energy ministry’s permanent secretary, Patrick Nyoike, told
Reuters on the sidelines of an energy conference.

Oct 4, 2011

Kenya says to tender by Feb for LNG terminal

NAIROBI, Oct 4 (Reuters) – Kenya plans to float a tender by
early next year to build a liquefied natural gas terminal at its
Mombasa port city as it pushes to diversify its sources of
electricity to meet rising demand, a senior energy official said
on Tuesday.

Chronic power blackouts and higher electricity bills in
Kenya are fuelling discontent as they push up living costs and
cast doubts on the government’s ability to fully implement its
long-term economic vision.

Sep 27, 2011

Kenyan Nobel winner Maathai, savior of trees, dies

NAIROBI (Reuters) – Wangari Maathai, the first African woman to win the Nobel Peace Prize for her campaigns to save Kenyan forests, died in hospital on Sunday after a long struggle with ovarian cancer.

Maathai, 71, founded the Green Belt Movement in 1977 to plant trees to prevent environmental and social conditions deteriorating and hurting poor people, especially women, living in rural Kenya.

Sep 26, 2011

Kenya Nobel laureate Maathai dies in hospital: group

NAIROBI (Reuters) – Kenyan Nobel Peace Prize winner and environmentalist Wangari Maathai has died in hospital where she was undergoing treatment for cancer, her organization the Green Belt Movement said on Monday.

Maathai, who won the 2004 Nobel Prize, was the founder of Green Belt Movement, a civil and women rights activist and also served as a Member of Parliament.

Sep 7, 2011

Kosmos to list in Ghana by end of year-regulator

NAIROBI, Sept 7 (Reuters) – Kosmos Energy , which
plans to list in Ghana to raise some $50 million for development
in the West African country, is on track to join the bourse by
the end of the year, Ghana’s capital markets regulator said on
Wednesday.

Kosmos, backed by private equity firms Blackstone Group
and Warburg Pincus , has a 23.49 percent stake in
the Jubilee offshore oilfield, operated by Tullow Oil
and holding as much as 2 billion barrels of light crude.

Sep 5, 2011

Kenya interbank rates fall, stocks down

NAIROBI, Sept 5 (Reuters) – The Kenyan shilling eased
against the dollar on Monday on the back of increased investor
risk aversion to emerging market assets, while interbank rates
continued to fall.

Central bank data published on Monday showed weighted
average interbank rates fell by half last week to 14.1 percent
on Friday after the bank changed the formula it uses to
calculate its discount window rate to see off a severe liquidity
crunch.

Aug 26, 2011

Kenya’s Mumias Sugar FY pretax rises 21 pct

NAIROBI, Aug 26 (Reuters) – Kenya’s biggest sugar producer,
Mumias Sugar , posted a 21-percent rise in full-year
pretax profit on Friday to 2.65 billion shillings ($28.6
million) and said plans to diversify further from sugar
production would lift growth.

The miller said earnings per share rose to 1.26 shillings
from 1.03 shillings previously. It proposed a dividend of 0.50
shillings per share for the full year, up from 0.40 shillings.