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Kenya:Barclays set to retain name for 3 years after UK parent firm’s exit


Barclays Africa will continue using the Barclays brand in its operations outside South Africa, including in Kenya, for three years following the reduction of Barclays Plc’s shareholding of the lender below the 50 per cent mark. Barclays Africa will also receive “certain services” from Barclays Plc “on arms’ length basis” for a transitional period, up to three years, the bank ...

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Kenya: Calls from rivals for higher charges by Safaricom rejected


Proposals by Airtel and Telkom Kenya that could have seen Safaricom forced to charge its customers higher rates than its rival telecommunications providers have been rejected by consultants hired to assess competition in the sector. Airtel and Plum Consulting (on behalf of Telkom Kenya) had separately written to the Ministry of ICT last year asking that Safaricom pays a higher fee ...

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Kenya receives Washington’s approval for direct US flights


Kenya is upbeat about launching direct flights to the United States earlier than planned after the Federal Aviation Administration (FAA) approved non-stop air travel between the two countries. Inspectors from America’s FAA gave Jomo Kenyatta International Airport a clean bill of health after an audit leading to the award of the long awaited Category One status. This sets the stage ...

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Kenya: Tea price drops reversing last week’s gain


The price of the Kenyan tea dropped by Sh16 per kilogramme this week at the Mombasa auction, reversing the gains witnessed last week. A report from auction indicates that the price dropped from Sh305 last week to Sh289 per kilogramme (kg) in Tuesday’s auction. This marks only the second time since the beginning of the year that the beverage has ...

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Kenya: Nersa caps Eskom tariff hike at 2.2%

Electrical Pylons

The National Energy Regulator of SA (Nersa) said on Thursday Eskom’s tariff increase for 2017-18 would be limited to 2.2% when the new prices come into effect on April 1. The decision is based upon methodology applied by Nersa which has a complex five-year tariff system informed by what it considers “allowable revenue”. As Eskom is able to make corrections ...

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KenGen highest traded stock at Nairobi bourse


Power generator KenGen was the highest traded stock at the NSE yesterday, moving 10.16 million shares in local investor-led trades. The share closed at an unchanged Sh6.55 apiece, indicating cross trades between investors. There was also significant activity in the stocks of Safaricom, Equity Bank and Cooperative Bank, which also had flat prices. Safaricom traded 9.9 million shares at an ...

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South African private equity firm acquires Kenyan unit of Aon


A South African private equity firm has acquired the Kenyan unit of global insurance broker Aon for an undisclosed amount. Johannesburg-based Capital works have bought out Aon interests in Aon Kenya, a firm which offers insurance brokerage services as well as human resource consulting. The buyout was part of an acquisition spanning 10 Aon units in Africa including Uganda, Tanzania, ...

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Kenya:KCB confirms plans to send home Kenya staff after Rwanda layoffs


Kenya’s largest bank by assets KCB Group has confirmed plans to lay off some staff members in its Kenyan unit to cut expenses. The lender said yesterday the redundancies had been occasioned by “fast evolving technology changes, and a dynamic regulatory regime”. “KCB Bank has over the past two years been reviewing its operations in an effort to improve efficiency, ...

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Kenya:Cash-strapped Shelter Afrique targets Sh10bn more after AfDB bailout loan


Troubled pan-African housing financier Shelter Afrique needs a further Sh10 billion this year to finance existing project obligations and meet liquidity ratio requirements. This is in addition to the Sh2.9 billion cash injection from the African Development Bank (AfDB), part of which was only approved last week. Documents seen by the Business Daily that was issued to Shelter Afrique shareholders ...

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Kenya:Pension schemes get approval to invest in derivatives


Pension schemes can now invest in exchange traded derivatives under fresh rules which coincide with the licensing of Kenya’s first ETF contract set to be listed on the Nairobi bourse. The Retirement Benefits Authority has expanded the investment classes for pension schemes to also include income-earning real estate securities (Reits), private bonds and commercial papers approved by the Capital Markets ...

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