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Kenya: Insurers see profit after peaceful poll


Insurers that covered risks arising from political violence are expected to make underwriting profits from those policies in the wake of the largely peaceful General Election. There has been minimal damage to property and business disruption following last week’s elections compared to the violence seen in the aftermath of the 2007 polls. Companies spread across the country took policies ahead ...

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Dar calls off Kenya trade row meeting


Tanzanian officials have put off a meeting intended to iron out outstanding trade disputes with Kenya amid concerns Dar es Salaam was maintaining a hardline stance in the spat. Representatives of the two countries, including officials from cross-border trade agencies, were expected to meet from tomorrow in Tanzania, according to an agreement reached on August 3. But Kenya’s principal secretary ...

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Kenya: Sidian slips into loss on lower interest income


Sidian Bank has slipped into the red in the six months to June weighed down by lower interest income as the rate cap regime narrowed the lender’s earnings from loans. The Centum-backed tier III bank, formerly known as K-Rep, posted a loss of Sh122.7 million as at June 2017 compared to a net profit of Sh158.2 million made in a ...

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Kenya’s power imports from Uganda up 281pc


Kenya’s electricity imports from Uganda have grown 281 per cent in the six months to June as drought cut local generation of hydro-electric power by a third or 615.69 million kilowatt hours. Kenya imported 131.6 million kilowatt hours (kWh) from Uganda in the first half of this year compared to 34.5 million units in the same period last year — ...

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Political tension subdues trading at Nairobi bourse


Trading at the Nairobi bourse on Wednesday plummeted to rock bottom as tension gripped the country in the wake of a contested outcome of Tuesday’s election, bringing economic activity across all sectors to a standstill. Turnover slumped to Sh166.6 million as investors largely kept away from the market hoping for a speedy resolution of the election impasse, cutting trading volumes ...

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Sugar millers allowed to import 150,000 tonnes


The Sugar Directorate has issued permits to nearly all private millers to import 150,000 tonnes of the commodity ahead of the expiry of the Common Market for Eastern and Central Africa (Comesa) duty-free window. Agriculture and Food Authority (AFA) director-general Alfred Busolo said the millers will be operating below their installed capacity in the next 12 months and need to ...

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NSE share rally boosts pension fund returns


Pension subscribers have begun reaping the benefits of a recovering equities market that has now boosted average returns for schemes above the rate of inflation. An industry survey by Actuarial Services East Africa (Actserv) for the quarter ending June shows that the average return for schemes rose to 8.1 per cent from 2.5 per cent in the first quarter, buoyed ...

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Uganda, Tanzania start work on construction of $3.5BN oil pipeline


The leaders of Tanzania and Uganda laid a foundation stone on Saturday for the construction of a $3.55 billion-crude export pipeline that would pump Ugandan oil for international markets. The 1,445 km-project – set for completion by 2020 – will stretch from landlocked Uganda’s western region, where crude reserves were discovered in 2006, to Tanzania’s Indian Ocean seaport of Tanga. ...

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Virtual lender Branch Kenya loans hit Sh3.6 billion


Mobile-based lender Branch has disbursed a cumulative Sh3.63 billion ($35 million) loans in Kenya where virtual lending is growing in popularity. Branch, founded in 2015, says its customer base has grown to 350,000 individuals who have made over 1.5 million loan transactions. “We have seen fantastic growth at Branch because we know what our borrowers expect from their financial partner: ...

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Kenya: Forex reserves hit new low as CBK shores up the shilling


Foreign exchange reserves have fallen to the lowest level since March 16 when it was at $6.973 billion (Sh724.56 billion), underlining increased activity by Central Bank of Kenya (CBK) to stabilise the shilling and debt payment. The CBK says in the latest weekly bulletin that the country’s forex reserves, largely in US dollars, dropped by 100 basis points week-on-week to ...

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