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Kenya: KQ Gets Air Traffic Rights in U.S. Paving Way for Direct Flights

air

Kenya Airways (KQ) has been granted air traffic rights to the United States (US) airspaces inching closer to direct flights to the US. Transport Cabinet Secretary James Macharia told Capital FM Business the airline now awaits other crucial licenses to see it fly to the US by March 2018. Among the crucial licenses include the Air Service License which gives ...

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Tanzania: Telcos Surrender As TCRA Bans Caller Tunes

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Telecom operators have surrendered to an order by Tanzania Communications Regulatory Authority (TCRA) to stop unsolicited adverts in the caller tunes which the regulator said were against the 2015 Value Added Services (VAS) Regulations. TCRA director general James Kilaba told operators yesterday that they can air their adverts only when a subscriber is checking the balance, recharging or when checking ...

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Fitch affirms Stanbic Bank Kenya rating with negative outlook

stanbic

Fitch Ratings has affirmed Stanbic Bank Kenya (SBK) long-term issuer default rating (IDR) at ‘BB-’, but with a negative outlook informed by potential downgrade of Kenya. Fitch said the assessment was informed by a moderate probability of support from its parent owner, South Africa-based Standard Bank Group, which indirectly owns 60 per cent stake in the Nairobi-based lender. The Standard ...

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Tanzania lifts ban on foreigners investing in telecom IPOs

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Tanzania has lifted the banning on foreign investors participating in initial public offerings in the telecoms sector, the capital markets regulator said on Friday. The removal of the restriction allows foreigners to take part in the IPO of Vodacom Tanzania Plc, a subsidiary of South Africa’s Vodacom Group. The Vodacom IPO was launched in March and initially only open to ...

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Uganda: Couple Fights Diamond Trust Bank Over Shs 10 Billion ‘Loan’

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Businessman Francis Nekuusa and his wife Stella Nekuusa are embroiled in a court battle with Diamond Trust bank (DTB) over loans that amount to more than Shs 10bn in a case that could shed more light on what could be seen as suspicious banking practices in the country, writes DERRICK KIYONGA. The case has seen both sides hire two of ...

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World Bank approves $345 million loan for Tanzania port expansion

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The World Bank said on Sunday it had approved a $345 million loan for the expansion of a port in Tanzania’s commercial capital Dar es Salaam, which the East African country aims to turn into a regional gateway. Dar es Salaam is vying with the port of Mombasa in Kenya to become the trade hub for landlocked neighbors such as ...

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Kenya:Private sector credit growth sinks to 10-year low

olaka

Commercial banks are lending to private sector at the lowest pace in more than a decade, leaving key economic and job growth drivers such as manufacturing and agriculture struggling for funding, newly released data shows. The Central Bank of Kenya (CBK) data shows that lending to the private sector expanded by a paltry 3.3 per cent in the year to March ...

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Kenya: County investment forums have wasted millions, forum told

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Counties may have wasted millions of shillings in investment forums since Kenya lacks a legal framework to guide governor-foreign investor engagements. A one-day forum convened to discuss the Kenya Investment Policy heard there was an urgent need to empower counties to directly attract foreign investments including implementation of crucial projects on private-public partnership arrangements. Embu chief officer John Mwangi said ...

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Tanzania laws would allow govt to tear up mining, energy deals

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The Tanzanian government submitted three bills to parliament on Thursday that would allow it to force mining and energy companies to renegotiate their contracts, the latest in a string of moves that have alarmed foreign investors. It was not immediately clear how the proposed renegotiation of contracts would affect a planned $30 billion gas project, or the troubled mining sector, ...

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State in fresh pension scheme rollout pledge

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The Public Service ministry has said it will roll out the contributory pension scheme for government workers this year, a plan that has been in the offing since 2012. Public Service secretary Sicily Kariuki said the ministry was working to have the scheme in place by the end of the year. “This year the National Treasury has indicated willingness to ...

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