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Kenya: Equity posts 3pc drop in net profit


Equity Bank is looking to transactions income and regional subsidiaries to grow its earnings as the cap on the cost of loans and a charged political environment cut its interest income and shaved its profit for the nine months to September. The largest bank by customer base Monday reported a three percent drop to Sh14.6 billion in third-quarter after-tax profit ...

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Kenya: 47pc of factories to shed jobs over election jitters


Half of Kenya manufacturers plan to shed jobs on reduced orders and sales linked to jitters over the prolonged electioneering period and tension over the October 26 repeat presidential poll, a new survey reveals. Kenya Association of Manufacturers’ 3rd Quarter Barometer says that 47 per cent of the industries plan to shed jobs over the next six months following lower ...

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Kenya: How Sasra is keeping saccos fit to serve the credit market


Kenya’s famed co-operatives sector appears to be growing in the middle of turbulence arising from failure to comply with some regulatory requirements. For instance, a recent report by sector regulator said more than 100 deposit-taking savings and credit co-operative societies (saccos) did not meet the mandatory capital ratio requirement in 2016, raising questions over their fitness in the key credit ...

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Kenya: Small businesses feel the weight of election standoff


Julie Scott, the managing director of travel and tour firm Bunson Travel Service, yesterday received a call from her business partners relaying what has become a regular message in the past month. A group of about 70 businesspeople that were to jet into Nairobi from around the world for a regional management meeting had changed the venue to Arusha, Tanzania, ...

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Moody’s set to downgrade 3 top banks


Global ratings agency Moodys has warned of a likely downgrade of credit and deposit scores of three Kenyan banks, citing the country’s deteriorating debt situation. The agency said it had placed on review for downgrade the B1 global scale long-term local-currency deposit ratings and the b1 baseline credit assessment (BCA) of KCB Bank Kenya Limited (KCB Bank), Equity Bank Kenya ...

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Drought cuts 14pc in tea production


Tea production in the first eight months of the year dropped 14 per cent due to a severe drought in the first quarter. Monthly data from the Tea Directorate indicate the volumes of the crop dropped from 309 million kilos last year between January and August to 265 million kilos in the corresponding period this year. “The decline is attributed ...

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Kenya: Safaricom’s share of calls market hits 5-year high


Safaricom’s share of the voice calls market rose to a five-year high in the year ended June 2017, underscoring the company’s continued dominance of Kenya’s telecommunication market. Newly-released data from the Communications Authority of Kenya (CA) shows that Safaricom had 80.4 per cent share of voice traffic, up from 75.7 per cent the previous year. Safaricom’s dominance of the voice ...

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New Renault saloon brand hits Kenya’s showrooms


Auto dealer Simba has introduced the Renault Megane in the Kenyan market, targeted at customers looking for a compact saloon car. The model, priced at Sh4.4 million inclusive of Value Added Tax, has a 1.6-litre engine and an automatic transmission system. It has a GPS navigation system with Kenyan maps, keyless entry with walk-away auto-locking and welcome sequence and a ...

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Interest paid on Kenya’s debt increases by Sh56bn


The interest charged on Kenya’s public debt rose by Sh56 billion in the 2016/17 fiscal year compared to the previous period, with total interest payments gobbling up more than a third of the country’s annual revenue. Latest Treasury data from the 2017 Budget outlook and review paper (BROP) shows that the country spent Sh271.3 billion in interest payments, of which ...

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Kenya: Director opposes proposed Tuskys, Nakumatt merger


Yusuf Mugweru, the fourth born of seven siblings who own Tuskys Supermarkets, has opposed a proposed merger of the retail with struggling Nakumatt in a move that could scuttle the deal that was announced last week. Mr Mugweru claims that his siblings sidelined him in ongoing negotiations with Nakumatt, and that he is yet to receive any information on the ...

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