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Kenya raises inspection fee on Tanzania wheat imports by over 13 times


Kenya has imposed a steeper inspection fee on Tanzanian wheat imports, threatening to escalate the trade war between the two neighbours. The government has increased the cost of wheat inspection at the border from Sh600 per truck to Sh8,000, a move that would technically lock out the commodity. The two East African countries have been at loggerheads over wheat trade ...

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Barclays Bank starts scheme to merge seven of its branches


Barclays Bank of Kenya (BBK) has started closing some of its branches in Nairobi in line with an earlier announced plan to merge seven of its units countrywide starting October 1. The bank on Thursday sent alerts to customers explaining the closures while giving them alternative branches that will offer them services. Haile Selassie branch operations will, for instance, be ...

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Kenya: Paunranas lose Sh17bn ARM wealth in 3 years


The value of Paunrana family’s wealth in cement maker ARM dropped by Sh17.8 billion in three years as the company battled the challenges of debt-fueled growth and a persistent pricing war arising from the entry of multiple players in the market. ARM’s stock yesterday touched a new low of Sh12.7 at the Nairobi Securities Exchange (NSE), taking the market value ...

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Kenya Power signs on IFC plan to curb electricity leakages


Kenya Power has tapped the International Finance Corporation (IFC), the World Bank’s private arm, in a two-year project aimed at sealing electricity leakages that eat into the power distributor’s profit margins. The Sh80 million initiative, half financed by the IFC, will focus on reducing power losses on the utility firm’s network. The electricity losses have remained above target levels, costing ...

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Kenya to spend Sh2bn on cooking gas cylinder plan


Kenya will spend Sh2.2 billion on acquiring 720,000 cooking gas cylinders and several refill plant machinery through a State-owned fuels dealer as it rolls out a programme to entrench use of the commodity among low income households. The State Department of Petroleum Principal Secretary Engineer Andrew Kamau said the move would help the government avail affordable cooking gas to low and middle ...

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Tanzania to nationalise diamonds of London-listed miner

Mirny, Sakha Republic, Russia, November 14, 2013.

Tanzania said on Saturday it planned to nationalise diamonds whose value it put at $29.5 million belonging to a mine majority owned by London-listed Petra Diamonds after it accused the miner of under-declaring its mineral exports. The diamonds were seized at the main airport in Tanzania’s commercial capital Dar es Salaam on Aug. 31 as they were being exported by ...

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Kenya: KPMG kicks off recruitment of 107 graduate trainees


Audit firm KPMG has recruited 107 graduates to join its Kenyan operations, kicking off the hiring season for the Big Four Nairobi-based international accounting firms. KPMG’s move bucks the recent trend where staff cuts have loomed large as multiple companies have sent home thousands of employees, citing an unfavourable business environment. An additional 43 recruits are set to join KPMG ...

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Kenya: Regulator likely to hold key rate at MPC meeting


The Central Bank of Kenya (CBK) advisory committee meets next week with analysts projecting it will leave the benchmark lending rate unchanged. Ahead of the Monetary Policy Committee (MPC), analysts interviewed forecast the rate to remain steady as the shilling shows signs of resilience, with the country’s foreign reserves rising gradually. The inter-bank rate is also showing stability. “I expect ...

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Kenya: Pressure on banks to raise fees as rate cap takes a toll


Commercial banks are under pressure to introduce new chargeable services or raise fees on existing offerings in the wake of interest rate caps, analysts say. Standard Investment Bank (SIB) says in a new report that lenders underpriced transactions before the introduction of interest rate controls when they relied more on the lending business, which is now less profitable. “In our ...

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East Africa: World Bank private lender to fund Good life Pharmacy growth


The International Finance Corporation (IFC) is providing a $3 million (Sh309.8 million) loan to fund the expansion of Goodlife Pharmacy in Kenya and Uganda. In a notice, the institution says the loan was part of the funding needed for the pharmacy to grow its footprint from the current 32 to 100. IFC estimates that the total project cost will be ...

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