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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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Agency tips Kenya as top hospitality investment spot


A global hotels, tourism and leisure consulting firm has named Kenya East Africa’s hottest investment spot, where 24 multi-billion five-star hotel projects are currently underway. The just released ‘TopHotelProject’  analysis by Horwath HTL South Africa said Kenya was ahead of Africa’s richest country, South Africa (16), Ethiopia (23), Algeria (12), Cape Verde (12), Tanzania (11) and Tunisia that had 10 ...

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Kenya Airways in Sh2.6bn plane sub-lease losses


Kenya Airways has reported a Sh2.61 billion loss on the sub-lease of its aircraft, indicating the heavy burden that the national carrier continues to shoulder from previous years of rapid expansion that was not matched by proportionate growth in customer demand. KQ, in its freshly released annual report for the year ended March 2017, says aircraft recently leased out to ...

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Kenya: Foreign bank rep office deals rise to Sh240 billion


The value of transactions facilitated by representative offices of foreign banks in Kenya doubled to Sh239.7 billion last year, indicating they are taking a larger role in arranging financing deals in the country. The banks’ offices mainly facilitated deals in syndicated lending, specialised, project and trade finance, Central Bank of Kenya says in the 2016 bank supervision annual report. The ...

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Kenya: Remittances rise to Sh90bn, lend muscle to the shilling

Cash sent home by Kenyans living abroad rose by 4.1 per cent in the first half of the year to $887.6 million (Sh91.6 billion) compared to a similar period last year, helping support the shilling against major global currencies. Latest Central Bank of Kenya (CBK) data shows that the remittances rose markedly in the second quarter of this year compared ...

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Kenya Airways moves to seal revenue loopholes


Kenya Airways has moved to protect its revenue streams from exploitation by staff and external parties after an earlier audit flagged weaknesses in its sales management system. The national carrier says in its latest annual report that it has created a new division to ensure its transactions are well priced and in compliance with its policies. Revenue leakages were among ...

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