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

bob

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

simba

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

NT

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

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

WHEAT

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

bbk

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

arm

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

kplc

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

nock

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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