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Atlas changes name after raising Sh500m in UK


Atlas Development shareholders have approved a change of name for the NSE-listed firm and the issuance of 600 million shares sold in a private placement in London last month. Atlas raised $5 million (Sh501 million) in the private placement done on February 16, with the funds earmarked to finance the feasibility study and initial construction work for a glass manufacturing ...

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KenGen woos financiers to its mega power investments


Kenya Electricity Generating Company (KenGen) has received several commitments for the financing of its various projects as it seeks to spend a total of Sh140 billion ($1.4 billion) in the period to 2019 to meet the surging power demand. Some international development and donor agencies are proposing to finance some of the projects with KenGen co-financing through its reserves, besides ...

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Ethiopia: Change in Investment Culture Elicits Strategic Positioning

City of Addis Ababa

Back in 2011, the late Prime Minister, Meles Zenawi, made a rather notable remark in the presence of selected and influential businesspeople, gathered at his office, off Lorenzo Liezaz Street. In what could be considered an insightful analysis of wealth creation dynamics in the country, Meles argued that local businesspeople were being fooled to continue to put their hard-earned money ...

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Kenyan Airways to clip wings


NAIROBI — Kenya Airways, sub-Saharan Africa’s third-largest airline, is planning a 70-billion shilling ($690m) restructuring that includes reducing its fleet and cutting the number of staff, CEO Mbuvi Ngunze has said. The carrier, based in the capital Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last year. The carrier plans to ...

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Ethiopian business and slower branch rollout to lift KCB


KCB Group is set to reap huge from new business after it opened an Ethiopian representative office amidst a planned slowdown in branch roll-out, investment bankers at New York-based Citi say. With the savings and new business, the price of each share of the banking group is likely to rise further from the current levels of Sh41 to about Sh58, ...

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NBK board chair entangled in Sh100 billion fraud claims


The National Bank chairman, Mohammed Hassan, has been accused of aiding a Sh100 billion money laundering scheme at one of Kenya’s largest chartered flight operators. The allegations made in court by a founding shareholder of the Wilson Airport-based carrier have sucked Mr Hassan, a former top executive of Dyer & Blair Investment Bank, into what could shape up into one ...

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Africans should utilise digital banking more to grow GDP


A recent Moody’s Estimates Migration report to electronic payments added 296 Billion US dollars to GDP across 70 Countries but African countries have only experienced a mere 0.05 per cent increase in the GDP. Lucy Mbabazi, Visa Rwanda’s Country Manager joined CNBC Africa for a look at the correlation between Electronic Payments and Economic Growth. Mbabazi strongly urged Africans to ...

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Big banks cartel hurting economy with expensive loans, says WB


A few big banks have gained a stranglehold on Kenya’s lending market, rendering it non-competitive with devastating consequences on the economy, casting the spotlight on the Competition Authority of Kenya (CAK) which has been investigating the sector since last year. The high interest spreads that the commercial lenders continue to enjoy at the expense of the rest of the economy ...

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Rwanda beats expectations with financial inclusion findings


Financial exclusion has dropped from the 21 per cent in 2012 to 11 per cent in 2015/2016, meaning that 89 per cent of Rwandan adults now use financial products and 5.2 million people in the country are financially included, according to the 2016 FinScope survey. According to Laure Beaufils, Country Representative, DFID: “FinScope is a survey which measures the demand ...

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NSE-listed firms to reveal reasons for exit of board members in new code


Companies listed on the Nairobi bourse will now have to disclose the reasons behind the exit of their board members and top managers such as chief executives and chief finance officers, as per fresh rules gazetted by the capital markets regulator. The Capital Markets Authority (CMA), in a new detailed corporate governance code, has set the rule in a bid ...

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