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US firm in Sh450m outlay for Nairobi condom-making plant

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American investment firm Restance Inc is set to sink Sh450 million to establish a condom-making plant in Kenya. The firm will invest through East African Development Partners LLC, which it acquired 100 per cent in exchange for five million shares of Restance Inc. The shares were on Friday trading at Sh9 on the OTCMKTS, an over-the-counter exchange. An investors’ brief ...

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Kenya: Equity posts 3pc drop in net profit

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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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SA’s Medium-term budget highlights

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In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from 1.3% to 0.7%. Growth expected ...

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SA’s 27% unemployment tops spending priorities-MTBPS

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Job creation, which has escalated to an alarming all-time high of 27 percent, and small business development top the list of South Africa’s spending priorities. This is contained in the Medium Term Budget Policy Statement (MTBPS), delivered by the country’s Finance Minister, Malusi Gigaba, in Cape Town this afternoon. The MTBPS states that Cabinet approved a Mandate Paper in August ...

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

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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

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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

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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

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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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Nigeria’s 2017 capex to hit 440.9BN naira next week: Finance Minister

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Nigeria plans to release 100 billion naira for capital projects, taking its total spending in the 2017 budget for infrastructure to 440.9 billion naira ($1.44 bln) by next week, its finance minister said on Tuesday. Kemi Adeosun said the government had spent 1.5 trillion naira on recurrent expenditure so far. “We concluded our Sukuk last week, the money will be ...

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Scandal-hit KPMG South Africa vows reforms, loses another client

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South African waste management company Interwaste (IWEJ.J) fired KPMG as its auditor on Thursday, dealing another blow to the accounting firm ensnared in a scandal involving business friends of President Jacob Zuma. Interwaste joins at least seven other clients including fund manager Sygnia (SYGJ.J) and broker Sasfin (SFNJ.J) to break ties with KPMG. It comes after KPMG’s own investigation found ...

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