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Egypt Investment Bank Gets Brokerage Licence


Egypt-based investment bank EFG-Hermes has been licensed to operate a stockbroker unit in Kenya with an eye on an investment bank permit, targeting institutional and high net-worth investors from the Middle East. EFG had stated its intention to come into the Kenyan market earlier this year, later saying in June that its licence application with the Capital Markets Authority (CMA ...

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Kenyan insurance brokers hit by Tanzania’s two-thirds rule


Kenyan insurance brokers operating in Tanzania will be forced to cede shareholding to locals under a new law which cut by half the ownership quota allowed for foreigners. Fresh amendments to the Insurance Act sets the mandatory stake that must be held by Tanzanian citizens to be at least two-thirds from the initial one-third or 33 per cent. It is ...

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East Africa: KLM now demands pay freeze at KQ


Kenya Airways’ employees are set to endure a pay freeze in the next couple of years if their employer accepts the stringent conditions that one of the major shareholders KLM wants meeting before it can inject fresh capital into the ailing business. The Dutch carrier has sought KQ’s commitment that it will keep employee costs in check as a condition ...

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Tanzania’s President Magufuli threatens to close mines if talks delayed


Tanzania’s President John Magufuli has threatened to close down all gold mines in the country if mining companies delay talks with his government aimed at resolving allegations of tax evasion. The announcement by Magufuli, nicknamed “the Bulldozer” for his forceful leadership style, marks a further escalation of a dispute with foreign companies like Acacia Mining over export revenues. “We have ...

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S.A: First Tito Mboweni quits cement producer PPC’s board then CEO


PPC’s CEO Darryll Castle has resigned less than a week after Tito Mboweni stepped down from the board. According to Business Day, Mboweni allegedly quit over irreconcilable differences about the strategic direction of the company and its proposed merger with Afrisam. Castle will be available to PPC to ensure a smooth handover for a period of six months, the company said ...

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Vodacom Tanzania extends IPO deadline


Vodacom Tanzania has extended the offer period for its initial public offering for a second time to allow foreign investors to take part, the telecom operator said on Wednesday. The company, a subsidiary of South Africa’s Vodacom Group, said it had received approval from Tanzania’s capital markets regulator to extend the offer period until July 28 after the country changed ...

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CNBC Africa: Eskom to take action against former acting CEO


The board of South Africa’s state-run power utility Eskom will pursue disciplinary action against former acting chief executive, Matshela Koko, who allegedly violated procurement rules, the company said on Wednesday. Eskom’s moves come against the backdrop of growing graft, governance and financial concerns regarding South Africa’s public companies, whose woes are pressuring the Treasury at a time when the economy ...

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Banks snub small firms for lack of proper books

Eco Bank situated in Thika town. Liz Muthoni (Nairobi)

Less than 25 per cent of small and medium enterprises (SMEs) in the country have adopted International Financial Reporting Standards (IFRS), forcing majority of commercial banks to shun them. The Institute of Certified Public Accountants of Kenya (ICPAK), says majority of the SMEs lack proper books making it hard for banks to ascertain their financial worthiness. “What is hindering the ...

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Treasury plans to sell Uchumi shares after retailer stabilises


The government is set to let go its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo on Wednesday said the shareholding exit will come after the government recoups taxpayers’ funds invested in the company over the years. Uchumi is in talks with a strategic partner to pump ...

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South African Reserve Bank to hold repo rates


South Africa’s Reserve Bank is expected to leave interest rates unchanged at its July 20 meeting, according to a Reuters poll released on Monday, but economists expect a dovish statement as the Bank gets closer to its easing cycle. Twenty-four of 27 economists said the Reserve Bank will hold rates at 7.00 percent on Thursday. Two predicted a 25-basis- point ...

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