Category: East Africa
-
Kenya: Tea price drops reversing last week’s gain
The price of the Kenyan tea dropped by Sh16 per kilogramme this week at the Mombasa auction, reversing the gains witnessed last week. A report from auction indicates that the price dropped from Sh305 last week to Sh289 per kilogramme (kg) in Tuesday’s auction. This marks only the second time since the beginning of the…
-
Kenya: Nersa caps Eskom tariff hike at 2.2%
The National Energy Regulator of SA (Nersa) said on Thursday Eskom’s tariff increase for 2017-18 would be limited to 2.2% when the new prices come into effect on April 1. The decision is based upon methodology applied by Nersa which has a complex five-year tariff system informed by what it considers “allowable revenue”. As Eskom…
-
KenGen highest traded stock at Nairobi bourse
Power generator KenGen was the highest traded stock at the NSE yesterday, moving 10.16 million shares in local investor-led trades. The share closed at an unchanged Sh6.55 apiece, indicating cross trades between investors. There was also significant activity in the stocks of Safaricom, Equity Bank and Cooperative Bank, which also had flat prices. Safaricom traded…
-
South African private equity firm acquires Kenyan unit of Aon
A South African private equity firm has acquired the Kenyan unit of global insurance broker Aon for an undisclosed amount. Johannesburg-based Capital works have bought out Aon interests in Aon Kenya, a firm which offers insurance brokerage services as well as human resource consulting. The buyout was part of an acquisition spanning 10 Aon units…
-
Kenya:KCB confirms plans to send home Kenya staff after Rwanda layoffs
Kenya’s largest bank by assets KCB Group has confirmed plans to lay off some staff members in its Kenyan unit to cut expenses. The lender said yesterday the redundancies had been occasioned by “fast evolving technology changes, and a dynamic regulatory regime”. “KCB Bank has over the past two years been reviewing its operations in…
-
Kenya:Cash-strapped Shelter Afrique targets Sh10bn more after AfDB bailout loan
Troubled pan-African housing financier Shelter Afrique needs a further Sh10 billion this year to finance existing project obligations and meet liquidity ratio requirements. This is in addition to the Sh2.9 billion cash injection from the African Development Bank (AfDB), part of which was only approved last week. Documents seen by the Business Daily that was…
-
Kenya:Pension schemes get approval to invest in derivatives
Pension schemes can now invest in exchange traded derivatives under fresh rules which coincide with the licensing of Kenya’s first ETF contract set to be listed on the Nairobi bourse. The Retirement Benefits Authority has expanded the investment classes for pension schemes to also include income-earning real estate securities (Reits), private bonds and commercial papers…
-
Competition watchdog steps into Uber’s airport taxi wars
Competition watchdog CAK has waded into a simmering row between the Kenya Airports Authority (KAA) and digital taxi hailing service Uber. At the centre of the row is the KAA’s decision to block some taxi operators from accessing airports in favour of the traditional yellow taxis. Uber taxi drivers claim that airport authorities, acting in…
-
Business leaders call for inter-trade policies across Africa
In a bid to enhance and increase Ghana’s trade partners and extend the country’s export market, key players in international trading have called for policies that would enhance trading activities in Africa. The call was made at the launch of the Enterprise Africa Summit. Head of Business Development and Partnerships for British Council Ghana, Sydney…
-
Kenya:Factory price of sugar drops, still high in shops
The factory price of sugar has dropped by Sh600 per 50kg bag in the last one month on lower demand but the decline is yet to reflect on prices in shops, which remain high at Sh145 per kilo. Kenya was hit by a shortage of sugarcane mid last year, pushing the price of a kilo…