Category: East Africa

National carrier Kenya Airways earned Sh5.3 billion from the sale of the prized London Heathrow landing slot. The figure was revealed Wednesday in a report by Standard Investment Bank (SIB) based on an analysts’ briefing with the airline. “The disposal of KQ’s London morning arrival slot was made in conjunction with Air France, which sold…

Commercial banks have asked the High Court to rule on whether they have been levying illegal charges on borrowers over the years, in a pivotal ruling that could determine the direction of two class action suits filed against the lenders. The Kenya Bankers Association (KBA) wants the court to examine all evidence provided by an…

Uganda’s economy grew by 2.1 percent in the second quarter of 2015/2016 (Jul-Jun) fiscal year from a revised 1.8 percent in the previous quarter, helped by faster expansion in the agricultural sector, official data showed on Tuesday. The East African country’s central bank this month cut interest rates, saying it wanted to stimulate slowing growth…

Wilderness Holdings Ltd, a Botswana-based firm, has acquired a 51 per cent stake in Maasai Mara camps firm, Governor’s Camp Group of Companies, as it seeks to expand its business in East Africa. Wilderness said it has concluded agreements with Monitor International Ltd (the vendor) to acquire 51 per cent of the shares and shareholder…

Senators have asked the Director of Criminal Investigations to question Central Bank of Kenya governor Patrick Njoroge and senior officials under him tasked with monitoring commercial banks saying it was not enough to only target directors of collapsed lenders and let the regulator free. The lawmakers on Monday said customers of Chase Bank and two…

The cost of transferring loans and mortgages from one bank to another is set to come down under a proposed new law establishing a central depository for loan securities. Treasury secretary Henry Rotich said the new depository for collateral will be modelled on the Central Depository and Settlement Corporation (CDSC) that is used to secure and…

The Central Bank of Kenya (CBK) Sunday evening moved to calm nerves in the troubled banking sector with the announcement that it was opening a special window to support small banks in distress because of a confidence crisis arising from last week’s sudden closure of Chase Bank. Central Bank of Kenya (CBK) governor Patrick Njoroge…

The value of coffee sold through Kenya’s auction fell 9 per cent to Sh8.5 billion ($85 million) in the half-year to March due to lower volumes and prices, a senior official said on Monday. The east Africa nation sold coffee worth Sh9.3 billion ($93.2 million) in the first-half of the 2014/15 crop season that runs…