Category: East Africa
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CMA punishes brokers for illicit share trading at Nairobi bourse
At least seven stockbrokers have been cited and penalised for manipulating share prices at the Nairobi Securities Exchange (NSE), causing ordinary investors heavy losses. The Capital Markets Authority (CMA) says in its latest statement that it has fined Standard Investment Bank (SIB) Sh758,858 for facilitating one Henry Ngati Nugi to inflate the share price of…
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Kenya keeps rates on hold
NAIROBI— Kenya’s central bank held its benchmark lending rate at 11.50 percent on Monday, saying that monetary policy now in place had helped moderate inflation expectations, it said in a statement. All but one of the 13 economists buy accutane in malaysia surveyed by Reuters had expected the bank to hold the rate. Source: CNBC…
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Uhuru, Museveni meet over crude pipeline route
President Uhuru Kenyatta and his Ugandan counterpart Yoweri Museveni are today meeting over the route for the planned $4 billion crude oil pipeline to transport the two country’s oil. State House spokesperson Manoa Esipisu said in a statement that, “they will discuss the construction of the Uganda-Kenya oil pipeline, a key plank of the Northern…
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Slowdown in Eurobond talk lifts Kenya credit prospects
Kenya’s prospects for a relatively cheaper Eurobond-type loan looks much greener compared to recent months, say analysts. They attribute this to a slowdown in heated talks on use of proceeds of the Sh250 billion between late 2015 and early this year. Kenya, in June 2014, issued a $2.75 billion sovereign bond on the Irish Stock…
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Uganda: Kenyatta, Museveni to Hold Talks Over Oil Pipeline
Nairobi — President Uhuru Kenyatta is on Monday expected to hold talks with his Ugandan counterpart Yoweri Museveni on the construction of the Kenya-Uganda oil pipeline. According to Statehouse Spokesman Manoah Esipisu, this is a key factor in the Northern Corridor Infrastructure Projects. Esipisu stated that Uganda’s oil producers – Irish company Tullow Oil, French…
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Uganda: Bank Lending Picks Up
Kampala — Ugandans are gradually going back to borrowing money from banks after an interlude of hesitancy either due to the political period or high interest rates. “The economy is stable and the interest rates have not gone up. The situation of loan uptakes is normalising. We see people especially the low income earners borrowing…
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Kenya’s KCB eyes mid-sized banks but not Barclays Africa
NAIROBI (Reuters) – Kenya’s KCB Group is looking at medium-sized lenders to buy as part of an expansion plan and is building up capital to boost its acquisition war chest, the chief executive of country’s biggest bank by assets said on Friday. With 43 commercial banks, executives say, Kenya’s banking industry is ripe for consolidation that…
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Moroccan Bank Raises Stake in Boa Kenya
Morocco’s BMCE Bank has increased its shareholding in Kenya’s Bank of Africa (BOA) to 72.7 per cent and acquired a Sh1.4bn office block in Nairobi’s Westlands to house its regional headquarters. Incoming BOA’s Managing Director Ronald Marambii said the move was aimed at raising capital to meet customer financial needs across Kenya and around Africa…
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KRA smashes tax evasion racket at Namanga border
Another major tax evasion ring has been busted at one of the border entry points as the government battles to seal revenue leakages. The latest bust involves Kenya Revenue Authority employees and those of Equity Bank. The racket, which is said to have cost the government over Sh120 million in unpaid import duties at Namanga…
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Co-op Bank earnings jump 46pc to Sh11.7bn
Cooperative Bank of Kenya Thursday announced a 46.2 per cent rise in profit after tax of 11.7 billion for the year 2015 compared to Sh8.01 billion recorded in 2014. The bank’s group managing director Gideon Muriuki attributed the performance to the lender’s improving operational efficiencies, reduced operating costs and improved customer delivery platforms. The group…