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East Africa

Kenya: Vihiga adopts GIS technology in design of county projects

VIHIGA

County governments in Kenya are still grappling with implementation of devolved governance since inception in 2013. One of the challenges is how to automate services to improve efficiency as well as seal loopholes through which billions of shillings are lost to corruption. Again most county managers consider acquisition of fancy devices such as iPads and other mobile devices as a ...

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Kenya: State lenders face probe ahead of merger to mega bank

kinyua

Parliament wants six State agencies earmarked for a merger probed before they are collapsed into one mega bank. The newly established Special Funds Accounts Committee said it will start investigations into the accounts of the funds to ensure that no public money is lost. “These are different funds that are being managed by various accounting officers. We need to know ...

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Kenya: Train breakdowns haunt Kenya Railways after RVR handover

maina

The breakdowns that frequently bogged down the Rift Valley Railways (RVR) have returned to haunt the State operator five months after it took back its assets from the Egyptian firm. On Tuesday, hundreds of commuters to Embakasi arrived home late after their train stalled. The train broke down for about two hours at Tumaini estate on Outer Ring Road at ...

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Kenya: Only 14 production firms running at top efficiency

kplc

Only 14 manufacturers in Kenya are operating at maximum efficiency levels, new data indicates, as the State offers subsidy to encourage production and job creation. Data from the Kenya Association of Manufacturers (KAM) indicates that the firms have put 100 per cent of their day and night capacity to work, leaving no headroom to increase output or hire more workers. ...

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Kenya: Rotich rules open NSE for trading of loan stocks

rotich

Treasury Secretary Henry Rotich has gazetted regulations allowing investors to borrow and sell shares at a profit, opening a new frontier for Nairobi Securities Exchange (NSE) traders. The regulations will see traders borrow shares from stock market investors betting that a future price drop will enable them to buy back the same stock cheaply and repay their debt at a ...

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Kenya Airways bets on route deal in US flights

kq

Kenya Airways is eyeing ticket sales to US government-funded travellers once it signs a code-sharing agreement with American airline, Delta Airways. The national carrier last week started booking passengers on its inaugural direct flight to the United States, which is expected to take off on October 28 this year. The code-sharing agreement with Delta is expected to be in place ...

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Tanzania’s central bank revokes licences of five banks

tz

Tanzania’s central bank on Thursday revoked the licenses of five “critically undercapitalised” community banks to protect financial stability in East Africa’s No. 3 economy. There are about 40 commercial banks and a dozen community banks, which target savings from specific communities or sectors such as farming, but the financial sector is largely dominated by just a handful of big banks. ...

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East Africa: Chase Bank sale frees billions for companies

arm+cement

Companies that have deposits running into billions of shillings locked in the troubled Chase Bank are set for a major cash boost with the sale of the lender releasing up to 75 per cent of their money. Betting firm SportPesa, investment company Centum , State-owned Kenya Ports Authority (KPA), the Kenya Tea Development Agency (KTDA), United Nations Sacco, and South ...

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Kenya: Exotix says cement stocks overpriced

arm+cement

Kenyan cement stocks remain overpriced in comparison to African peers, with projected lower earnings for the 2017 financial year expected to put downside pressure on the stocks this year. A new cement sector report by UK-based investment bank Exotix partners says local producers are facing cost-side pressure on higher clinker cost due to rising coal prices in the global markets. ...

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Tanzania increases fuel prices due to rising crude costs

A customer uses a petrol nozzle to fill up his tank in a gas station in Nice August 27, 2012.    REUTERS/Eric Gaillard

Tanzania’s energy regulator raised the maximum price for petrol, diesel and kerosene on Wednesday, citing rising international crude oil prices. Fuel prices have a big influence on the inflation rate in the East African country. In the 12 months through November inflation eased to 4.4 percent, from 5.1 percent the previous month, but the fuel price hikes could push the ...

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