Business News Kenya

  • GARA-BOKKA, Ethiopia/ NAIROBI, July 11- A week after Boeing Co offered $100 million to help families and communities affected by the deadly crashes of its 737 MAX planes in Ethiopia and Indonesia, affected farmers in Ethiopia, victims' relatives and the Kenyan and Ethiopian governments say they have not heard anything about the funds. Farmers where an Ethiopian...

  • NAIROBI, July 11- Kenyan and Tanzanian currencies are likely to come under pressure next week as Zambia's holds firm. The Kenyan shilling is likely to come under pressure against the U.S. dollar in the coming week as oil and merchandise importers increase their demand for hard currency. On Thursday, the currency of Africa's second-largest copper producer was...

  • After four years of talks, an agreement to form a 55- nation trade bloc was reached in March, paving the way for Sunday's African Union summit in Niger where Ghana was announced as the host of the trade zone's future headquarters and discussions were held on how exactly the bloc will operate. "The eyes of the world are turned towards Africa," Egyptian President and...

  • Potential for Africa's $3.4 trillion economy is massive. "The eyes of the world are turned to Africa," Egyptian President and African Union Chairman Abdel Fattah al-Sisi said at the summit's opening ceremony. Africa has much catching up to do: its intra-regional trade accounted for just 17% of exports in 2017 versus 59% in Asia and 69% in Europe, and Africa has...

  • Kenya, Ghana, eSwatini, Madagascar and Egypt are all in the race. Those in the race represent the continent's main regions: Kenya from the east, Ghana from the west, eSwatini for southern Africa, Madagascar for the Indian Ocean islands and Egypt representing the north. Egypt is one of the oldest members of the African Union and enjoys strong relations with African...

  • NAIROBI, July 2- Kenya's Safaricom named board member and former chief executive Michael Joseph as its interim CEO on Tuesday after the telecom firm's long-time head Bob Collymore died on Monday following a nearly two-year battle with cancer. "They just need somebody to sort of steer the company as they decide on a substantive CEO," said Eric Musau, head of...

  • Google's bet on balloons to deliver cell service soon faces a crucial test amid doubts about the viability of the technology by some potential customers.

  • NAIROBI, July 1- Bob Collymore, the chief executive who helped to turn Safaricom Plc into East Africa's most profitable company with an $11 billion valuation, has died after a nearly two-year long battle with cancer. President Uhuru Kenyatta, who worked with Collymore on a joint government and private sector initiative to draw up anti-corruption strategies,...

  • NAIROBI, June 27- Kenya's currency is likely to come under pressure next week as Zambia's holds firm and those of Nigeria, Tanzania and Uganda trade flat. On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer at 12.8150 per dollar from a close of 12.7900 a week ago. "We expect the local unit to gain ground against the...

  • LAGOS, June 20- The Nigerian naira is seen trading broadly stable amid tepid offshore demand for Nigerian assets, while the Kenyan shilling could weaken on healthy dollar appetite from oil importers. NIGERIA The naira is seen broadly stable next week against the dollar, with offshore investors staying on the sidelines despite the U.S. Traders said volumes of...

  • NAIROBI, June 20- Kenya has cut its target for expanding its electricity output by 2030 by nearly 30% as demand is growing more slowly than expected, its energy minister was quoted as saying. Kenya had installed generation capacity of 2,712 MW as at end 2018.. The Energy Ministry said in December that 75 percent of Kenya's population had access to electricity, up...

  • NAIROBI, June 18- A Kenyan parliamentary committee on Tuesday recommended nationalizing Kenya Airways as part of an effort to turn around the loss-making airline. The transport, public works and housing committee also proposed setting up of an aviation holding company with four subsidiaries, one of which would run Kenya Airways, which is 48.9% owned by the...

  • *Tanzania and Uganda raise spending. NAIROBI, June 13- Kenya will more than double its capital gains tax rate to 12.5% from 5% to bring it in line with international standards, Finance Minister Henry Rotich said in budget proposals to parliament on Thursday. "They are basically trying to get more and more out of a small tax base," said Kenneth Minjire, head of...

  • NAIROBI, June 10- Kenya Airways plans to double its fleet over the next five years, its chairman said on Monday, as the loss-making carrier combats regional rivals like Ethiopian. Kenya Airways, which also operates Bombardier and Embraer planes on its short and medium haul flights, is restructuring its aircraft leasing agreements and its other debts to free up...

  • NAIROBI, June 6- Kenyan Central Bank Governor Patrick Njoroge has been given a second and final four-year term in the job, as President Uhuru Kenyatta opted for continuity in the face of a private sector credit crunch and pressure to reduce government borrowing. The Yale- educated economist, who advised the International Monetary Fund in Washington before...

  • NAIROBI, June 6- Kenyan Central Bank Governor Patrick Njoroge has been given a second and final four-year term in the job, as President Uhuru Kenyatta opted for continuity in the face of a private sector credit crunch and pressure to reduce government borrowing. The Yale- educated economist, who advised the International Monetary Fund in Washington before...

  • NAIROBI, June 6- Kenyan President Uhuru Kenyatta has renewed Central Bank Governor Patrick Njoroge's term, local station Citizen Television said on Thursday. Njoroge is a U.S.-educated economist and worked as an adviser at the International Monetary Fund before becoming governor in 2015.. At the time, the temporary closure of Chase Bank Kenya, which followed...

  • NAIROBI, June 1- Kenya plans to withdraw an old version of its 1,000 shilling banknote to tackle illicit financial flows and counterfeiting, its central bank governor said on Saturday. Patrick Njoroge said while launching new bank notes of other denominations that older versions of smaller denominations will remain in circulation alongside the new ones, but...

  • NAIROBI, May 30- Kenyan, Tanzanian and Zambian currencies are expected to firm next week, while Uganda's should remain stable. On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer at 13.4000 per dollar, down from a close of 12.9500 a week ago. "Income tax for employees is due on June 10 and some companies will start selling...

  • NAIROBI, May 30- Kenya's biggest lender by assets KCB Group on Thursday won shareholder approval for its proposed takeover of National Bank of Kenya in a 10- for-1 share swap transaction. KCB, which also operates in Uganda, Tanzania, Rwanda, Burundi and South Sudan, made the takeover offer last month, joining a wave of consolidation in Kenya's banking industry.