Secession Talk Enters Kenyan Mainstream as Poll Feud Simmers

Secession Talk Enters Kenyan Mainstream as Poll Feud Simmers

NAIROBI (Capital Markets in Africa) – Kenya’s protracted election dispute has spawned secession calls from opposition supporters who say their vote has no influence on how East Africa’s biggest economy is governed. The increased agitation follows the declaration of President Uhuru Kenyatta as the winner of October’s election rerun that the main opposition alliance boycotted, alleging it wouldn’t be a fair vote. His victory in the poll, in which turnout was just 38.8 percent and clustered in…

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Kenya Stares at Bleak 2018 Outlook in Vote Mess Aftermath

Kenya Stares at Bleak 2018 Outlook in Vote Mess Aftermath

NAIROBI (Capital Markets in Africa) – Kenya is facing an economic storm in 2018 in the aftermath of two disputed elections. Saddled with the triple threat of austerity measures to pay for those votes, slowing credit growth and new accounting rules for banks, Kenya now risks missing the government’s forecast for 6 percent economic growth next year, according to lenders including Nairobi-based Stanbic Bank Kenya Ltd. Investec Bank Ltd. strategist Chris Becker says expansion could slow to as…

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Kenya’s Western Allies Urge Talks to Break Elections Impasse

Kenya’s Western Allies Urge Talks to Break Elections Impasse

NAIROBI (Capital Markets in Africa) – Kenya’s key western trading partners and political allies urged talks to resolve a deadlock over the country’s presidential elections, as the nation’s top court began considering petitions challenging the outcome of last month’s vote rerun. The Oct. 26 rerun of an annulled vote two months earlier has polarized the East African nation and exposed “deep tribal and ethnic rifts” that have characterized Kenyan politics in the past, the Atlanta-based…

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KCB of Kenya Nine-Month Profit Growth Slows as Loan Income Falls

KCB of Kenya Nine-Month Profit Growth Slows as Loan Income Falls

NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s biggest bank by assets, posted slower growth in profit in the first nine months of the year as income from loans dropped. Profit grew to 15.1 billion shillings ($145.7 million) from a restated 14.4 billion shillings a year earlier, as earnings from loans decreased 1 percent to 35.7 billion shillings, the Nairobi-based bank said in an emailed statement. Non-interest income climbed by almost a fifth to…

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Kenya Requests Extension on Repayment of $750 Million Loan

Kenya Requests Extension on Repayment of $750 Million Loan

NAIROBI (Capital Markets in Africa) – Kenya has repaid 10 percent of a $750 million two-year syndicated loan that was due in October and asked creditors to give the government until April to pay the rest, Treasury Secretary Henry Rotich said. East Africa’s biggest economy secured the loan from Citigroup Inc., Standard Bank Limited and Standard Chartered Plc in October 2015. It intended to return the cash using the proceeds of a Eurobond that’s yet to be sold, Rotich told reporters Tuesday…

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Kenyan Politician Files Petition to Overturn Vote Rerun Result

Kenyan Politician Files Petition to Overturn Vote Rerun Result

NAIROBI (Capital Markets in Africa) A Kenyan politician lodged a petition at the Supreme Court challenging the validity of last month’s repeat presidential elections, arguing the vote breached the law and wasn’t free and fair. The petition was filed by Harun Mwau, a former legislator, the Judiciary’s spokeswoman, Lilian Mueni, said by phone from the capital, Nairobi. The Independent Electoral & Boundaries Commission proceeded with the Oct. 26 vote rerun despite opposition candidate Raila Odinga’s withdrawal. The…

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Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

NAIROBI (Capital Markets in Africa) – Creditors owed more than 30 billion shillings ($289 million) by Nakumatt Holdings Ltd. will take a haircut if a plan by East Africa’s biggest retailer to enter administration goes ahead, said Kenya’s Industry & Trade Secretary Adan Mohamed. Nakumatt directors will next week seek the High Court’s approval to appoint an administrator and protection from insolvency in order to buy time from creditors including tax agencies, banks, landlords and suppliers. Approval by…

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