Kenya | - Part 24

Hate Speech in Social Media Targeted by Kenya Before August Vote

NAIROBI (Capital Markets in Africa) – Kenya’s communication authority said it increased monitoring of social media in a bid to combat hate speech before the East African nation holds presidential elections in August. Authorities have spent 1.1 billion shillings ($10.6 million) since 2015 to monitor broadcasters and last year paid an additional 1 billion to examine social-media output, Chairman Ngene Gituku told reporters Thursday in the capital, Nairobi. “We are working with other government agencies…

Kenya to Raise $1.05 Billion of Syndicated Loans to Fund Budget

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenya’s government is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, Treasury Principal Secretary Kamau Thugge said. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received “shortly,” Thugge said in a mobile-phone text message Wednesday. “We are also syndicating $800 million to international banks,” he said. Kenya’s…

Kenyan Central Bank Said to Warn Bankers Over Shilling Comments

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) — Central bank warns bankers, traders not to make comments, forecasts about shilling that it deems too negative, according to people familiar with matter. Some bank executives summoned to meetings with policy makers last week, others telephoned individually. Central bank blames speculators for shilling’s recent slide; told bankers to allow currency to be guided by market fundamentals. Kenyan Shilling has weakened every trading since December 23, longest losing streak since…

Kenyan Senate Passes Controversial Electoral Law Amendments

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NAIROBI (Capital Markets in Africa) – The Kenyan Senate passed contentious amendments to nation’s election laws that the opposition says could aid the ruling party rig a ballot to be held in August. The amendments to the electoral law provide for a manual mechanism for voter registration and results transmission as a fall-back plan should electronic methods fail. The Coalition for Reforms and Democracy, Kenya’s main political opposition group, says the changes may open the electoral…

Kenya Shilling Seen Weakening Further as Forex Reserves Drop

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NAIROBI (Capital Markets in Africa) – The Kenyan currency could weaken at a much faster pace this year, compared with 2016, as falling foreign-exchange reserves impede the central bank’s ability to intervene in support of the shilling. Kenya’s central bank, which has been selling dollars to boost the shilling, has stayed away from the market this year after frequent intervention throughout 2016 that kept the unit fairly stable, according to Faith Atiti, an economist at Commercial Bank…

Actis sells remaining stake in Umeme via capital markets offering

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NAIROBI (Capital Markets in Africa) – Actis, a leading growth markets investor, today announced a full exit of its remaining 14.3% stake in Uganda’s principal electricity distribution and supply business, Umeme Ltd, via the Ugandan and Kenyan capital markets. Actis originally invested in Umeme when it was privatised in 2005 and has now fully exited its stake following a planned phasing of the process. In November 2012, UHL sold 39.9% of its stake in Umeme…

South African Bank Stocks Beating Rivals May Find 2017 Tougher

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – South Africa was a bright spot for banks on the continent in 2016, with stocks shrugging off the nation’s economic woes to head for the third-best performance in the past decade. Next year the picture may not be as rosy. The nation’s banks index rose 25 percent this year as rate increases boosted lending income, commodities rose and the rand rebounded. In Nigeria, 15 banks fell 33 percent on average and 11…

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