Kenya | - Part 7

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…

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

Posted on by The Editorial Team

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…

Kenya Requests Extension on Repayment of $750 Million Loan

Posted on by The Editorial Team

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…

Kenyan Politician Files Petition to Overturn Vote Rerun Result

Posted on by The Editorial Team

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…

Nakumatt Kenya Creditors Face Haircut on Debt, Government Says

Posted on by The Editorial Team

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…

Specter of Violence Looms Over Kenya After Two Disputed Votes

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – The specter of political violence lingers over Kenya after two shambolic elections within three months left the East African nation no closer to resolving a stalemate over who’s its rightful leader. While President Uhuru Kenyatta was declared the winner of both contests, his main rival Raila Odinga rejected the Aug. 8 vote as rigged and boycotted a court-ordered Oct. 26 rerun after the electoral agency ignored his demands to fire staff and change…

Kenyan Inflation Rate at 17-Month Low as Food-Cost Growth Slows

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Kenyan inflation slowed to a 17-month low in October as food-price growth decelerated and demand was hamstrung by political uncertainty. Consumer prices rose 5.7 percent from a year earlier, compared with 7.1 percent in September, the Kenya National Bureau of Statistics said Tuesday in an emailed statement from the capital, Nairobi. Costs decreased 0.6 percent in the month. The economy of the world’s largest shipper of black tea has been hit…

« 1 … 5 6 7 8 9 … 51 »