Locally

Kenyan shilling hits 32-month low, stocks up

The Kenyan shilling touched a 32-month low on Monday, under pressure from dollar buying by importers and lower hard currency inflows. At the close of trade, commercial banks quoted the shilling at 88.90/89.00 to the dollar, compared with Friday's close of 88.80/88.90. The shilling had fallen to an intra-day low of 88.95/89.05 last seen in January 2012.

On the Nairobi Securities Exchange, the main NSE-20 Share Index was up 13.48 points, or 0.26 percent, to close at 5,182.98 points. Government bonds valued at 350 million shillings ($3.94 million) were traded, down from 899.6 million shillings traded on Friday. [...]

Kenya's president approves 5% capital gains tax

President Uhuru Kenyatta has signed into law a 5 percent capital gains tax. The finance bill approved by parliament in late August will take effect on Jan. 1, changing how taxes are applied in East Africa's biggest economy. [...]

Kenyan Banks Face Risk Due to Threat of Sanctions on South Sudan.

South Sudan could expose Kenyan banks to "serious risks" if punitive sanctions are enforced against its leaders by the international community, the Central Bank has warned. KCB has 21 branches in South Sudan as at last December, while Equity Bank had nine and Co-operative Bank a single branch. [...]

Regionally

Angolan flagship airline plans to fly to Kenya

The Kenyan government recently signed a new two-way air aviation agreement with its Angolan counterpart that will allow Angola’s flagship airline to start flying to Nairobi. Meanwhile the outgoing Kenyan ambassador to Namibia who is also accredited in Angola, Peter Gitau, said in Luanda that his country wanted to establish a permanent embassy in Angola, “...in order to strengthen bilateral diplomatic relations.” [...]

This is probably why

Angola may be Africa’s biggest oil producer again in 2014

Angola, one of the two main suppliers of oil to China may in 2014 become Africa’s largest oil producer once again, with new wells coming online and production stagnating in Nigeria. After starting the year at a low, due to technical problems on some oil rigs, Angola’s oil production is recovering, and state oil company Sonangol expects production to reach 2 million barrels a day in 2015. [...]

Internationally

French phone firm eyes Kenyan market

French phone maker Wiko has announced plans to enter the Kenyan market as it seeks to establish a footing in Africa. The company will today unveil its first smartphone in the country ahead of other launches in Nigeria later this year. Established in 2011, Wiko is now France’s second largest selling smartphone. [...]