5 Things You Should Know This Morning – Sep 30

Kenyan shilling weakens, Centum leads stocks higher

The Kenyan shilling weakened on Monday due to increased importer demand for dollars, while stocks closed higher lifted by investment firms. At close of trade at 1300 GMT, commercial banks quoted the shilling at 89.30/40 to the dollar, compared with Friday's close of 89.10/20. On the Nairobi Securities Exchange, the main NSE-20 Share Index was up by 40.85 points or 0.78 percent, to close at 5,257.81 points. While in the debt market,  bonds valued at 1.29 billion shillings ($14.47 million) were traded, compared with 543.3 million shillings traded on Friday. [...]

Renewal of Chair’s Term Paves The Way for Centum Hearing

The term of Capital Markets Authority tribunal chairman Jinaro Kipkemoi Kibet  has been renewed. this paves the way for the hearing and determination of a dispute pitting investment company Centum against two British brothers over the proposed buyout of plantations firm Rea Vipingo. [...]

VAT effect helps September inflation rate fall to 6.6pc

The rate of change in prices of goods and services dropped by nearly two percentage points to 6.6 per cent in September, helped by the fall from a higher base in September 2013 when an increase in value added tax (VAT) took effect. The latest inflation data from the Kenya National Bureau of Statistics shows that the cost of food and transport continues to be the key drivers of the rising cost of living. [...]

UK downgrades travel warnings to Kenya

The United Kingdom has downgraded travel warnings for its citizens travelling to Kenya four months after it advised against all but essential travel, reflecting growing confidence in the country’s security situation. “We will be removing our advisory against all but essential travel to slum areas of Nairobi (although Eastleigh will remain). I expect this will help visitors be more confident when travelling into JKIA and transferring to hotels,” Mr Murton the deputy high commissioner said. [...]

Eveready East Africa closes struggling Nakuru factory

Battery distributor Eveready East Africa has closed its Nakuru dry cell manufacturing factory, opting to source batteries from its affiliate in Egypt. The move will see the company retrench 99 employees later this week. Eveready says an influx of cheaper and illegal imports has hurt operations at the Nakuru plant, making it economically unviable. The factory has been running at 25 per cent of its capacity. [...]

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