7th August, 2014: 5 things you should know this morning

Future Developments 

Nairobi County is planning to erect a 17-floor commercial and office space structure on the Sunken Car Park land adjacent to the Aga Khan Walk and Harambee Avenue.

Kenya plans to build five national stadiums in Kisumu, Mombasa, Nakuru, Eldoret and Garissa to lift standards of sports and boost the country’s chances of hosting global events in future.

New international setting up in Kenya

Global consultancy McKinsey & Co is set to officially open its Nairobi office at Delta Corner Tower in Westlands, later this month, with an eye on new business opportunities in Kenya and the East African region. It will be the seventh in Africa and joins other hubs in Addis Ababa, Cairo, Casablanca, Johannesburg, Lagos and Luanda to offer professional guidance in areas such as mergers and acquisitions, governance, strategy and human resource.

Investments and Money Markets

Fresh gains by Safaricom and East Africa Breweries Ltd Wednesday pushed trading at Nairobi Securities Exchange to a six-month high. The 20 share index gained a further 19 points to close at 5022, while the NSE All share index was up 1.2 points to close at 156. EABL closed at a four-month high of Sh313 while  closed at one-month high of Sh12.95.

Failure by the National Treasury Cabinet Secretary Henry Rotich to appoint a secretary to the Capital Markets Tribunal has delayed hearing of an appeal by Centum on the intended takeover of Rea Vipingo. Hence, the Investment company Centum has written to the Attorney-General asking him to advise the Treasury to appoint a secretary to Capital Markets Tribunal to complete a quorum for hearing of its case regarding the company.

YuMobile Takeover heats up

Communications Authority of Kenya has withdrawn at least four of the 13 terms given to the parties before approval of the deal. Although the specifics have not been were not revealed, they all have to with infrastructure sharing, an issue that has been a bone of contention in the sector. Under the original conditions, both Airtel and Safaricom were required to open up their infrastructure, mobile money agency networks and SIM registration centres to all existing and new telcom firms if they wanted to seal the transaction.

Insurance and Tourism 

AIG Insurance, Kenya Coast Tourist Association, Kenya Association of Tour Operators and the Kenya Association of Hotel Keepers and Caterers will provide an insurance package, targeting over 100,000 potential tourists, that includes terrorism exposure. It is not a stop gap measure for the travel advisories, but to mitigate the challenge.

 

 

 

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