KenGen drives Kenyan shares higher, shilling steady

The benchmark NSE-20 share index rose 0.6% or 30.81 points, to close at 5,311.27. KenGen, which is expected to release its earnings results this week, rose 6.9% to close at Sh 12.40. On the foreign exchange market, the shilling closed at 89.15/89.25 to the dollar, slightly weaker than Friday's close of 89.10/89.20 but in a tight range of 89.00 to 89.30. [...]

Accountants raise red flag over rising fraud

The Institute of Certified Public Accountants of Kenya ( ICPAK ) has raised concerns over rising cases of mobile money, procurement and cyber fraud, calling for increased vigilance. While a rise in the number of Internet users is offering more tools and avenues to savvy fraudsters, a surge in mobile phone users is also opening up more opportunities [...]

Slump in tourism slows down growth to 5.8%

The wave of insecurity that buffeted Kenya’s tourism sector in the second quarter of the year slowed down economic expansion to 5.8 per cent compared to 7.2% in a similar period last year, statistics from the Kenya National Bureau of Statistics (KNBS) show. Accommodation and restaurant activity was down 18.6%. Real estate, professional and administration services slowed down and closed the quarter at 2.6% & 2.3% respectively. [...]

CBK governor voted Africa’s top performer

Emerging Markets has named Njuguna Ndung’u the Central Bank Governor of the Year, sub-Saharan Africa 2014. “The political risks to Kenya’s economy remain significant, but the Central Bank (of Kenya) has maintained a steady focus on tackling inflation and keeping the currency stable, even during the 2013 elections,” said the financial news agency. [...]

Family Bank dangles 58pc price discount in rights issue

The mid-sized lender plans to sell slightly more than 125 million shares at Sh 25 a piece in a bid to raise Sh 3.12 billion for funding expansion and also to boost its capital base. Family Bank’s stock is currently trading over-the-counter (OTC) at Sh 60 per share. Shareholders of the bank will be entitled to take up one new share for every nine held in the cash call. [...]