East African Community ministers order telcos to agree on terms to reduce tarrifs

Mobile phone operators across the East African region must agree on terms to reduce international and roaming tariffs to lower the cost of doing business in the region, three ICT ministers from Rwanda, Kenya and Uganda have directed. This agreement should precede Wednesday’s launch of the One Network Area initiative spearheaded by the East African Community ( EAC ) Heads of State. [...]

Relative calm at regional markets

In Kenya, the FTSE NSE 15 index declined by 6 basis points to close the week at 212.9. The Uganda Securities Exchange All Share Index (USE ALSI) increased by 0.8% to close the week at 1,859.4 owing to gains registered on the Umeme and New Vision Limited counters. In Tanzania, the Dar es Salaam Stock Exchange All Share Index (DAR ALSI) gained 4.19% to close the week at 2,506.9. The Rwanda Stock Exchange ALSI was also up by 0.9% to close the week at 259.33. [...]

Saudi Arabia overtakes UK in exports to Kenya

Data from the Kenya Revenue Authority shows Saudi imports accelerated to Sh28.22 billion in total as at July compared to Sh25.38 billion in a similar period last year a growth of 11.2%. The main imports from Saudi Arabia include crude oil and petroleum products. In the same period, imports from the UK grew at a slower pace of 2.8% to Sh27.85 billion from Sh27.08 billion last year. [...]

Liberty Kenya's life business eyes top-three spot in six years

Liberty Kenya plans to become one of the top three life insurers by market share in the country, East Africa's biggest economy, whose potential has attracted the likes of British firm Prudential Plc. Annual life insurance premiums amount to just 1 percent of Kenya's economic output of $42.6 billion, while only about 4 percent of the population estimated at 40 million have life cover. [...]

Why Merali is moving the pillars of his business empire

Billionaire investor Naushad Merali has stepped up the sale of key segments of his vast business empire, leaving market watchers guessing his next move.  Mr Merali’s moves came under the spotlight last week after it emerged he was preparing to sell 51% of Equatorial Commercial Bank (ECB) to Mwalimu Sacco for Sh2.5 billion. Mr Merali has in the recent past divested from ICT firms Swift Global, Kenya Data Networks (KDN), and Airtel Kenya – raking in billions of shillings in the process. [...]