Safaricom sounds warning to users of Equity’s thin SIM
Telecoms operator Safaricom says it will review its legal commitments to M-Pesa customers who opt to use Equity Bank’s overlay SIM cards, pointing to a new battleground in the mobile money wars involving the two companies. Safaricom’s warning follows a decision by the telecommunications regulator to approve a one-year trial of Equity Bank’s thin SIM cards in order to assess security concerns that Safaicom had raised. Read more
Titus Naikuni to leave KQ a month earlier than scheduled
Kenya Airways Chief Executive Officer Titus Naikuni is set to leave the airline at the end of next month, one month earlier than he was scheduled to retire. “I am pleased to announce that the board has accepted the resignation of Mr Titus Naikuni as chief executive officer with effect from October 31,” Kenya Airways Chairman Evanson Mwaniki said through a statement, without giving reasons. Read more
NSE share price gains surpass 2008 record
Price rallies in the banking and insurance counters helped the Nairobi Securities Exchange record its largest single-day gain in 18 months and breach the 5400-point mark for the first time since September 6, 2008. The benchmark NSE 20 share index was up 98.8 points to close at 5406 points yesterday, while the NSE All Share Index extended its all-time high by 2.5 points to close at 165.3 points. Read more
Central Bank to defend shilling as demand for dollar increases
All eyes will be on the next Monetary Policy Committee (MPC) to see what actions Central Bank of Kenya (CBK) will take to defend the shilling. With the shilling weakening against other hard currencies, exporters will have a problem getting their products to the European Union – the country’s main export market. When markets opened yesterday, the shilling was quoted at 88.70/80 to the dollar, compared to Friday’s close of 88.50/60. Read More
Lack of EU deal costs Kenya dearly
Kenya’s fresh produce exports to the European Union countries will attract tariffs from October 1 after the country delayed to sign Economic Partnership Agreement. East African Community members at the weekend agreed on a draft agreement to be ratified by the states but the EU in Monday’s Nation newspaper said exports from Kenya would be slapped tariffs ranging from 2.6 per cent to 20.5 per cent from next month. Read more