CA imposes stiffer penalty for poor telecom services

The Communications Authority of Kenya (CA) board has set 0.2 per cent of the annual gross turnover as the penalty for telecommunication firms that offer substandard services, setting the companies up for heavier fines [...]

Central Bank’s foreign exchange reserves drop by Sh15bn in two weeks

The foreign exchange reserves kept by the Central Bank of Kenya (CBK) have fallen by more than Sh15 billion ($151 million) in two weeks. The foreign exchange reserves kept by the Central Bank of Kenya (CBK) have fallen by more than Sh15 billion ($151 million) in two weeks. The current level of forex reserves can finance 4.3 months of imports compared to 4.4 months two weeks ago [...]

NSE 20 Share Index rises past 4,000 points

The Nairobi Securities Exchange (NSE) 20 Share Index bounced back past the psychological 4,000 points Monday for the first time since October 9 as several stocks rallied. The rally comes against the background of a major fall in the yields of some of the government securities to single-digit levels [...]

Sugar price falls to five-year low on inflow of imports

The annual average retail price of sugar stood at Sh104 a kilogramme as at October, the lowest in five years, helped by a large inflow of imports. A kilo of sugar retailed at an annual average of Sh104 in the period to October, reflecting a general cooling of prices as the market responds to the effects of a steady inflow of imports. Millers have for decades remained wary of competition from imports amid claims of unfair competition [...]

Agency warns delays in sale of sugar millers to hurt sector

The Privatisation Commission has warned further delays in the sale of State-owned sugar millers will delay reforms in the sector and expose the ailing industry to stiff competition on expiry of regional safeguards in February. Kenya received a one-year extension this year from Comesa restricting the regional importation of sugar at 300,000 tonnes to protect the ailing industry. Governors from the sugar belt have threatened the process [...]

DTB profit up 11.5pc on growth of regional operations

Diamond Trust Bank (DTB) recorded an 11.5 per cent growth in after tax profit for the nine months ended September, boosted by regional operations. DTB’s net profit stood at Sh4.7 billion in the period compared to Sh4.2 billion posted a year earlier [...]

CBA seeks licence to start operating in Rwanda next year

Commercial Bank of Africa, Kenya’s largest privately owned bank, has applied for a licence in Rwanda, joining a growing queue of local lenders investing in Kigali, its top management said Monday  [...]

UK property firm puts off listing on Nairobi bourse

UK-based property company St Paul’s that planned to list on the Nairobi Securities Exchange (NSE) by the end of the year has postponed the offer to 2016. The firm was supposed to list on the NSE by the end of the year after raising Sh5 billion from the Kenyan market [...]