Jamii Bora targets global lenders for Sh1.6bn expansion loan

Jamii Bora Bank is hoping to get an unsecured Sh1.6 billion convertible loan in January. The loan will be provided by three international lenders whom the management declined to disclose as they are still conducting due diligence or audit. The loan will be provided by three international lenders whom the management declined to disclose as they are still conducting due diligence or audit [...]

Ericsson eyes Kenya pay-TV market with on-demand videos

Global IT giant Ericsson is eyeing Kenya’s pay-TV market with a video-on-demand service that will be broadcast on smartphones and tablets. Ericsson plans to partner with local mobile network providers to offer a mix of international and local content on the Nuvu platform, which currently has about 3,000 titles including Hollywood content [...]

Pioneer rises to 4th life insurer on police tender

Pioneer Assurance has risen 15 ranks to become the fourth largest life insurer in quarter three after securing a tender to cover police officers. Pioneer Assurance collected Sh3.1 billion in group life business in the nine months to September — more than triple the next largest player in the same class, Pan Africa Life, which had Sh900 million [...]

NSE December bond turnover jumps to Sh22bn

Turnover in the secondary bonds market of the Nairobi Securities Exchange (NSE) has risen this month compared to November following improvement of liquidity and lower yields in the new Treasury bill market. This follows improvement of liquidity and lower yields in the new Treasury bill market. The total bond turnover for the year is unlikely though to reach last year’s tally of Sh506.05 billion despite of the increase in December activity [...]

CBK forex reserves rebound to hit the 4.5 months import cover

Foreign exchange reserves held by the Central Bank of Kenya rose $57 million (Sh5.83 billion) last week to hit the 4.52 months import cover level for the first time since the beginning of April. The rebound in the reserves will serve to reassure the money market that the regulator has enough muscle to intervene in case of volatility, thus discouraging speculative trading in the dollar [...]

Car & General profit down 54.2pc on weak shilling

Car & General (C&G) posted a 54.2 per cent drop in net profit in the year ended September, taking a hit from the weakening of currencies in markets where it operates. Car & General made a net profit of Sh127.1 million in the year ended September compared to Sh278.3 million the year before. The firm is among several at the NSE that have seen their earnings fall significantly due to the weakening of regional currencies [...]

Serena Hotel issues profit warning as 2015 earnings hit by travel advisories

The Serena hotel chain has announced that its net profit for the year to December will drop by at least a quarter after its performance was adversely affected by travel advisories in Western markets. TPS Serena said travel advisories by countries such as the US and UK following terrorist attacks negatively impacted both leisure and business visitor numbers[...]

AG appoints Carol Musyoka to chair new board

Attorney General Githu Muigai has appointed former banker Carol Musyoka to chair the board of directors of the newly formed Business Registration Service Board. The board is a new independent body tasked with administering laws relating to incorporation, registration, operation and management of companies, partnerships and firms [...]