TransCentury seeks to calm Sh8.1bn bond holders after CEO exit

TransCentury has moved to assure investors that it is on course to repaying Sh8.1 billion owed to bondholders despite the sudden resignation of its CEO Gachao Kiuna last week. Dr Kiuna left the investment firm last Thursday followed by Joe Karago, a non-executive director, who resigned the next day. The company did not explain why the duo stepped down but says it is working on settling the convertible debt, which matures on March 25 [...]

Mombasa auction set to resume tea exports to Iran as embargo is lifted

The East African Tea Traders Association (EATTA) will resume tea exports to Iran following the lifting of international sanctions slapped against the Persian Gulf economic power house. Iran was previously one of the major markets for Kenyan tea and the East African Tea Traders Association is banking on the new development to lift the price of the beverage [...]

Maersk purchase of Africa Oil blocks lifts Kenya to number three on Africa deals map

Canadian explorer Africa Oil’s sale of its Kenyan assets is estimated to be one of Africa’s largest deals of 2015 according to a Thomson Reuters/Freeman Consulting report. Under the agreement Maersk is to buy a 25 per cent stake in all of Africa Oil’s Kenyan based-blocks and an equal 25 per cent stake in the Ethiopia Rift Basin block [...]

Kenyan shilling holds steady ahead of CBK rates meeting

The Kenyan shilling was unchanged against the dollar on Wednesday as the market awaited the central bank's decision on lending rates later in the day. Most analysts said rates would be left unchanged at 11.50 per cent when CBK gives its decision later in the week [...]

Global logistics firm ranks Kenya in Africa top four

Kenya is among the top-four countries in Africa with the biggest economic growth promise over the next five years, a new survey of global logistics executives shows. Kenya is ranked behind South Africa and Nigeria but ahead of Ghana and Angola in the list of top five promising states. The survey by Agility, a global logistics provider, also shows that consumer spending by a fast-growing middle class is as important a growth driver in Africa as mineral and oil resources [...]

Tycoon revives Sh422m suit against StanChart for farm loss

City tycoon Samuel James Kinyanjui has revived a 12-year court battle with the Standard Chartered Bank in which he is seeking Sh422 million compensation from the lender over alleged mismanagement of his flower firm [...]

Fund managers’ poll sees domestic growth slowing down in 2016

Fund managers polled by a research firm expect the economy to grow at a slower pace this year due to lower corporate earnings and a tight monetary policy. A poll by HTM Capital says one in every two financial experts interviewed were less optimistic of growth which is estimated to have clocked 5.4 per cent last year. Experts interviewed said the shilling will be stable this year with an improving balance of payments as importation of consumption goods slows due to the higher exchange rate [...]