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1. Treasury Not "Broke" Despite Borrowing
Treasury has disputed claims that the government is broke, owing to its recent move to borrow over Sh7.2 billion to buy Biometric Voter Registration Kits from a commercial bank.
Despite its increasing appetite for borrowing, Treasury — through Permanent Secretary Joseph Kinyua — maintained that the country has sufficient funds to meet its obligations. He added that the country enjoys support from international money lenders like the International Monetary Fund (IMF).
2. Television Switch Off Date Pushed to 2013
Kenya will not meet its self-imposed December 2012 national deadline for the switch from analogue to digital television broadcasting.
The communications industry regulator has pushed the exercise to after the General Election, citing prohibitive costs of acquiring devices that transmit digital signals to analogue television sets, known as set-top boxes.
“We are unlikely to meet the December 2012 deadline, given that we are moving into an election and we don’t want to black out citizens from watching their leaders. Also, digital set-top boxes are still expensive. This is why we have revised the implementation to after the elections,” Mr Francis Wangusi, the Communications Commission of Kenya (CCK) director-general said on Monday.
3. Kenya Power Full Year Profit Hits 8.51 Billion
Kenya Power has posted a 36 per cent jump in pretax profits in the year ended June 30 helped by an slight rise in revenues from electricity sales during a 12-month period that saw a leap in fuel costs recovered from customers. The company the sole power distributor in Kenya, said pretax profit rose to KES 8.51 billion in 2012 and earnings per share climbed to KES 2.36 from KES 2.16 a year earlier.
"The results are fantastic, they outperformed market expectation. I think the shares will rally on Monday," said Johnson Nderi, Johnson Nderi, an analyst at Suntra Investment Bank. Revenue from electricity sales rose 6 percent to KES 45 billion in the period.
4. Turkana Wind Project to Proceed
The ministry of Energy has said the Lake Turkana Wind Power project must go on despite uncertainty on World Bank support for the project. Energy Permanent Secretary, Patrick Nyoike said failure to finish up the project on time would cost the country about KES59.3 million every year it is delayed to get emergency power to meet the energy demands.
The ministry issued a statement following reports that the World Bank had pulled out of financing the LTWP. The bank was to co-guarantee the €582 million debt (KES63.4 billion) with the lead financier being the African Development Bank.
5. EA Branches To Drive Banks Growth for the Next Ten Years
Subsidiaries opened by Kenyan banks in the East African region will be the driver of their next phase of growth over the decade, a new report shows. The report by Standard Investment Bank (SIB) says most banks eyeing new markets in East Africa want to set up own subsidiaries as the market entry strategy.
KCB subsidiaries added a net profit of KES 680 million to the group in the past nine months, up from last year’s KES 430 million, reflecting a growth of 58.1 per cent. Equity Bank subsidiaries — Uganda, South Sudan, Rwanda and, recently, Tanzania — for the first time contributed to the overall profits. They earned the bank KES 750 million, equivalent to 7.1 per cent of its KES 10.4 billion in the last financial year.
6. Housing finance Q3 Results Drop 2.7%
Housing Finance has reported an after tax profit of KES 396 million in the 3rd quarter of 2012 through a difficult trading business environment the banking sector has been experiencing. Profits dropped marginally by 2.7 % compared to the previous year when it posted KES 407million.
Total interest income increased by 52% to KES 3.71 billion up from KES 2.44 billion realized the previous year. The growth was in line with the firm’s strategy not to pass on all costs of credit to customers. Total operating expenses however declined marginally by 4% to KES 999 million from KES 1.03 billion.
7. Hurricane Sandy Threatens 20 Billion in Economic Damage
Hurricane Sandy’s economic toll is poised to exceed $20 billion after the biggest Atlantic storm slammed into the Eastern U.S., damaging homes and offices and flooding subways in America’s most populated city.
The total would include insured losses of about $7 billion to $8 billion, said Charles Watson, research and development director at Kinetic Analysis Corp., a hazard-research company in Silver Spring, Maryland. Much of the remaining tab will be picked up by cities and states to repair infrastructure, such as New York City’s subways and tunnels, he said.
8. How to Follow the Money in Rare Coin Collecting
That’s the appeal and the frustration of collecting rare coins, which isn’t just for hobbyists anymore. About 7 million to 10 million people in the U.S. are serious coin collectors, experts estimate, and many regard their collections as investments in the same vein as antiques, fine art and wine.
Experts say classic U.S. gold coins and high-quality coins in silver and copper, authenticated and judged for quality by one of the leading services, are among the best buys nowadays in the field of numismatic coin collecting.
Abacus is the result of over 10 years market experience and is licensed as a data vendor by the Nairobi Securities Exchange
| Email: | hello@abacus.co.ke |
|---|---|
| Tel: | +254 792 753 774 |