Barclays’ parent company could sell Kenyan unit

Barclays Bank Kenya could be sold by its London-based parent Barclays Plc, which is considering selling some or all of its subsidiaries in Africa. The proposed divestitures are being pushed by Barclays Plc’s new CEO Jes Staley, according to a report by the London-based newspaper Financial Times. If executed as planned, the spin-off will see the multinational sell the 42.6 per cent stake it holds in the NSE-listed firm which has operated in Kenya for decades [...]

Family Bank enters insurance business, to partner with 12 firms

Family Bank has joined a growing list of lenders venturing into the insurance business after formally launching an insurance agency on Tuesday. Family Bank Insurance Agency (FBIA), will deal with 12 insurance companies to offer both life and general insurance products. Banks including Standard Chartered, Barclays, I&M, KCB, Equity and NIC have already entered the bancassurance business. The lenders are looking to leverage on their customer base to sell insurance products [...]

Coffee prices continue rise on high quality beans from Central Kenya

The price of coffee continued to rise during this week’s trading, going up by Sh612 compared to the previous week’s sale as new quality beans helped push up the price. A 50 kilogramme bag fetched an average Sh22,134 during this week’s trading, compared to Sh21,522 in the previous auction. This has been occasioned by high quality coffee from Central Kenya, which has increased the price by about 23 per cent in the last two weeks [...]

Court stops Ukwala outlets sale to Botswana firm over tax bill

Court stops Ukwala outlets sale to Botswana firm over tax bill Ukwala Supermarkets has been prohibited from disposing of store or in the alternative deposit Sh946 million as security in a tax claim case against the KRA. The taxman says Ukwala has admitted to owing Sh101 million in taxes and should not be allowed to escape payment until the judge has determined how much the retailer owes in revenue [...]

KQ signs fresh 6-year ticketing deal with Spanish tech company

Kenya Airways has signed a new six-year partnership with Spanish-based international travel firm, Amadeus, which gives the national carrier access to a global network of travel agents. The Spanish firm has similar agreements with over 500 airlines globally. The partnership will see the loss-making Kenya Airways continue to access the channel to grow its international customer base [...]

Afreximbank plans Sh350bn in trade finance to ease Africa forex crunch

The African Export-Import Bank said on Tuesday it had approved a trade financing programme to provide more than Sh350bn ($3.5 billion) to help member countries adjust to a collapse in commodities prices and to political violence [...]

South Sudan pound drops 85pc in two days as country scraps fixed exchange

South Sudan currency has depreciated 85 per cent in the last two days after the government stopped fixing its exchange rate in a move likely to hurt Kenyan businesses operating in the young nation. South Sudan’s official currency market has been hurt by the black market whose valuation was more realistic, putting the dollar at 18 pounds [...]

IMF cuts growth forecast to 5.6pc on low spending

The International Monetary Fund (IMF) has revised down its projected real growth rate for this year to 5.6 per cent from the 6.5 per cent it forecast since April. The International Monetary Fund said the slower growth is a result of a slow rollout of infrastructure projects, weak tourism receipts and volatile capital flows [...]