Kenyan shilling firms but still vulnerable, stocks inch lower
The Kenya shilling closed at 89.20/89.30 to the dollar, compared with Wednesday’s close of 89.25/45, having reached an intraday high of 88.90/89.10. The shilling is expected to stay under pressure with hard currency inflows taking a beating after Kenyan officials failed to meet a Sept. 30 deadline to broker a new preferential export deal with the European Union. On the Nairobi Securities Exchange, the main NSE-20 Share Index closed 17.89 points or 0.34 percent lower at 5,249.65 points. Bonds valued at 946.7 million shillings ($10.60 million) were traded, down from 4.31 billion shillings on Wednesday. […]
Survey shows that new taxes are keeping investors away from counties
New taxes being imposed by counties are keeping investors from setting up new businesses in the devolved units. “The 2014 Brand Kenya audit survey revealed discontent among potential investors over the new taxes and other charges that are being levied by counties,” said Chief Executive Officer Mary Kimonye. […]
PS terms Cadbury and Eveready closures a wake-up call
Industrialisation principal secretary Wilson Songa has described factory closures by Eveready East Africa and Cadbury Kenya as worrying, saying they should serve as a wake-up call to the government. In an interview yesterday the PS said that the State would accelerate investments in cheaper power and reinforcement of the anti-counterfeit unit to forestall similar closures. […]
whereas other manufacturers will expand capacity:
Toyota Kenya forays into ‘Manyanga bus’ segment
A year after the successful introduction of Hino commercial vehicles in the country, Toyota Kenya has announced a model extension to include Hino 300 series targeted at the lucrative 33 and 37-seater bus and light duty trucks segment. The Hino 300 Series, dubbed ‘the Ninja’ will be assembled at the Associated Vehicle Assemblers in Mombasa. […]
Savannah signs cement deals with mall contractors
Savannah cement says it has bagged tenders to supply cement to contractors building the Sh22.3 billion ($250 million) Garden City Mall, Centum’s Two Rivers Development, and the upcoming Sh1 billion Madiba Mall in Nyeri. Its managing director Ronald Ndegwa in an interview yesterday said the company has also won contracts to supply cement for government projects such as the Terminal 4 at the Jomo Kenyatta International Airport (JKIA) and the Sh4.5 billion Ruiru sewerage plant. […]
Kenya to host diaspora investment conference
The event, dubbed Kenya Diaspora Investor, seeks to stimulate a steady inflow of investments over the next decade. The forum scheduled to take place at Hogan Lovells International LLP today will feature a discussion on various opportunities available for investment. Latest data from the Central Bank shows that Kenyans abroad sent home Sh10.4 billion ($117.1 million) in July, bringing the total remittance to Kenya in the last seven months to more than Sh71.2 billion. […]