Tullow moves to appease locals with car lease contracts

British exploration firm Tullow Oil has stepped up efforts to ease tension between the company and Turkana residents with the award of KES 225 million car-lease contracts to 36 local companies. Protests by locals demanding more jobs and business opportunities at the drilling sites in recent months have crippled operations [...]

Co-op Bank posts a 2.5% increase in pretax profit but 9% reduction in profit after tax

The bank's profit before tax rose by 2.5% to KES 9.13 billion  for the nine months ended 30 September 2014 in comparison to KES 8.91 b  posted in a similar period last year. 5 years after listing the bank now has to pay corporate tax at a rate of 30% compared to the 20% tax rate it was enjoying. The 10% reprieve is given to encourage firms to list on the Nairobi Securities Exchange. [...]

Uphill task for new Kenya Airways chief with results to be released today

KQ releases its half-year financial results today with management warning that the Ebola outbreak in West Africa is likely to impact earnings. External challenges such as the impact of travel advisories are also seen to be short term.  The share is down nearly 30% this year. [...]

Kenya Cement Production Up but Supply Still Trails Demand

Data collated by the Kenya National Bureau of Statistics show that the country's six cement manufacturers produced 4.24 million tonnes in the nine months to September, 15.2% up from 3.68 m tonnes by September 2013. Consumption of cement rose by 19.4 % from 3.09 million tonnes to  3.69 m tonnes. Recent entrants, such as Savannah Cement, National Cement and Mombasa Cement [...]

Housing Finance plans cash call in early 2015

Housing Finance will raise cash with a rights issue in the first months of 2015, it said yesterday, months after it scrapped a planned KES 20 billion ($222.22 million) bond due to high interest rates. Frank Ireri the CEO, said shareholders would vote on the capital increase on December 5, though the timing of the cash call itself would depend on regulatory approvals. [...]

Kurwitu Ventures to list today at KES 1,250 a share

Kurwitu Ventures hopes to pioneer various investment products, services and real estate deals that adhere to Islamic Sharia Law. These include various asset backed securities and real estate investment products. It will list by introduction today on the NSE