Closing Bell – 23 July 2012
At today’s NSE trading, the NSE 20-Share Index closed up 0.11 percent at 3,844.61 points up from 3,840.36 points last week while the NSE All-Share Index closed up 0.37 percent gaining 0.31 points to close at 83.85 points from 83.54 points at the close of trading last week.
Full Steam Ahead for Geothermal Project in Kenya
President Mwai Kibaki presided over the ground breaking ceremony for the construction of Olkaria IV. It will comprise of 2 plants with each plant having two units and generating 140Megawatts. Other plants on the complex will be generating 150Megawatts by mid-2014. The project is an extension of Olkaria I and…
Safaricom Launches Wakenya Tuongee Promotion
Mobile operator Safaricom has introduced a new promotion that will see customers enjoy discounts of up to 75 per cent on on-net calls. The promotion dubbed Wakenya Tuongee, comes at a time when Safaricom is facing stiff competition from rival operators and the company says it wants…
Kenya to Benefit from Sale of Gold Assets
African Barrick Gold (ABG), Tanzania’s largest gold producing company today agreed to buy Kenyan gold assets worth USD20 million from the Aviva Corporation. The move is pending approval from the Competition Authority of Kenya (CAK) which will help the government decide just how much the country can earn…
Mitumba Traders Demonstrate
If you missed your usual Mitumba seller an hour ago odds are he or she was demonstrating outside treasury because of non-implementation of the tax reduction on mitumba. The 2012/2013 budget had proposed that duty on second hand clothes be revert back to KES 1.1 million,…
Government Signs Deal For Solar, Diesel Power Generation Plants
The government of Kenya on Saturday signed agreements with Chinese firms for development of new power production plants in Kenya. The agreements signed in Nanchang, China include a Memorandum of Understanding (MoU) with China Jiangxi Corporation for International…
China Loans Kenya 6.1B for Fibre Optic Development
The Chinese Government has extended a concessional loan to Kenya of USD 72 million (KES 6.12billion) for the National Optic Fibre Backbone Infrastructure Project and E-Government. This project is aimed at linking most urban areas of Kenya to the global fibre optic network through the Capital Nairobi. The agreement…
KRA's Revenue Collection Grows but Misses Target
The Kenya Revenue Authority(KRA) collected KES 707.3 billion revenue for the financial year ended June. This is against a revised target of KES719 billion for the same year. The original target for the year was KES 733.4 billion. This is however a 13% growth in collection…
8 Things You Should Know This Morning
A couple of things you are waking up to this morning: 1. Kenya’s tourism offerings might be shifting from the traditional high cost hotel or lodge, white beach and game drive experience to the warmth of a domesticated, cozy and personalised environment. In the next three months, the Government will…
Weekend Reading
Enjoy this weekend’s collection of articles: 1. Can You Guess the World’s Fastest Growing Economy? (No, It’s Not China) Mongolia is part of a new class of countries that, like the Middle Eastern states that got rich selling oil to the West, have hitched their economies to resource-hungry…
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