CBK steps in to halt shilling slump

The Central Bank of Kenya on Tuesday moved to calm the market as the shilling continued its slide to a new three- year low of 93.40 units to the US dollar. The shilling is being weakened by a combination of a stronger dollar and rising demand from local companies. The CBK said it was closely monitoring developments in the foreign exchange market and would continue to use appropriate monetary policy instruments to minimise exchange rate volatility [...]

Pilots fight court ruling on KQ strike

Kenya Airways pilots have opposed a High Court decision stopping them from going on strike, arguing that the matter is among issues being negotiated before a conciliator. KQ moved to court last month after the pilots through Kalpa declined to work during their off-duty and leave days, stating they would only work in line with the terms of their contracts [...]

US online taxi firm now courts Kenyan companies for growth

Uber, the American online taxi hailing firm, is targeting Kenyan companies to boost uptake of its services three months after officially launching operations in Nairobi. The new service dubbed Uber 4 Business (U4B) is designed to help companies organise transportation of their employees conveniently and manage taxi expenses. It is set to rival corporate cab services offered locally by taxi companies like Pewin, Princess, Wote and Jatco [...]

National Bank boss summoned over sale of KMC plots

The top management of National Bank (NBK) has been summoned to appear before a parliamentary committee to shed light on the controversial sale of three out of 13 parcels of land belonging to the Kenya Meat Commission (KMC) that had been charged to the lender [...]

Nakumatt signs lease for new store in Eastleigh

Nakumatt supermarkets has signed a lease agreement with owners of Eastleigh’s upcoming ‘Comesa’ shopping mall, giving the retailer an entry in one of Nairobi’s most vibrant business hubs. Nakumatt’s current branch network stands at 52 [...]

Mumias cash call set to test investors’ appetite for stock

Mumias Sugar Company is turning to the market for financing to pay dues owed to farmers and suppliers and fund a restructuring. While the details on pricing, dates and allocation criteria of the rights are yet to be announced, the new shares are projected to be within the reach of most investors given that the counter has not broken above Sh3.50 for the past one year [...]

Private equity Abraaj to invest Sh92bn in Kenya, four other countries

Private equity firm Abraaj Group says Kenya is among five African markets where it will invest its new Sh92 billion war chest. Abraaj Group CEO says investors in the fund are looking for exposure in sub-Saharan Africa due to the growing middle class and fast rate of urbanization [...]

Nairobi listed amongst top attractive cities

Property consultancy JLL says Nairobi hotel market remains attractive despite the city’s insecurity. JLL has overall ranked Nairobi 15 out of 20 most attractive and dynamic cities in its annual City Momentum Index report. The report noted demand for retail space unlike the office market which is expected to see an oversupply from next year as buildings under construction begin to come to the market [...]