CMA gears up for launch of derivatives exchange

The Capital Markets Authority (CMA) is stepping up preparations for the introduction of an exchange for derivatives, which are used for hedging risk. The CMA has partnered with the Dubai Financial Services Authority to train local players on how the proposed exchange will work. The derivatives market is one of the key targets for the CMA and so far the regulators has set out the rules for market players [...]

UK property firm seeks Sh5bn ahead of Nairobi listing

UK-based St Paul’s Property Trust is seeking to raise Sh5 billion from the local market ahead of its listing on the Nairobi Securities Exchange (NSE)’s Growth Enterprise Market Segment (GEMS) by the end of the year.Funds raised from the Kenyan market will be used to buy up to four rental properties outside London and whose tenant is the UK government or town councils [...]

September inflation ticks up to 5.97pc

The cost of living for the month of September rose slightly to stand at 5.97 per cent from 5.84 per cent in August on a marginal rise in food prices. The month of September also saw a marginal drop in energy prices, water and rent helping to slow down the impact of higher food prices [...]

Agency gives firms 30 days to remit unclaimed assets

Companies holding unclaimed assets have been given a month to submit them to the government or be penalized. Companies are required to submit unclaimed assets in their books as at the end of June each year to the authority by the first day of November of the same year. Failure to forward the assets attracts a penalty equal to 25 per cent of the value of the assets that should have been submitted [...]

Airtel removes M-Pesa branding from agent shops

Airtel Kenya says it has removed all M-Pesa branding from its mobile money agency outlets in response to a court case filed by Safaricom claiming breach of its trademark. Airtel Kenya says the removal of the references to M-Pesa in all its advertising boards is an act of good faith but does not amount to admitting any liability [...]

Safaricom Sacco plans Sh1bn share sale to members for real estate investments

Safaricom Sacco is seeking to raise Sh1 billion through the sale of shares to members to raise funds for real estate investments and grow its revenue base [...]

Stima Sacco in Sh1.3bn housing plan

Stima Sacco is set to construct 340 residential houses in Machakos at a cost of Sh1.3 billion, becoming the latest co-operative society to deepen its investment in the real estate sector. Co-operative societies like Mwalimu, Chai and Safaricom Saccos are currently undertaking several multi-billion shilling real estate projects in the country, selling the housing units to both members and non-members [...]

Barclays denies role in transfer of 134-acre Karen land

Barclays Bank has denied any involvement in the alleged illicit transfer of a 134-acre piece of land in Karen whose dealings have sucked in past and present senior government officials. The bank says it only held the land as security for a loan taken by a businessman at the centre of the saga [...]

Global hotel brand Sheraton announces Kenya entry plans

Global hotel brands Four Points and Radisson Blu Residence are set to enter the Kenyan market in global expansion plans. Four Points is to be developed by Sheraton Hotels, a subsidiary of Starwood Hotels will be located near Jomo Kenyatta International Airport where it will be targeting travellers to and from Kenya [...]