Co-op Bank jumps ahead of StanChart in NSE stock value

Cooperative Bank’s market value has jumped ahead of Standard Chartered to become the third-largest listed lender, for the first time putting indigenous banker in the top-three spots.Cooperative Bank is now valued at Sh105 billion—behind leaders KCB and Equity—with its share price remaining steady at near all-time high levels trading at between Sh21.50 and Sh22 over the past month [...]

Bond traders face lower earnings as turnover falls for the second month

The secondary bond market suffered a second consecutive month of falling sales in May due to low cash supply, further reducing traders’ earnings.Fresh data from Kestrel Capital shows that the turnover declined 13 per cent to Sh22 billion in May, as the financial markets closed another month at one of its tightest positions this year [...]

Jambojet withdraws big planes from Eldoret route

Budget airline JamboJet has stopped flying larger aircraft to Eldoret and Kisumu, citing low passenger volumes just months after it introduced direct flights to the destinations.The firm’s managing director, WllemHondius, said it has not been economical to operate Boeing 737-300 aircraft to the towns, because of the low volumes that resulted from direct flights to Eldoret and Kisumu [...]

Regulator condemns over 700 buildings in Nairobi

More than half of the 1,600 buildings that have been inspected in Nairobi are defective, highlighting poor safety standards in Kenya’s booming construction sector.A majority of buildings lack adequate air circulation and lighting systems and some are structurally weak, with the recommendation that they should be demolished [...]

Tuskys suspends 70 employees in goods theft scam

Retail chain Tuskys Supermarket has suspended 70 employees at its Tom Mboya Street store in Nairobi on suspicion of internal theft.The employees are accused of working with an external cartel that was allegedly clearing goods from the store and later selling them to retail shops in Nairobi and its environs [...]

Kenya takes lion’s share of Sh77bn private equity deals in region

A new PE survey by KPMG found there were 79 disclosed private equity deals worth $800 million (Sh77 billion) between 2007 and 2014. Most of the Sh77 billion private equity (PE) funds have targeted the agriculture, financial services, energy and natural sectors in the region, according to a new survey.Kenya accounted for the lion’s share of the reported deals taking 63 per cent of the reported billions.Tanzania was second at 15 per cent, Uganda (10 per cent), Rwanda (eight per cent) and Ethiopia at four per cent [...]

LSK backs cancellation of mine licences

Mining secretary NajibBalala on Thursday won crucial backing in his battle with a number of firms over cancelled licences after the Law Society of Kenya (LSK) said the minister had acted in the best interest of the country.MrBalala in April revoked mineral exploration licences for 65 firms over breaches of industry regulations while others had not been renewed after expiry [...]

Flower farmers make a killing as prices hit new high

Small-scale flower farmers who grow open air varieties have recorded revenue increase of up to 500 per cent in the last one month[...]