Competition hots up for KQ as Fastjet enters Nairobi

Low-cost carrier Fastjet is set to launch Tanzania to Nairobi flights on Monday, stepping up competition for Kenya Airways (KQ) and its associate Precision Air which also fly the same routes. Fastjet has announced daily flights from Dar es Salaam and Kilimanjaro to the JKIA at prices that are relatively cheaper than the two main carriers currently flying these destinations [...]

StanChart slides on NSE big stock list as price slumps 40pc

Standard Chartered Bank’s 40 per cent slump in share price over the past year has pushed the lender down three places among the Nairobi Securities Exchange (NSE’s) 10 largest stocks. Investor sentiments on the stock in the fourth quarter of 2015 were clouded by a disappointing performance over the preceding nine months ended September, which saw its net profit drop 24.3 per cent [...]

Lending rates hike seen hurting buoyant local real estate sector

Real estate players expect the industry to take a hit if the cost of borrowing increases, which is highly probable given the huge government appetite for funds. Should rates remain high in the long run, there is a risk that projects will be dropped since increased costs will cut margins on projects as, at a time, developers cannot recoup lost gains [...]

CBK injected Sh76bn to soften Imperial Bank closure impact

The Central Bank of Kenya has injected Sh76.6 billion net liquidity into the market over the last 10 weeks after the collapse of Imperial Bank, underlining the impact the closure had on the country’s financial system. The Central Bank of Kenya has injected Sh76.6 billion net liquidity into the market over the last 10 weeks after the collapse of Imperial Bank [...]

Co-operative Bank gets Sh10.7bn for long-term lending

Co-operative Bank of Kenya has received Sh10.7 billion ($105 million) from the International Finance Corporation (IFC) to finance businesses that earn foreign exchange. Commercial banks have been turning to international lenders for long-term funds to support lending as most of their deposits are short term. Lack of long-term funds has been cited as one of the reasons behind low mortgage financing in the country [...]

Bitcoin trading firm partners with Airtel after cutting Safaricom links

Nairobi-based bitcoin trading platform BitPesa has partnered with Airtel to offer bitcoin payments and trading services in the country, barely three months after Safaricom terminated M-Pesa links to the firm. BitPesa is offering bitcoin payment and trading services in four African countries including Kenya (through Airtel), in Uganda (Airtel and MTN), Tanzania (Airtel and M-Pesa) and Nigeria through Quickteller and Paga [...]

Apollo’s new unit trusts target Sh2bn assets in next two years

Apollo Asset Management Company has made its mass market debut with three new investment funds, with an eye on Sh5 billion assets in the next two years. The starting investment for the products will be Sh10,000. The Capital Markets Authority (CMA) gave the asset management firm approval to launch six products [...]

Ukwala fights order freezing sale of outlets to Choppies

Ukwala Supermarkets has challenged a High Court decision to freeze the sale of its 10 retail outlets to Botswana firm Choppies Enterprises following a Sh946 million dispute with the taxman [...]