Diaspora remittances rise to Sh14bn in August on weak shilling

Kenyans working in the diaspora sent home Sh14 billion in August as they sought to take advantage of the weak shilling. Diaspora remittances increased by 3.2 per cent to Sh14 billion compared to Sh12.9 billion sent in August last year. Diaspora remittances have risen to become the country’s major foreign exchange earner [...]

Cytonn raises Sh600m more in debut note

Cytonn Investments has bagged an extra Sh600 million through its debut privately placed bond for its real estate projects totalling to Sh2 billion up from Sh1.4 billion that was raised last month. The firm said in a market report that it has now raised Sh2 billion up from Sh1.4 billion that was raised last month [...]

Banks open 33 branches in six months to June

Kenyan banks opened 33 new branches in the six months to June as they target cheap deposits from the retail market and mark their presence in the counties. Data from the Central Bank of Kenya shows there were 1,476 bank branches in the country in June, up from 1,443 in December [...]

Tuskys sweet potato bread employs 300 small farmers

Tuskys Supermarkets has signed up about 300 smallholder sweet potato farmers to supply the tuber to the retail chain’s bakery for making its new line of bread, scones, cake and cookies. Small scale farmers to supply the retail chain’s bakery that is targeting health conscious consumers with new line of bread [...]

Current account deficit hits Sh151bn on imports surge

The gap between Kenya’s imports and exports widened by 62 per cent in the second quarter of the year, contributing to the pressure on the local currency. Current account deficit pushes Kenya’s balance of trade to Sh246.3bn deficit from Sh230.5bn in Q2 last year. The gap, also called current account deficit, increased because the value of exports fell while that of imports grew, official data shows [...]

Kenya top gainer in China shift to consumption

Kenya is poised to be among the biggest beneficiaries in sub-Saharan Africa of China’s change to a more consumer-driven economy, the World Bank has said. World Bank forecasts tourism and agricultural exports to Asian giant to lift Kenya's economic growth. The Bretton Woods’ institution estimates that Kenya’s economy will grow faster from increased exports to the Chinese economy to feed its new consumption including tourism and agricultural products [...]

Telkom Internet deal on the line after switch-off

Telkom Kenya could lose a contract of linking key state departments to broadband wireless Internet, days after it pulled the plug on the government agencies over delayed payments. Last week the firm is said to have switched off its Kenstream broadband wireless services over a payment delay, affecting services such as Integrated Financial Management Information System (Ifmis), before the government paid and service was restored [...]

New York Exchange-listed firm Honeywell opens Nairobi office

A New York Stock Exchange-listed US conglomerate has opened its office in Nairobi, eyeing East Africa’s booming energy, airline, security and construction markets. Honeywell, which has opened an office in Nairobi’s Westlands, is keen on buying out local companies to boost its growth plans. The US giant has had a presence in the Kenyan market for some time, giving it a feel of the demand for its services and products [...]