Insurance sector sinks into losses in first half of year

The insurance sector posted underwriting loss in general business in the six months to June following a spike in claims in the motor and medical classes. The insurance sector recorded a loss of Sh104 million in the core business compared to a profit of Sh1.2 billion posted in a similar period last year. This follows a 20.4 per cent increase in insurance claims accompanied by a slower growth in premiums at 14.1 per cent to Sh58.6 billion [...]

Stanlib aims to raise Sh12.5bn through first Reit offer in Kenya

Stanlib Investments is looking to raise up to Sh12.5 billion through a Real Estate Investment Trust (Reit), the first such security to be launched in Kenya. Stanlib plans to raise the money through an Income Reit (I-Reit), which generates revenues for investors through rent from its property holdings [...]

NSE unveils new index for top 25 listed companies

The Nairobi Securities Exchange has launched a new index comprising 25 companies, with financial sector firms making up more than half the list. The new index is expected to facilitate smooth operation of upcoming market for derivatives, which are instruments used in hedging against risk present in underlying assets [...]

CMA ranked top regulator in Africa for its innovations

The introduction of laws and guidelines for real estate investment trusts (Reits), derivatives and other securities over the last five years have made the Capital Markets Authority (CMA) get international recognition for innovation. Africa Investor has voted the CMA as the most innovative regulator in Africa at a ceremony in New York [...]

Three-month Treasury bill hits 20pc as buyers seek premium returns

The benchmark 91-day Treasury bill hit the psychological threshold of 20 per cent rate as investors continued demanding a high premium on lending to the government in a tight market. The three-month paper will give an average return of 20.6 per cent up from 18.6 per cent accepted in the previous auction [...]

Kenya doubles electricity sales to Uganda ahead of Rwanda supply

Kenya has more than doubled electricity sales to Uganda and looks to start supplying Rwanda by year end following the injection of additional geothermal power into the national grid. Official data shows that Kenya exported 26.56 million kilowatt-hours (kWh) to Uganda and Tanzania in the year to July, up from 12.63 million kWh in the same period last year — a 110.2 per cent growth. Uganda, which is pushing for increased trade with Kenya, bought the bulk of Kenya’s power exports [...]

Ex-Kebs boss Mang’eli withdraws case after Dubai firm fraud claims

A company linked to former Kenya Bureau of Standards (Kebs) boss Kioko Mang’eli has withdrawn a Sh296 million court claim filed against the State agency after allegations emerged that it is a shell company being used to fraudulently acquire the funds. Geo Chem Middle East Limited withdraws Sh296m suit after Dubai-based Geo Chem denies any links [...]

Sacco to train 200 groups for Nairobi youth fund loans

More than 200 groups in Nairobi are set to benefit from the County’s Youth Enterprise Fund loans after a three-month free training in business skills.  The sacco launched the programme, “Vijana Tu-Invest”, last Thursday in partnership with the county government [...]