KQ sends finance boss home, retires fleet chief

National carrier Kenya Airways on Tuesday sent home its long-serving finance director, Alex Mbugua, in what was seen as part of a broader initiative to turn around the fortunes of the loss-making company [...]

Barclays mum amid fresh Africa sell-off speculation

Barclays Bank has remained mum over fresh speculation that its London-based parent company is looking to significantly downsize its Africa operations due to sluggish profitability. The Wall Street Journal (WSJ) Tuesday reported that Barclays Plc is preparing to sell part of its 62 per cent stake in Barclays Africa Group, the publicly traded entity that houses its continent-wide business [...]

Top banks seen posting double-digit interest income growth

The top-tier banks are forecast to record double-digit growth in interest and non-interest income this financial year helped by higher interest margins, growing loan books and widespread adoption of alternative banking channels by their customers. Exotix Partners says in a research note on six lenders — KCB, Equity, Cooperative, NIC, DTB and CfC Stanbic [...]

CBK says large banks flourishing as small players wobble under huge operating costs

Central Bank of Kenya (CBK) has noted a widening gap between top performers and banking industry laggards that is likely to impact on competition and public confidence in the sector. As at end of 2014, Equity Bank recorded the best return to shareholders of 49.4 per cent followed by Standard Chartered and I&M Bank, which had a return of 35 per cent [...]

Kenyan shilling holds steady ahead of CBK rates meeting

The Kenyan shilling was unchanged against the dollar on Wednesday as the market awaited the central bank's decision on lending rates later in the day. Most analysts said rates would be left unchanged at 11.50 per cent when CBK gives its decision later in the day. At 0710 GMT, commercial banks posted the shilling at 102.40/50, unchanged from the previous day's close [...]

Slowdown in Chinese growth risks global collateral damage

Slowing growth in the Chinese economy carries major risks for emerging markets, and a drop in global trade could harm Europe and the United States as well, analysts warn. The slowdown in the world's second-largest economy, and the largest consumer of commodities, has caused the prices for raw materials to plunge, hammering nations which rely heavily on their production and export [...]

Uchumi eyes mini-markets, online sales in turnaround plan

Uchumi Supermarkets has outlined a strategy aimed at changing its fortunes that includes a shift to a new franchise arrangement with 200 mini shops spread across the country. The firm will use small branded shops stocking low-volume packed items to target the micro-market as it seeks to regain its foothold in the market [...]