Local investors keep KQ stock afloat
Local investors’ buying of the Kenya Airways (KQ) share has kept its price stable over the past month even after the airline reported a record Sh25.7 billion loss for the year ended March 2015. The loss wiped out its shareholder capital potentially making it unappealing to the market…[…]
Banks sign workers pay pact, avert strike
Banking sector workers on Thursday signed a collective bargaining agreement (CBA) with their employers, raising their pay and other employment terms for the next two years. The bankers had reached an agreement on Thursday last week but had not yet signed the CBA, which is legally binding. The signing effectively averted a strike that the Banking Insurance and Finance Union of Kenya (Bifu) had threatened to call…[…]
Imperial Bank launches 28th branch at the Westgate mall
Imperial Bank, a Tier II lender, has launched its 28th branch at the Westgate shopping mall, which reopened recently. The bank has also opened two new branches, one at Garden City Mall on Thika Road and the other at Lunga Lunga Square in Industrial Area, Nairobi. In a statement, Mr Popat said the bank remained optimistic about its current initiatives, which he said were largely driven by the lender’s customers’ needs…[…]
Paris-based re-insurer gets clearance to enter Kenya
Paris-based global reinsurance firm SCOR is to enter the Kenyan market after getting regulatory approval by the Insurance Regulatory Authority (IRA). The move is expected to increase competition in the regional re-insurance business where premiums are also collected by firms without a local presence…[…]
Regulator raises the red flag over Urithi, Good Life saccos
The Saccos regulator has raised the red flag over the operations of Urithi Housing Co-operative Society and Good Life Sacco Society, warning the public that they are not licensed to take deposits. The Sacco Societies Regulatory Authority (Sasra) in a notice on Thursday said that the two are not authorised to open for the public savings and deposit accounts, offer Automated Teller Machine (ATM) services, and mobile money business…[…]
Liberty starts acquisition hunt with Sh23bn
Liberty Group is planning a Sh23 billion expansion through mergers and acquisitions in Kenya and Nigeria. The third largest South African insurer by market capitalisation is looking to merge or acquire Kenyan businesses in life insurance, short-term insurance and insurance asset management. According to Sandile Hlophe, CEO of Liberty Group Arrangements, the amount will be spread towards expansion prime points which are Kenya and Nigeria…[…]
Kenya Power to export 30MW to Rwanda
Kenya Power will in the next three months start exporting 30 megawatts of electricity to Rwanda. Kenya Power Chief Executive Officer Ben Chumo on Thursday said his company had entered into a power purchase agreement with Rwanda to export the supply through Uganda…[…]
Pride Inn Hotel in Sh3.2 billion expansion plan
Pride Inn Hotel is to spend Sh2.5 billion on its flagship hotel at Shanzu in Mombasa County. Also in the pipeline is a hotel in Kisumu and another Eldoret. The 300-room Shanzu Hotel in Mombasa will be opened on November 1…[…]