Lower oil prices to offer no relief on lending rates

Investment managers say low oil prices are unlikely to spur lower lending rates this quarter as the Central Bank of Kenya (CBK) is expected to maintain a cautious monetary policy. A survey of 10 fund managers, economists and treasury dealers shows oil marketers are unlikely to pass on further benefits of lower oil prices to consumers [...]

Kenya inspires demand for IMF credit

Kenya has qualified for a Sh64 billion emergency loan to mitigate the impact of potential shocks as the country carries out various reforms. African countries are following in Kenya’s footsteps by seeking the precautionary facility offered by the International Monetary Fund (IMF) [...]

Nairobi bourse to classify Gems firms in other sectors from May 19

The NSE will from May 19 classify the four companies under the Growth and Enterprise Market (Gems) segment with other stocks, ending their separate category. The NSE said the reclassification conforms to international best practice and will enable domestic and international investors to compare listed companies across industry sectors [...]

Regulator gives nod for sale of ECB building

The Competition Authority of Kenya (CAK) has approved the acquisition of Equatorial Commercial Bank (ECB) Centre by Fidelity Shield Insurance Company. Fidelity Shield will take a 50 per cent stake in the centre, which is the headquarters of ECB. Last year, the sale of the center was claimed to be asset stripping by the ECB ahead of selling a 51-per cent stake to Mwalimu Sacco, one of the largest saccos in the country [...]

JamboPay owner testifies in trade name dispute

JamboPay Express is embroiled in a legal battle over the JamboPay trade name with rival firm Web Tribe Limited, which runs the Nairobi County online payment systems for parking, rates, water and other services. The owner of JamboPay Express Ariff Manji told the court that there was a verbal agreement with Web Tribe CEO Danson Muchemi that he could go ahead and use the name of the company that they had jointly come up with before negotiations collapsed [...]

Internet wiring to be included in building plans

Developers may soon be required to include Internet cabling provisions in their building plans if a proposed law is included in the Infrastructure Protection Bill, currently at the public consultation stage. At the moment, telecommunication infrastructure such as fibre optic cable is not recognised as essential infrastructure as is the case with water and electricity [...]

Police raids, court drama over Britam man’s ‘Ponzi’ saga

A Mauritius court issued an international arrest warrant Monday afternoon for a Britam director wanted for fraud, money-laundering and embezzlement. Magistrate Alwin Joypaul, sitting in Port Louis District Court, acceded to a new request by police to order the arrest of Mr Dawood Ajum Rawat [...]

Travel agents boost websites to woo clients

Travel agents are hiring IT experts to aggregate airline and hotel websites in a bid to stay relevant and attract clients in the era of online booking. This allows travellers to access multiple airline and hotel booking services from a single platform [...]