State secures Kenya Re 20pc share of local reinsurance

For the first time in two decades, the government has increased the share of business insurance companies. The government has also ensured a steady flow of business for the next five years by extending the duration for the mandatory cessions and ring-fencing its market share in an industry attracting more players. The state owns 60 per cent of Kenya Re which is listed on the Nairobi Securities Exchange [...]

Jubilee tops surging insurance stocks to hit an all-time high

Jubilee Holdings has seen its overall valuation at the stock market rise to Sh30.8 billion from Sh26.9 billion at the start ofu the year. The counter has only 59.89 million issued shares, giving it a better chance for price gains on modest trading volumes. Despite the industry leading in market share, Jubilee is not the most valued firm in terms of capitalization [...]

Standard Bank tips CBK to keep off shilling

Central Bank of Kenya (CBK) is tipped to offer less support to the shilling this year as low inflation, high real-interest rate and solid force reserves diminish risk of exchange rate shocks. South African lender Standard Bank says the depreciation of the shilling will this year follow a similar trend to last year, touching 95 units to the dollar by year end [...]

Treasury targets 39pc rise in local borrowing for 2016

Brokerage houses are set to reap big from domestic borrowing set to rise 39 per cent to Sh141.2 billion in the next financial year compared to the current year. In the year ending June, the Treasury will have borrowed Sh101.7 billion, according to the Budget estimates. The new figure is slightly higher than the Sh120-130 billion the Treasury gave in early December [...]

Ketraco to build Menengai power line at Sh3.2bn

Construction of a 32-kilometre line to convey geothermal power from Menengai is expected to begin by the end of this year. The Kenya Electricity Transmission Company (Ketraco), the State agency managing bulk electricity transport, plans to construct the line to carry power generated at the Geothermal Development Company (GDC) wells in Menengai. The company estimates the project will cost about $35 million (Sh3.2 billion) but the exact cost will be known once the site’s power potential is fully known [...]

Mumias Sugar faces lawsuit over Sh45m security claim

An international security firm has sued Mumias Sugar Company (MSC) demanding more than Sh45 million for security the company offered for the last four months. In the case filed before Commercial Court, G4S claim they have not been paid its dues even after securing it [...]

Stock brokers, KRA fail to seal deal on capital gains tax

Kenya Revenue Authority (KRA) has failed to seal a deal with stock brokers over the Capital Gain Tax. This is despite the taxman seeking time for negotiations. The parties will now continue with the case filed by the stockbrokers as the two could not agree on the execution of the law that will see the brokers pay taxes on behalf of their clients [...]