Closing Bell – 24 July 2012
At today’s NSE trading, the NSE 20-Share Index reached a new one –year high closing up 0.03 percent at 3,845.93 points up from 3,844.61 points last week while the NSE All-Share Index closed with no change at 83.85 points similar to yesterday. HIGHEST VOLUMES…
Young Entrepreneurs Take Real Estate Head On
A group of four young entrepreneurs have bet their fortunes on the lucrative real estate sector, creating a 30-home multi-million development, Sigona Valley, as an exclusive gated community located in a serene environment in West Nairobi. In their late 20s, Kiminiti Wanjari, Ian Kahara,…
Consolidated Bank Short KES2.3 Billion of Target
Consolidated Bank is KES 2.32 billion shy of its KES 4billion target. After recently concluding the first phase of its bond issue, in which it auctioned almost half of its projected stock, the bank managed to raise KES 1.68 billion in the cash call with a subscription rate…
High Interest Rates Discourage Kenyans from Taking Loans
Bank interest rates seem to be a deciding factor for some as 39% of respondents in the latest Infotrak study would opt to discontinue their relationship with banks due to high interest rates, charges and hidden fees that banks impose. 40 % of the respondents who…
Flower Sector shows 2% Drop in Growth
Kenya’s flower sector annual production has dropped. The Kenya Flower Council (KFC) chairman Richard Fox said that, “the high cost of production has forced the slump to 2% from 10% percent.” He was speaking after a KFC annual general meeting held in Naivasha. Statistics from the…
KRA's Revenue Collection Grows 78.2% in 5 Years
Kenya Revenue Authority (KRA) has grown its revenue collection over the past five years by 78.2% to KES 707.3 billion in 2012 from KES 397 billion in 2007. The revenue collection by the tax man has been growing year-on-year with Financial year 2010-2011 witnessing the largest…
Relief for Mitumba Traders as Tax Cut is Implemented
Mitumba traders demonstration outside the treasury yesterday seems to have had the desired effect, as directive to reduce import duty on second hand clothes will take effect immediately and be backdated from June 25. What this means is goods imported on 25th June 2012 going forward will enjoy…
PesaPortfolio – 24 July 2012
Below is the value of the PesaPortfolio at the close of trading yesterday: The PesaPortfolio at the end of trading yesterday By the close of trading yesterday, our PesaPortfolio had gained KES 552.50 to stand at KES 94,980.00 up from KES 94,457.50 at the close…
French Firm Targets SME’s with Flexible Lending Rates
African based French investment firm Alios Finance, has officially set up shop in Kenya. The firm, which has been operating in Africa for the past 56 years, moved its head office from Tunis to Nairobi. It recently received a USD9 million loan from the International Finance Corporation (IFC) which…
Kenyans Unhappy With Banks Over Poor Service
In a banking survey conducted by Infotrak, Kenyan customers expressed dissatisfaction with the services provided by the various commercial banks in Kenya. In the poll which was conducted between 19th and 20th of July this year, 39 per cent of the respondents selected from the upper and middle…
Plans to Increase Power Tariffs Suspended
The energy regulator (ERC) has stated that Kenya Power’s application for a 25 per cent increase in power tariffs, which would result in higher electricity bills, remain suspended as ERC awaits the findings of an independent study it has launched to determine the actual cost of providing power…
Stocks Watch
At today’s trading at the Nairobi Securities Exchange, we will be closely observing the following share counters: NIC Bank – Last week the bank received a green light from the Capital Markets Authority (CMA) to conduct a rights issue scheduled to begin in August this year…
8 Things You Should Know This Morning
A couple of things you are waking up to this morning: 1. In what seems to be a deal gone sour, a section of members of parliament have threatened to reintroduce a law seeking to control bank interest rates. Daily Nation 2. Reprieve for consumers as ERC…
First Independent KPRL Deal Promises Cheaper Fuel Rates
Consumers can breathe a sigh of relief as Kenya Petroleum Refineries Ltd (KPRL) moves to reduce its operational cost. The refiner had been at the mercy of Oil Marketing Companies (OMCs) because previous legislation did not allow it to import its own crude oil. A new system has now been…
40% of Kenyans Would Prefer not to Take Loans
The latest poll by Infotrak in conjunction with Consumer Federation of Kenya revealed that out of 1,000 respondents, 60 per cent would consider taking a loan with exist commercial banks while the remaining 40 per wouldn’t. 58 per cent feel that commercial banks do…
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