PSC shortlists five to battle out for Central Bank governor position
Veterans with long experience in public finance management dominate the race to replace retired Central Bank of Kenya governor even as the Public Service Commission (PSC) targeted to fill the influential slot by May. The position of CBK chairman attracted eight applicants with only four making it to the shortlist ahead of final interviews next. A shortlist by the PSC showed that current deputy CBK deputy governor, Dr Haron Sirima; the Economic Affairs Director at Treasury, Dr Geoffrey Ngungi Mwau; and former Planning permanent secretary and one time CBK deputy governor Dr Edward Sambili are among five preferred candidates [...]

NSE Profits shoot a notch higher
The Nairobi Securities Exchange has posted a 22 per cent growth in net profits driven by increased trading commissions. The bourse gets a commission of 0.12 per cent of the transaction amount for each deal done at the market. The exchange hopes to admit new companies in the market through the Growth Enterprise Market Segment and the Real Estate Investment Trusts (Reits). It also hopes to launch the derivatives market with single stock and index futures being the initial products. The management recommended a dividend of Sh0.38 per share [...]

Broke Kenya Airways sinks deeper into debt to pay staff
Cash-strapped national flag carrier Kenya Airways has turned to debt to pay its workforce as it flies under the weight of liquidity problems that have seen its debt burden hit Sh70 billion. The national carrier’s total current liabilities stood at Sh70 billion by September last year, Sh40.7 billion being short-term loans, suppliers are owed Sh16 billion, while pre-payments amount to Sh11.4 billion. Mr Ngunze, who officially took over as chief executive on November 1, following the exit of long-serving boss Titus Naikuni, said the company was considering long-term bond or fresh capital injection [...]

EABL eyes rich buyers with luxury spirits outlet at Yaya
Beer maker East African Breweries Limited (EABL) has opened its first retail shop for high-end spirits at the Yaya Centre shopping mall, in which premium brands such as the John Walker & Sons Odyssey will be selling for about Sh160,000. Berries and Barrels is a partnership between EABL and Bia Tosha Limited — one of its top beer distributors in the country whose relationship with the brewer spans 18 years [...]

National Bank pushes Treasury to approve its rights
The State-owned National Bank of Kenya (NBK) expressed optimism that the National Treasury will give a nod to its planned rights issue in the course of this year. This is to unable it increase its capitalisation levels, size of the loan book and improve on profitability. In order to meet the new capitalisation requirements introduced by the Central Bank of Kenya (CBK), directors of the bank have decided not to declare any dividends to shareholders, for the financial year ended December 31, 2014 [...]

Housing Finance 2014 pretax profit down 4pc
Housing Finance posted a 4 percent drop in 2014 profit before tax and exceptional items to Sh1.42 billion compared to Sh1.48 in the previous financial year. The firm’s Managing Director Frank Ireri attributed the drop to the heavy investment in building human resource to support the banking strategy, investment in the core banking system and branch expansion [...]

Huge reprieve for Kenya Pipeline as Sh3.6b Triton scam award set aside
The Court of Appeal has saved Kenya Pipeline Company from Sh3.6 billion legal debt after it overturned an award to a UK firm Glencore Energy Limited. A three judge bench yesterday set aside the ruling by the High Court that would have seen the State corporation pay $40B to the energy firm over the Triton Petroleum Company oil scandal [...]