Shilling stuck in a tight range against dollar

The Kenyan shilling was stable against the dollar on Friday and traders said it was likely to trade in a tight range over the next few days. At 0755 GMT, commercial banks posted the shilling at 91.40/50 per dollar, unchanged from the previous day's close. The currency firmed this week, buoyed by a drop in importer demand for dollars and hard currency inflows chasing high yields on local bonds and fuelling a rally in shares that has sent the blue chip index to its highest since 2007 [...]

Coop Bank ups ATM withdrawal limit, waives deposit charges

Co-operative Bank has increased its maximum ATM withdrawal limit, from Sh20,000 per day to Sh40,000 per day. The bank has also waived fees charged for school fees, rent payments and customer deposits made through bank agents. The bank aims to reduce the cost of accessing services by customers by encouraging greater use of cheaper and convenient channels. Such as ATMs, mobile and Internet banking, point-of-sale terminals and agents [...]

Kenyan publisher Longhorn's profit up 16 pct in first-half

Kenyan book publisher Longhorn reported on Friday that first-half pretax profit rose 16 percent as lower costs offset a drop in sales. Profit for the firm that specialises in text books for schools was 49.7 million shillings ($544,061) during the six months that ended December, up from 43 million shillings the previous year. Revenue dipped 5 percent to 531 million shillings as a value-added tax (VAT) on books and additional duty on paper curbed demand for its products [...]

Supermarket chains vie to unlock Kenya retail market

International store chains and private equity investors are coveting strong growth prospects Kenya with the country being described as ‘Africa’s fastest-growing retail market’. The average value of a shopper’s basket has risen 67 per cent in five years to $20 (Sh1,800). Nakumatt and other local retailers have long served Kenya’s market but now international store chains and private equity investors are also coveting the strong growth prospects in east Africa’s leading economy. New market entrants face numerous challenges in addition to local competition [...]

Kenya could export crude oil next year

Kenya could be an oil exporting country as early as next year, as it races ahead of Uganda, which discovered the resource about nine years ago. UK-based oil and gas exploration firm, Tullow, is pressing on with plans to start producing oil in Lokichar despite the substantial drop in crude oil prices that has had many analysts poor cold water on Kenya’s oil discovery. The firm could start oil production by end of next year, which is sooner than earlier date of 2018 when the firm was largely expected to start production. This will see Kenya join the elite club of oil exporters, a big boost for the country [...]

Kenyan stockbrokers shelve threat to suspend trading at NSE

Stockbrokers have retreated from a threat to suspend trading at the Nairobi Securities Exchange due to a court case involving the reintroduction of a capital gains tax. Kenya Association of Stockbrokers and Investment Banks, who had threatened to boycott trading for a month, resumed trading Friday yesterday in order to maintain the sanctity and stability of the capital markets in Kenya. The row over whether or not they should collect Capital Gains Tax on behalf of the Government would have put at stake, a daily turnover worth Sh1.2 billion at the Nairobi bourse. The immediate casualties are government sponsored bonds — used to finance budget needs, foreign direct investment, and firms pushing to raise funds — all valued at billions of shillings [...]