StanChart’s net profit drops 36pc on bad loans
Standard Chartered Bank’s rising load of non-performing loans has pulled down its net profit for the six months to June by 36 per cent and seen the lender overtaken by two of its peers. With all six top-tier banks having released their half-year results, StanChart has now slipped to fifth position after it was overtaken by its two rivals which posted increased profits…[…]
Minister spells out rules for sugar imports
Sugar imports from Uganda will only be allowed under the Common Market for Eastern and Southern Africa (Comesa) rules and not any other special arrangement, the government said Thursday. Under the Comesa rules, member states are allowed to export their surplus sugar to supply-deficient member as per pre-set quotas. Comesa has given Kenya a one-year extension on sugar import safeguards from the regional states, limiting the entry of sweetener into the country…[…]
UN body endorses Kenya as safe tourism destination
Kenya’s tourism Thursday received a boost after a UN agency endorsed the country as a safe destination amid a sharp drop in arrivals. The UN World Tourism Organisation (UNWTO) secretary-general Taleb Rifai, expressed confidence in the sector’s growth. He said that terrorism is a global phenomenon, adding that France, the US, Bangkok and Thailand have suffered terror attacks too…[…]
Prudential pays out Shield Assurance’s Sh155 million dues
London-based parent firm of Prudential Kenya says it has paid off the remaining claims accrued by the defunct Shield Assurance. Prudential has in the meanwhile signed a deal with Standard Chartered Bank that would see the lender use its branch network to sell the London firm’s life insurance products. The firm said it would now focus on expanding its distribution network, including increasing the number of sales agents…[…]
IFC loans fertiliser maker Sh1bn to build new Nakuru factory
Kenya’s sole fertiliser manufacturer has secured a Sh1 billion loan from the World Bank’s private lending arm International Finance Corporation (IFC). MEA Limited, a 36-year-old family-run company, says it will begin construction of the Nakuru plant in October. It estimated that the new factory would cost Sh3 billion, with the balance being sourced from internal cash reserves…[…]
Uganda Mehta Group sugar on sale at Sh100 per kilo
Sugar from Uganda is retailing at the same price as the local unbranded product in most supermarkets in Nairobi even as claims of its being cheaper hog the headlines. A kilogramme of Ugandan sugar from the Mehta Group-owned Lugazi is selling at Sh100. Branded Kenya sugar, though, is more expensive. A kilogramme of Nzoia branded sugar is sold at Sh115 per kilogramme and Sony’s sweetener costs Sh120…[…]
Sh3.27bn Equity Bank share sale lifts NSE trading
Heavy trading of Equity Bank share pushed turnover up six fold at the NSE Thursday, with the lender’s counter accounting for 89 per cent of the Sh3.68 billion total. The increased activity was mainly driven by foreign investor block trades on Equity Bank, SIB analysts said…[…]
Safaricom gets reprieve as State seeks consultant
Safaricom has won temporary reprieve as the Government appears to have softened its stance on the regulation of dominant licensees in East Africa’s largest ICT sector. Communication Authority of Kenya (CA) Thursday stated that no player in the competitive telecommunications sector will be declared dominant for at least 18 months as the Government engages an independent consultant to conduct market analysis into the sector…[…]