Bond failure and project delays hit Home Afrika’s profit
Bond failure and project delays hit Home Afrika’s profit Property developer Home Afrika has announced a 90 per cent drop in profit last year, attributing it to project delays after the firm’s Sh900 million bond issue failed. The bond flop saw the company turn to bankers taking a loan of…
CBK spends Sh51bn in four months to prop weak shilling
CBK spends Sh51bn in four months to prop weak shilling The Central Bank of Kenya (CBK) foreign exchange reserves have contracted by Sh51 billion ($545 million) in the past four months as dollars were used to shore up the shilling and for debt servicing. The shilling exchange rate has already…
Britam now restates profit after exit of two directors
Britam now restates profit after exit of two directors Financial services firm Britam has revised its books for 2014 a month after they were published, reducing its after tax profit by Sh342 million to about Sh2.5 billion. The Sh342 million profit reduction was revealed two days after the resignation of…
Safaricom to launch TV decoders next month
Safaricom to launch TV decoders next month Safaricom is set to launch its own Internet-enabled digital television decoders next month, stepping up the battle for TV and data customers. Buyers of the high speed 4G-enabled Safaricom decoders will also have access to video-on-demand and downloads […] Tax experts fault KRA…
Lower oil prices to offer no relief on lending rates
Lower oil prices to offer no relief on lending rates Investment managers say low oil prices are unlikely to spur lower lending rates this quarter as the Central Bank of Kenya (CBK) is expected to maintain a cautious monetary policy. A survey of 10 fund managers, economists and treasury dealers…
NSE sets stage for counties to raise health funds from Reits
NSE sets stage for counties to raise health funds from Reits The Nairobi Securities Exchange (NSE) has announced it will launch Real Estate Investment Trust (Reit) for the health and water sectors in the counties. The NSE said it is ready to launch share units for both income and development…
CBK steps in to halt shilling slump
CBK steps in to halt shilling slump The Central Bank of Kenya on Tuesday moved to calm the market as the shilling continued its slide to a new three- year low of 93.40 units to the US dollar. The shilling is being weakened by a combination of a stronger dollar…
Home Afrika says 2014 profit to fall by a quarter
Home Afrika says 2014 profit to fall by a quarter Kenyan property developer Home Afrika Ltd said on Friday its 2014 profit would be at least 25 per cent lower than the previous year, hurt by a delay in developing its infrastructure projects during…
Mumias slashes staff allowances, freezes pay increments
Mumias slashes staff allowances, freezes pay increments Troubled Mumias Sugar Company has halved senior staff allowances and frozen pay increments as it struggles to climb out of the deep pit of losses it fell into two years ago. Mumias managing director Coutts Otollo informed staff of the changes, part…
Safaricom retains dominance as Airtel subscriber base gets boost
Safaricom retains dominance as Airtel subscriber base gets boost Safaricom Ltd retained its pole position in Kenya’s mobile telephony industry with a subscription market share of 67.4 per cent. This is a slight increase of 0.7 per cent from 66.7 per cent recorded in the last quarter. A quarterly…
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