Equity Bank reports drop in staff costs as 660 workers exit
Equity Bank reports drop in staff costs as 660 workers exit Equity Bank staff numbers declined by 660 last year in what the lender attributed to natural attrition, pointing to a gloomy job market in the financial sector. Equity Bank reported a four-per cent decline in…
KQ projects Sh8.4bn savings from sale of B777s
KQ projects Sh8.4bn savings from sale of B777s National carrier Kenya Airways (KQ) estimates that it could make operational cost savings of more than Sh8.4 billion annually from the sale or sub-leasing of its Boeing 777 planes. KQ has recently been cutting capacity on long flights,…
KQ’s bankers ease loan terms as carrier eyes Sh60bn bailout
KQ’s bankers ease loan terms as carrier eyes Sh60bn bailout National carrier Kenya Airways’ local bankers have agreed to extend the tenure of their existing short-term loans, giving the airline breathing space to secure a Sh60 billion bailout which the CEO expects to source in six…
Barclays starts trading at NSE with its revived investment unit
Barclays starts trading at NSE with its revived investment unit Barclays Bank has re-activated its investment banking business on growing demand for brokerage services especially from foreign investors. The Barclays Financial Services will offer a whole suit of services such as advisory on mergers and acquisitions,…
Vodafone launches M-Pesa Ghana in Africa expansion bid
Vodafone launches M-Pesa Ghana in Africa expansion bid UK telecommunications company Vodafone, which holds a 40 per cent stake in Safaricom, has launched M-Pesa services in Ghana —completing the spread of mobile money in all African countries where the British firm has a presence.
India-based cement giant eyes Sh12.7bn majority ARM stake
India-based cement giant eyes Sh12.7bn majority ARM stake India’s largest cement manufacturer UltraTech Cement is in the race to acquire a controlling stake in Nairobi Securities Exchange-listed ARM Cement, in which it could buy convertible preference shares of up to $125 million (Sh12.7 billion). UltraTech is…
Competition hots up for KQ as Fastjet enters Nairobi
Competition hots up for KQ as Fastjet enters Nairobi Low-cost carrier Fastjet is set to launch Tanzania to Nairobi flights on Monday, stepping up competition for Kenya Airways (KQ) and its associate Precision Air which also fly the same routes. Fastjet has announced daily flights from…
Equitel loans hit Sh4bn, says Equity Bank
Equitel loans hit Sh4bn, says Equity Bank Loans borrowed from Equitel mobile money have hit Sh4 billion since its launch, underlining the vast potential of mobile banking in the country. Equity Bank CEO James Mwangi said an average Sh5,000 is borrowed daily, with most borrowers using…
Local investors keep KQ stock afloat
Local investors keep KQ stock afloat Local investors’ buying of the Kenya Airways (KQ) share has kept its price stable over the past month even after the airline reported a record Sh25.7 billion loss for the year ended March 2015. The loss wiped out its shareholder…
Airtel Kenya permit expired, operating under Essar licence
Airtel Kenya permit expired, operating under Essar licence Airtel Kenya is operating under the licence previously held by Essar, which it bought out last year, as its permit which expired in February is yet to be renewed. The telecommunications firm had until this February to pay…
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