Weak shilling lifts central bank’s profit to Sh48bn
Weak shilling lifts central bank’s profit to Sh48bn CBK made a Sh7.3 billion profit from ordinary operations compared to the Sh751 million loss it reported last year. A weak shilling also boosted the CBK’s operating profits mainly arising from forex gains made from sale of dollars…
Power blackout costs Nairobi bourse millions in stock trade
Power blackout costs Nairobi bourse millions in stock trade Trading at the Nairobi Securities Exchange (NSE) was halted Tuesday for more than three hours after a power outage, resulting in low trade volumes. The number of shares traded fell to 3,249,900 compared with 13,723,900 in the…
EA Cables picks ex-Safaricom manager as CEO in revival bid
EA Cables picks ex-Safaricom manager as CEO in revival bid East African Cables has hired a former Safaricom manager, Peter Arina, as its chief executive. Mr Arina will be expected to revive the flagging fortunes of the cables manufacturer. The East African Cables reported 14 per…
Revenue grows but falling stock values hit Britam’s bottomline
Revenue grows but falling stock values hit Britam’s bottomline Kenyan insurer British American Investments (Britam) saw its profit after tax for the first half of the year fall dramatically to Sh625 million, down from Sh2.75 billion in the same period last year. Pretax profit fell to…
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…
Nation Media Group maintains dividend payout after Sh1.4bn profit
NMG maintains dividend payout after Sh1.4bn profit The Nation Media Group has announced that it will maintain an interim dividend payout of Sh2.50 per share for the half-year to June, same as the amount paid in a similar period last year. NMG’s half-year profit before tax dropped to Sh1.43 billion…
KRA intensifies war with manufacturers over excise tax
KRA intensifies war with manufacturers over excise tax The Kenya Revenue Authority (KRA) has intensified its war with manufacturers over the payment of excise tax, putting at risk millions of jobs and billions of shillings in tax revenues.The Kenya Association of Manufacturers (KAM) – the industry…
Jubilee overtakes Britam in market valuation at NSE
Jubilee overtakes Britam in market valuation at NSE Jubilee Holdings has overtaken Britam to become the most valued insurer at the Nairobi Securities Exchange for the first time since October 2013.The composite underwriter now has a market valuation of Sh33.5 billion compared to Britam’s Sh31.1…
Safaricom steps up internet price turf war with rival Airtel
Safaricom steps up internet price turf war with rival Airtel Telecommunications company, Safaricom has revised its Internet bundle prices for the third time this year, stepping up an ongoing fight for data revenue with rivals Airtel and Telkom Kenya. Safaricom, the market leader, revised the cost…
Helios loses top slot in Equity after stake sale to NSSF Uganda
Helios loses top slot in Equity after stake sale to NSSF Uganda London-based investment fund Helios EB Investors is no longer the majority shareholder at Equity Bank after selling part of its stake to Uganda National Social Security Fund.Helios EB Investors sold 2.44 per cent of…
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