Uchumi changes tack on sale of assets after receiving low offers

Retail chain Uchumi Supermarkets has changed tack on its ongoing sale of assets, preferring to only dispose part of the land on which the flagship Ngong Road branch is built and part-lease the Lang’ata Hyper store [...]

StanChart upbeat on Kenya’s growth, predicts fall in rates

Standard Chartered has painted a rosier picture for the Kenyan economy in 2016 compared to last year, predicting lower inflation and lending rates as the shilling stabilises. StanChart says the country’s GDP growth for the year is likely to come in at 5.8 per cent, before rising to six per cent in 2017 [...]

Shareholders give Uchumi nod to seek Sh5 bn capital boost

Retail chain Uchumi Supermarkets has received shareholders' nod to source for investors to inject Sh5 billion into the company as it seeks to reverse a Sh3.2 billion loss. Shareholders gave the green light for the plan in the annual general meeting Wednesday where five new board members were also confirmed [...]

NSE secondary bonds turnover hits 6-week high on liquid market

Turnover in the secondary bonds market at the Nairobi Securities Exchange (NSE) has improved significantly over the past week reaping the benefit of a liquid money market. Analysts say that the resurgence in the secondary bonds market is likely to hold through this week. The bonds market is dominated by banks and other financial institutions, meaning that it tends to feel the effect of an illiquid market to a greater extent than the equities market [...]

Coffee price up at auction after slow start to 2016 auction

The price of coffee improved slightly in the second sale of 2016 after it opened the year on a low during the first auction held last week. Prices are likely to remain at the same level for a while because of high production in Brazil, which is the world’s leading producer of the crop [...]

Investors lose Sh26bn as NSE index falls below 3800 points

The indicative 20 share index slid below 3800 points for the first time in over 40 months as investors’ wealth shrunk by Sh26 billion Wednesday. Market capitalisation has dropped by Sh94 billion in the first 13 days of the year as a bear run that began mid last year continued [...]

Drop in key index signals lower consumer prices

Consumer prices could drop in the first three months of the year following a fall in the Producer Price Index (PPI) that captures changes in cost incurred by manufacturers. The average cost of production went down marginally by 0.57 per cent in the three months to December. The producer prices of maize flour, wheat flour and tea are singled out as having recorded high cost declines [...]

UK gold miner to open Sh112m plant in Narok

UK miner Goldplat has stepped up plans to increase production after issuing a notice to construct an ore processing plant in Lolgorian, Narok County Goldplat, which runs the Kilimapesa gold mine in Transmara, has submitted plans for the new facility to [...]

Mucheru tells films board to give up on Netflix censor bid

ICT secretary Joe Mucheru has told the Kenya Films Classification Board (KFCB) it has no mandate to regulate foreign film content even as the agency insisted that it would censor content on Netflix, the US-based streaming service that recently launched operations in Kenya [...]