Sunday 21 January 2018
(Bloomberg 08/28/13)
Kenya is considering raising more than $1 billion in its planned debut Eurobond sale that will take place by the end of this year, Treasury Principal Secretary Kamau Thugge said. The government plans to use part of the proceeds to help repay a $600 million syndicated loan that falls due in May, Thugge said in an interview today in the capital, Nairobi. The funds will also be used for infrastructure projects in the country, he said. “We are considering raising more than $1 billion because we intend to use part of the money to offset the syndicated loan,” he said. “We are still in the process of recruiting lead managers for the transaction. We want the disbursements definitely before the...
(Standard Digital 08/28/13)
President Uhuru Kenyatta on Wednesday commissioned Mombasa Port Berth 19, deepest berth in East African coast. The facility will aid in berthing of larger container ships and improve operations at the Mombasa port. “Today’s launch marks governments commitment to improving business in the region, this is the deepest berth in East African Coast,” he noted. “We want to make Mombasa port one of the largest, busiest and business friendly in the East African coast,” he said. He said the government is working on measures to upgrade road and railway lines to improve cargo processing thereby reducing cost of doing business. “We are in the next few years going to increase rail freight from the current 4 to 50 per cent,...
(Business Daily 08/28/13)
President Uhuru Kenyatta on Wednesday commissioned a new berth at the port of Mombasa as part of Kenya’s efforts to ease congestion at the facility. President Kenyatta was joined by Presidents Paul Kagame of Rwanda and Yoweri Museveni of Uganda in commissioning Berth 19 – the biggest upgrade to the Mombasa port since 1980. “This facility reflects the expanded capacity at the Port of Mombasa and will enable berthing of large container ships. It is the single largest berth capacity expansion undertaken in 35 years,” President Kenyatta said. Berth 19, which has been under construction since July 2011, will allow three Panamax vessels of up to 250 metres in length to unload containers at any given moment. It will raise...
(Business Day 08/28/13)
NAIROBI — East African countries are grappling with the challenge of how to fast-track training of oil and gas engineers after unexpected and continuing discoveries have positioned the region as a future global oil hot spot. Tanzania may have 40-billion cubic metres of gas, expected to double by 2015, while Uganda has an estimated 3.5-billion barrels of oil. Kenya’s deposits may be up to 10-billion barrels, according to Tullow Oil’s chief operating officer Paul McDade. Authorities in the region, in need of new revenue sources to cover widening budget deficits and finance infrastructure, have been putting pressure on exploration companies to start pumping oil and gas. The lure for money and agitation for equity in distribution of oil and gas...
(Voice of America 08/27/13)
NAIROBI — Somali refugees at the Dadaab camps in northeast Kenya are voting in elections for local leaders this week. The voting is being held as Kenya's government pushes for the refugees to return to their homeland. More than 160,000 Somali refugees in the refugee camps head to the polls this week to elect just over 1,000 local leaders who will represent them in their respective camps. The election is expected to end Thursday. The candidates are competing for the positions of camp leaders, section leaders and block leaders in the five camps. The voters will elect one male and one female volunteer in each position. The election is organized by Kenya’s department of refugee affairs, with the U.N. refugee...
(Bloomberg 08/27/13)
Old Mutual Plc (OML), the U.K.’s third-largest insurer by market value, expects to sell more life-insurance products and begin offering general coverage in Kenya, where premium income may double by 2017. The company, based in London, will use the 31 branches and 100 service outlets it acquired last month when it bought Faulu Kenya Ltd., a microlender, to increase sales of life-insurance policies, said Peter Muthoka, chairman of Old Mutual Asset Managers (Kenya) Ltd. Plans are being drafted to enter the general-insurance industry, he said in an Aug. 21 interview, without specifying a timeframe. “We are talking about bancassurance, that is what is going to help in selling our products,” said Muthoka, 70, a former chairman of Kenya Commercial Bank...
(Standard Digital 08/27/13)
Kenya is losing billions of shillings to Sudan as local producers fail to master the packaging challenges and tap into the high-earning international market for gum arabic. The gum tree, common in arid areas as a sand dune stabiliser and producer of gums earns Sudan more than Sh4 billion a year in exports. Sudan’s success in commercialising the tree is defying local producers, with the few commercial ventures that have sought to exploit the tree returning grim results. The poor returns have been due to the rough terrain in the arid areas and poor packaging, which gives the gum impurities, including dust. “Once the dust is embedded, it becomes difficult to remove,” said a source. As a result, exporters must...
(BBC News Africa 08/27/13)
Police in Kenya are investigating the murder of a former British army colonel who was killed by an armed gang at his home near Nanyuki, Laikipia. David Parkinson and his wife were attacked after the gang of suspected robbers, armed with machetes and a gun, smashed their way into the house in the early hours of Sunday, police said. Mrs Parkinson escaped after hiding in a strong room. Mr Parkinson, an ex-commander of a base in the area, managed a cattle ranch. Senior investigating officer Marius Tum, of Laikipia East police, said about five gang members had gained entry to the house by smashing a glass door just before 01:00 local time on Sunday and found the couple sleeping. During...
(Business Daily 08/26/13)
A surge in equity market trade volumes has boosted most stockbrokers’ fortunes, helping to lift growth of their half-year profits by double and even triple digits. Stockbrokers’ financial statements for the first six months of the year have also revealed cost-cutting measures adopted by the intermediaries, which have helped to widen their profit margins. The stock market turnover for the first half of 2013 stood at Sh73.3 billion, about double the Sh36.09 billion recorded in the first half of 2012. Most of the turnover was recorded between April and June after conclusion of the presidential election petition, according to data released by the regulator. “The equity market registered improved performance in quarter two 2013, relative to the corresponding period in...
(The Associated Press 08/26/13)
NAIROBI, Kenya – A Kenyan government task force has failed to establish who killed a Muslim cleric whose assassination one year ago caused days of deadly violence. Aboud Rogo Mohammed, who had been sanctioned by the United States government and the United Nations for supporting the al-Qaida-linked Somali Islamic extremist group al-Shabab, was shot dead in August 2012 as he drove his wife to a hospital in the coastal city of Mombasa. The task force recommended Monday that a public inquest be opened. Rogo's wife, Hania Said Saggar, blames the police for her husband's killing. The police deny any involvement but have said that Mohammed belonged to a terror cell that planned to bomb Kenyan targets. The Kenyan security forces...
(Shabelle News 08/26/13)
The Kenya government on Friday announced that over 80,000 Somalia refugees have voluntarily returned to their country following the restoration of peace in the Horn of Africa nation. Interior Cabinet Secretary Joseph ole Lenku said records from the department of refugees at the largest refugee camp in Dadaab indicate that the families have already relocated and resettled in various parts of Somalia "Out of the normalcy returning, thousands Somalia nationals through voluntary action have gone back to their country, an indication that the peaceful situation in Somalia is working well for the country," Lenku told journalists in Mombasa He said the government will not relent on its plans to repatriate more than half a million Somalia nationals who had arrived...
(Sabahi 08/26/13)
The Chinese government will help Kenya fight poaching by ensuring security agencies have the latest surveillance equipment in national parks and game reserves, the Kenyan government said in a statement Friday (August 23rd). "The Chinese government understands that poaching is a problem. The most important thing is that they are not just talking about it but working to solve it," said President Uhuru Kenyatta according to Kenya's Capital FM. China has offered to help Kenya in capacity building for the Kenya Wildlife Service (KWS). Chinese multinationals Huawei Technologies and Eastern Communication also donated communications equipment worth 227.5 million shillings ($2.6 million) to enhance security in Kenya, The Standard reported on Saturday (August 24th).
(Business Daily 08/26/13)
The taxman has won a new set of powers that will enable him to exercise pre-emptive strikes against individuals and businesses intending to use bankruptcy laws or relocation to evade taxes. The provision, which is part of the new Valued Added Tax (VAT) 2013 law, clears the way for the Kenya Revenue Authority (KRA) to act against any taxpayer on suspicion that it is changing names, voluntarily winding up or relocating to another country to evade taxes. It was not possible to tell the extent of the powers nor even what the threshold the suspicion reach before any action is taken. Tax experts said the provision was necessary given the large number of non-compliant companies that have been using insolvency...
(Voice of America 08/26/13)
DHL calls itself the “logistics company for the world,” providing transportation via rail, road, sea and air. And Company officials see Africa as a place where its business can boom. For that to happen, though, more international companies will need to invest in the continent and base their operations there. DHL’s Sumesh Rahavendra sees that happening. That’s one of the findings from a recent global technological conference sponsored by his company.“There’s quite a bit of evidence to that in terms of global companies starting to set up base in Africa. If you look at the likes of SAP or IBM or Hisense, which is the Chinese company, all of them are setting base in Africa and looking at how specifically...
(Business Daily 08/26/13)
The Kenya Ports Authority (KPA) will on Wednesday commission a new berth at the port of Mombasa as part of its efforts to ease congestion at the facility. The Sh5.8 billion berth, to be launched by Presidents Uhuru Kenyatta (Kenya), Yoweri Museveni (Uganda) and Paul Kagame (Rwanda), will raise the port’s container handling capacity by 33 per cent – about 200,000 twenty-foot equivalent units (TEUs) containers a year. Gichiri Ndua, KPA managing director, said the new 240-metre long berth will equip the port to handle 800,000 TEUs, up from the current 600,000 TEUs per year. “However the container terminal is still overstretched and is handling more than 300,000 TEUs above the required capacity. The new berth is expected to boost...
(Standard Digital 08/26/13)
Kenya has the potential of generating more than Sh25 billion annually from the coconut industry, authorities in charge of the sector have announced. The Kenya Coconut Development Authority Managing Director Francis Fondo said coconut farming could generate more for the economy if fully exploited. “We are currently earning Sh6 billion instead of the projected Sh25 billion. There is a lot of potential in coconut farming which is yet to be exploited to benefit citizens in employment and poverty alleviation,” said the MD when he paid Taita Taveta Governor John Mruttu a courtesy call at his Wundanyi office on Saturday. He said after discovering this potential, his authority has embraced programmes to create awareness on the opportunities and business potential in...
(Daily Nation 08/26/13)
It emerged on Monday that the rancher killed as he slept in Laikipia was a retired colonel of the British Army, as Kenya police reported key leads. David Parkinson, a 59-year-old Laikipia rancher killed on Sunday morning by a gang, was a retired colonel of the British Army, police said. Mr Parkinson died from severe bleeding following the raid at his home on Monday morning by a five-member gang armed with a pistol and machetes at Magutu village about 40 kilometres north-east of Nanyuki town. He was slashed several times on the left hand with a machete. His wife Ms Sonja Parkinson, 52, survived the attack with a cut on her back. Area police boss Marius Tum said the gang...
(Daily Nation 08/26/13)
Kenyans in Egypt are safe, the country's ambassador to Kenya Kadri Abdelmottaleb has said. Mr Abdelmottaleb said all foreign nationals in the country that is facing political turmoil following the removal of President Mohamed Morsy from office, are safe. “No foreign national has been attacked. The problem is truly for Egyptians and we are trying to contain it. Nobody will allow Egypt to collapse because it is important for Africa and the whole world,” Mr Abdelmottaleb said. The ambassador said tourists were still visiting various parts of the country and that schools had closed for summer holiday. The envoy said Egypt was slowly returning to normalcy and that the curfew hours were being reduced. Mr Abdelmottaleb said Egypt enjoys a...
(The Associated Press 08/26/13)
The United Nations world tourism body said Sunday it has chosen Zimbabwe to lead its Commission for Africa, the continent-wide group for tourism development for the next two years. The U.N. World Tourism Organization said that conflict-troubled Mali also joins the African tourism commission. Zimbabwe and Zambia are co-hosting the 155-nation tourism organization's summit, held every two years, at the resort of Victoria Falls on their common border. The six-day general assembly was formally opened by the two countries' presidents, Robert Mugabe of Zimbabwe and Michael Sata of Zambia. The United Nations said in a statement that July 31 elections in Zimbabwe, bitterly disputed over alleged rigging, "will be respected by the assembly." Australia, Britain, Canada and the United States...
(Voici 08/26/13)
The South African government says former President Nelson Mandela remains in critical but stable condition but his condition becomes "unstable" at times. The government said the ailing anti-apartheid icon who has been hospitalized since June has shown "great resilience" and that his condition "tends to stabilize as a result of medical interventions." In the Saturday statement, President Jacob Zuma urged South Africans to continue praying for the 95-year-old former leader. Mandela is hospitalized in Pretoria. He was admitted to a hospital on June 8 for a recurring lung infection. The former president's health has worsened in recent years. He had been in and out of the hospital for much of the past year. Mandela was elected to serve as South...

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