Capital Business: Innovation focus of Africa economic forum ADDIS ABABA, May 10 – The World Economic Forum on Africa kicked off on Thursday with the launch of a new partnership to promote innovation and entrepreneurship in the continent. The partnership involved high-level representatives from the US Department of State, USAID, African Development Bank, Microsoft, Nokia, World Bank grant programme infoDev, and the World [...] |
Capital Business: Mobile termination rates to go down in July NAIROBI, Kenya, May 10 – The Communication Commission of Kenya (CCK) insists it is ready to lower the Mobile Termination Rates (MTR) by July this year. The statement comes amid great opposition from the mobile operators, who feel the move by CCK would jeopardise their businesses. Acting Director Francis Wangusi however argued that lowering termination [...] |
Capital Business: Safaricom profit drops to Sh13b NAIROBI, Kenya, May 10 – Safaricom ended its 2012 financial year with a four percent drop in net profit to Sh12.63 billion compared to Sh13.16 billion posted in last year’s earnings. “Net income dropped slightly around half a billion shillings due largely to the negative impact of forex losses as well as interest costs of [...] |
Capital Business: Coca Cola HBC losses accelerate in first quarter ATHENS, May 10 – Athens-based Coca Cola Hellenic Bottling (CCHBC) reported on Thursday a net loss of 28.4 million euros ($37 million) in the first quarter of 2012, up from 8.9 million a year earlier. CCHBC, Coca-Cola’s regional subsidiary and one of the largest bottlers of non-alcoholic beverages in Europe, operates in 28 countries in [...] |
Capital Business: SIA seeks tie-ups in India, China as profits flounder Singapore, May 10 – Singapore Airlines (SIA) said Thursday it is exploring partnerships in India and China as it looks to guard against increased competition and global economic uncertainty. “There is always a constant look at how we can be nimble in response to changes in the market,” chief executive Goh Choon Phong told reporters [...] |
Capital Business: Green growth is not just for rich nations Seoul, May 10 – The World Bank urged global governments Thursday to heed the environment when pursuing prosperity, rejecting what it called a myth that green growth is a luxury most countries cannot afford. The bank in a report said political considerations, entrenched behaviour and a lack of appropriate financing systems are the chief obstacles [...] |
Capital Business: Good governance needed for Africa to access infrastructure funds ADDIS ABABA, May 10 – Africa should not cry foul about lack of financing for infrastructure projects but should first deal with governance issues which are a source of concern to financiers, an expert said here on Thursday. The head of the African subsidiary of Old Mutual, a financial services provider with headquarters in England, [...] |
Star Business: Internal Marketing As Important As External10 May 2012 - Last week we discussed the merits of extending the management of a sponsorship across the business. With that dicussion emerged the importance of internal marketing.For an army to go to battle for a cause they must first believe in the merits of the cause they are to fight for. This makes it neccessary that before you commit resources to communicate with the outside world, your people should be completely aligned to your br... |
Star Business: EABl dominates trading as BAT hits new high10 May 2012 - There is plenty going on at the Nairobi Securities Exchange. The Nairobi All Share closed unchanged at 78.09. The NSE20 eased back a further 13.25 points to close at 3585.93.The Exchange traded Turnover of 390.535m. Market Cap is just shy of 1 trillion at 0.999912 Trillion. Kenolkobil is of course Big News but it remains suspended. Safaricom is set to report their FY Earnings tomorrow AM before the Opening Bell. Bat set a new closing high and ... |
Star Business: Safaricom hit by data hitch10 May 2012 - SAFARICOM yesterday suffered a data service hitch which mostly affected corporate customers of the firm who rely on fixed connections either via fibre optic or WiMax.The firm said the problem was caused by a technical fault in routing systems. The data service outage did not however affect the firm's mobile data users on 3G mobile handsets and modems in any way. By late afternoon yesterday, Safaricom’s engineers was still working to rest... |
Star Business: Top grade tea price inches up at auction10 May 2012 - The average price for Kenya's top tea grade rose to $3.53 per kg at auction on Tuesday from $3.47 per kg at the previous sale, lifted by a jump in demand, brokers said. Kenya is the world's largest exporter of black tea and the crop is one of its largest hard currency earners, raking in $1.27 billion last year. Best Broken Pekoe Ones fetched $3.20-$3.85 per kg compared with $3.20-$3.74 per kg at last week's sale, A... |
Star Business: Kenyan banks set to dominate EA C10 May 2012 - Kenyan banks could soon dominate the market within the East Africa region and the new South Sudan market. The banks have a strong presence in the region with KCB, Equity and Diamond Trust Bank on the lead. Equity has presence in Tanzania, Uganda, South Sudan and it opened in Rwanda towards the end of 2010. DTB is in Burundi, Uganda and Tanzania. Fina Bank, which focus on small enterprises has also been operating in Uganda and Rwan... |
Star Business: Amboseli to boost revenue collection10 May 2012 - REVENUE collection at Amboseli National Park is set to improve after the unveiling of a new Sh20 million electronic gate fitted with a wireless link that allows Kenya Wildlife Service headquarters to monitor transactions. The Kimana gatehouse was constructed with funding from US agency for development to enhance electronic management of park operations. Previously information was captured at the gate and transferred and updated ... |
Star Business: Tiger Brands promotes Igathe more please10 May 2012 - South African based,Tiger Brands plans an aggressive expansion and growth in the larger Eastern Africa targeting the fast growing consumer base. The company has now reorganised its top regional management with Polycarp Igathe, the current managing director of Haco Tigers Brands, taking charge of all Tiger Brands interests in Eastern Africa. Under his new role, he will oversee the East Africa Tiger Brands Industries in Ethiopia and Haco Tiger B... |
Star Business: Shilling steady, seen weaker on oil sector dollar demand10 May 2012 - The Kenyan shilling held steady in lacklustre trade but was seen weaker under pressure from oil importers' dollar demand, traders said yesterday. At 0728 GMT, commercial banks quoted the shilling at 83.30/40 per dollar, barely changed from Tuesday's close of 83.20/40. "Probably next week we could see some activity as the oil guys start coming in to buy dollars. That will weaken the shilling a bit," said Pally Muchiri, a trader at Co-operativ... |
Star Business: DPP pleads for extra budget allocation10 May 2012 - The shillings one billion proposed budget allocation for the Office of the Director of Public Prosecutions is far below the requirement and can not facilitate professional delivery of services, its head told a parliamentary team yesterday. The Director of public prosecutions Keriako Tobiko told the Legal affairs committee that the Sh3.3 billion they had requested for is the bare minimum for executing the first phase of a five ... |
Star Business: NOCK and Japan sign joint oil survey deal10 May 2012 - The state oil companies of Japan and Kenya have signed an agreement to survey the East African country, which has become a hot spot for exploration after the discovery of oil, and assess its petroleum reserves onshore, officials said yesterday. National Oil Corporation of Kenya and Japan Oil, Gas and Metals National Corporation agreed to jointly conduct geophysical surveys to help evaluate whether there are commercially v... |
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