Capital Business: Kenya tourist arrivals dip slightly NAIROBI, Kenya, May 18 – Tourist arrivals have declined marginally for the first quarter of this year, according to statistics released by the Kenya Tourist Board. The statistics indicate that overall tourist arrivals by air and sea declined by 0.5 percent to 312,258 compared to 313,691 in the same period last year. The first three [...] |
Capital Business: Hoodie-wearing Zuckerberg kicks off Facebook IPO NEW YORK, May 18 – Mark Zuckerberg, wearing his trademark hooded sweatshirt, remotely rang the bell to open trade Friday on the Nasdaq, marking a record-setting public offering for Facebook. Amid a crowd at the social network’s California headquarters, Zuckerberg and hundreds of Facebook employees cheered as the 28-year-old co-founder rang the bell for the [...] |
Capital Business: Raila urges solutions to Kenya’s food deficit NAIROBI, Kenya, May 18 – Prime Minister Raila Odinga has challenged the National Economic and Social Council (NESC) to find solutions to the perennial food deficit afflicting the nation in the wake of climate change. He asked the council members to deliberate on possible remedial measure that could cushion Kenyans from high cost of foodstuff [...] |
Capital Business: Facebook sets richest tech IPO in motion NEW YORK, May 18 – Facebook on Friday is to make the richest-ever share offering for a technology firm, raking in billions of dollars it could wield to dethrone Google as king of the Internet. Facebook stock priced at $38 per share was to begin trading under the symbol “FB” on the Nasdaq, giving the [...] |
Capital Business: StanChart Q1 posts 41pc growth NAIROBI, Kenya, May 17- Standard Chartered Bank has announced a 41 percent pretax profit jump in its first quarter of 2012 to Sh3.3 billion, with its total income rising 33 percent to Sh5.5 billion. The bank’s Chief Executive Officer Richard Etemesi attributed the good performance to the benefits of sticking to a clear and consistent [...] |
Capital Business: US affirms its trade ties with Kenya NAIROBI, Kenya, May 17 – The United States of America has denied claims that it is lobbying for its investments agreements with east African countries with the aim of blocking China’s investments. US Assistant Secretary of Commerce Michael Camunez said there is no any business competition between China and the US since the countries in [...] |
Capital Business: Top level changes at MultiChoice Kenya NAIROBI, Kenya, May 17 – Stephen Isaboke who has been the MultiChoice Kenya General Manager for the last four years has been promoted to position of Regional Director, East Africa. In his new role, he will be responsible for Kenya, Uganda, Tanzania, Djibouti, Ethiopia, Southern Sudan, Somali, Sudan, Eritrea and Seychelles. The appointment of Isaboke [...] |
Capital Business: Court seals Njoroge’s exit at CCK NAIROBI, Kenya, May 17 – The High Court has sealed the fate of Charles Njoroge after ruling that he was illegally re-appointed as Communication Commission of Kenya (CCK) Director General last year. Justice Weldon Korir says the decision by Information Minister Samuel Poghisio to appoint Njoroge against the advise of the CCK Board was unreasonable [...] |
Capital Business: Kenyan firm to lend via SMS NAIROBI, Kenya, May 17 – Local mobile phone users can now borrow money via SMS regardless of their network through a newly launched mobile based lending product. Dubbed Pesa na Pesa, the product is the brainchild of private lending company AVL Capital (AVLC) and will offer facilities for amounts up to Sh10,000 with interest rates [...] |
Capital Business: Greece forms technocrat cabinet to prepare for new vote ATHENS, May 17 – Greece on Thursday unveiled a caretaker cabinet of technocrats tasked with organising the cash-strapped nation’s second elections just six weeks after an inconclusive vote sent jitters across the eurozone. The temporary team led by 67-year-old , the head of Greece’s top administrative court, is made up of mainly prominent university professors, [...] |
Capital Business: New French government to take a pay cut PARIS, May 17 – France’s new government, under Socialist President Francois Hollande, gets down to work Thursday with the first order of business on their agenda being a pay cut for themselves. Hollande unveiled a government of mainly moderate Socialists and longtime allies Wednesday as his new prime minister vowed to work quickly to put [...] |
Capital Business: Juba trudges ahead despite oil row NAIROBI, Kenya, May 16 – South Sudan is trudging on with plans to develop its infrastructure amid unresolved oil issues with its northern neighbour; an inflation surge and recently imposed austerity measures to recoup revenue losses. For roads infrastructure alone, South Sudan would require an estimated $10 billion while funding for eight of its hydropower [...] |
Capital Business: Tatu City project gets underway NAIROBI, Kenya, May 16 – The first phase of the multi-million dollar Tatu City project on the outskirts of Nairobi is now set to kick off after the signing of a Sh262 million deal between the project developer and two construction firms. Tatu City Limited, the company behind the project, on Wednesday signed partnership documents [...] |
Capital Business: MTR tussle to take longer to resolve NAIROBI, Kenya, May 16 – The Mobile Termination Rates (MTRs) tussle will take three months longer to resolve, after the Communication Commissions of Kenya (CCK) pushed forward the release of a study that was to determine viability of lowering the rates. The study which is being conducted by the Kenya Institute for Public Policy Research [...] |
Capital Business: CIC gets nod to list on bourse NAIROBI, Kenya, May 16 – The CIC Insurance Group has been cleared by the Capital Markets Authority (CMA) to list by introduction on the Nairobi Securities Exchange (NSE). The insurer will list 2,179,615,440 ordinary shares at Sh3.50 each on the Main Investment Market Segment. The group has opted to list by introduction to give its [...] |
Capital Business: Virgin Atlantic to fly out of Kenya for good NAIROBI, Kenya, May 16 – Virgin Atlantic will halt operations on the Nairobi-London route on September 24 due to increasing costs and a challenging economic environment in both Kenya and Europe over the past five years. In a statement, Virgin Atlantic Chief Commercial Officer Julie Southern said the decision to withdraw the service was brought [...] |
Capital Business: Debt-stricken Greece forced to hold 2nd election ATHENS, May 16 – Debt-stricken Greece must prepare for its second elections in less than two months after failing to form a government, exacerbating the eurozone crisis which France and Germany vowed to resolve. The election, expected on June 17, follows an inconclusive poll on May 6 when a majority of Greeks expressed their opposition [...] |
Capital Business: Eagerly awaited Sh50b syndicated loan here NAIROBI, Kenya, May 15 – The government has received the long awaited $600 million (Sh50.15 billion) syndicated loan that will be arranged and managed by a consortium of three international banks. Finance Minister Njeru Githae said the loan will go towards financing infrastructure projects as well as programs in implementing the Constitution under the 2012/2013 [...] |
Capital Business: Kenya’s economic prospects for 2012 bleak NAIROBI, Kenya, May 15 – The government now projects the Kenyan economy to grow by a mere percentage point from last year’s 4.4 percent, citing high interest rates and anxiety as the next General Election approaches. Last year, Kenya’s economic growth dropped to 4.4 percent, compared to 5.8 percent in 2010. Speaking while launching The [...] |
Capital Business: Emirates connects Kenya and Vietnam NAIROBI, Kenya, May 15 – Emirates is set to launch it 124th destination in Vietnam next month connecting Kenyans to the South East Asian country’s largest city of Ho Chi Minh. Beginning June 4, travellers from Kenya will be able to fly from Nairobi to the Vietnamese city via Emirates’ hub in Dubai. Regional Manager [...] |
Capital Business: UAP Holdings to put up skyscraper in Juba NAIROBI, Kenya, May 15 – UAP Holdings Limited has secured a $5 million loan from the International Finance Corporation (IFC) for construction of the tallest commercial building in the world’s newest capital City, Juba. Dubbed Equatoria Tower, the 12-storey office development will be undertaken by UAP’s South Sudan Property Company, UAP Properties Limited, and will [...] |
Capital Business: Puma Energy seeks 100pc KenolKobil takeover NAIROBI, Kenya, May 15 – Swiss oil firm Puma Energy has kicked off its bid for a 100 percent takeover of KenolKobil with a declaration that it intends to offer minority shareholders the option of selling their shares through a mandatory general offer. This follows the acquisition of a controlling stake in the listed company [...] |
Capital Business: Kenya Airways says “Namaste New Delhi!” NAIROBI, Kenya, May 15 – Kenya Airways is on Tuesday set to make an inaugural direct flight to New Delhi, India, as the airlines sustains expansion of its global network. The inaugural flight to the Indian capital was to depart from the Jomo Kenyatta International Airport at 1350hrs with a high-powered team led by the [...] |
Capital Business: Puma Energy wants 100pc of KenolKobil Puma Energy intends to pursue a 100% takeover where the minority shareholders would have an option to sell their shares through a mandatory general offer from Puma Energy at the same price as the majority shareholders, all governed by the Capital Markets Authority (CMA) rules. Download: PUMA KK takeover |
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