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  • Vodafone set to expand payment service further throughout Africa

    May 26, 2017 6:23 PM

    Vodafone (VOD -0.1%) is taking its thriving mobile payments service into more countries in Africa, according to its Kenyan business that launched the service a decade ago. M-Pesa was created by Safaricom and is regulated by the Kenyan central bank, and it's been long expected to spread further into Africa. But South Africa's government has lodged objections

  • Uganda, Tanzania sign deal for world's longest heated pipeline

    May 26, 2017 11:33 AM

    KAMPALA (Reuters) - Uganda and Tanzania signed a framework agreement on their proposed $3.55 billion crude export pipeline on Friday, a key milestone for the project, which is expected to start pumping Ugandan oil to international markets in three years. An official at Uganda's Ministry of Energy told Reuters the agreement covered terms on tax incentives

  • Equity Bank’s first quarter profit drops to Sh4.9 billion

    May 25, 2017 8:32 AM 4

    NAIROBI, KENYA: Equity Bank on Thursday announced a 6 percent drop in first quarter profit to Sh4.9b compared to Sh5.1 billion same period last year. During the same period, pretax profit fell 5 percent to Sh6.9 billion ($66.87 million) from 7.3 billion a year earlier. On Wednesday, the second largest bank by asset announced closure of more than half of its branches

  • Mystery surrounds whereabouts of Sh182m at State lab

    May 25, 2017 8:27 AM 12

    Mystery surrounds the whereabouts of Sh182.8 million at a State laboratory that Kenya’s health sector relies on to test quality of medicines and medical products. A report by Auditor General Edward Ouko on the financial statements of the National Quality Control Laboratory (NQCL) for the year ended June 2016 concluded there were no documents to support

  • Kenya Airways cuts losses by half to 10.2Bn as turnaround strategy takes off

    May 25, 2017 7:36 AM

    By KENNEDY KANGETHE, NAIROBI, Kenya, May 25 – Hope has returned at the pride of Africa as Kenya Airways cut their losses by 51 percent in 2017 to hit Sh10.2 billion compared to the Sh26 billion it recorded in 2016. KQ Chief Executive Mbuvi Ngunze says the turnaround strategy the airline has been implementing in the last one and a half years has started

  • Trump's 3 percent GDP growth target doesn't add up. Here's why

    May 24, 2017 7:11 PM 1

    In testimony to the House panel, Mulvaney said the rosy 3 percent scenario is critical to the success of Trump's agenda, which includes balancing the federal budget. Without it, he conceded, the government won't collect enough in tax revenues to make the numbers work. "I have news for you, both parties: if we do not get to 3 percent growth, it is unlikely

  • Malindi court restrains Belgium firm in Lamu windpower tussle

    May 24, 2017 11:57 AM 2

    LAMU, KENYA: The Environment and Lands Court in Malindi has halted a Belgium firm's Sh21 billion wind project in Lamu following a case filed by an American consortium that objects its construction. The court has ordered the National Land Commission (NLC) not to allocate land to Kenwind Holdings until a case filled by the US based firm, Cordisons International

  • ‘India, Africa can be key partners in agriculture’

    May 23, 2017 10:46 PM 2

    Gandhinagar: With agriculture playing a critical role in their economies, India and Africa both see a lot of scope for partnership and knowledge sharing. "This (agriculture) is an area where India and the bank can fruitfully join hands," Prime Minister Narendra Modi said while formally opening the 52nd African Development Bank's (AfDB) annual event on Tuesday

  • Bidco in Sh20 billion expansion plan as it seeks to widen revenue base

    May 23, 2017 11:17 AM 2

    KIAMBU, KENYA: Bidco Africa has embarked on an ambitious expansion plan as it moves to widen its revenue base. The expansion plan will see four new factories being built at the new Bidco Industrial park near Tatu city in Ruiru. Bidco Chairman Vimal Shah said the company has already started the expansion programme that will cost them Sh 20 billion

  • India must become an engine of growth, says PM Narendra Modi at AFDB meet

    May 23, 2017 6:15 AM 1

    Prime Minister Narendra Modi is on a two-day tour of Gujarat. This is PM Modi's third visit to his home state where Assembly elections are due early next year. Addressing the annual meeting of African Development Bank Group in Gandhinagar today, Prime Minister Narendra Modi highlighted India's long time association with African nations and said India