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  • AfDB to promote remittances into Africa

    October 2, 2017 6:53 PM 3

    Africa Development Bank (AfDB) would promote remittances into Africa from its Diaspora community to boost the region’s economic growth, Gabriel Negatu, the bank’s Director General for East Africa Regional Centre, said. Negatu said this in Nairobi on Monday during the AfDB Business Opportunity Seminar. He added that the bank was working with national

  • Carrefour takes Nakumatt’s spot at TRM space

    October 2, 2017 3:00 PM 17

    French retail giant Carrefour is set to open its third store in Kenya at the Thika Road Mall as early as next month. The retailer will take over the 5,000 square feet store from Nakumatt Holdings who vacated the premises two weeks ago owing to rent arrears. The aggressive expansion by Carrefour comes as it takes advantage of the strategically located

  • Turkish firm to build high-speed railway in Tanzania

    October 2, 2017 12:40 PM 1

    Contract valued at approximately $1.9 billion, Turkey's Yapi Merkezi says Turkish construction giant Yapi Merkezi announced Monday that it signed a $1.9 billion contract to design and construct a high-speed railway in Tanzania. Friday's deal for the 336-km (208-mile) standard gauge railway linking Morogoro and Makutupora, both in central Tanzania, "is one of the biggest

  • Nakumatt says Mall management closed premises despite complying with agreement

    October 2, 2017 10:25 AM

    NAIROBI, KENYA: Nakumatt has written to the owners of Junction Mall demanding continued access of its branch after Saturday's closure. The retail chain accused the landlord of acting in bad faith saying that further delay in opening the premise would lead to legal action. “We have, in the above circumstances, demanded that Junction Mall immediately provide

  • Botswana retailer, Choppies Enterprises set for Kenyan market

    October 1, 2017 9:10 PM

    Botswana supermarket chain Choppies Enterprises has announced plans to enter the Kenyan market with 22 new branches. Choppies East Africa Executive Director Vijay Kumar said the new stores to be spread across all major towns across the country would cost the retail chain in excess of Sh2 billion. Speaking during an inspection tour of the upcoming Kiambu

  • Opening of Kiambu Mall postponed to December

    October 1, 2017 6:54 PM 1

    Developers of Kiambu Mall have pushed the opening of the shopping hub to December, owing to construction delays. The Sh800 million shopping mall was previously set to open its doors in August. Mugaa Investment Developers chairman Peter Burugu blames the delays on political uncertainty in the country which has slowed down shipment of construction materials

  • UAE remains South Africa’s top trade partner in the region

    October 1, 2017 8:39 AM 1

    The UAE and South Africa are seeking to strengthen their existing partnership, with the UAE currently being the 24th largest market for South African products. In this regard, Brand South Africa and the South African Business Council UAE hosted an event on September 28 at the Southern Sun Abu Dhabi under the theme “The Role of SA Business in Promoting

  • Man arrested carrying gold worth Sh3.5 million in his rectum

    October 1, 2017 6:23 AM 1

    A Sri Lankan man who raised suspicion by the way he kept looking around in an airport departure lounge was found to be carrying nearly a kilogram (2.2 lb) of gold stashed in his rectum, a customs official said on Monday. The 45-year-old, headed for India, was arrested at Colombo airport on Sunday after customs officials noticed “suspicious movements

  • Ugandans, Somalis turn Lokichar into crude black market amid Tullow’s denial

    September 29, 2017 9:10 PM 3

    As the standoff between the National Government and Turkana County Government on how to share revenue from the sale of crude oil continues, Saturday Standard has unearthed a developing black market of crude in Turkana. The shocking discovery is the latest twist of how a country can go wrong when it cannot handle new found mineral wealth. The black market

  • No change from Central Bank on key control mechanism for bank lending

    September 29, 2017 11:48 AM 2

    The Central Bank has left a key control mechanism for bank lending unchanged again, amid a generally subdued picture for bank lending. The Central Bank said it was leaving the countercyclical capital buffer (CCyB) rate at 0% for the fourth quarter of 2017. While aggregate credit conditions remain subdued, the Central Bank did note that gross new lending