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  • Manufacturing data beat no comfort for sterling as election weighs

    June 1, 2017 10:28 AM 10

    LONDON Sterling inched lower against the dollar and euro on Thursday, with forecast-beating manufacturing data giving the currency only a minimal boost as traders eyed radically conflicting polls on next week's British elections. A May survey of purchasing managers in the manufacturing sector beat forecasts in a Reuters poll of economists, but the pound's

  • Barclays set to sell £1.5bn stake in Africa business

    June 1, 2017 7:23 AM 9

    The bank said it would sell the shares to large investors, including South Africa's Public Investment Corporation (PIC) LONDON/JOHANNESBURG - Barclays will sell shares worth £1.5 billion in Barclays Africa Group, the bank said on Wednesday, marking another stage in its exit from the continent to focus more on the United States and Britain. Barclays said it would

  • Food prices hits 13-month high as overall inflation stays in double digits

    May 31, 2017 9:00 PM 2

    The State’s efforts at taming the cost of living seem to have borne little fruit, with food prices now priced at 21.52 per cent higher than they were this time last year. Latest data from the Kenya National Bureau of Statistics (KNBS) further shows that overall inflation for the month of May increased by 0.22 percentage points to 11.7 per cent. This means

  • Barclays gets approval to sell shares in African arm

    May 31, 2017 5:33 PM 6

    Barclays has received regulatory approval for the sale of its remaining stake in its Barclays Africa Group, a unit of the business said on Tuesday. South Africa’s minister of finance has approved the deal, ABSA Bank said, paving the way for Barclays to begin selling its remaining 50 per cent stake in Barclays Africa Group. Johannesburg-based ABSA Bank is the main business

  • Uganda inflation jumps in May, driven by food prices rises

    May 31, 2017 12:04 PM 12

    The Uganda Bureau of Statistics said inflation rose to 7.2 percent year-on-year from 6.8 percent in April. It said core inflation – which strips out food, fuel, metered water and electricity prices – rose to 5.1 percent from 4.9 percent a month earlier. The central bank monitors core inflation for monetary policy purposes. In April, its governor said it was seen remaining

  • Crisis looms as millers warn of 'unga' shortage

    May 31, 2017 12:02 PM 5

    The availability of cheap Ugali on the table of most Kenyans in the next three months will entirely depend on the Government supply of imported maize to the millers. Cereal Millers Association (CMA) officials warned that the cost of maize flour is likely to shoot up again and go back to as high as over Sh150 per 2kg packet, if the government does not ensure

  • Govt assures subsidized maize flour enough to last through October

    May 31, 2017 12:02 PM 7

    By MARGARET NJUGUNAH, NAIROBI, Kenya, May 31 – The country has enough maize to sustain the subsidized Sh90 maize flour for at least the next five months. Agriculture Permanent Secretary Dr. Richard Lesiyampe says allegations by maize millers that there is a shortage are misleading as the government has enough stock. “We have enough maize in our stock

  • Ogilvy names new head of African unit

    May 30, 2017 6:46 PM 3

    Public relations firm Ogilvy has appointed a new chief executive for its Africa business from within. Ogilvy Africa said it had promoted Mathieu Plassard, previously the sister Ogilvy and Mather’s managing director for Africa. He will be stepping into the shoes of Nadja Bellan-White who has now moved to London as Ogilvy and Mather’s vice-president of global

  • Unga traders risk fine as Govt moves to shield consumers

    May 28, 2017 8:27 PM 6

    Retailers selling the two kilogramme packet of subsidised maize flour above the recommended Sh90 risk a Sh1 million fine. This follows the publication of a gazette notice giving legal backing for State control of sifted maize flour costs. It is the first time the order has been issued under a law passed in 2011 allowing for price control of essential

  • Vodafone set to expand payment service further throughout Africa

    May 26, 2017 6:23 PM 2

    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