Shoprite Hints at Possible Exit from East Africa
South Africa's retail giant, Shoprite, has hinted at a possible exit from the East African market on the grounds of unprofitability. According to the firm, its operations outside South Africa [...]
Sameer Africa Quits 50-Year Old Tyre Business
Stiff competition from other imports and lack of adequate stockpiles has forced Sameer Africa Limited Plc to close down its more than 50 years tyre business, effectively rendering 73 employees [...]
AM Best issues negative rating to Kenya Re
Poor technical performance of Kenya Reinsurance Corporation (Kenya Re) in recent years, demonstrated by non-life underwriting results that have been weaker for two years running, as earned it a negative [...]Ex-CMA Boss Paul Muthaura joins ICEA LION as COO
The Board of ICEA LION General Insurance Company Limited has appointed Mr Paul Muthaura as Chief Operating Officer (COO), a newly created position with effect from 1st May, 2020. Muthaura, [...]Deloitte Recommends 3-6 Months Corporate Tax Suspension
Most businesses in Kenya are struggling to meet their financial obligations due to changes brought about by the COVID19 pandemic. Some have slashed their employees' salaries while others have laid [...]
US Oil May Contracts Crash 300% to Below $0
The West Texas Intermediate (WTI) crude May futures shocked markets in late Monday trading as they fell below $0 to lows of -$37.63 per barrel. The historic lows were due [...]
CMA Issues Advisory Against Unlicensed Funds
The Capital Markets Authority(CMA) has warned investors that those dealing with unlicensed entities will not get its protection. This cautionary statement comes amid queries from the public concerning the license [...]Global Markets Weekly Review
Global markets continue to bear the brunt of COVID19 pandemic that has threatened to ground things to a halt. The week commencing 13 April and ending on Friday 17 was [...]Nation Media FY 2019 Earnings decline 18.5% to KSh 856 Million
Nation Media Group recorded a fall in net earnings to KSh 856 Million down from KSh 1.1 billion the previous financial year. Turnover also declined to KSh 9.1 billion in [...]Shilling under pressure from major currencies
The Kenya Shilling appreciated against the US dollar to exchange at KSh 105.91 during the week ended April 17. This is compared to KSh 106.04 the previous week. The local [...]Safaricom, Banks dominate activity at NSE
Safaricom was the biggest mover at the NSE during the short trading week ended April 17th with 37million shares valued at KSh.1.0 billion changing hands at between KSh.26.30 and KSh.28.50. [...]Cytonn blocks investors from pulling cash out of its real estate fund
Individuals who bought into Cytonn High Yielding solutions, invested in real estate projects, will have to wait longer before they can recoup their investments. This is after Cytonn Investments Management [...]
