Ngunze to take over at KQ earlier than planned

NAIROBI, Kenya, Sept 22 – Mbuvi Ngunze will take over as Kenya Airways Chief Executive Officer on November 1, 2014, a month earlier than expected date. This is after the Kenya Airways Board accepted the resignation of Titus Naikuni as the Director and CEO of the national carrier with effect from October 31, 2014. Ngunze […]

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South Korean investors keen on LAPSSET project

NAIROBI, Kenya, Sept 19 – South Korean investors have developed deep interest in Kenya following the country’s progressive policies in infrastructure and services sectors. The delegation from Lamu Port South Sudan Ethiopia Transport (LAPSSET) Corridor Projects Corridor Development Authority held a series of meetings with the investors to discuss prospects and how to invest in […]

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Uchumi repays the Sh627bn loan from government

NAIROBI, Kenya, Sept 18 – Retail chain Uchumi Supermarket has paid the Treasury Sh33 million, the final payment of the Sh627 million loan it owed the government. The loan was given to Uchumi for the purpose of reviving the company that had been declared insolvent and closed its doors for 45 days in July 2006. […]

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Westgate exposed importance of insurance cover

NAIROBI, Kenya, Sep 19- The primary reason of buying any insurance cover is to transfer risk in case of an unfortunate incident. As a businessman, Nakumatt Managing Director Atul Shah agrees to this very well. However, there is no single insurance cover that would bring back life, he says. Shah is referring the latter to […]

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Excelling is all about credibility #AskKirubi

Last week Wednesday I invited some entrepreneurs from KCA students and some of my Twitter followers to have a round table session with me. Time and time again, I like to sit down with young people to hear what they are doing, the challenges they have undergone to get to where they are and also […]

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G20 grapples with growth targets as eurozone drags

CAIRNS, September 18- Finance ministers from G20 nations meet in Cairns this weekend as they grapple with how to achieve a lift in global growth by two percent while being held back by a sickly eurozone recovery. Strengthening global growth, creating jobs and how to achieve this is the Group of 20′s top priority under […]

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easyJet says finalised $2 bn Airbus order

LONDRES, September 18- British no frills airline easyJet said on Thursday it had finalised a deal to buy 27 single aisle A320 jets worth $2.05 billion (1.59 billion euros) at list prices from European aircraft maker Airbus. The group also plans to raise its shareholder dividend payout, it said in a statement before a capital […]

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Sony shares plunge on expanded loss forecast

TOKYO, September 18- Sony shares plunged Thursday after the electronics giant warned of a $2.14 billion annual loss linked to its struggling mobile phone unit, taking investors by surprise and dealing another blow to its turnaround plan. The stock dropped as much as 12 percent before closing at 1,940.0 yen, down 8.64 percent, after a […]

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China launches gold market to bolster fortunes of FTZ

SHANGHAI, September 18- China, one of the world’s biggest gold consumers, on Thursday launched a new market for trading the precious metal, state media said, as it seeks to attract foreign investors to a year old free trade zone (FTZ). The Shanghai Gold Exchange launched an international board in the city’s FTZ in hopes that […]

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When you wish you could mute your neighbours… #PropertyInsights

Neighbors; We all have them and a sort of love-hate relationship exists between us. We knock on their doors when we need to borrow a cup of sugar, or a few matches and when we need help with this or that. This relationship is not always smooth, and they may have habits that get on […]

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Lenku assures tourism stakeholders of sufficient security

NAIROBI, Kenya, Sept 18 – Interior Cabinet Secretary Joseph Ole Lenku has assured stakeholders in the tourism industry that the government has taken adequate and concrete steps to ensure that there is sufficient security for the sector. He said his Ministry has mapped out tourism sites, installations and facilities for purposes of distributing security personnel […]

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Firm to launch Virtual Banking Services in Somalia

NAIROBI, Kenya, Sep 18 – Rapid Communications Limited, a fully owned Kenyan company recently acquired 16 percent shareholding in Nationlink telecom, a GSM operator, along with the license for banking services. This has enabled the launch of Virtual Banking Services in Somalia. The service will allow the market in Somalia to access various banking products […]

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More stimulus measures seen as China boosts economy

SHANGHAI, September 17- A reported $81 billion injection into China’s major banks is probably the first of a series of fresh stimulus measures by Beijing to boost its flagging economy, the world’s second largest, analysts said Wednesday. Online portal Sina late Tuesday quoted financial institutions as saying the People’s Bank of China (PBoC), the central […]

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Sony warns of $2.14 bn annual loss, over four times forecast

TOKYO, September 17- Sony on Wednesday raised its forecast annual loss more than fourfold to $2.14 billion, blaming its struggling mobile phone business. The Japanese electronics giant said it now expects to lose 230 billion yen in the fiscal year to March 2015, up from a previous forecast net loss of 50 billion yen and […]

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Apple’s iOS8 software due to arrive before latest iPhones

New-generation Apple software for powering its coveted mobile devices is set for release on Wednesday, two days ahead of the arrival of its latest iPhones. The iOS 8 mobile operating system will be available free for download to many iPhone and iPad models and will be pre-installed on iPhone 6 and iPhone 6 Plus, which […]

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Tunisia must show ‘audacity’ in reforms: World Bank

TUNIS, September 17- Bureaucracy, a lack of competition and a banking system in ruins have ossified the Tunisian economic model, the World Bank said Wednesday, calling for sweeping reforms. Poverty and soaring unemployment were behind the 2011 uprising when Tunisians overthrew longtime dictator Zine El Abidine Ben Ali. The World Bank said Tunisians had “surprised […]

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Dollar holds firm ahead of Fed meeting

TOKYO, September 17- The dollar held steady in Asia on Wednesday as investors await the outcome of a US Federal Reserve meeting later in the day. The greenback fetched 107.23 yen in Tokyo afternoon trade, up from 107.15 yen in New York on Tuesday. The euro bought $1.2951 and 138.89 yen against $1.2957 and 138.85 […]

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US diamond market to shine despite China, India growth: De Beers

HONG KONG, September 17- The United States is likely to remain the world’s largest market for diamonds for the next 15 years despite a growing appetite for the gems from China and India, leading producer De Beers said Wednesday. China has the fastest growing demand, jumping to a share of about 15 percent of the […]

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UK firm enters Kenya’s insurance market

NAIROBI, Kenya, Sep 16 – UK based insurance firm Prudential PLC has entered the Kenyan market after buying out Shield Assurance. Prudential Africa CEO Matt Lilley said they will be investing Sh1.5 billion in the next 12 months. Lilley says the company will operate under the Shield Assurance name with changes “expected soon.” “Today’s announcement […]

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Google debuts $105 Android One smartphone in India

Google on Monday launched a $105 smartphone in India, taking aim at emerging markets as part of an initiative called Android One. “With Android One, we not only want to help people get online, we want to make sure that when they get there, they can tap into the wealth of information and knowledge the […]

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