A gauge of business activity in Uganda climbed to its highest level since November, pointing to a return to normal operating conditions as the general elections recede and some service sectors reopen close to a year after restrictions were imposed to contain the coronavirus. The Stanbic Bank Uganda purchasing managers index , a key measure […]
Category: Uganda
CBK gives nod to wind up Chase Bank
File image of a Chase Bank branch. PHOTO| COURTESY Chase Bank, technically referred to as Chase Bank Limited in Receivership (CBLIR), will cease to exist after the approval of its liquidation by the Central Bank of Kenya (CBK) on Friday. The approval of the wind up process is on the recommendation of the Kenya Deposit […]
Jubilee bucks trend with Sh579 million dividend payment
Jubilee Holdings Chairman Nizar Juma. FILE PHOTO | NMG Jubilee Holdings #ticker:JUB shareholders are set for a Sh579.78 million final dividend payout after the insurer defied a trend of losses and fall in earnings to grow its full year net profits. The Nairobi Securities Exchange-listed firm yesterday announced a 1.74 per cent growth in net […]
Can the women save Kenya Power?
Technicians repair power lines. FILE PHOTO | NMG Out of the eight independent directors on the board of the electricity utility, Kenya Power, five are women. They have been sitting on the board of the financially troubled firm for just over eight months. Thus, in terms of expanding gender representation on boards of listed companies, […]
KQ risks Sh14bn refunds for unused flight tickets
Kenya Airways risks paying Sh13.9 billion in refunds to customers for unused tickets bought last year, mainly due to cancelled flights in the wake of the Covid-19 pandemic. This could see the national carrier revise its revenue downwards, according to disclosures made by the company’s external auditor PricewaterhouseCoopers (PwC) for its financial year ended December. […]
Electricity Act 1999 should be amended to curb power theft
On Friday April 9, Daily Monitor reported that power distributor Umeme lost Shs98b to power theft in Jinja Sub-region between January and March and that such loss is greatly attributed to the outdated Electricity Act 1999. As much as the Judiciary created a Utilities, Standards and Wildlife Court to prosecute culprits involved in stealing of […]
Central Africa: Equity Bank Secures $100 Million to Expand in East and Central Africa
AFDB facility will support Equity’s expansion in East and Central Africa and ensure MSMEs have access to capital to recover and thrive in a Post COVID-19 Environment The Kshs 11 Billion loan comes on the heels of an additional USD 50 Million (Kshs 5.5 Billion) Loan Facility from the African Guaranty Fund. Nairobi, Kenya | […]
Former Crane bank staff petition court over documents held dfcu
Former Crane bank staff have sued dfcu bank At least 400 former employees of Crane bank Ltd have petitioned the High court in Kampala seeking orders to compel dfcu bank to produce documents that were allegedly withheld by the bank after their dismissal. The group was employed by Crane bank until October 2016 when Bank […]
Equity bank secures $100 million to expand in East and Central Africa
FILE PHOTO: Equity Group Managing Director and CEO Dr James Mwangi. Eyeing expansion across region. Equity Group Holdings plans Trans-Africa expansion with $100 Million (Ksh 11 Billion) loan from the African Development Bank (AfDB) AFDB facility will support Equity’s expansion in East and Central Africa and ensure MSMEs have access to capital to recover and […]
Kenya: NSE Blue Chips Bleed in Fresh Lockdown, Curfew
Nairobi Securities Exchange (NSE) stocks posted the largest weekly loss since the start of the year as investors reacted to fresh lockdown and longer curfew hours introduced to stem the spread of Covid-19 infections. The market capitalisation reduced by Sh89.38 billion, closing Thursday trading at Sh2.468 trillion as Safaricom, East Africa Breweries Limited (EABL) and […]