FINANCE EA DAILY BUSINESS NEW SUMMARY

Equity Group arm to build Kigali Financial Towers in $100m investment

Equity Bank Group is set to fund to a tune of $100 million the construction of Kigali Financial Towers through Equity Holding (EH) Venture Capital.

EH is the investment arm of the Nairobi-headquartered regional lender. The towers are some of the buildings of the Kigali International Financial Centre (KIFC) to host key financial institutions in the country including global investment banks that Rwanda is targeting to attract…The EastAfrican

Tanzania, Kenya face off over maize amid shortage, soaring prices

Kenya has blocked dozens of trucks ferrying maize from Tanzania over quality concerns even as the country grapples with dwindling stocks and skyrocketing prices of the commodity.

The maize shortage in the country has seen flour prices rise from $1.40 to about $2 for a two-kilogramme packet within a week, as millers slashed production by half…The EastAfrican

US rate hike inflicts pain on Kenyan investors, firms

Aggressive interest rate rises by major central banks in the developed world are causing pain to Kenya’s businesses, households and investors through costly loans, losses at the Nairobi bourse and weakened shilling.

The market outlook turned gloomier this week after the Bank of England and the Swiss National Bank followed the US Federal Reserve in pushing up interest rates to tackle soaring inflation.

In the UK, the Bank of England raised rates for the fifth consecutive time while the Fed delivered its first 0.75 percentage point rate rise since 1994, with the aftermath echoing thousands of miles in emerging economies such as Kenya. Experts say the rate hikes in the developed world are encouraging capital flight from developing economies, raising the rates on sovereign debt and destabilizing their currencies…BusinessDaily

Ex-NBK boss loses Sh1bn fraud suit against CMA

A court has ruled against former National Bank of Kenya chief finance officer Chris Kisire in a suit where he accused the Capital Markets Authority (CMA) of breaching his rights in a fraud probe that is estimated to have cost the lender close to Sh1 billion.

In the case, Mr Kisire also sought the court to overturn a Sh1 million fine and the ban from holding office in listed companies for three years for cooking of books and Sh1 billion fraud allegations.

He wanted the court to declare that the regulator violated his right to a fair trial for issuing him with a “notice to show cause” in March 2015 without furnishing him with sufficient details of the allegations….BusinessDaily

KenGen to ship in electric cars after installing charging station

Kenya Electricity Generating Company (KenGen) has installed an electric vehicle charging station in Nairobi as the State agency joins other actors steering the push for e-mobility.

Catherine Nyambala, an engineer at KenGen, said the power producer will in the coming days ship in electric cars to test the station and help with data that is key to boosting policy legislation for e-mobility. The revelation comes barely a month after Kenya rolled out the first electric bus as the shift to e-mobility gathers pace…BusinessDaily

Blow to Kenya Power as court stops Sh3.5bn meters bid

Kenya Power has been barred from proceeding with a Sh2 billion tender for the supply of meters after local assemblers moved to the High Court and obtained an order suspending the process.

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