Kenyan President Uhuru Kenyatta said he’ll rectify a decline in bank lending to businesses caused by his decision in August to impose a limit on commercial lending rates.
Equity Group Holdings Ltd posted its first-ever drop in annual profit, missing analysts’ expectations for an increase, as non-performing loans at Kenya’s biggest bank by market value more than doubled. The stock head for it’s biggest fall in six months.
Google Inc. is scaling up investment in Africa by laying fiber optic cable, easing access to cheaper Android phones and training a workforce in digital skills as the U.S. technology giant seeks to expand on the continent.
Hotels at the Kenyan Coast are increasingly losing international visitors who arrive by charter flights to Zanzibar. Following terrorism attacks which hit the country in 2014, a large number of tourists chose the Tanzanian archipelago and have since been making return visits giving Diani, Malindi and Watamu a wide berth.
US-based Symbion Power has taken Tanzania Electric Supply Company (Tanesco) to the International Court of Arbitration in Paris seeking $561 million settlement (KSh53.7 billion) for breach of contract.
Written by Amina Martha.