Kenya clears five firms to bid for telecoms link

(Reuters) - Kenya's telecoms regulator on Tuesday said five telecoms firms had qualified to bid for the construction of a submarine fibre-optic cable linking its coast to the United Arab Emirates (UAE).

Kenya has already set aside one billion shillings for the $100 million project known as The East African Marine Systems (TEAMS) and has invited private east African operators to raise the remainder as partners in the project.


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Kenya court dismisses case against Kenya Re

(Reuters) - A Kenyan judge dismissed on Wednesday a suit seeking to prevent the Kenya Reinsurance Corporation (Kenya Re) from selling shares to the public, saying the case lacked merit.

The government plans to sell a 40 percent stake in Kenya Re for 2.28 billion shillings in an initial public offering (IPO) next month. The public has between July 18 and 31 to place its orders.


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Kenya unit eases vs dollar, seen weakening to 67 level

(Reuters) - The Kenya shilling softened versus the dollar on Thursday due to good demand and dealers saw it weakening further due to heavy demand that has characterised trade this week.

At 1050 GMT commercial banks quote the unit at 66.85/95 compared with Wednesday's close of 66.70/80.


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Kenya's central bank cuts interest rate to 8.5 pct

(Reuters) - Kenya's central bank said on Monday said it had cut its key CBR interest rate to 8.5 percent from 10 percent.

"The Monetary Policy Advisory Committee (MPAC) held its fifteenth meeting on Wednesday ... and advised the CBK (Central Bank of Kenya) to set the CBR at 8.5 percent," a weekly bulletin from the central bank said. "The Central Bank concurred with the recommendation."


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Kenya shilling rallies to four-year high vs dollar

(Reuters) - The Kenya shilling rallied to a four-year high versus the dollar on Thursday.

At 0800 GMT, commercial banks posted the unit at 66.45/55 against Wednesday's 66.60/70 closing level and past a technical level of 66.50. The unit last traded around these levels in May 2003.


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World Bank gives Kenya $135 mln for Internet

(Reuters) - The World Bank gave Kenya credit worth $135 million on Wednesday to improve Internet usage and the gathering of statistics.

The new credit brings to $289.4 million the amount the bank has committed to lend to the east African nation in 2007. The country was formerly shunned by international donors due to rampant corruption.


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