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Shares of the first Ugandan company at the NSE start trading

Written by Today Financial News

02 August 2013

By TF News Reporter

Shares of Umeme of Uganda have started trading at the Nairobi Securities Exchange (NSE), seven months after it cross-listed at the bourse.Securties markets in East Africa still underdevelopedSecurties markets in East Africa still underdeveloped

On Wednesday, 1000 shares of Umeme, traded at the NSE trading platform at Sh13 per share.

Kenya needs Sh250 billion to implement the national broadband strategy

Written by Today Financial News

02 August 2013

By Ben Kinyanjui

The Government requires Sh250 billion to implement the National Broadband Strategy (NBS) aimed at transforming Kenya into a knowledge-based economy.ICT secretary Dr Fred Matiang'i must find ways to raise funds for strategyICT secretary Dr Fred Matiang'i must find ways to raise funds for strategy

The overall objective of the strategy launched late last month is to provide quality broadband services to all citizens in the country.

Scientists to develop a more resistant coffee in the next one year

Written by Today Financial News

02 August 2013

By Magali Moreau

States of emergency have been declared across Central America this year as coffee plants are being devastated by an aggressive fungal leaf disease.Coffee berry diseases common in KenyaCoffee berry diseases common in Kenya

The disease  known as la roya del café (coffee rust), has inflicted losses of nearly 3 million bags of coffee, representing over $500 million in market value.

Number of mobile subscribers dips slightly but Safaricom remains market leader

Written by Today Financial News

01 August 2013

By TF News Reporter

The number of mobile subscribers in the country dipped from 30.7 million to 29.8 million between January and March this year.CCK switched off unregistered SIM cards last yearCCK switched off unregistered SIM cards last year

According to the Communications Commission of Kenya (CCK) quarterly Sector Statistics Report for January to March 2013, the decline was mainly attributed to the de-activation of 2.4million unregistered SIM cards during the quarter.

Inflation rate increases to 6.02 per cent though food prices remain stable

Written by Today Financial News

01 August 2013

 

By TF News Reporter

The overall inflation rate stood at 6.02 per cent in July up from 4.91 per cent reported in June.

Civil society groups are oppossed to duty on foodstuff in the amended VAT Bill Civil society groups are oppossed to duty on foodstuff in the amended VAT Bill

The rate has now exceeded the five per cent target set by the government and experts now say planners and policymakers must now go back to the drawing board to seek ways to tame the upward trend.

Phase out highly hazardous pesticides, FAO urges developing countries

Written by Today Financial News

01 August 2013

By Ben Kinyanjui

The UN Food and Agriculture Organization (FAO) is calling for total ban on highly hazardous pesticides because it has proven very difficult to ensure proper handling.Use of pesticides in common in KenyaUse of pesticides in common in Kenya

FAO says the tragic incident in Bihar, India, where 23 school children died after eating a school meal contaminated with monocrotophos, is an important reminder to speed up the withdrawal of highly hazardous pesticides from markets in developing countries.

Mumias Sugar company board taken to task over poor performance

Written by Today Financial News

01 August 2013

 

By PPS

Mumias Sugar Company Board of Directors as been taken to task over the company’s poor performance.Mumias Sugar is the leading sugar producer in the countryMumias Sugar is the leading sugar producer in the country

At a meeting with President Uhuru Kenyatta and Deputy President William Ruto, Members of Parliament from Western Kenya asked that directors of the Sugar Company be summoned to explain what they saw as a downward spiral.

Seek permanent solutions to conflicts in the Great Lakes region, urges President Kenyatta

Written by Today Financial News

01 August 2013

By PPS

President Uhuru Kenyatta has called on member states of the International Conference of the Great Lakes region (ICGLR) to work together to end conflicts in the region.Presidents Uhuru Kenyatta (Kenya) flanked by President Yoweri Museveni (Uganda) and President Michel Djotodia (Central Africa Republic(R) addressing delegates during the special summit of the Great lakes Region for Heads of State and Government at the UN offices, Nairobi.Presidents Uhuru Kenyatta (Kenya) flanked by President Yoweri Museveni (Uganda) and President Michel Djotodia (Central Africa Republic(R) addressing delegates during the special summit of the Great lakes Region for Heads of State and Government at the UN offices, Nairobi.

President Kenyatta said as agents of people's well being, custodians of national interests and stewards of popular aspirations, the regional leaders should work together and forge a unity of purpose.

Paynet partners with MasterCard to drive local migration to EMV cards

Written by Today Financial News

31 July 2013

By TF News and Agencies

 

MasterCard has signed a deal with regional card processor Paynet Group to partner in a local initiative geared towards encouraging the switch from magnetic strip to EMV cards.Banks are expected to adopt improved card technologiesBanks are expected to adopt improved card technologies

Dubbed “The Great Migration to EMV Chip,” the local initiative brings together various stakeholders in Kenya’s banking and payments technology sectors in an effort to hasten the switch to EMV cards. EMV, an acronym for Europay, MasterCard and Visa, is the globally accepted standard for enhanced card payments security.

The Kenyan shilling still under pressure as dollar demand increase

Written by Today Financial News

30 July 2013

By Ben Kinyanjui

Pressure on the Kenyan shilling continued last week though the exchange rate remained stable with marginal depreciation reported by the Central Bank of Kenya (CBK).Central Bank says demand for dollar is highCentral Bank says demand for dollar is high

The bank says the depreciation was largely attributed to increased importer demand seeking to meet end of month obligations.

Safaricom continue to dominate trade at the bourse but activity declines

Written by Today Financial News

30 July 2013

By TF News Reporter

Trade at the Nairobi Securities Exchange (NSE) declined last week with all performance indicators recording reduced activity.Safaricom CEO Bob Collymore is at the top of the industrySafaricom CEO Bob Collymore is at the top of the industry

Equities turnover declined by 30.89 per cent as bonds turnover shed 30.43 per cent. Equities and bonds indices as well as market capitalization had mixed performance in the week under review.

Kenya gets Sh21 billion from World Bank to fight poverty

Written by Today Financial News

25 July 2013

By Ben Kinyanjui

The World Bank has given Kenya a zero-interest credit of $250 million(Sh21 billion) to help fight extreme poverty and set up a potentially transformational national social safety net program.Poverty remains high in the country despite recent economic growthPoverty remains high in the country despite recent economic growth

The safety net, which will knit together several existing government programs into a better coordinated and more efficient system, aims to reach up to 3.3 million of the country’s poorest people by 2017.

High interest rates dampen demand for houses

Written by Today Financial News

25 July 2013

By Agencies

High interest rates charged by commercial banks have continued to hamper the development of more houses. HassConsult marketing manager Sakina Hassanali says prices for houses remain subduedHassConsult marketing manager Sakina Hassanali says prices for houses remain subdued

HassConsult says in its quarter report that house prices saw some small upswing in the second quarter of this year, but generally activity was subdued.

The strongest gain in house prices in the quarter came for standalone houses, where asking prices rose by three per cent on the three months earlier. But this gain was driven by very sharp pricing rises for particular properties, chased by multiple buyers.

President Uhuru Kenyatta appoints taskforce to review state corporations

Written by Today Financial News

24 July 2013

By Ben Kinyanjui

President Uhuru Kenyatta has formed a taskforce to review parastatal policies, identify challenges and propose a new policy direction for state corporations.The taskforce should scrap irrelevant bodiesThe taskforce should scrap irrelevant bodies

Members of the taskforced drawn from both Government and the private sector include Mr Abdikadir H. Mohamed (Executive Office of the President), Dr Kamau Thugge (National Treasury), Mr Mugo Kibati (Vision 2030) and Mr Korir Sing’oei (Deputy President’s Office).

Kenya among countries facing shortage of land professionals

Written by Today Financial News

24 July 2013

By TF News Reporter

Kenya is among countries with the lowest number of land surveyors despite the numerous unresolved land cases, a new report by the World Bank now says.Most land in Kenya is not surveyedMost land in Kenya is not surveyed

The report, “Securing Africa’s Land for Shared Prosperity,” finds that Ghana, Kenya and Uganda each have fewer than 10 professional land surveyors per one million people, compared to 197 in Malaysia and 150 in Sri Lanka.

Kenya set to become major producer of rare earth

Written by Today Financial News

23 July 2013

By TF News Reporter

Kenya is set to become one of the world’s largest producers of rare earth in the world after discoveries in the coastal region.Mining is becoming a major economic activityMining is becoming a major economic activity

Cortec Mining Kenya Company has released lab results positioning Mrima Hill, Kwale County as one of the top five Rare Earth deposits in the world, with a potential in-ground value of up to US$62.4 billion.

Central Bank of Kenya will allow market forces to determine exchange rate

Written by Today Financial News

23 July 2013

By Ben Kinyanjui

The Central Bank of Kenya has denied claims that it was trying to fix the exchange rate even as the shilling come under intense pressure.CBK says it will intervene to sterm volatility only CBK says it will intervene to sterm volatility only

CBK has in the past few days sold foreign currency into the interbank market to stem volatility in the foreign exchange market but says it is committed to the floating exchange regime that it has pursued for decades now.

Trade at securities market improve as investors’ confidence increase

Written by Today Financial News

23 July 2013

By Ben Kinyanjui

Trade at the Nairobi Securities Exchange (NSE) has improved due to increased investor’s confidence following the formation of the government by President Uhuru Kenyatta.Investors' confidence is likley to boost trade in coming monthsInvestors' confidence is likley to boost trade in coming months

The president appointed 26 principal secretaries early this month after they were approved by the National Assembly. However, the president is yet to name ambassadors and high commissioners.

Pressure on the Kenya shilling continues but exchange rate remain stable

Written by Today Financial News

23 July 2013

By TF News Reporter


The Kenya shilling continued to weaken against the world majors as demand for dollar remain high.Crisis in Egypt has affected tea exports that is leading foreign exchange earnerCrisis in Egypt has affected tea exports that is leading foreign exchange earner

Last week, the Shilling depreciated by 0.37 per cent against the US$, 1.43 per cent against the Sterling Pound, 1.89 per cent against the Euro and 1.24 percent against the Japanese Yen.

Increasing wage bill threatens Vision 2030, says Deputy President William Ruto

Written by Today Financial News

22 July 2013

By Ben Kinyanjui

Kenya may not attain the middle level income status envisioned in the Vision 2030 unless the soaring wage bill is contained.DP William Ruto says Kenyans can forget Vision 2030 if wage bill soarsDP William Ruto says Kenyans can forget Vision 2030 if wage bill soars

Deputy President William Ruto says the current wage that is 12.2 per cent of GDP is unsustainable and a threat to economic development.

Lawyer Kethi Kilonzo loses bid to contest Makueni seat

Written by Today Financial News

19 July 2013

Lawyer Kethi Kilonzo will not contest the Makueni senatorial seat after she lost a legal battle in Court Friday.Lawyer Kethi Kilonzo image is now taintedLawyer Kethi Kilonzo image is now tainted

A High Court in Nairobi upheld an earlier decision by IEBC dispute resolution committee that she could not run because she was not a registered voter as required under the law.

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