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Kenyatta University partners with MasterCard and Equity Bank to unveil payment system

Written by Today Financial News

18 July 2013

By Ben Kinyanjui

Kenyatta University has joined hands with Equity Bank and MasterCard to unveil a new prepaid system for its alumni body.Equity Bank CEO Mr James Mwangi has supported education in Kenya for decades nowEquity Bank CEO Mr James Mwangi has supported education in Kenya for decades now

The KU Alumni Card allows alumni to enjoy discounts with selected partners, ranging from hotels, bookshops and hospitals to insurance companies and mobile phone service providers.

Showdown between striking teachers and government continues

Written by Today Financial News

17 July 2013

The government through the Teachers Service Commission (TSC) has threatened to sack over 200,000 striking teachers. TSC has asked unemployed teachers to apply for the jobs while at the same time saying it is ready to negotiate with the striking teachers.Education secretary Prof Jacob KaimenyiEducation secretary Prof Jacob Kaimenyi

Teachers ignored a directive to report to work Monday prompting the employer to advertise for the jobs as a desperate attempt to get them back to class. Experts argue that it is near impossible for TSC to raise such a number of teachers.

Cortec Mining Kenya gets NEMA approval to start mining in n Kwale

Written by Today Financial News

16 July 2013

By Agencies

The National Environmental Management Authority (NEMA) has cleared Cortec Mining Kenya Limited (CMK) start mining and processing niobium and rare earths in Kwale County.Minining secretary Mr Najib Balala is expected to publish new mining lawsMinining secretary Mr Najib Balala is expected to publish new mining laws

Cortec says Nema had approved its Environmental Impact Assessments (EIAs at Mrima Hill, Kwale, on the south coast, paving the way for mining of one of the largest such deposits in the world, which is expected to generate taxes and royalties for Kenya of more than $300m (KSh26bn) over the mine's 15-year lifespan.

Davis & Shirtliff launches new water purification system

Written by Today Financial News

15 July 2013

By Ben Kinyanjui

 

Davis and Shirtliff have launched a locally assembled water treatment system that is ideal for commercial and industrial applications in cities and large horticultural and dairy farms.New system to assist flower farmersNew system to assist flower farmers

The system that is first-of-its-kind venture in the energy and water equipment sector is part of the company's drive to local production of innovations to spur the fledgling manufacturing sector.

Pressure mounts on the shilling but CBK maintains exchange rate is stable

Written by Today Financial News

15 July 2013

By Ben Kinyanjui

Pressure continues to pile on the Kenya Shilling but the Central Bank of Kenya insists that the exchange rates are stable.CBK says the financial sector remain strongCBK says the financial sector remain strong

 

Last week, the exchange rate depicted mixed performance against major international currencies with the shilling depreciating by 0.84 per cent and 0.16 per cent against the US$ and the Japanese Yen, respectively to trade at an average of Sh86.70 per USD and Sh86.38 per 100 Japanese Yen.

The World Bank to help Kenya exploit new found oil and natural gas

Written by Today Financial News

15 July 2013

By Diariétou Gaye

Your presence here signals the considerable interest which the oil and gas sector continues to generate, mainly driven by the exploration and recent oil and gas discoveries. WB country director Ms Diarieou Gaye has pled to support KenyaWB country director Ms Diarieou Gaye has pled to support Kenya

As you are may be aware, Kenya has a long history of exploration of oil and gas, which finally culminated in the important discoveries in 2012 of oil in the Turkana region and natural gas offshore.

Trade at NSE improves as investor confidence increases

Written by Today Financial News

15 July 2013

By TF News Reporter

Trade at the Nairobi Securities Exchange (NSE) improved last week as investors review their position following the peaceful elections held on March 4.Governors elected on March 4 are expected to attract investorsGovernors elected on March 4 are expected to attract investors

Most investors had scaled down their operations fearing a recurrence of post-election violence experienced in 2007/08. However, the last election that ushered in President Uhuru Kenyatta was peaceful and transition smooth.

Public services offered by teachers and health personnel are below expectation, says World Bank

Written by Today Financial News

12 July 2013

By Ben Kinyanjui

Teachers and health professionals offering services in the public service should improve their performance, a new survey released by the World Bank Friday reveal.Teachers are asking for better pay from TSC chief Gabriel LengoboiniTeachers are asking for better pay from TSC chief Gabriel Lengoboini


It says, while Kenya has made tremendous progress recently by reducing child mortality and getting more children into school, the quality of public education and health services is essential to build on these gains.

Global leaders convene to focus on African agriculture

Written by Today Financial News

12 July 2013

Global leaders convene to focus on African agriculture

By Agencies

Former and current heads of State from several African countries meet in Abuja, Nigeria to re-examine the potential of  African agriculture.

The forum dubbed “Realizing the Potential of African Agriculture: Catalytic Innovations for Growth” is part of the activities lined up to mark Rockefeller Foundation 100 years of global innovation.

CBK retain lending rate at 8.5 per cent but real interest rates remain high

Written by Today Financial News

10 July 2013

By Ben Kinyanjui

The Central Bank of Kenya (CBK) has retained its lending rate at 8.5 per cent for the second month in a row in an effort to spur lending.CBK governor Prof Njuguna Ndung'u want banks to lower lending ratesCBK governor Prof Njuguna Ndung'u want banks to lower lending rates

However, industry sources reveal that commercial banks are yet to respond sufficiently by lowering interest rates that would encourage borrowing and hence spur economic growth.

Liberalisation in agriculture is key to economic integration in Africa, argues expert

Written by Today Financial News

06 July 2013


By
Manitra A. Rakotoarisoa

Africa needs to accelerate regional economic integration to avoid the risks of agricultural (including food) ‘trade diversion’ and to reap the benefits of full or reciprocal liberalisation under multilateral and preferential trade agreements.  Most economies in Africa are agriculture basedMost economies in Africa are agriculture based

Although these agreements may improve market access and consumer welfare in least developed countries in Africa, they may also weaken these countries’ production sector and divert trade away from other developing countries, including their neighbors in the region.

Can Kenya become a global exporter of business services?

Written by Today Financial News

06 July 2013

By Nora Dihel

Kenya’s potential to export business services is vast. Business services are generally provided on a private sector basis and require a high level of skills that are usually certified. KCB is a leading financial services provider in EACKCB is a leading financial services provider in EAC

Business services include accounting, architectural, engineering, legal services, business process outsourcing (BPO), information communication technology (ICT), information communication technology enabled services (ITeS), and more.

Kenyan government reduces road blocks along the Northern Corridor

Written by Today Financial News

03 July 2013

By Ben Kinyanjui

The government has reduced the number of police manned road blocks along the Northern Corridor from Mombasa to Busia to five from the previous 36.Transport costs along Northern Corridor are vey highTransport costs along Northern Corridor are vey high

East Affairs Cabinet Secretary Phylis Kadhie also says the government would privatise the weighbridges and reduces them to two in order to speed up the movement of cargo along the highway.

Power generating company gets insurance cover from World Bank

Written by Today Financial News

03 July 2013

By Agencies


World Bank investment guarantee agency has provided risk insurance to Triumph Power Generating Company to construct a new power station.Kenya's electricity demand is increasing Kenya's electricity demand is increasing

The Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group says it is committed in its  support for Kenya’s energy sector by providing investment guarantees for the construction of an 83-megawatt heavy fuel oil plant.

Kenyan economy grew 5.2 per cent in first quarter boosted by construction and agricultural sector

Written by Today Financial News

02 July 2013

By Ben Kinyanjui

The economy grew by 5.2 per cent during the first quarter of 2013 compared to 3.9 per cent recorded during the same quarter of 2012.Agricultural sector did well in first quarterAgricultural sector did well in first quarter

The construction was the main driver recording a 13.5 per cent growth compared to 3.1 per cent during a similar period last year. The agricultural sector also recorded improved performance mainly due to favourable weather conditions.

Kenya Petroleum Refineries Limited: A lost opportunity?

Written by Today Financial News

02 July 2013

By TF News Team

A meeting of the Heads of State from the East African Community (EAC) in Kampala six years ago directed the Arusha-based secretariat to develop a strategy on refineries in the region.East African region requires new refinery after oil discoveries in Kenya and UgandaEast African region requires new refinery after oil discoveries in Kenya and Uganda

 

During that period, Uganda, Tanzania and Kenya had scaled up oil exploration in the region with oil findings now confirmed in Uganda and Kenya while Tanzania discovered huge deposits of natural gas.

Pressure to close Mombasa-based oil refinery intensifies

Written by Today Financial News

02 July 2013

By Ben Kinyanjui

Call them whatever you want Mr Suleiman Shakombo but they seem determined to have the Kenya Petroleum Refinery Limited (KPRL) closed down this time round. But they cannot just do it if you convince the new government that it is still a viable investment.Pressure is piling on KPRL board to upgrade or close down refineryPressure is piling on KPRL board to upgrade or close down refinery

However, a walk done memory lane will tell you that time is running very fast for the only facility left in the East African region. A similar facility in Dar-es-Salaam closed shop some 15 years ago.

Kenya shilling lose grip in EAC as pressure from importers persist

Written by Today Financial News

01 July 2013

By TF News Reporter

The Kenya shilling depreciated against major currency in the East African Community (EAC) as pressure from importers continues.U.S President Barack Obama's visit to Tanzania a boost to economyU.S President Barack Obama's visit to Tanzania a boost to economy

The shilling appreciated marginally against the Burundi Franc but depreciated against all other EAC currencies to trade at an average of Ush30.22, Tsh18.96, RWF 7.44 and BIF 18.19 compared to an average of Ush30.36, Tsh19.17, RWF 7.58 and BIF 18.18 during the week ending June 20.

Trade at securities market decline despite effort to spur economic growth

Written by Today Financial News

01 July 2013

By Ben Kinyanjui

The bonds market remained bullish at the Nairobi Securities Exchange (NSE) that also witnessed a further decline in equities. National Treasury PS Dr Kamau Thugge to guide economy in a hostile environmentNational Treasury PS Dr Kamau Thugge to guide economy in a hostile environment

The decline comes during the week when President Uhuru Kenyatta appointed principal secretaries to spearhead economic policies that will ensure a double digit growth in the next five years.

Rate of inflation increase due to higher food prices

Written by Today Financial News

29 June 2013

By Ben Kinyanjui

Kenya’s inflation rate rose to 4.91 per cent in June from 4.05 per cent in May mainly due to increase in food prices.Tomatoes prices have fallen but inflation is increasingTomatoes prices have fallen but inflation is increasing

“The marginal increase in the index was as a result of several food commodities prices raising faster than those that were falling,” says the Kenya National Bureau of Statistics (KNBS).

Inflows from Kenyans living abroad on the increase, says Central Bank of Kenya

Written by Today Financial News

28 June 2013

By TF News Reporter

Kenyans living abroad remitted US$ 105 million (Sh9 billion)in April that This was 1.5 per cent higher than the inflows recorded in March which amounted to USD 103.4 million.CBK says inflows on the increaseCBK says inflows on the increase

The Central Bank of Kenya says the amount is 9.8 per cent higher than the figures recorded in April 2012 which amounted to US$ 95.6 million.

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