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  • Kenya smallholder tea farmers earn Sh63.6 billion from tea exports

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Kenya emerge best in economic management in East African region

Written by Today Financial News

26 June 2013

By Ben Kinyanjui

Kenya has recorded significant progress in improving policies and institutions for growth and poverty reduction, according to a new World Bank assessment.Retired President Mwai Kibaki played a key role in economic growthRetired President Mwai Kibaki played a key role in economic growth

The assessment report says Kenya is ranked top, with Cape Verde, in Sub-Saharan Africa on the latest World Bank Country Policy and Institutional Assessment (CPIA), which rates the performance of poor countries.

Kenyan government determined to spur exports but challenges are many

Written by Today Financial News

24 June 2013

By Uhuru Kenyatta

I am pleased to join you for this National Exporters Forum that brings together stakeholders in the export sector to exchange ideas and strategise for better performance. Exports have remained low due to lack of diversificationExports have remained low due to lack of diversification

The theme of this year's forum - "Growing Kenya's economy through increased exports anchored on efficient trade facilitation, market access and logistics"- underlines a key commitment of my Government.

Trade at securities market declines for the second week

Written by Today Financial News

24 June 2013

By TF News Reporter


Trade at the Nairobi Securities Exchange (NSE) continued on a downward trend with both the equities and bonds segments declining for the second week running.Investors have adopted a wait and see attitude Investors have adopted a wait and see attitude

All equities indices, market capitalization and bonds turnover also declined.

Interest rates on Treasury bills continue to decline but demand remain high

Written by Today Financial News

24 June 2013

By Ben Kinyanjui

Investors’ appetite for government securities continued to increase despite a steady decline in interest rates on Treasury bills.Banks are the major buyers of TbsBanks are the major buyers of Tbs

According to the Central Bank weighted average interest rates on the 91 day, 182 day and 364 day Treasury bills decreased further by 31.4, 47.5 and 12.9 basis points to reach 5.110 per cent, 5.642 per cent and 8.141 per cent, respectively, during last week’s auction.

World Bank approves Sh13 billion to support water infrastructure and institutions

Written by Today Financial News

19 June 2013

By Ben Kinyanjui

The World Bank has given US$155 million (Sh13 billion) credit to support government efforts in the multi-billion shilling  water sectorMost households in Kenya lacks access to clean drinking waterMost households in Kenya lacks access to clean drinking water.

The loan approved by the bank's board of directors in Washington Tuesday will be used to support new water infrastructure, including in water storage and irrigation, and build capacity in water institutions.

Mr Henry Rotich budget speech

Written by Today Financial News

15 June 2013

STATEMENT DELIVERED TO THE BUDGET AND APPROPRIATION COMMITTEE OF THE NATIONAL ASSEMBLY ON 13THJUNE, 2013, BY MR. HENRY K. ROTICH,

CABINET SEC RETARY FOR THE NATIONAL TREASURY, REPUBLIC OF KENYA,

WHEN HIGHLIGHTING THE BUDGET POLICY AND REVENUE RAISING MEASURES FOR FISCAL YEAR 2013/2014

1ST JULY, 2013 TO 30TH JUNE, 2014

 

 

 

Kenya’s economy to grow at a faster rate this year but poverty remains a big challenge

Written by Today Financial News

17 June 2013

By Ben Kinyanjui

Kenyan’s economy is expected to grow faster in the next two years driven by lower interest rates and higher investment, says the World Bank in its latest economic update for Kenya.CBK is expected to keep interest rates lowCBK is expected to keep interest rates low

The bank says the two factors will support economic growth that is expected to grow by 5.7 per cent this year and six per cent next year up from 4.7 per cent last year.

Earnings from tea exports boost shilling that has been under pressure from imports

Written by Today Financial News

17 June 2013

By TF News Reporter

Earnings from the tea subsector helped the shilling recoup some of the losses it had incurred early this month when demand from the importers and corporates exerted pressure on the exchange rate.Tea exports provides short-term inflows to the economyTea exports provides short-term inflows to the economy

Last week, the shilling appreciated marginally against the US$ to trade at an average of Sh85.06 per USD compared to Sh85.15 per US$ in the week ending June 6.

Trade at the bourse declines during the week government unveiled Sh1.6 trillion budget

Written by Today Financial News

17 June 2013

By Ben Kinyanjui

Trade at the Nairobi Securities Exchange (NSE) slowed down last week with all indices and turnover ceding ground. Trade is expected to improve as economy picks momentumTrade is expected to improve as economy picks momentum

The NSE 20 Share Index closed the week at 4,838.01 points or three per cent below the previous week’s level, while NASI ended at 122.97 points or 2.9 per cent lower than the previous week’s level.

Infrastructure, agriculture and devolution given more money in budget 2013/2014

Written by Today Financial News

15 June 2013

By Ben Kinyanjui

President Uhuru Kenyatta pledges for free maternal health care in public health facilities and youth employment got a boost when National Treasury cabinet secretary Mr Henry Rotich allocated billions of shillings to meet those expenditures.Agriculture remains the backbone of the economyAgriculture remains the backbone of the economy

Mr Rotich allocated Sh3.8 billion for free maternal health, Sh1.2 billion to construct housing units for health officials, Sh700 million for health access in health centres and dispensaries as well as Sh1 billion for lease financing of health care equipment.

Persecuting Biotechnology

Written by Today Financial News

13 June 2013

By Calestous Juma

In a widely circulated speech, UK environmental activist Mark Lynas has apologised for his past history of demonising transgenic crops and masterminding the anti-biotechnology campaign.Debate for and aganist GM technology has denied farmers in Africa numerous opportunities Debate for and aganist GM technology has denied farmers in Africa numerous opportunities

Explaining at the Oxford Farming Conference in January 2013 why he changed his mind, Lynas said: "I discovered science, and in the process I hope to become a better environmentalist."

Former Trade Minister Dr Mukhisa Kituyi appointed to head UN trade agency

Written by Today Financial News

13 June 2013

By Ben Kinyanjui

Former Trade Minister Dr Mukhisa Kituyi will now head UN Conference on Trade and Development (UNCTD) after the UN General Assembly approved his appointment on Monday.Dr Mukhisa Kituyi is an acomplished trade negotiator Dr Mukhisa Kituyi is an acomplished trade negotiator

A statement from UN Secretary-General Ban Ki-moon’s office says Dr Kituyi who served as Kenya’s Trade and Industry minister (2007-2008) would take over from Mr Supachai Panitchpakdi of Thailand on September 1.

Parasite-resistant maize developed by Kenyan scientist

Written by Today Financial News

08 June 2013

By George Achia

29 May 2013 | EN

Two new varieties of hybrid maize that are resistant to the deadly parasitic Striga weed have developed by a Kenyan scientist. A farmer in Western Kenya uproots striga weed from his maize cropA farmer in Western Kenya uproots striga weed from his maize crop

The weed affects cereal crops in many parts of Africa and is a major cause of crop failure in East Africa, where climate change has been driving its spread in recent years.

Government domestic debt hit Sh1.1 trillion as financial year 2012/2013 closes

Written by Today Financial News

08 June 2013

By Ben Kinyanjui

Gross Government domestic debt has increased to Sh1.1 trillion up from Sh858.8 reported in June last year.CBK governor Prof Njuguna Ndung'u says shilling also under pressureCBK governor Prof Njuguna Ndung'u says shilling also under pressure

The central Bank of Kenya says the increase follows increases of Sh129.2 billion, Sh61.6 billion, Sh26.9 billion and Sh3.5 billion in the stocks of Treasury bills, Treasury bonds, Government overdraft at the Central Bank and other domestic debt, respectively.

Bonds market register growth as trading at bourse slows down

Written by Today Financial News

08 June 2013

By TF News Reporter

The bonds market improved by 43.03 per cent last week with turnover increasing to Sh28, 681.85 million from Sh20, 052.85 million the previous week.  Bonds segment recorded 40 per cent  increase last weekBonds segment recorded 40 per cent increase last week

Market analysts attributed the improvement to investors’ preference for better yields in bonds given the decline in Treasury bill rates.

Parastatal chiefs top President Kenyatta's list of principal secretaries

Written by Today Financial News

08 June 2013

By Ben Kinyanjui

 

Engineer Joseph Njoroge was early last month at pains to explain why the Kenya Power and Lighting Company (KPLC) that he heads should be allowed to hike power charges in order to raise more money for investment.Eng Joseph Njoroge (left) confers with outgoing Energy PS Mr Patrick NyoikeEng Joseph Njoroge (left) confers with outgoing Energy PS Mr Patrick Nyoike

On the receiving end were the manufacturers who were are arguing that higher power tariffs come July 2013 would drive them out of business. Eng Njoroge could not understand but now he has no choice but to understand.

The Kenya shilling come under pressure but remains stable

Written by Today Financial News

03 June 2013

By Ben Kinyanjui

The Kenya Shilling was under pressure last week depreciating marginally against major international currencies to close at Sh84.79 to the US$ and Sh109.53 to the euro.Demand from importers has put shilling under pressureDemand from importers has put shilling under pressure

The Central Bank of Kenya (CBK) attributed this to increased demand for dollars from importers to meet their end of month commitments and payment of dividends by corporates.

Trade at the bourse declines but Safaricom continue to dominate trade at the bourse

Written by Today Financial News

03 June 2013

By TF News Reporter

 

Safaricom, Kenya Commercial Bank and Mumias Sugar continued to dominate trade at the Nairobi Securities Exchange last week by moving 41.95 million, 7.19 million and 7.04 million shares respectively Safaricom has continued to stir the market as it remain ahead of competitionSafaricom has continued to stir the market as it remain ahead of competition

The market recorded mixed performance where the bonds segment improve but equities segment activities declined and turnover and market capitalization ceded ground.

Rate of inflation decline marginally as food and oil prices remain steady

Written by Today Financial News

01 June 2013

 

By Ben Kinyanjui

 

The overall rate of inflation stood at 4.05 per cent in May down from 4.14 per cent reported in April 2013.Food and oil prices have remained steady for the last five monthsFood and oil prices have remained steady for the last five months

 

 

The Kenya National Bureau of Statistics says the CPI increased by 0.17 per cent from 139.28 in April to 139.52 in May.

Groups oppose mandatory labeling of GMO foods in Kenya

Written by Today Financial News

31 May 2013

By TF News Reporter

Mandatory labeling of GMO foods adopted by the National Biosafety Authority is likely to affect trade in grains within the East African Community (EAC) as well as increase the cost of food in a country that suffer food deficit.Asking such farmers to label their maize is a problemAsking such farmers to label their maize is a problem

Trade experts as well scientists supporting the Genetic Modification technology argue that the stringent measures taken by EAC largest economy that also acts as a transit corridor to Uganda, Rwanda and Burundi will have a spillover effect in the region that is already struggling a severe food deficit.

Kenya is among countries that stand to benefit from Bt cotton within COMESA region

Written by Today Financial News

31 May 2013

By Ben Kinyanjui

Kenya is among cotton growing countries within the Common Market for Eastern and Southern Africa (Comesa) that can reap huge benefits from adopting Bt cotton, a new study now reveal.Cotton farmers lose billions of shillings due to pestsCotton farmers lose billions of shillings due to pests

The study estimating the potential economic benefits of adopting Bt Cotton in selected COMESA countries by Mr Richard Mulwa of the Centre for Advanced Studies in Environmental Law and Policy (CASELAP), University of Nairobi, Mr David Wafula and Ms Margaret Karembu both of ISAAA AfriCenter and Mr Michael Waithaka of ASARECA says smallholder cotton famers stand to gain the most.

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