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Rift Valley Railways have let down Kenyans, says manufacturers

Written by Today Financial News

30 May 2013

By Polycarp Igathe

It was delightful to visit the port of Mombasa on Wednesday in the company of board members of Kenya Association of Manufacturers (KAM) and the Kenya Shippers Council (KSC). Cargo moved by railways from Mombasa Port now below 10 per centCargo moved by railways from Mombasa Port now below 10 per cent

We witnessed firsthand, that at long last, chronic port congestion and inefficiencies are being tackled - bravely by Kenya Ports (KPA), timidly by Rift Valley Railways (RVR).

Interest rates on government paper decline for the third week

Written by Today Financial News

27 May 2013

 

By TF News Reporter

Average interest rates on Treasury bills continued on a downward trend for the third consecutive week in a row.Commerical banks have invested heavily in government paperCommerical banks have invested heavily in government paper

This has raised hopes that interest rates charged by commercial banks might drop as their investment options dwindle. Commercial banks are the main players in the securities market.

Trade at the Nairobi Securities Exchange improve as investor confidence increase

Written by Today Financial News

27 May 2013

By Ben Kinyanjui

Trade at the Nairobi Securities Exchange (NSE) was on an upward trend last week with equities and bonds segment the market indices rising. Mr Adan Mohammed is expected to influence policies on investmentMr Adan Mohammed is expected to influence policies on investment

This comes barely a week after President Uhuru Kenyatta appointed the last two nominees to his 18 member cabinet. National treasury cabinet Mr Henry Rotich and his Industrialisation and Enterprise development Banker Adan Mohamed who are expected to drive the capital markets for the next five years took office.

Economy grew 4.6 per cent last year boosted by a modest growth in agriculture

Written by Today Financial News

24 May 2013

By Ben Kinyanjui

Agriculture, retail and transport sectors emerged as the main drivers of economic growth in 2012, reveals the economic survey.Informal sector created more jobs than formal sector last yearInformal sector created more jobs than formal sector last year

According to the Kenya National Bureau of Statistics (KNBS) 2013 Economic Survey the economy grew by 4.6 per cent, a modest improvement from 4.4 per cent recorded in 2011.

President Uhuru Kenyatta nominates two to cabinet

Written by Today Financial News

23 May 2013

President Uhuru Kenyatta has  picked Utalii College Principal Joseph Ole Lenku to the powerful Cabinet Secretary, Interior and Coordination of National Government as he moves to consolidate his cabinet.President Kenyatta is yet to appoint principal secretariesPresident Kenyatta is yet to appoint principal secretaries

Former assistant minister for health Kazungu Kambi is the Cabinet Secretary nominee, Labour, Social Security and Services. He has already forwarded the names to Parliament for approval.

Visa and Equity Bank launch new money transfer service

Written by Today Financial News

23 May 2013

By Ben Kinyanjui

Visa in Kenya has announced the launch of Visa Personal Payments (VPP) in collaboration with Equity Bank.Equity CEO James Mwangi is pushing for cashless business transactionsEquity CEO James Mwangi is pushing for cashless business transactions

Visa Personal Payments is a convenient, cost-effective and secure way for consumers to send money directly to recipients with Visa cards, both domestically and internationally.

Kenya’s domestic debt exceed Sh1 billion mark amidst clamour for higher pay by Mps

Written by Today Financial News

21 May 2013

By TF News Reporter

Kenya’s domestic debt has increased to Sh1.07 trillion from Sh858.8 billion reported in June last year.CBK Governor Prof Njuguna Ndung'u advises government on money mattersCBK Governor Prof Njuguna Ndung'u advises government on money matters

According to the Central Bank of Kenya (CBK), gross government domestic debt increased by Sh212.5 billion representing 24.7 per cent by May 10 from Sh858.8 billion at the end of June 2012.

Trade at the Nairobi Securities Exchange improve as cabinet is appointed

Written by Today Financial News

21 May 2013

By Ben Kinyanjui

Trade at the Nairobi Securities Exchange (NSE) improved last week after President Uhuru Kenyatta appointed his cabinet of 16 members.President Uhuru Kenyatta appointed cabinet last weekPresident Uhuru Kenyatta appointed cabinet last week

The appointment that came a day after parliament approved all the 16 nominees sent the signal that the government was finally ready to pursue its ambitious economic transformation that involves pushing the economy into a double digit growth within the next five years.

Debate on GMO foods import ban rages on six months later

Written by Today Financial News

21 May 2013

By Ben Kinyanjui

It is over six months now since former Public Health Minister Mrs Beth Mugo imposed a ban on imported genetically modified foods into the country but the debate on its merit and demerit continues unabatedOutgoing Agriculture PS Romano Kiome rekindled debateOutgoing Agriculture PS Romano Kiome rekindled debate.

Outgoing Agriculture permanent secretary Dr Romano Kiome added fuel to the debate a fortnight ago when he said the ban was political and had no consequences at all.

Government should lift ban on GM foods and adopt the technology

Written by Today Financial News

18 May 2013

By Bibiana Iraki and Kennedy Oyugi

I read with interest Mr Kamau Kaniaru’s article (Daily Nation Wednesday May 15 2013) alleging that the decision imposing a GM food ban never amounted to anything. Allegations by Mr Kaniaru are both presumptuous and ill informed. GM maize is becoming popular globallyGM maize is becoming popular globally

Firstly, Kenya is seen as a leader in the region to advocate for deliberate, scientific and non-political approach to decision making especially with regards to agriculture and food safety.

Kenyan banks opened 59 branches within EAC last year, says Central Bank of Kenya

Written by Today Financial News

16 May 2013

By TF News Reporter

Kenyan banks continued their expansion to the East African Community (EAC) partner states by opening an additional 59 branches last year. Equity Bank is among banks with branches in EACEquity Bank is among banks with branches in EAC

The Central Bank of Kenya (CBK) says banks with 282 branches had operations in the EAC Partner States and South Sudan.

Interest rates remain high despite lower lending by the Central Bank of Kenya

Written by Today Financial News

14 May 2013

 

By Ben Kinyanjui

 

Most commercial banks are yet to lower their base lending rates a week after the Central Bank of Kenya (CBK) lowered its lending rate by 100 basis points to 8.50 per cent from 9.50 per cent.Commercial banks have kept interest rates highCommercial banks have kept interest rates high

Though the Monetary Policy Committee (MPC) has over the last four months lowered the Central Bank Rate (CBR) in an attempt to drive lending rates down and spur economic growth, most commercials banks have maintained high lending rates that have discouraged potential borrowers.

Mixed trading results at bourse as Kenyans await new cabinet line up

Written by Today Financial News

14 May 2013

By TF News Reporter

Telecommunications sector continued to dominate trade at the Nairobi Securities Exchange (NSE) with Safaricom moving 145.5 millions in a sector that traded 146 million shares that accounted for 61.5 per cent of the transactions.Ms Charity Ngilu is among those nominated to the  cabinetMs Charity Ngilu is among those nominated to the cabinet

Banking and commercial and services sectors were also among the top three most active, transacting 46.06 million or 19.40 per cent and 15.39 million or 6.48 per cent of all shares traded, respectively.

Central Bank of Kenya licenses another microfinance institution in Nairobi

Written by Today Financial News

13 May 2013

By Ben Kinyanjui

The Central Bank of Kenya (CBK) has granted a licence to U & I Deposit Taking Microfinance Limited to carry out community deposit-taking microfinance business in Nairobi. Most small scale traders in Kenya prefer to work with MFIsMost small scale traders in Kenya prefer to work with MFIs

The licence has been issued pursuant to Section 6 (1) of the Microfinance Act, 2006 and Regulation 5 (3) of the Microfinance (Deposit-Taking Microfinance (DTM) Institutions) Regulations, 2008.

Fairtrade mark finally launched in Kenya

Written by Today Financial News

08 May 2013

 

By Ben Kinyanjui

Fairtrade International has launched Fairtrade Eastern Africa, an organisation that markets and promotes use of the FAIRTRADE Mark on products in the EasternAfrican region.Flowers should also bear the markFlowers should also bear the mark

When consumers buy a product with the FAIRTRADE Mark in their local supermarket or café, they are assured that African farmers have received a fair price for their goods, an extra Fairtrade premium payment and contributed to the environment; as Fairtrade promotes sustainable agricultural practices in Africa. The FAIRTRADE Mark is also an assurance that the goods meet international Fairtrade Standards.

Electricity connection line between Kenya and Ethiopia finally begin

Written by Today Financial News

08 May 2013

 

By Ben Kinyanjui

The African Development Bank has launched the 1,068 kilometer high-voltage electricity highway to be built between Kenya and Ethiopia.Kenya will now import electricity from Ethiopia that has surplusKenya will now import electricity from Ethiopia that has surplus

The project which is expected to be completed in less than five years involves the construction of transmission lines of about 437 km in Ethiopia and about 631 km in Kenya and associated AC/DC converter stations at Wolayta-Sodo (Ethiopia) and Suswa (Kenya) substations with a transfer capacity of up to 2,000 MW in either direction.

African Development Bank approve Sh12.6 billion for wind power project

Written by Today Financial News

08 May 2013

 

By TF News Reporter

The Board of Directors of the African Development Bank (AfDB) has approved USD149.5 million (Sh12.6 billion) in financing for a wind power project in Kenya’s Lake Turkana region.Kenya is diversifying energy sourcesKenya is diversifying energy sources

The project will add 300MW to power generation capacity and will benefit Kenya by providing clean and affordable energy that will reduce the overall energy cost to end consumers.

Trade at the Nairobi Securities Exchange improve as political scene stabilises

Written by Today Financial News

06 May 2013

By TF News Reporter


Trade at the Nairobi Securities Exchange (NSE) improved on the equities and bonds segments last week as the local political scene calms down. A new cabinet is expected next week after the nominees are vetted and approved by parliament.Trade at NSE has improved as political scene calm downTrade at NSE has improved as political scene calm down

During the week all the market indices rose as well as turnover for both bonds and equities. Equities market capitalization gained 1.72 percent.

Inflation rate to remain low as ongoing rains promise steady supply of foodstuff

Written by Today Financial News

06 May 2013

By Ben Kinyanjui

Kenyans are expected to continue to enjoy lower food prices as the on-going rains as well as steady oil prices in the international market keep inflation rate below five per cent. Food supply to increase despite floods in some parts of the countryFood supply to increase despite floods in some parts of the country

Exchange rates have also remained steady though interest rate charged by commercial banks has not fallen as expected mainly due to political uncertainties that were created by the just concluded general elections. Experts say the rates are likely to fall further in the coming months now that political temperatures have gone down.

Remittances by Kenyans living abroad increase one per cent in March

Written by Today Financial News

04 May 2013

By Ben Kinyanjui

The remittance inflow in March 2013 was US$ 1.021 million (Sh85 million) that is one per cent higher than the February 2013 inflow of US$ 102.4 million.Mr Adan Mohamed, former Barclays Bank (Kenya) CEO nominated to head Industrailisation and Entreprise Development docketMr Adan Mohamed, former Barclays Bank (Kenya) CEO nominated to head Industrailisation and Entreprise Development docket

The Central Bank of Kenya (CBK) says in the 12 months to March 2013, average remittance inflows increased to US$98.3 million from US$ 82.9 million average remittance inflows for the year to March 2012.

World Bank appoints Ms Diariétou Gaye as Country director for Kenya, Rwanda and Eritrea

Written by Today Financial News

02 May 2013

 

By Ben Kinyanjui

The World Bank Group has appointed Ms Diariétou Gaye as the new country director for Kenya, Rwanda and Eritrea.Ms Diarietou Gaye new World Bank Country Director Ms Diarietou Gaye new World Bank Country Director

Ms Gaye replaces Mr Johannes Zutt who has moved to Bangladesh in a similar capacity. Mr Zutt had during his tour of duty avoided confrontation with retired President Mwai Kibaki government and instead engaged in intense consultations.

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