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Kenyans to enjoy quick and easy cashless bus ticketing with BebaPay

Written by Today Financial News

02 May 2013

By TF News Reporter

Equity Bank and Google have announced BebaPay, Kenya’s newest cashless innovation to make payments easy and more convenient for consumers and merchants targeting the public transport sub-sector.Public transport operators expected to use new technologyPublic transport operators expected to use new technology

With BebaPay, bus passengers can sign up for a card and top up for free at Equity agents. Customers can also top up their cards via mobile money. BebaPay helps to overcome the problem of using cash and receiving the correct change when paying for public transport on the bus or "matatu".  BebaPay is the first payments system of its kind for Kenya.

Inflation rate increases marginally to 4.14 per cent

Written by Today Financial News

30 April 2013

 

 

By Ben Kinyanjui

 

.The overall inflation rate increased marginally to 4.14per cent in April from 4.11 per cent in recorded in March 2013.Cost of tomatoes and beef went up in AprilCost of tomatoes and beef went up in April

According to the Kenya National Bureau of Statists (KNBS), the CPI increased by 0.95 per cent from 137.96 in March 2013 to 139.28 in April.

President Uhuru Kenyatta inherits an economy running on one engine

Written by Today Financial News

29 April 2013

By TF News Team

Kenya’s economic growth is expected to exceed five per cent this year but most of this growth will come from domestic consumption and not exports of goods and services.Imports are increasing but exports are on a steady declineImports are increasing but exports are on a steady decline

For almost a decade now, domestic consumption has driven the economy as the ‘export engine’ has stalled due to infrastructural bottlenecks and poor policy coordination.

President Uhuru Kenyatta’s government must fix energy sector to attain double digit economic growth

Written by Today Financial News

29 April 2013

By TF News Team

 

President Uhuru Kenyatta government must address the high cost of electricity that remains the biggest challenge facing the manufacturing sector in the country today.Kenya is still using expensive emergency power Kenya is still using expensive emergency power

The pending tariff review by the utility provider Kenya Power and Lighting Company (KPLC) to the Energy Regulatory Commission (ERC) seeking to increase the costs further can only make it harder for the under performing sector.

Demand catching up with supply as Nairobi office market continue to grow

Written by Today Financial News

27 April 2013

By TF News Reporter

Upper Hill and Westlands are the prime hubs for commercial property space in Nairobi accounting for over 70 per cent of new office supply over the period 2009 to 2012.Demand for offices high in Westlands and Upper Hill areasDemand for offices high in Westlands and Upper Hill areas

A recent survey by development and project management firm, Mentor Management Limited revealed that Westlands saw the lion’s share of new development in the city last year with 63 per cent of Nairobi’s office space delivered in that node although this balance is changing and Upper Hill is predicted to take the lead in 2014 accounting for 56 per cent of all new office space.

Trade at the Nairobi Securities Exchange slows down in a week President Uhuru Kenyatta unveiled cabinet

Written by Today Financial News

27 April 2013

By TF News Reporter

The appointment of a new government by President Uhuru Kenyatta Tuesday failed to spur trade at the Nairobi Securities Exchange (NSE) with turnover for both bonds and equities on a decline. New National Treasury chief Mr Henry Rotich is expected to steer economy to double digit growthNew National Treasury chief Mr Henry Rotich is expected to steer economy to double digit growth

President Kenyatta appointed Mr Henry Rotich to head the National Treasury while renowned banker Mr Adan Mohamed of Barclays Bank Kenya was appointed Industrialisation and Enterprise Development cabinet secretary.

The Kenya shilling gains against major currencies due to increased inflows from agricultural sector and appointment of a new government

Written by Today Financial News

27 April 2013

By Ben Kinyanjui

Increased inflows from the agricultural sector and the unveiling of a new cabinet by President Uhuru Kenyatta Wednesday was a boost to the Kenya Shilling that strengthened against all major international currencies.Agricultural sector is doing well due to good weather Agricultural sector is doing well due to good weather

The Shilling appreciated by 0.14 per cent, 0.52 per cent, 0.54 per cent and 1.06 per cent against the US$, the Sterling Pound, the Euro and the Japanese Yen respectively to trade at an average of Sh83.83 per US$, Sh127.97 per Sterling Pound, Sh109.35 per Euro and Sh84.52 per 100 Japanese Yen.

No time to celebrate for cabinet secretaries

Written by Today Financial News

26 April 2013


By TF News Team

Appointments to the cabinet in the previous governments of retired presidents Daniel Arap Moi and Mwai Kibaki were always associated with jubilation by appointees’ supporters and friends. In most cases it was seen as a reward to an entire community.Ms Charity Ngilu to spearhead land reformsMs Charity Ngilu to spearhead land reforms

However that seems to have changed with the entry of President Uhuru Kenyatta and his deputy William Ruto. Few of those appointed seemed very excited. Congratulatory messages have also been limited. Even the two seasoned politicians on the list; Najib Balala and Charity Ngilu betrayed any no strong emotions.

Challenges that face President Uhuru Kenyatta cabinet

Written by Today Financial News

26 April 2013

By TF News Team

During his last speech before he handed instruments of power to President Uhuru Kenyatta early this month, former President Mwai Kibaki said the country was ready for an economic take-off and that burden falls squarely on the president and his deputy William Ruto.Mr Najib Balala has to tackle cartels in mining sectorMr Najib Balala has to tackle cartels in mining sector

And the ‘able duo’ according to Kibaki has picked some of the best brains in the country to serve as cabinet secretaries and take the country to the envisaged middle income state by 2030. Parliament is expected to vet and endorse them in the coming week.

Western Union and KCB Launch Account-Based Money Transfer (ABMT) service in Kenya.

Written by Today Financial News

24 April 2013

By Ben Kinyanjui

 

Western Union®, a global leader in payment services, and the Kenya Commercial Bank (KCB) Group have launched an account based money transfer service (ABMT) for its customers in Kenya.KCB is one of the largest banks in East AfricaKCB is one of the largest banks in East Africa

The new service will allow customers to receive cash from more than 200 countries around the world.

Davis &Shirtliff opens new distribution centre as demand for water and energy products rise in East African region

Written by Today Financial News

23 April 2013

 

By TF News Reporter

Water solution provider Davis and Shirtliff has opened a new supply distribution centre with a storage capacity for products worth over US$6 million (Sh500 million) at its headquarters on Dundori Road, Industrial Area, Nairobi.Mr. Alec Davis (left), CEO Davis and Shirtliff Group shakes hands with Mr Niels Due Jensen, son of Grundfos’s founder Poul Due Jensen, former CEO and Chairman of the Grundfos Foundation during the opening ceremony of the new supply and distribution centre at their main offices in Industrial Area, Nairobi.Mr. Alec Davis (left), CEO Davis and Shirtliff Group shakes hands with Mr Niels Due Jensen, son of Grundfos’s founder Poul Due Jensen, former CEO and Chairman of the Grundfos Foundation during the opening ceremony of the new supply and distribution centre at their main offices in Industrial Area, Nairobi.

The Sh200 million investment is driven by the substantial increase in demand for its water and solar products across East African region as a result of the EAC integration policy.

Kenya’s domestic debt hit Sh1 trillion as government seek funds to implement devolved government

Written by Today Financial News

22 April 2013

By Ben Kinyanjui

Kenya’s gross domestic debt has hit Sh1.0 trillion in April from Sh858.8 billion at the end of June 2012, says the central Bank of Kenya (CBK).CBK says debt now Sh1 trillionCBK says debt now Sh1 trillion

CBK says during last week alone, gross government domestic debt increased by Sh23.1 billion, on account of Treasury bills.

Developing countries including Kenya need to harness urbanization to achieve MDGs, says report

Written by Today Financial News

19 April 2013

By Agencies

Cities and towns that are becoming the centres of growth across the world hold the key to the fight against poverty and meet the Millennium Development Goals (MDG), say a joint report by the World Banka and the IMF.Cities and towns are now centres of growthCities and towns are now centres of growth

In Kenya’s devolved form of government, urban centres are expected to form the growth centres in all the 47 counties.

Kenya gets sh9.2 billion from IMF under extended credit facility

Written by Today Financial News

18 April 2013


By Ben Kinyanjui

Kenya has received Sh9.2 billion from the extended credit facility following continuing good management of the economy that include lowering inflation that now stands at four per Good weather conditions have boosted food securityGood weather conditions have boosted food securitycent.

The IMF board noted that Kenya has stayed the course in its economic reforms, with good results. Inflationary pressures have been tamed. Economic growth has kept a good pace despite the slowdown of exports to and tourism from Europe.

High cost of mortgage remain a big hindrance to home ownership, says Mortgage Company

Written by Today Financial News

17 April 2013

By TF News Reporter

The dream of most Kenyans to own their own homes remains a dream as mortgages by most commercial banks remain high.Co-operative Bank MD Gideon Muriuki (right) has driven mortgage costs down but they remain highCo-operative Bank MD Gideon Muriuki (right) has driven mortgage costs down but they remain high

The Mortgage Company in its first quarter mortgage report warned that the continuing high levels of commercial interest rates were stifling the local mortgage market, and creating an obstacle to widespread home ownership, that now urgently needs to be addressed.

Political electioneering leading to March 4 polls slowed down housing sector

Written by Today Financial News

17 April 2013

By Ben Kinyanjui

Political uncertainty that characterised the just concluded general elections that ushered in Mr Uhuru Kenyatta as the fourth president slowed down the housing sector in the first quarter of 2013.Demand for housing has remained highDemand for housing has remained high

Experts in the sector say the slowdown led to lower supply leading to marginal increase in prices for both rental houses and house purchases.

Kenya government pays more for domestic borrowing

Written by Today Financial News

15 April 2013

 

 

By Ben Kinyanjui

 

The government is likely to pay more for the money it borrowed from the domestic market in the financial year ending June 30 this year.

Outgoing Treasury chief Joseph Kinyua has been under pressure to get money to pay wagesOutgoing Treasury chief Joseph Kinyua has been under pressure to get money to pay wages

The Central Bank of Kenya (CBK) says cumulative interest and other charges on domestic debt for the period July 1, 2012 to April 5, 2013 in the 2012/13 fiscal year amounted to Sh81.7 billion compared with Sh57.7 billion during a similar period of the previous fiscal year.

Thank you for supporting me for the last 50 years of public service, says retired President Mwai Kibaki

Written by Today Financial News

12 April 2013

By Mwai Kibaki

I am extremely happy to address you on this historic occasion that marks the passing of the torch of leadership to a new generation of leaders that the people of Kenya convincingly voted into office. I thank all heads of State and international friends who have come to witness this auspicious event.President Mwai Kibaki served in various capacities in Presidents Kenyatta and Moi regimesPresident Mwai Kibaki served in various capacities in Presidents Kenyatta and Moi regimes

I wholeheartedly congratulate His Excellency Uhuru Kenyatta on his assumption of office as President of the Republic of Kenya and Commander-in-Chief of our Defence Forces. In equal measure, I congratulate our new Deputy President, His Excellency William Ruto.

We will deliver all our pledges to Kenyans, assures President Uhuru Kenyatta

Written by Today Financial News

12 April 2013

By Uhuru Kenyatta

Your Excellency Mwai Kibaki, CGH, MP; Your Excellency Daniel arap Moi; Your Excellencies, Visiting Heads of State & Government; Chief Justice Willy Mutunga; Invited Guests; Fellow Kenyans,President Uhuru Kenyatta took office on TuesdayPresident Uhuru Kenyatta took office on Tuesday

Let me begin by thanking all heads of state present and the representatives of heads of state for choosing to be here as a symbol of your continued support and goodwill towards Kenyans. I particularly note, with gratitude, the large presence of our brothers and sisters from across the continent. This is a clear indication of your commitment to the Pan-African agenda. You have bestowed a great honour on me and our country by being here.

President Uhuru Kenyatta to focus on economy after a smooth transition

Written by Today Financial News

10 April 2013

By Ben Kinyanjui

Kenya’s newly elected president Uhuru Kenyatta will rely on the private sector to provide one million jobs his government has promised in its manifesto.The agricultural and manufacturing sectors are underperformingThe agricultural and manufacturing sectors are underperforming

President Kenyatta who was sworn in Tuesday during a colourful ceremony attended by 11 head of states in Nairobi says his government will create enabling environment for investment and expansion of existing business. He also pledged to remove non-tariff barriers that hinder trade within the East African community (EAC) partner states.

Curtains finally fall on troubled Kenya’s grand coalition government as Kibaki retires

Written by Today Financial News

08 April 2013

By Ben Kinyanjui

The circus that has been the grand coalition government brokered by former UN secretary general Koffi Annan ends tomorrow when President elect Uhuru Kenyatta take oath of office.President Kibaki (Right) and Prime Minister Raila Odinga never enjoyed cordial working relationshipPresident Kibaki (Right) and Prime Minister Raila Odinga never enjoyed cordial working relationship

The two former principals in the coalition President Mwai Kibaki and Prime Minister Raila Odinga go separate ways Tuesday afternoon after Kenyatta is sworn in as the fourth president of Kenya at Moi Sports centre Kasarani.

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