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Kenya and China signs Standard Gauge Railway financing

Written by Today Financial News

12 May 2014

BY JIBRIL ADAN-PSCU

Kenya and China have signed an agreement on the financing of the first phase of the Standard Gauge Railway project.Chinese Premier Li Keqiang (right) and President Kenyatta before signing the financial agreement in Nairobi (PHOTO-PSCU)Chinese Premier Li Keqiang (right) and President Kenyatta before signing the financial agreement in Nairobi (PHOTO-PSCU)

President Uhuru Kenyatta was joined by Chinese Premier Li Keqiang and three Heads of State from the East African region to witness the signing ceremony at State House, Nairobi.

Chinese Premier Li Keqiang to sign railway financing agreement with EAC leaders

Written by Today Financial News

10 May 2014

By Ben Kinyanjui and PSCU

Chinese Premier Li Keqiang who arrived in Nairobi Friday at the start of a three-day state visit is expected to meet with key leaders from the East African Community (EAC) for talks on infrastructure development.Chinese Premier Li Keqiang arrived in Nairobi Friday for crucial talksChinese Premier Li Keqiang arrived in Nairobi Friday for crucial talks

Mr Keqiang will on Sunday sign the Standard Gauge Railway Agreement between the Chinese government and regional leaders President Uhuru Kenyatta, Rwandan President Paul Kagame and Ugandan President Yoweri Museveni

Tourism sector to suffer credit squeeze due to terror attacks, says banks

Written by Today Financial News

07 May 2014

By JK Mwangi

Commercial banks are expected to reduce lending to the tourism sector and agriculture due to perceived risks associated with terrorism and unfavourable weather.Tourism is expected to suffer due to frequent terror attacksTourism is expected to suffer due to frequent terror attacks

According to a credit officer survey done by the Central Bank of Kenya (CBK) says most credit officers interviewed said they foresee a slight increase in non-performing loans (NPLs) in the agriculture, tourism and real Estate sectors.

Commercial banks maintain high rates for mortgage despite pleas from government

Written by Today Financial News

26 April 2014

By Joseph Mwangi

Commercial banks have maintained high borrowing rates for mortgage despite the negative impact on the housing market, says The Mortgage Company and Hass Consult.DP William Ruto has asked banks to reduce interest rates to spur economic growthDP William Ruto has asked banks to reduce interest rates to spur economic growth

The first quarter of 2014 mortgage report unveiled Thursday, the two echoed views and sentiments expressed by Deputy President William Ruto who has now called for the banks to lower interest rates across board.

Prices for houses improves but mortgage market remained sluggish

Written by Today Financial News

24 April 2014

By Ben Kinyanjui

 

Prices and rents for houses in Nairobi recorded a hike in the first quarter of this year but mortgages market remained subdued.Ms Sakina Hassanali, head of marketing for Hass Consult says prices have improved .Ms Sakina Hassanali, head of marketing for Hass Consult says prices have improved .

According to Hass consult property sales volumes also picked up from January and February but remained strongest in March.

Kenya loses Sh27 billion due to poor sanitation, says secretary Judy Wakhungu

Written by Today Financial News

18 April 2014

By Agencies

Kenya is losing Sh27 billion annually due to poor sanitation and hygiene, cabinet Secretary for Water, environment and natural resources Ms Judy Wakhungu has said.Less than half the Kenyan population have access to clean waterLess than half the Kenyan population have access to clean water

She however reiterated Kenya’s commitment to provide clean water and improve sanitation in order to bolster its’ citizen’s health.

Naivas shoppers to get goods on credit after signing deal with afb

Written by Today Financial News

15 April 2014

By Ben Kinyanjui

Shoppers at Naivas supermarkets will now be able to buy goods on credit following a partnership between the company and consumer finance company, afb.The partnership is expected to boost sales volumeThe partnership is expected to boost sales volume

Speaking during the announcement of the partnership (Monday), afb’s Managing Director - Cards, Brett van Aswegen said that the company is excited to partner with one of the leading retailers in Kenya, Naivas towards offering affordable credit card facilities to the mass market in the country.

Mothers and children do not need to die from preventable diseases, says Margaret Kenyatta

Written by Today Financial News

11 April 2014

By Margaret Kenyatta

For them women, the experience of childbirth is one filled with fear, pain, sorrow and even death.Mrs Kenyatta says women and children should get better access to health careMrs Kenyatta says women and children should get better access to health care Should they survive the delivery, they are frightened that their baby is going to die, that their baby will not make it past the first few weeks of its life or even their first day. It breaks my heart knowing that these mothers and children do not have to suffer or die.

President Uhuru Kenyatta apologises over Rwanda genocide 20 years ago

Written by Today Financial News

09 April 2014

By PSCU

President Uhuru Kenyatta t has formally apologized to Rwanda over failure by the East African States to step in and save the country from the horrendous 1994 genocide.President Uhuru Kenyatta is the chairman of EAC President Uhuru Kenyatta is the chairman of EAC

President Kenyatta said although the rest of the world had maintained a studious silence as Rwandan Hutus killed members of the Tutsi ethnic community, it was not justified for the East African region to also stand aside without taking action.

Equip students with relevant skills, World Bank chief challenges African universities

Written by Today Financial News

03 April 2014

By Makhtar Diop

More than 50 percent of the population of sub-Saharan Africa is younger than 25 years of age, and every year for the next decade we expect 11 million African youth to enter the job market. Some skills offered at African universities are poorSome skills offered at African universities are poor

This so-called demographic dividend offers a tremendous opportunity for Africa to build a valuable base of human capital that will serve as the engine for the economic transformation of our continent.

Developers warn of severe shortage of houses to cater for enlarging middle class.

Written by Today Financial News

03 April 2014

By Ben Kinyanjui

The Kenya Property Developers Association (KPDA) has warned of a severe shortage of houses to cater for the growing middle class especially in major urban centres.Shortage of housing in Nairobi looms large Shortage of housing in Nairobi looms large

The association that together with HassConsult has launched Kenya's first ever annual report on the state of development in Nairobi says housing shortage in Nairobi is acute and deteriorating.

Kenya gets Sh17 billion from World Bank to support transport sector

Written by Today Financial News

27 March 2014

By Ben Kinyanjui


The World Bank has approved new funding for the emergency reconstruction of Kenya’s Jomo Kenyatta International Airport, which suffered a major fire disaster in August last year.

JKIA is the regional hub for East AfricaJKIA is the regional hub for East Africa

The Bank’s Executive Board of Directors today approved $203.5 million (Sh 17 billion) additional financing for the Kenya Transport Sector Support Project (KTSSP) to support emergency activities and the ongoing expansion works at the airport in Nairobi, and also to enable the government to complete upgrading sections of the Northern and Western transport corridors.

Plants expert calls for compliance of food safety standards

Written by Today Financial News

27 March 2014

By James Onsando

Horticulture is among the leading contributors to Kenya’s agricultural GDP at 36 per cent. The sector is growing at between 15 and 20 per cent per year, employing over six million Kenyans directly and indirectly. Stringent standards set by importers abroad hurting sectorStringent standards set by importers abroad hurting sector

Of the total horticultural production, about 95 per cent is consumed or utilized locally, while the remaining 5 per cent is exported.

GZ Industries to build a can manufacturing firm at Sultan Hamud

Written by Today Financial News

25 March 2014

 

By TF News Reporter

GZ Industries that is one of Africa's largest aluminium can manufacturers is set to enter the Kenyan market early next year.

High cost of production has scared away investors in manufacturingHigh cost of production has scared away investors in manufacturing

The company currently with factories in Nigeria wants to construct a $100 million factory along Mombasa Road with an annual production capacity of 1.2 billion cans per year.

Accounting body welcomes new public sector accounting standards board

Written by Today Financial News

20 March 2014

By Benson Okundi

On 28 February 2014, the National Treasury Cabinet secretary, in accordance with the Public Finance Management Act, made appointments to the Public Sector Accounting Standards Board. Treasury Chief Henry Rotich appointed standards boardTreasury Chief Henry Rotich appointed standards board

We congratulate the minister for actualizing the requirements of the Act by consulting the board.

Central bank working to create safe havens for saving, says Prof Ndung’u

Written by Today Financial News

14 March 2014

By Prof Njuguna Ndung’u

During the launch of the Third National FinAccess 2013 Survey, the government recognised the important role played by the financial system in the economy.CBK policies must create safe environment for saversCBK policies must create safe environment for savers

Our vision 2030 envisages the financial sector being transformed into an innovative, vibrant and globally competitive sector to drive high levels of savings to finance the country`s investment needs.

Mobile money is now the most used financial service in Kenya, says report

Written by Today Financial News

14 March 2014

By TF News Reporter

Mobile money remains is the leading mode of financial services commanding 75.6 of all points of service provided by financial institutions.CBK governor Prof Njuguna Ndung'u says 25 per cent of Kenyans have no access to financial servicesCBK governor Prof Njuguna Ndung'u says 25 per cent of Kenyans have no access to financial services

Though relatively new in the market, mobile money is far ahead of the traditional banking that commands a mere two per cent of the points. The newly introduced bank agents have increased significantly to command 12.3 per cent.

Safaricom CEO to join global chief heads in Africa CEO forum in Geneva

Written by Today Financial News

12 March 2014

By TF News Reporter

Safaricom’s CEO Bob Collymore will be among the over 700 African and international CEOs, financiers and business leaders that will attend the second AFRICA CEO forum in Geneva next week.Safaricom CEO Bob Collymore to attend ceo forum in Geneva next weekSafaricom CEO Bob Collymore to attend ceo forum in Geneva next week

The forum aims to deepen economic integration and development at a time when there is heightened scramble for the continent’s unexploited economic potential.

P&G to abolish phosphates in laundry products in two years

Written by Today Financial News

28 January 2014

By TF News Reporter

Procter & Gamble announced Monday that it will eliminate phosphates from all of its laundry detergents within 24 months. The move is expected to make P&G products more competitiveThe move is expected to make P&G products more competitive

This change will apply to brands including Ariel, Tide, Ace and Bonux, providing consumers with superior cleaning performance whilst maximizing the conservation of precious resources.

Quality accounting and auditing supports economic growth, says World Bank official

Written by Today Financial News

28 January 2014

By Patricia Mc Kenzie

This grant to strengthen the Institute of Certified Public accountants of Kenya (ICPAK) is part of our commitment to supporting the accountancy profession in both public and private sector. Nairobi County government looses billions of shillings in revenue due to weak financial systemsNairobi County government looses billions of shillings in revenue due to weak financial systems

I cannot emphasize enough the importance of high quality accounting and auditing in ensuring financial transparency and accountability with attendant effect on improving governance and supporting economic growth and poverty alleviation.

World Bank expresses concern over poor financial and auditing in government

Written by Today Financial News

28 January 2014

By TF News Reporter

The World Bank now want the government to seek services of private auditors to look at its financial books as it work to strengthen the financial and auditing systems.President Uhuru Kenyatta want government audited to get rid of ghost workersPresident Uhuru Kenyatta want government audited to get rid of ghost workers

The bank country director Diarietou Gaye asked the National Treasury to work with the Institute of Certified Public Accountants of Kenya (ICPAK) to improve the accounting standards.

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