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Prices for residential houses fall but rent increases

Written by Today Financial News

24 January 2014

By Ben Kinyanjui

 

Asking prices for residential property sales fell in the fourth quarter of last year though demand for houses to rent remained high.HassConsult marketing manager Ms Sakina Hassanali says high interests hurting the sector HassConsult marketing manager Ms Sakina Hassanali says high interests hurting the sector

 

According to HassConsult , a real estate consulting firm, asking prices fell by an average 1.3 per cent for detached houses and apartments but those for semi-detached houses continued to rise, albeit by a marginal 0.6 per cent.

More Kenyans access better health services, says top health official

Written by Today Financial News

23 January 2014

By TF News Reporter

An estimated 39.5 million Kenyans have benefited from better health and nutrition services being provided by the government with the support of the World Bank and other development partners.Health secretaty Mr James Macharia and Ms Diarietou Gaye, World Bank Country Director for KenyaHealth secretaty Mr James Macharia and Ms Diarietou Gaye, World Bank Country Director for Kenya

More than half of these beneficiaries were females, according to the Ministry of Health’s health management information data.

Farmers in Western Kenyans earn first ever carbon credits

Written by Today Financial News

22 January 2014

 

By Ben Kinyanjui

Smallholder farmers in western Kenya are now benefiting from carbon credits generated by improving farming techniques. one of the benefiting farmer in western Kenya one of the benefiting farmer in western Kenya

These are the first credits worldwide issued under the sustainable agricultural land management (SALM) carbon accounting methodology.

Remittances from Kenyans abroad increased in November to Sh9.7 billion

Written by Today Financial News

21 January 2014

By TF News Reporter

Remittances from Kenyans living abroad amounted to $113.4 million (Sh9.7 billion) in November 2013, says the Central Bank of Kenya (CBK).CBK governor Prof Njuguna Ndung'u says inflows have increased CBK governor Prof Njuguna Ndung'u says inflows have increased

CBK says this was 0.4 per cent higher than the inflows recorded in October 2013 which amounted to $112.9 million, and 16.3 per cent above $97.5 million recorded in November 2012.

Tullow Oil finds more oil in Kenya

Written by Today Financial News

15 January 2014

By TFN Reporter

Tullow Oil plc (“Tullow”) have discovered more oil at the Amosing-1 and Ewoi-1 exploration wells in Block 10BB onshore northern Kenya. Turkana County Governor Joseph Nanok must ensure oil exploration continues uninteruptedTurkana County Governor Joseph Nanok must ensure oil exploration continues uninterupted

As a result of these latest successes and recently reported discoveries at Ekales-1 and Agete-1, Tullow has updated its estimate of discovered resources in this basin to over 600 mmbo.

Kenya gets Sh5.2 billion to improve health and nutrition

Written by Today Financial News

06 January 2014

By TF News Reporter

The World Bank’s Board of Executive Directors has approved Sh5.2 billion to support Kenya’s efforts to deliver quality health and nutrition services to as many as 35 million people by 2016.Healthcare is a major concern among KenyansHealthcare is a major concern among Kenyans

According to the board, of these beneficiaries, half are women and about 16 percent live in drought-prone areas.

Kenya’s economic remain sluggish with growth estimated at five per cent

Written by Today Financial News

10 December 2013

By Ben Kinyanjui

Kenya’s economy is estimated to grow at five per cent in 2013 as opposed to six per cent forecast earlier in the year.Manufacturing remains a key sector of the economyManufacturing remains a key sector of the economy

The latest World Bank economic analysis says the growth rate, supported by consumption and investment, is higher than the 4.6 per cent recorded in 2012.

Remittances by Kenyans living abroad increase to Sh9.6 billion

Written by Today Financial News

05 December 2013

By TFN Reporter

Remittance inflows amounted to US$ 112.9 million (Sh9.6 billion) in October 2013, says the Central Bank of Kenya (CBK). CBK says inflows are strong despite sluggish global economy CBK says inflows are strong despite sluggish global economy

This was 5.1 per cent higher than the inflows recorded in September 2013 which amounted to USD 107.5 million, and 23.2 percent higher than the US$ 91.6 million inflows recorded in October 2012.

New standard gauge railway line to start operations within the next five years

Written by Today Financial News

29 November 2013

By Kazungu Chai (PSCU)

President Uhuru Kenyatta has said the Standard Gauge railway line, he launched Thursday, will accelerate regional economic transformation by reducing transportation costs.President Kenyatta and First Lady Margaret launch civil works for the new railway line in Mombasa Thursday (Photo-PSCU)President Kenyatta and First Lady Margaret launch civil works for the new railway line in Mombasa Thursday (Photo-PSCU)

He said that is why Kenya, Uganda and Rwanda signed a Trilateral Agreement to expedite development of the high-speed railway connecting Mombasa to Kampala, and onwards to Kigali.

Construction of the new standard Railway starts

Written by Today Financial News

28 November 2013

By Kobia Mwirichia (PSCU)

President Uhuru Kenyatta met the head of the company that will build the new Mombasa-Nairobi railway Wednesday ahead of the launch of civil works at Changamwe, Mombasa on Thursday.President Kenyatta and China Communications Construction company  Executive director Mr Liu QitaoPresident Kenyatta and China Communications Construction company Executive director Mr Liu Qitao

The meeting, between President Kenyatta and the China Communications Construction company (CCCC) Executive Director and Chairman Mr Liu Qitao at State House Nairobi, comes ahead of the ground breaking for the standard gauge railway in Mombasa.

EALA holds key to regional integration,says President Kenyatta

Written by Today Financial News

27 November 2013

By Kazungu Chai (PSCU)

President Uhuru Kenyatta has urged the East African Legislative Assembly (EALA) to do all it can to keep the integration process truly people-centred.President Kenyatta addresses EALA members in Nairobi TuesdayPresident Kenyatta addresses EALA members in Nairobi Tuesday

He said the Assembly holds the key to the well-being of the East African Community, adding that integration is on course.

African and Arab leaders declare war on terror

Written by Today Financial News

22 November 2013

By Kobia Mwirichia (PSCU)

African and Arab countries that gathered in Kuwait for the Arab/Africa Summit have declared total war on terrorism.African and Arab leaders who met in Kuwait WednesdayAfrican and Arab leaders who met in Kuwait Wednesday

In a communique at the end of the 3rd Arab/Africa Summit at the Bayan Palace in Kuwait City, the Heads of State and Government agreed to exchange intelligence to combat terrorism and other international crimes.

President Uhuru Kenyatta seeks Arab nation’s help in oil exploration

Written by Today Financial News

21 November 2013

By Kobia Mwirichia and Agencies.

President Uhuru Kenyatta has reached out to the Arab nations to support his government in exploiting the recently discovered natural resources, including oil found in Turkana.President Uhuru Kenyatta (right) seeks help in oil exploration  President Uhuru Kenyatta (right) seeks help in oil exploration

He said Kenya had discovered economically viable reserves of natural resources, among them underground fresh water, coal, oil and natural gas which will be exploited for the benefit of all Kenyans.

Increasing wage bill a threat to economic growth, warns World Bank

Written by Today Financial News

20 November 2013

By Diarietou Gaye

As you are aware, Kenya’s development agenda is anchored around Vision 2030, the Constitution and the Medium Term Plan II, which the Government launched in October 2013. Demand by civil servants for higher pay a threat to economic growthDemand by civil servants for higher pay a threat to economic growth

We want to reiterate our support to the Government’s development goals. Kenyans have high expectations that after half a century of independence, they are ready to move to the next level of growth and prosperity.

Inflation remains above five per cent government target due to revised VAT Act

Written by Today Financial News

03 November 2013

By TF News Reporter

 

Inflation eased last month after rising gradually since July 2013 on the back of a base effect and implementation of VAT 2013 effective September.Inflation is likely to increase as drought spreadsInflation is likely to increase as drought spreads

 

 

The Central Bank of Kenya (CBK) says in its weekly bulletin that overall 12-month inflation eased from 8.29 per cent in September 2013 to 7.76 per cent in October 2013 and non-food non-fuel inflation from 5.02 per cent to 4.94 per cent.

Expensive mortgages continue to dampen growth in real estate sector

Written by Today Financial News

01 November 2013

 

By Ben Kinyanjui


Manny people cannot afford to buy homes because mortgages have remained very expensive, says The Mortgage Company.Ms Carol Kariuki says mortgates are very expensiveMs Carol Kariuki says mortgates are very expensive

The company says in its third quarter 2013 unless the rates fall to a single digit, many prospective home buyers will keep away.

Over 70 per cent of Kenyans now have access to financial services, says new survey

Written by Today Financial News

01 November 2013

By TF News Reporter

The number of Kenyans with no access to financial services have declined from 31.4 to 25.4 per cent in the last four years, says a new FinAccess survey released Thursday.

CBK governor Prof Njuguna Ndung'u says more people have access to financial servicesCBK governor Prof Njuguna Ndung'u says more people have access to financial services

 

The survey says in 2013, 32.7 per cent of the adult population accessed financial services from the formal, prudentially regulated financial institutions though mobile money services offered by all the four mobile telephone operators emerged the most preferred service.

Financial sector to increase savings for investment from 14 per cent to 30 per cent

Written by Today Financial News

01 November 2013

 

By Prof Njuguna Ndung’u

 

The government recognizes the vital role the financial system plays in the economy.Financial services is among Vision 2030 pillarsFinancial services is among Vision 2030 pillars

In this regard Kenya’s development blue print, Vision 2030, covering the period 2008 - 2030, envisages the financial services sector being transformed into a vibrant and globally competitive sector that will drive high levels of savings to finance the country’s investment needs.

Kenya gets sh850 million for cash transfer programmes

Written by Today Financial News

01 November 2013

By Ben Kinyanjui

The World Bank has given Kenya US$10 million (Sh850 million) to expand the Cash Transfer for Orphans and Vulnerable Children Project.HIV/AIDs has left thousands of children orphaned across the countryHIV/AIDs has left thousands of children orphaned across the country

The initiative that is already supporting 153,000 selected Kenyan household’s through regular cash transfers.

President Kenyatta supports EAC integration

Written by Today Financial News

30 October 2013

By Kazungu Chai


President Uhuru Kenyatta has allayed fears that the East African Community (EAC) could be headed for a collapse following the coming together of Rwanda, Uganda, Kenya and South Sudan in infrastructure development.Presidednt Kenyatta(centre) says EAC growing strongerPresidednt Kenyatta(centre) says EAC growing stronger

The President said contrary to the rumours propagated by enemies of the regional bloc’s unity, all the five East African Community member States are committed to integration.

CfC Stanbic Bank and ICBC conclude Sh9.2 billion power deal

Written by Today Financial News

17 October 2013

By Ben Kinyanjui

CfC Stanbic Bank and the Industrial and Commercial Bank of China (ICBC) have concluded a USD108 million (Sh9.2 billion) debt financing package with Triumph Kenya for the construction of an 83MW heavy fuel oil plant in Kenya.Kenya has relied on ever -expensive thermal power for over two decades nowKenya has relied on ever -expensive thermal power for over two decades now

CfC Stanbic Bank provided USD28 million of debt funding while ICBC supplied the remaining USD80 million for the plant, which is currently being built 25km from Nairobi.

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