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

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Central Bank of Kenya tightens up funds transfer system to fight terrorism

Written by Today Financial News

24 October 2011

By Today Financial News Reporter

The Central bank of Kenya (CBK) has issued guidance to the commercial banks meant to stop finances to terrorism groups and activities.

CBK Governor Prof Njuguna Ndung'u want banks to be careful not to allow funds to terroristsCBK Governor Prof Njuguna Ndung'u want banks to be careful not to allow funds to terrorists
In the guidance note issued by the bank supervision department, CBK want financial institutions to develop practices and procedures that will help to detect and deter transactions that may involve funds used in terrorism financing.

Nairobi Securities Exchange introduces new index series to attract investors

Written by Today Financial News

08 November 2011

By Today Financial News Reporters

Shares of 25 major companies have been identified by the Nairobi Securities Exchange (NSE) to form another performance measuring tool beside the existing ones.

NSE CEO Mr Peter Mwangi say partnership with FTSE to attract more investors NSE CEO Mr Peter Mwangi say partnership with FTSE to attract more investors

East African Breweries Limited (EABL), Barclay bank, Kenya Commercial Bank (KCB), Safaricom limited and Equity bank are among the 25 listed companies in the NSE that will form the new 25 FTSE NSE Kenya 25 index.

Building sector growth slows down during the first half of the year

Written by Today Financial News

08 November 2011

 

By Ben Kinyanjui

Growth in the multi-billion shilling building and construction industry slowed down during the first six months of this year due to high inflation and weakening shilling.

Housing minister Soita Shitanda says construction industry hit by high inflation rate and weakening shillingHousing minister Soita Shitanda says construction industry hit by high inflation rate and weakening shilling

Housing minister Soita Shitanda says cement consumption that is a key indicator of activity in the sector declined by 6.5 per cent to 256,326 tonnes in June compared to 274,073 in June last year.

Adopt good financial management to avoid failure, accounting body urges SMEs

Written by Today Financial News

08 November 2011

 

By Today Financial News Reporter

Most Small and Medium Enterprises (SME’s) have failed to get loans from financial institutions because of poor financial management and lack of a clear standard to gauge their viability.Trade minister Charau Mwakwere (centre) launches a handbook to assist SMEs. The sector faces numerous challengesTrade minister Charau Mwakwere (centre) launches a handbook to assist SMEs. The sector faces numerous challenges

According to the International Accounting Standards Board, most do not adopt efficient and reliable methods of presenting their financial statements.

Arab development partners spend Sh12 billion to build three main roads

Written by Today Financial News

07 November 2011

 

By Ben Kinyanjui

Three roads funded by a group of Arab development partners at a cost of Sh12 billion have been completed in the last seven years, Roads permanent secretary Eng Michael Kamau has said.Eng Michael Kamau, PS Roads has supervised the construction of key roads across the countryEng Michael Kamau, PS Roads has supervised the construction of key roads across the country

Top on the list is the 100 Kilometer Emali-Oloitoktok road project jointly funded by BADEA, OPEC and the Government of Kenya at a cost ofSh4.3 billion.

Pension schemes record increased earnings but penetration remain low

Written by Today Financial News

04 November 2011

By Today Financial News Correspondent

Assets in the pension industry have increased by over 300 per cent in the last ten years from Sh100 billion to Sh450 billion last year mainly due to improved management of pension funds and p ublic a wareness. Finance minister Uhuru Kenyatta. Pension funds are now better managed  Finance minister Uhuru Kenyatta. Pension funds are now better managed

Pension schemes managers have also diversified their investment portfolio to include the risk-free government securities like Treasury bills and bonds where they account for about 27.6 per cent of outstanding government securities.

High inflation rate forces workers in most urban centres to seek cheaper housing

Written by Today Financial News

04 November 2011

By Ben Kinyanjui

 

High inflation rate has forced workers in most urban centres in the country to seek cheaper housing in the outskirts, says Hass Property index report for the third quarter of this year.

High inflation rate pushing workers to the outskirtsHigh inflation rate pushing workers to the outskirts

Also affected by the inflationary and currency pressures is the entire construction industry that has slowed down due to low demand for houses as well as high cost of building materials.

Massive investment in energy required to realize Vision 2030

Written by Today Financial News

24 October 2011

 

By Today Financial News Reporter

Kenya requires about Sh5.7 trillion for development projects necessary to realise Vision 2030, says Prime Minister Raila Odinga.

Prime Minister Raila Odinga. The country requires additional powerPrime Minister Raila Odinga. The country requires additional power

A huge chunk of that money would be used to generate and distribute power that is required to connect households and run industries.

Book publishers cry foul over proposed Value Added Tax (VAT) on books

Written by Today Financial News

03 November 2011

 

By Ben Kinyanjui

 

Book publishers have opposed planned Government move to slap a 16 per cent Value Added Tax (VAT) on textbooks saying such a step would increase prices by 50 per cent.

High costs of books to affect free primary education programmeHigh costs of books to affect free primary education programme

The publishers under the Kenya Publishers Associations argue that the proposal contained in the draft Value Added Tax Bill 2011 will push book prices up and jeopardize the gains made under the free primary education programme.

Tea health benefits pushes tea consumption in the United States

Written by Today Financial News

03 November 2011

By Ben Kinyanjui

Tea exports to the US have increased 14.4 per cent due to perceived health benefits in tea, says President of the Tea Association of the USA Mr Joseph Simrany.

Tea consumption in the US to benefit local tea farmersTea consumption in the US to benefit local tea farmers

He however says although the health message is an important contributor to the recent growth of tea in the world’s largest economy, it is not the only reason why tea is becoming popular.

Kenya stands to gain as European leaders struck deal to bail out debt ridden Greece

Written by Today Financial News

28 October 2011


By Ben Kinyanjui and agencies

Kenya is one of the countries in Africa that is likely to benefit from Wednesday’s bailout plan seeking to resolve the two year old Eurozone debt crisis.Kenya is a major exporter of flowers to EuropeKenya is a major exporter of flowers to Europe

European leaders and bankers meeting in Brussels struck a last-minute, "three-pronged" deal overnight Wednesday on solving the debt crisis that has partly contributed to the sharp depreciation of currencies in East Africa.

Small banks continue to fight for survival as six major ones control 56 per cent of the market

Written by Today Financial News

24 October 2011

By Ben Kinyanjui

The six largest commercial banks in Kenya continued to dominate the industry despite efforts by the Central Bank of Kenya to increase competition in the multi-billion shilling industry.

Cooperative Bank is one of the biggest banks in the countryCooperative Bank is one of the biggest banks in the country

The banks, Kenya Commercial Banks (13 per cent), Barclays bank (10), Equity Bank (9.5), Cooperative bank (8.7), Standard Chartered bank (7.8) and CIC Stanbic Bank (5.3 per cent) controlled 56.1 per cent of the market last year.

CMC unveils expansion plan despite boardroom wars

Written by Today Financial News

24 October 2011

By Today Financial News Reporter

CMC motors have embarked on a business transformation process that will increase its market share in Kenya from 14 to 20 per cent in the next one year.

Troubled CMC eying the EAC marketTroubled CMC eying the EAC market

The company also intends to increase its presence in Uganda and Tanzania as well as venture into Southern Sudan where demand for agricultural inputs including tractors is high.

Housing prices in Kenya decline due to economic slowdown and high inflation

Written by Today Financial News

24 October 2011

 

 

By Today Financial News Reporter

 

Housing prices in Kenya have gone down marginally due to slow economic growth and rising inflation that has triggered high cost of living.


According to Ms Farhana Hassanali, Property Development Manager, HassConsult Limited, a leading estate management in Kenya, prices had fallen by two per cent in the second quarter, down from 1.8 per cent growth in the first quarter.

Saccos set to take over the multibillion shilling matatu industry

Written by Today Financial News

24 October 2011

 

 

By Ben Kinyanjui

Can you imagine waking up one day and there are no matatus on the road?  Nancy Maingi, a 27 year-old civil servant from one of the newly created districts in Eastern province cannot imagine life without them.

They been called all sort of names, play loud music and some had gone to an extent of showing pornographic videos, all in the name of attracting passengers and mainly the youth.

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