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Remittance inflows declines as global economic growth remain sluggish

Written by Today Financial News

14 October 2013

By TF News Reporter

 

Kenyans living abroad sent back home US$107 million (Sh9 billion) in August, says the Central Bank of Kenya(CBK).Sluggish global economic growth lede to reduced inflowsSluggish global economic growth lede to reduced inflows

The bank says this was 5.1 per cent lower than the inflows recorded in July 2013 which amounted to US$112.8 million; and 12.9 percent higher than $94.8 million recorded in August 2012.

Poverty and inequality remain high in Africa despite growth

Written by Today Financial News

08 October 2013

 

By TF News Reporter

Economic growth in Sub-Saharan Africa (SSA) remains strong with growth forecasted to be 4.9 per cent in 2013, says the World Bank. World Bank Vice president for Africa Makhtar Diop says poverty is still high despite growthWorld Bank Vice president for Africa Makhtar Diop says poverty is still high despite growth

Almost a third of countries in the region are growing at six per cent and more, and African countries are now routinely among the fastest-growing countries in the world, according to the World Bank’s new Africa’s Pulse, a twice-yearly analysis of the issues shaping Africa’s economic prospects.

Africa’s tourism set to boost economic growth, says World Bank report

Written by Today Financial News

03 October 2013

By Ben Kinyanjui

Sub Saharan Africa’s tourism industry is set to spur more economic growth for the continent and directly employ 6.7million people by 2021, according to a new World Bank report released today. Tourism in Africa is driven by wildlife but poaching is threatening to wipe out elephantsTourism in Africa is driven by wildlife but poaching is threatening to wipe out elephants

The report—Tourism in Africa: Harnessing Tourism for Growth and Improved Livelihoods—says that tourism accounted directly or indirectly for one in every 20 jobs in Sub Saharan Africa in 2011.

More women are now able to participate in economic activities globally, says World Bank

Written by Today Financial News

26 September 2013

By Ben Kinyanjui

Legal and regulatory barriers to women’s economic inclusion have decreased over the past 50 years globally, says a new World Bank/IFC report.Women are now more engaged economically than beforeWomen are now more engaged economically than before

However the report says many laws still hinder women’s participation in the economy. Laws restricting women’s economic activities are currently most prevalent in the Middle East and North Africa, Sub-Saharan Africa and South Asia.

Devolution can provide better services and improve accountability, says IMF official

Written by Today Financial News

20 September 2013

 

By Antoinette Sayeh,

Your country has made major strides and is an example of the continent’s market-driven economic dynamism. All governors (pictured) must make devolution workAll governors (pictured) must make devolution work

This has not happened by chance. Rather, it reflects efforts to anchor economic stability through sound fiscal and monetary policies and market-oriented structural reforms.

Kenya is ready for economic take-off, says President Kenyatta

Written by Today Financial News

20 September 2013

By Uhuru Kenyatta

The Jubilee Coalition's manifesto packages the national transformation agenda into three principal pillars - Umoja (Unity), Uchumi (the Economy) and Uwazi (openness).President Uhuru Kenyatta must ensure sustained high economic growthPresident Uhuru Kenyatta must ensure sustained high economic growth

Our starting point is the recognition that Kenya has a strong economy, which is modern in many aspects, but with even greater potential for expansion.

Economic reforms have paid off, says IMF Africa Director Antoinette Sayeh

Written by Today Financial News

18 September 2013

By TF News Reporter and PPS

The International Monetary Fund (IMF) has expressed satisfaction with economic reforms undertaken in the country in the recent past.President Uhuru Kenyatta greets the Director, African Department, International Monetary Fund (IMF), Ms Antoinette Sayeh on arrival for the official opening of High Level Conference on Kenya's Economic Success, Prospects and challenges at the Norfolk Hotel, Nairobi (Photo:PPS)President Uhuru Kenyatta greets the Director, African Department, International Monetary Fund (IMF), Ms Antoinette Sayeh on arrival for the official opening of High Level Conference on Kenya's Economic Success, Prospects and challenges at the Norfolk Hotel, Nairobi (Photo:PPS)

IMF Africa Director Antoinette Sayeh says Kenya’s economic reforms have delivered huge pay-offs, making the country an example of the continent’s market-driven economic dynamism.

National Treasury set to complete tax reforms that started with VAT Act

Written by Today Financial News

18 September 2013

By Henry Rotich

Arising from the implementation of broad based reforms, our economic growth rate has recovered steadily from as low as 1.6 per cent in 2008 to 4.6 per cent in 2012.Tax reforms started with VAT that has sparked controversyTax reforms started with VAT that has sparked controversy

This year we expect real GDP growth of around 5.6 per cent rising to 7 per cent in the medium term and double digits by the end of the second Medium Term Plan in 2018.

Clarify VAT law, President Kenyatta orders Treasury and KRA

Written by Today Financial News

17 September 2013

By TF News Reporter

President Uhuru Kenyatta has directed the National Treasury and Kenya Revenue Authority (KRA) to publish regulations clarifying the VAT law.National Treasury chief ordered to clarify VAT  lawNational Treasury chief ordered to clarify VAT law

He said clarity will ensure unscrupulous people do not take advantage of ordinary citizens by overcharging for essential commodities.

Jubilee Insurance and Bupa International launches health insurance product

Written by Today Financial News

11 September 2013

By TF News Reporter

Jubilee Insurance jointly with Bupa International has launched a new health insurance product dubbed Explorer Health Plan.Health insurance cover is gaining popularity among KenyansHealth insurance cover is gaining popularity among Kenyans

Explorer will seek to provide health insurance services to the growing middle-class, mid-level executives, and expatriates living in Kenya and traveling in and around Africa, including those seeking treatment in South Africa, India, Pakistan and Sri Lanka.

Inflation still under control despite marginal increase last month, says CBK

Written by Today Financial News

09 September 2013

By Ben Kinyanjui

The Central Bank of Kenya (CBK) maintains that inflation rate that increased marginally to 6.67 per cent up from 6.02 per cent in July was still within the government target of five per cent.CBK says inflation still under control despite increasesCBK says inflation still under control despite increases

The CBK monetary policy committee reviewed the money market last week and concluded that inflation had remained within the allowable margin (± 25 basis points) on either side of the government’s 5 per cent medium term target.

Safaricom, Equity and KCB remain the most active counters at NSE

Written by Today Financial News

09 September 2013

By TF News Reporter

Safaricom, Equity Bank and KCB were the three most active counters at the Nairobi Securities Exchange (NSE) last week with 35.81 million, 11.62 million and 8.09 million shares traded, respectively. KCB shares doing well at the NSEKCB shares doing well at the NSE

The least active sector was Automobile and Accessories sector with 62,200 shares.

Kenya and Nigeria to sign bilateral agreement

Written by Today Financial News

06 September 2013

 

By TF News Reporter and PPS

Nigeria President Goodluck Jonathan arrived in Kenya Thursday for a three days visit that will witness the two countries sign a trade agreement.President Uhuru Kenyatta (right), Nigerian President Dr Goodluck Jonathan and First Lady Dr Patience Goodluck Jonathan are adorned with Maasai traditional attire at State House, Nairobi.(Photo-PPS)President Uhuru Kenyatta (right), Nigerian President Dr Goodluck Jonathan and First Lady Dr Patience Goodluck Jonathan are adorned with Maasai traditional attire at State House, Nairobi.(Photo-PPS)

The visit comes at a time when global attention now is on Africa due to its huge potential especially in mineral resources.

Senior World Bank official to tour Kenya and hold talks with government officials

Written by Today Financial News

03 September 2013

By TF News Writer


Senior World Bank official Ms Keiko Honda will visit Kenya Wednesday to discuss ways to develop the private sector.Ms Keiko HondaMs Keiko Honda

Ms Honda, the executive Vice President of the Multilateral Investment Guarantee Agency (MIGA)—the political risk insurance arm of the World Bank Group—is traveling to South Africa, Kenya, and Côte d’Ivoire on her first official trip as MIGA’s top executive.

APA insurance pledges to pay compensation for airport fire

Written by Today Financial News

02 September 2013

By Ben Kinyanjui

APA and the Kenya Airport Authority (KAA) are on the first stage of concluding the insurance claim following the fire loss at Jomo Kenyatta International Airport (JKIA) that destroyed the arrival terminal on August 7 this year.JKIA is a regional hub and the fire affected airlines operationsJKIA is a regional hub and the fire affected airlines operations

APA said in a statement that they are still at the preliminary stage where KAA has to document the losses incurred during the inferno.

Demand for Treasury Bills remain high, says CBK

Written by Today Financial News

02 September 2013

By Ben Kinyanjui

Demand for treasury bills remained high last week with bids worth Sh16.4 billion received during the auction.CBK stayed out of money market last weekCBK stayed out of money market last week

The Central Bank of Kenya (CBK) says the Government offered for sale Sh3 billion in each of the 91-day, 182-day and 364-day Treasury bills during the week ending August 30.

Inflation rate continue to rise due to higher food prices

Written by Today Financial News

01 September 2013

By Ben Kinyanjui

The rate of inflation rose marginally to 6.67 per cent in august down from 6.02 per cent in July 2013.

Inflation now exceed government target of five per centInflation now exceed government target of five per cent

According to the Kenya National Bureau of Statistics, the CPI increased by 0.30 per cent from 139.87 in July to 140.29 in August.

Revolution in agriculture coming, says President Uhuru Kenyatta

Written by Today Financial News

31 August 2013

By FT News Writer and PPS

The Government will initiate an agricultural revolution that will transform farming in the country into a commercial enterprise.Agriculture remains the backbone of the economyAgriculture remains the backbone of the economy

President Uhuru kenyatta says although Kenyan farmers make meagre profits from their labour, the committed to ensure all farmers irrespective of landholding make a decent income out of agricultural activity.

We are committed to improve efficiency at the Port of Mombasa, says President Kenyatta

Written by Today Financial News

30 August 2013

By Uhuru Kenyatta

This facility reflects the expanded capacity at the Port of Mombasa and will enable berthing of large container ships.President Kenyatta says capacity at the port still lowPresident Kenyatta says capacity at the port still low

It is the single largest berth capacity expansion undertaken in 35 years. We have only recently completed dredging of the navigable channel and widening of the turning basin.

Kenya sets framework to manage new petroleum wealth

Written by Today Financial News

30 August 2013

By Agencies

Kenya is abuzz with talk of boosted economic prospects following recent oil and natural gas discoveries. The million dollar question—how to avoid the oil curse that has crippled many natural resource-rich countries?Turkana county governor Josephat Nanok wants new-found wealth to benefit people in the countyTurkana county governor Josephat Nanok wants new-found wealth to benefit people in the county

The country’s government, with the support of the World Bank, is reviewing petroleum sector laws and engaging stakeholders at national and local levels discussing, among others, how to share revenues between the central government and resource-rich county authorities.

Address infrastructure deficit, President Uhuru Kenyatta challanges EAC leaders

Written by Today Financial News

29 August 2013

 

By Ben Kinyanjui and Agencies

Inadequate infrastructure such as roads, railways and airports is a major problem holding back fast development in the East African region.President Uhuru Kenyatta, flanked by Uganda's President Yoweri Museveni and Rwanda's President Paul Kagame address a press conference after they attended the 2nd Infrastructure Summit in Mombasa County.Photo-PPSPresident Uhuru Kenyatta, flanked by Uganda's President Yoweri Museveni and Rwanda's President Paul Kagame address a press conference after they attended the 2nd Infrastructure Summit in Mombasa County.Photo-PPS

President Uhuru Kenyatta says the missing infrastructural links and other communication bottlenecks impede enhanced movement of people, goods and services across the borders.

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