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Kenya’s import bill rises as exports to COMESA and EAC decline

Written by Today Financial News

28 August 2013

By Ben Kinyanjui

Kenya’s total value of imports increased by 7.3 per cent or US$ 1,148 million, to US$ 16,919 million (Sh1.4 trillion) in the year to May 2013.


Kenya's trade deficit widens as imports exceed exportsKenya's trade deficit widens as imports exceed exports

The Central Bank of Kenya (CBK) says in its economic monthly report for May that this reflects a rise in payments for imported chemicals, manufactured goods, machinery and transport equipment and other non-categorised imports.

Kenya shilling strengthened against the US dollar and all EAC currencies

Written by Today Financial News

27 August 2013

By TF News

The Kenya Shilling strengthened against all EAC currencies last week but posted mixed performance against other world majors.CBK says shilling gained marginally as demand for dollars easedCBK says shilling gained marginally as demand for dollars eased

The shilling appreciated by 0.1 per cent and 0.28 per cent against the US Dollar and the Japanese Yen respectively, while depreciating by 0.9 per cent and 0.33 per cent against the Sterling Pound and the Euro respectively.

China pledges to support war on poaching but ivory trade continues

Written by Today Financial News

26 August 2013

By Ben Kinyanjui

China has pledged to support the government to combat wildlife poaching that threatens to wipe out the entire elephant and rhino population in the East African region.China pledges to support anti-poaching efforts but ivory trade continuesChina pledges to support anti-poaching efforts but ivory trade continues

China and several other East Asian countries have provided the market for ivory and rhino horns.

Trade at Nairobi Securities Exchange declines

Written by Today Financial News

26 August 2013

By TF News

Trade at the Nairobi Securities Exchange (NSE) declined last week with equities turnover down by Sh4.61 billion.Mumias Sugar shares continue to do well at NSE despite financial woes facing the companyMumias Sugar shares continue to do well at NSE despite financial woes facing the company

Market capitalization also declined by Sh19.84 billion, and bonds turnover by 3.47 billion.

List at Nairobi Securities Exchange to raise capital, President Kenyatta urges SMEs

Written by Today Financial News

23 August 2013

By PPS

President Uhuru Kenyatta has encouraged more Kenyan Small and Medium Enterprises (SMEs) to list on the Nairobi Securities Exchange (NSE) to fund their expansion.President Uhuru Kenyatta and First Lady Margaret Kenyatta flanked by Vice Mayor Zhang Wen (Left) and the Chinese Ambassador to kenya Ambassador Liu Guangyuan (R) strike the bell to start the day's trading when they visited the Shenzen Stock Exchange (SHZ) in China.President Uhuru Kenyatta and First Lady Margaret Kenyatta flanked by Vice Mayor Zhang Wen (Left) and the Chinese Ambassador to kenya Ambassador Liu Guangyuan (R) strike the bell to start the day's trading when they visited the Shenzen Stock Exchange (SHZ) in China.

President Kenyatta said increased SMEs activity at the bourse would consolidate Kenya’s position as a regional financial hub.

China pledges to help Kenyan rice farmers to increase yields

Written by Today Financial News

23 August 2013

By PPS

China has offered to train Kenyan rice farmers in modern large-scale production techniques to raise their yield five-fold from the current paltry 50 tonnes per acre.Kenya can produce more rice farming using newer technologiesKenya can produce more rice farming using newer technologies

During President Uhuru Kenyatta’s tour of the China National Rice Research Institute (CNRRI) in the southern Chinese city of Hangzhou, the Institute said that it was prepared to set up a model farm and research facility to assist Kenya meet its food security goals.

Remove red-tape and improve efficiency at Mombasa Port, orders President Kenyatta

Written by Today Financial News

22 August 2013

By Ben Kinyanjui and PPS

President Uhuru Kenyatta has asked managers at the Kenya Ports Authority (KPA) to remove red tape and enhance efficiency at the Port of Mombasa.Efficiency at Mombasa Port has improved but President Kenyatta says more should be doneEfficiency at Mombasa Port has improved but President Kenyatta says more should be done

Speaking after visiting the super-efficient Chinese port of Tianjin, President Kenyatta urged KPA executives to embrace efficiency, transparency and reduce red tape to bolster operations.

President Uhuru Kenyatta moves to strengthen relations with China

Written by Today Financial News

21 August 2013

 

By Uhuru Kenyatta

This year, Kenya observes its 50th anniversary of independence, which happened after a long struggle for liberty, dignity and prosperity for our people.President Uhuru Kenyatta and President of China Development Bank, Zheng Zhijie witness the exchange of the MOU between Kenya National Chamber of Commerce and Industry,( KNCCI) National Chairman Kiprono Kittony and his counterpart from China Chamber of Commerce Machinery and Electronics after the signing ceremony during the Kenya-China Investment and Business Forum meeting in Beijing, China. President Uhuru Kenyatta and President of China Development Bank, Zheng Zhijie witness the exchange of the MOU between Kenya National Chamber of Commerce and Industry,( KNCCI) National Chairman Kiprono Kittony and his counterpart from China Chamber of Commerce Machinery and Electronics after the signing ceremony during the Kenya-China Investment and Business Forum meeting in Beijing, China.

During that eventful period, China supported us in our quest for freedom, as it did many other liberation movements in Africa.

President Kenyatta secures Sh425 billion funding from China

Written by Today Financial News

20 August 2013

By TF News Reporter and

PPs

President Uhuru Kenyatta has secured deals worth $5 billion (Sh425 billion) with China during his trip to the Asian economic power.President Uhuru Kenyatta leads the Kenya delegation in high level Bilateral talks with Chinese President Xi Jinping and his delegation at the East Gate of the Great Hall of the People during the official welcome ceremony.President Uhuru Kenyatta leads the Kenya delegation in high level Bilateral talks with Chinese President Xi Jinping and his delegation at the East Gate of the Great Hall of the People during the official welcome ceremony.

Some $4 billion covered economic partnerships, wildlife protection, and the standard gauge railway linking the port of Mombasa and the border town of Malaba.

Remittances by Kenyans living abroad declines

Written by Today Financial News

13 August 2013

By Ben Kinyanjui

Remittances by Kenyans living abroad declined by 9.4 per cent (or US$ 10.34 million) to US$ 99.81(Sh8.5 billion) million from US$110.15 million recorded in May 2013. Economic slowdown in U.S led to declineEconomic slowdown in U.S led to decline

The Central Bank of Kenya says the reduction of remittance inflows was mainly in a US$ 9.53 million decline from the North American region.

Central Bank of Kenya inject Sh11.8 billion to calm money market

Written by Today Financial News

12 August 2013

By Ben Kinyanjui

The Central Bank of Kenya injected Sh11.8 billion in the money market last week to ease the tightness attributed to government deposits.National Treasury secretary Henry Rotich is yet to pay all civil servantsNational Treasury secretary Henry Rotich is yet to pay all civil servants

CBK says the money market liquidity was relatively tight during the week ending August 7, attributed to accumulation of deposits by Government at the Central Bank awaiting finalization of payment arrangements for the reconstituted government ministries.

Trade at the NSE boosted by improved half trading results

Written by Today Financial News

12 August 2013

By TF News Reporter

The banking sector dominated trade during the week where all capital markets performance indicators recorded improvement.Banks have posted good half year resultsBanks have posted good half year results

Equities turnover rose by 70.5 per cent, while the bonds turnover rose by 29 per cent. All equities and bonds indices rose, signifying increase in share prices as listed companies released second quarter results.

Can Kenya avoid the resource ‘curse’ as it develops mining sector?

Written by Today Financial News

10 August 2013

By Ben Kinyanjui

The impending showdown between mining Cabinet Secretary Najib Balala and Cortec mining company over cancelled licenses is likely to trigger heated public debate on the future of mining in the country.Kenya must avoid pitfalls of other African countriesKenya must avoid pitfalls of other African countries

The creation of a stand-alone mining portfolio by President Uhuru Kenyatta when he formed his government in May was a clear signal that it would not be business-as-usual where prospecting mining companies come in, get licenses and start operations.

Cabinet secretary disowns GMOs import ban calls for review

Written by Today Financial News

09 August 2013

By Ben Kinyanjui

Education, Science and Technology cabinet secretary Prof Jacob Kaimenyi want import ban on GMOs imposed by the former government last year lifted.Agriculture secretary Felix Kosgey must lead efforts to lift import banAgriculture secretary Felix Kosgey must lead efforts to lift import ban

Prof Kaimenyi says the ban was not supported by scientific evidence and should be reviewed the soonest possible.

Manchester United reaches out to local fans with a loyalty credit card

Written by Today Financial News

07 August 2013

By TF News Reporter

Local fans of English Premier league champions Manchester United  can now enjoy the services of a loyalty credit card thanks to a partnership signed between the 2012 Premier League champions and consumer finance business, afb.afb Group Chief Executive Officer, Karl Westvig (left) and Manchester United, Head of Marketing, Jonathan Rigby during the signing of a partnership that will see fans of Manchester United in Kenya enjoy the services of a loyalty credit card courtesy of consumer finance business afb and the current Premier League Champions. afb Group Chief Executive Officer, Karl Westvig (left) and Manchester United, Head of Marketing, Jonathan Rigby during the signing of a partnership that will see fans of Manchester United in Kenya enjoy the services of a loyalty credit card courtesy of consumer finance business afb and the current Premier League Champions.

afb, which launched its operations in the Kenyan market in April this year, has sealed a five year partnership deal with the league leaders that will see Manchester United fans across the country own branded Manchester United credit cards and access affordable financial services.

Commercial banks increases lending but face higher loan default, says CBK

Written by Today Financial News

05 August 2013

By Ben Kinyanjui

Commercial banks gave Sh50 billion as loans to various sectors of the economy between March and June this year.Banks are giving more money for private consumption not investmentBanks are giving more money for private consumption not investment

The Central Bank of Kenya (CBK) says in its quarterly report on banks development that the sector’s gross loans and advances increased from Sh1.40 trillion in March to Sh1.45 trillion in June 20 which translated to a growth of 3.6 per cent.

Trade at Nairobi Securities Exchange declines

Written by Today Financial News

05 August 2013

By TF News Reporter

Trade at the Nairobi Securities Exchange (NSE) declined last week with equities turnover declining by 12.40 per cent as bonds turnover shed 15.30 per cent. The agricultural sector is not doing well at the NSEThe agricultural sector is not doing well at the NSE

All equities and bonds indices as well as market capitalization edged lower than in the previous week.

Money market liquidity tightens as government build up deposits

Written by Today Financial News

05 August 2013

By TF news Reporter

The money market liquidity was relatively tight during the week ending July 31 attributed to build-up of government deposits at the central Bank as it finalises payments arrangements for the new ministries.Government is yet to pay some of its workersGovernment is yet to pay some of its workers

The Central Bank of Kenya (CBK) says in its weekly bulletin that the bank liquidity management transactions through repo securities resulted in Sh18.9 billion net injection to alleviate the tightness.

Microfinance institutions increases lending to Sh22.5 billion

Written by Today Financial News

05 August 2013

By TF News Reporter

Deposit taking microfinance institutions licensed by the Central Bank of Kenya (CBK) increased their lending from Sh21.2 billion in March to Sh22.5 billion in June this year.Most small scale traders have turned to MFIs for creditMost small scale traders have turned to MFIs for credit

CBK says deposits base stood at Sh19.7 billion representing a growth of 20.1 per cent from Sh16.4 billion in March.

Kenya cannot afford to spendSh2.5 billion for celebrations, says President Kenyatta

Written by Today Financial News

03 August 2013

By Ben Kinyanjui

President Uhuru Kenyatta has disbanded a committee setup to plan the 50th year celebrations of the Kenyan independence.President Kenyatta says spending Sh2.5 billion in celebrations is wastefulPresident Kenyatta says spending Sh2.5 billion in celebrations is wasteful

The president said he is aware that during its deliberations, a committee planning celebrations to mark the country's 50th birthday drew a provisional budget of Sh2.5 billion.

Shorter cheque clearing period a boost to economy, says CBK governor

Written by Today Financial News

03 August 2013

By Njuguna Ndung’u

Since 1998, the Central Bank of Kenya has worked towards modernizing the National Payment Systems.

CBK governor Prof Njuguna Ndung'u says new system to boost economyCBK governor Prof Njuguna Ndung'u says new system to boost economy

This journey started with the automation of the Clearing House, through the introduction of the Magnetic Ink Character Recognition (MICR) technology and the Electronic Funds Transfer (EFT) payments.

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