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

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

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

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


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

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


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.

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