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

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Housing boom continues despite the slow economic growth

By Today Financial News Reporter

 

Despite the predicted slow down in the real estate sector, a Sh30 billion housing project has been unveiled in Athi River, 28 kilometers from Nairobi Central Business District.Gated housing projects are becoming popular with investorsGated housing projects are becoming popular with investors

Iluluwe gated community housing project that is situated on a 1000 acre piece of land along Athi River will be a top residential facility nestled around a 18 hole golf course, top flight hotel, an ICT centre and a world class care facility.

Honeymoon over as Safaricom half year profits dip 48 per cent

By Ben Kinyanjui

 

Leading Mobile services provider Safaricom has witnessed a 48 per cent drop in profitability in the first half of the financial year from 10.4 billion to 5.3 billion.Safaricom CEO Bob Collymore says harsh operating envoronment has led to a drop in profitabilitySafaricom CEO Bob Collymore says harsh operating envoronment has led to a drop in profitability

Though the company witnessed a 5.3 per cent rise in revenue from Sh47.11 billion to 49.63 billion, operating expenses rise significantly from Sh21.6 billion to 26.5 billion during the period ending September 30.

Equity Bank enters into financing agreement with Mabati Mills to boost low cost housing


By Ben Kinyanjui

Equity Bank has entered into a financing agreement with Mabati Rolling Mills (MRM) to provide steel materials to build low cost houses.Equity Bank CEO Mr James Mwangi says mortage portfolio growth is goodEquity Bank CEO Mr James Mwangi says mortage portfolio growth is good

The joint partnership allows salaried individuals and entrepreneurs with a monthly income of at least Sh20, 000 to access an empowering micro mortgage product designed to facilitate the erection of low cost housing units using steel structures manufactured by MRM.

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

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

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

 

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.

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