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Tea earnings rose to Sh109 billion but production declined by five percent

Written by Today Financial News

26 January 2012

By Ben Kinyanjui

Tea earnings rose to Sh109 billion last year from Sh97 billion in 2010, due to high prices in the international market and a weaker shilling against the dollar. Production however declined due to unfavourable weatherTea Board of Kenya CEO Sicily Kariuki spearheading efforts to get more export marketsTea Board of Kenya CEO Sicily Kariuki spearheading efforts to get more export markets

Kenya also secured new markets in China, Iran, United Arab Emirates, Russia, and North America as well as licensing of new factories in the tea growing areas.

Tax collection increases despite harsh business and economic environment, says KRA

Written by Today Financial News

24 January 2012

By Ben Kinyanjui

Kenya Revenue Authority (KRA) collected Sh338.1 billion as revenue between July and December last year.KRA Commissioner General Michael Waweru says revenue has increasedKRA Commissioner General Michael Waweru says revenue has increased

 

Outgoing KRA commissioner General Michael Waweru said the amount that represented 11.6 per cent growth in revenue collection was Sh35 billion more compared to a similar period the previous year.

Kenya government to restructure spending to cope with unfolding global financial crisis

Written by Today Financial News

23 January 2012

 

By Ben Kinyanjui

The Government will restructure its spending in an effort to cushion the country from the negative impact of the unfolding global financial crisis.CBK has resisted pressure to raise yields for Treasury BillsCBK has resisted pressure to raise yields for Treasury Bills

According Economic Secretary Dr Geofrey Mwau the unfolding crisis triggered by the debt crisis in some countries in Europe is likely to affect the exports to the European Union (EU) tourist arrivals as well as remittances from the high income countries.

Nairobi working classes suffer soaring rents, as high interest rates dampen construction industry

Written by Today Financial News

20 January 2012

By Ben Kinyanjui

House rents in Nairobi have risen 20 per cent in the last two years forcing workers to seek cheaper shelter in the outskirts of the city. Rents in upper market fall as workers seek cheaper shelter in the outskirtsRents in upper market fall as workers seek cheaper shelter in the outskirts

The situation is worsened by the existing high interest rates that have slowed down construction of new housing units to meet the ever rising demand for housing in major urban areas.

Finance minister Uhuru Kenyatta appoints new KRA commissioner general

Written by Today Financial News

19 January 2012

By Ben Kinyanjui

 

Finance minister Mr Uhuru Kenyatta has appointed Mr John Njiraini as the new commissioner general to over from Mr Michael Waweru whose term has expired.New KRA Commissioner General Mr John NjirainiNew KRA Commissioner General Mr John Njiraini

Also appointed are Mr Pancrasius Nyagah as the commissioner of domestic Taxes-large taxpayer’s office and Ms Beatrice Memo as commissioner of Customs Services.

Ministry of Agriculture set high targets as it become ISO certified

Written by Today Financial News

19 January 2012

By Ben Kinyanjui

It is often associated with frequent famines that cause untold sufferings to the millions of people. It is often criticised for all manner of ills affecting the sector including high cost of farm inputs, poor seeds and extension services. President Mwai Kibaki (centre) display ISO certification given to ministry of AgriculturePresident Mwai Kibaki (centre) display ISO certification given to ministry of Agriculture

The ministry is also home to numerous poor performing state-owned enterprises that suffer bad press due to the many scandals that keep on surfacing. It is also home to the Kenya Agricultural Research Institute, (KARI) that is one of the best known research institutions in Africa.