Finance
Barclays Bank profits increases despite efforts to cap interest rates
By Ben Kinyanjui
Despite threats posed by spirited efforts by Mps to cap interest rates on loans, Barclays Bank has posted an 11 percent rise in profit to Sh12 billion for the year ending in December 2011.
“The income number has grown by just over one percent (Sh26.3 billion), this is despite our balance sheet growth from Sh87 billion to Sh99 billion which happened in the second half of the year and the benefit of that revenue growth is likely to come in 2012,” says Managing Director Adan Mohammed.
World Bank President Robert Zoellick retires in June
By Today Financial News Reporter
World Bank Group President Robert Zoellick will step down in June after five years at the helm of the world’s largest development assistance agency.
WB President Robert Zoellick
During his tenure, Mr Zoellick the Bank played an historic role during the global economic crisis, using record replenishments to provide more than $247 billion to help developing countries boost growth and overcome poverty.
Savings and credit regulatory body signs MoU with Strathmore University
By Today Financial News
The Sacco Societies Regulatory Authority (SASRA) and Strathmore University have signed a Memorandum of Understanding to enhance research in the cooperative movement.
Sasra Chief Carlius Ademba says regulated sector boosts investor confidence
According to Sasra Chief Executive Officer Carilus Ademba the MOU will enable the two bodies to collaborate and develop information and relevant data on the multi-billion shilling sector.
Address weaknesses in the economy and exchange rate will stabilise, argues banks
By Ben Kinyanjui
Mr Richard Etemesi might not have said what he thought about the committee and mangers of the economy but the message was clear to all. They were looking for the answers in the wrong quarters. 
KCB CEO Martin Oduour-Otieno. Major banks on the spotlight over weakening shilling last year
According to the banker, credit was too cheap last year and Kenyans took the opportunity to consume and consume loads of imported goodies that required huge volumes of foreign currency to buy. Even maize and sugar had to be imported in large quantities because we could not produce enough.
High interest rates to persist as CBK retain its lending rate at 18 per cent
By Ben Kinyanjui
The Central Bank of Kenya (CBK) has maintained its lending rate at 18 per cent despite the stable exchange rate and a slow down in inflation. 
High interest rates have affected housing
CBK monetary policy committee meeting Thursday decided to maintain that high level to consolidate gains made in containing inflation that stand at 18.3 per cent down from 18.9 per cent in December last year.
Inflation rate remains high despite government intervention
By Ben Kinyanjui
Lower costs of transport and communication was not sufficient to dent persistent high inflation that dropped marginally to 18.3 per cent in January compared to 18.9 per cent ion December.
Sugar prices have dropped but remain relatively high
Transport costs dropped 1.4 per cent driven by lower oil prices that have dropped in the last two months while the cost of communication was down 0.02 per cent but cost of food that is a major driver of inflation went up 0.58 per cent.
Kenya’s Cellulant to power digital services for Barclays and Absa across its African network
By Ben Kinyanjui
A leading mobile commerce services provider Cellulant has sealed a deal to provide digital services for Barclays Africa across its key markets in Africa.
Cellulant, who power mobile banking for more than 32 banks in Africa, operate Africa’s leading mobile commerce network with a growing turnover of more than Sh10 billion
Tax collection increases despite harsh business and economic environment, says KRA
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 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
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 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.
Finance minister Uhuru Kenyatta appoints new KRA commissioner general
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 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.
Implementing the new constitution expensive, admits Finance Minister Uhuru Kenyatta
By Ben Kinyanjui
Demand for money to implement the new constitution is putting pressure on available government resources, Finance Minister Uhuru Kenyatta has said.
Finance Minister Uhuru Kenyatta says government facing spending pressures
Mr Uhuru said pressure is also coming from a section of civil servants including teachers and doctors who have demanded for higher wages. The pending election is also going to be a drain to the exchequer.
Diaspora conference opens in London next month with remittances expected to double
By Ben Kinyanjui
A London based Kenyan investment mobilization organization has outlined plans to double Diaspora investment remittances in the next three years.Remittances have increased over the years
With conservative estimates placing the value of Kenyan Diaspora remittances at US$500million (Sh50 billion), the Kenya Diaspora Forum Ltd (KDIF) has unveiled strategies to double such remittances through sustained awareness and direct engagement platforms with Kenyans living abroad.
CBK retains lending rate at 18 per cent though threats of exchange volatility remain
By Today Financial News Reporter
Interest rates on loans are expected to stabilise after the Central Bank of Kenya (CBK) retained its lending rate that determines interest charges at 18 per cent for the second month running.
CBK Governor Prof Njuguna Ndung'u says exchange rate is stable but threats remain
CBK monetary policy committee (MPC) meeting Wednesday sent a signal that the tight stance taking over the last three months had started bearing fruits though there were still threats posed by the financial crisis in Europe.
CBK monetary policy committee meets for the first time this year with the shilling stable against major world currencies
By Ben Kinyanjui
The Central Bank policy committee is expected to stay the bank lending rate at 18 per cent when it meets Monday to review progress made in containing the high inflation.
High interest rates charged by commercial banks have slowed down economic activity
They also met at a time when the shilling has recovered substantial ground against the world majors, coming from Sh105 to the dollar to over Sh87 on Tuesday.
The shilling likely to lose ground again as demand for imports rise and export sector remain sluggish
By Today Financial News Team
The Central Bank of Kenya (CBK) Monetary Policy Committee meets Wednesday to review its policy on the economy that has slowed down due to high interest rates that have discouraged borrowing.CBK Governor Prof Njuguna Ndung'u to chair monetary committee
And the committee chaired by Governor Prof Njuguna Ndung’u might have no alternative but to raise the Central bank lending rate (CBR) higher in an effort to save the depreciating shilling that was selling at 88 to the dollar Wednesday.
Kenyans start the new year with hope that inflation will decline and offer some relief
By Today Financial News Reporter
It is Saturday evening in down town Nairobi and human traffic is heavy as usual. It is business as usual as city dwellers jostle to board matatus back to their homes. They are not excited that tomorrow is Christmas day.
Maize trade. Food prices have remained high
The story is repeated a week later on New Year eve. Most people are calm though deep within is a sense of frustrations occasioned by the high cost of living that has reduced their purchasing power.
Inflation rate declines marginally in December but food prices remain high
By Today Financial News Reporter
The overall inflation rate has declined marginally from 19.72 per cent in November to 18.93 per cent in December mainly due to reduced cost of electricity and petroleum products.
Food prices have remained high despite increased supply
However contrary to expectations, food and non alcoholic drinks’ index went up by 0.78 per cent between November and December 2011 despite increased food supply due to on-going rains.
IMF gives Kenya Sh12 billion to help cope with the severe drought in the Horn of Africa
By Ben Kinyanjui
The International Monetary fund (IMF) will give Kenya Sh12 billion loan to help the country cope with the severe drought in the Horn of Africa as well as higher food and fuel prices.
CBK Governor Prof Njuguna Ndung'u insisits inflation will fall to seven per cent by next year
In its regular review of the country’s economy, the IMF said Kenya was pushing through with an ambitious structural reform agenda while preserving the basis for strong growth.
Equity bank together with MasterCard Foundation and USAID to assist needy children
By Ben Kinyanjui
Equity Bank has partnered with the Master Card Foundation and the United States Agency for International Development (USAID) to assist children from needy families to acquire secondary education.
Equity Bank CEO Mr James Mwangi says they target to assit 10,000 students
Under the Wings to Fly program launched earlier this year by President Mwai Kibaki, Equity Bank, Equity Group Foundation and The MasterCard Foundation with support from USAID will offer 2140 scholarships across the country to children from needy backgrounds who will attain 350 marks and above in this year’s KCPE examinations.
New York based magazine recognises KCB for financing trade activities in East Africa
By Ben Kinyanjui
KCB Group has been named the ‘Best Trade Finance Bank’ in Kenya in an exclusive survey set for publication in February 2012.
KCB chairman Peter Muthoka
In the survey conducted by the authoritative New York based, Global Finance magazine - GFmag.com, KCB was listed among the top performing trade finance banks in 78 countries worldwide.
