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The US international trade deficit ticked slightly higher in January but stayed on a narrowing trend as the global economy continues to slowly recover, official data released Friday showed. The larger trade gap was unexpected. But compared with a year ago, the US trade deficit fell by $3.0 billion from January 2013, continuing the narrowing trend of 2013. "The January trade data point to a gradual global economic recovery, both in the US and abroad, as exports and imports both increased," said Tu Packard of Moody's Analytics.
Kenya's president and cabinet on Friday agreed to a pay cut as part of austerity measures meant to reduce the government wage bill and free up funds for use in economic development - and called on lawmakers to do the same. Uhuru Kenyatta announced a month after his election in March last year that he would make reducing Kenya's ballooning public sector wage bill a priority, saying it was "unsustainable" and weighing on the national budget. On Friday, Kenyatta said he and Deputy President William Ruto will be taking a 20 percent cut on their monthly pay, and that the country's 18 cabinet secretaries had agreed to take a 10 percent pay reduction. Kenyatta earns a salary of 1.2 million shillings a month, his deputy earns 1.1 million shillings while cabinet secretaries earn about 800,000 shillings.