Thursday, September 29, 2022

President Ruto Pushes For Credit Scores In Bid To End CRB Blacklisting


President William Ruto at Norfolk Hotel in Nairobi County during a briefing by Safaricom, NCBA Bank and Kenya Commercial Bank. PHOTO| PSC

By Kepha Muiruri

President William Ruto has backed the assigning of credit scores to borrowers in a push to end the blacklisting of borrowers by Credit Reference Bureaus (CRBs).

President Ruto Backs Privatization Of State Corporations


By Kepha Muiruri

President William Ruto has backed the privatization of State Corporations in a move to raise more funding for the government.

President Ruto Orders Treasury To Cut Ksh.300 Billion From Budget


By Kepha Muiruri

President William Ruto has ordered the National Treasury to cut Ksh.300 billion from the 2022/23 budget to relieve Kenya’s spending and borrowing pressures.

NSSF Posts Ksh.1 Billion Rental Defaults


By Kepha Muiruri

The National Social Security Fund (NSSF) has seen defaults from tenants in its rental properties climb above Ksh.1 billion as of the end of June 2021.

Cost Of Loans Set To Rise As CBK Lifts Benchmark Lending Rate To 8.25%


By Kepha Muiruri

The cost of loans is expected to jump sharply after the lifting of the benchmark lending rate/CBR to 8.25 per cent from 7.50 per cent by the CBK.

Tanzania launches Africa’s first $300 million smart economic zone


Investment, Industry and Trade deputy Minister Exaud Kigahe (left) receives an appreciation award from Mkinga Economic Zone project chairman Nauel All Assad (right) on Tuesday in Dar es Salaam at the launch of the $300 million worth project. PHOTO | COURTESY

What you need to know:

  • The project is the first of its kind in Africa spanning on a 650 acres of land with an expectation to create at least 3,000 jobs most being locals

How intercompany recharges affect transfer pricing for firms


Google is a multinational tech giant. One of the multinations. PHOTO | FILE

What you need to know:

  • Generally, intercompany recharging is a business model to reduce costs. For example, centralised procurement of goods results in better pricing and payment terms given larger bulk purchases.

Why Ruto should be wary of Chiluba-like excesses


Former Zambian President Frederick Chiluba. PHOTO | COURTESY

What you need to know:

  • The good people of Kenya demonstrated that there is no such thing as African, Western, or Asian democracy. There is just democracy. Democracy doesn’t work only when you ignore its principles.

Zanzibar signs deal to construct Sh537.8 billion roads



What you need to know:

  • The roads to be involved in the construction are the Tunguu- Makadunchi Road in Unguja South Region, with a length of 48kms and the Kisauni-Fumba Road (West Urban Region), with a length of 12kms, both in Unguja and the Mkoani-Chake Chake Pemba Road with a length of 43.5kms.

Africa should learn from Kipchoge


Eliud Kipchoge, a Kenyan long-distance runner. PHOTO | COURTESY

What you need to know:

  • Kipchoge is not a pimple-faced lad in his late teens. He is 37. Yet he had run so fast he crossed the line four minutes and 49 seconds ahead of fellow Kenyan Mark Korir. If Kipchoge had been given to the dramatic, he would have had a rapid shower and dried himself just as Korir came home

Sh3.2 trillion invested in Zanzibar’s Blue economy so far


Unguja. Zanzibar has recorded over 136 investment projects with a value of Sh3.2 trillion leading to creation of 9000 jobs in the isles since 2020.

This was said on Wednesday September 28, by President Hussein Mwinyi, in a speech read by the First Vice President, Othman Masoud at the opening of the business and investment forum organized by the Italian embassy in Zanzibar.

SGR operators’ training kicks off


Director general Masanja Kadogosa speaking during the launching of the training in Dar es Salaam PHOTO | COURTESY

What you need to know:

  • Tanzania is collaborating with Korea to train some 1,040 locals to operate the much awaited Standard Gauge Railway line expected to commence this year

PM courts diaspora to woo more foreign investment


Prime Minister Kassim Majaliwa PHOTO | FILE

What you need to know:

  • The Prime Minister Kassim Majaliwa encourage foreign investors to invest at home in various sectors such as tourism, mining, and industry.

Five Ugandan doctors catch Ebola


A member of the Ugandan Medical staff of the Ebola Treatment Unit stands inside the ward in Personal Protective Equipment (PPE) at Mubende Regional Referral Hospital in Uganda on September 24, 2022. PHOTO/AFP

What you need to know:

  • They did not explain whether the transmission resulted from lack or inappropriate use of protective gear, without which UMA asked its rank-and-file to stay away from work, or care lapse due to exhaustion.

British PM Truss defends 'controversial' tax cuts despite market turmoil


ew Conservative Party leader and incoming prime minister Liz Truss smiles and waves as she arrives at Conservative Party Headquarters in central London having been announced the winner of the Conservative Party leadership contest at an event in central London on September 5, 2022. - Truss is the UK's third female prime minister following Theresa May and Margaret Thatcher.

Daniel Leal | AFP

What you need to know:

  • Despite being in power for less than a month, Truss is already under severe pressure after the markets reacted to her government's tax cuts by sending the pound to an all-time low against the dollar.

How plunging Pound, Euro is affecting Tanzania


The British Pound has fallen to record low against the dollar since 1972

What you need to know:

  • The British pound fell to a record low against the globally-bullish US dollar on Monday as markets reacted to last weekend's UK's biggest tax cuts in 50 years (since 1972) which have raised the cost of the UK government borrowing.

Tasks ahead for new Vodacom Tanzania boss


Newly appointed Vodacom Tanzania managing director Philip Besiimire. PHOTO | AGENCIES

What you need to know:

  • The new MD of the telco giant is expected to turn fortunes around after revenues took a hit. Spearheading the firm’s 5G is also a top priority

Matsaert is now Tony Blair Institute’s Director of Trade and Infrastructure for Africa


(FILES) In this file photo taken on December 06, 2019 Britain’s former prime minister Tony Blair. (Photo by Tolga AKMEN / AFP)

By Adeyemi Adepetun

The Tony Blair Institute (TBI) has appointed Frank Matsaert as the Director of Trade and Infrastructure for Africa effective December 1, 2022.

CBN begins retiring intervention programmes as inflation gets more attention


By Geoff Iyatse

[FILES] Central Bank of Nigeria Governor Godwin Emefiele PHOTO: Twitter/CBN

 N3.7 billion recovered from N9.3 trillion disbursed
• Bank in deal with EFCC to recover funds from debtors
• Budget support to state governments to be deducted from FAAC allocations

NSSF plots to appeal ruling blocking ten-fold rise in contributions


The NSSF Headquarters in Nairobi. PHOTO | ANTHONY KAMAU | NMG

The National Social Security Fund (NSFF) is planning to appeal a court decision that blocked its bid to increase its monthly contribution ten-fold up to Sh2,068.

fCFTA launches digital trading hub during fete to mark third anniversary


The African Continental Free Trade Area (AfCFTA) Secretary-General H.E Wamkele Keabetswe Mene. PHOTO | FRANCIS NDERITU | NMG

By KABUI MWANGI More by this Author

The African Continental Free Trade Area (AfCFTA) has unveiled a digital trading platform dubbed the AfCFTA Hub in efforts aimed at interconnecting national, regional and private digital applications to boost the ability of African SMEs to expand their scope.

Elloe, Google partner to help small businesses


Kenyan innovator Owen Sakawa. PHOTO | POOL

By KEVIN ROTICH More by this Author

Africa’s conversational commerce platform, Elloe AI has partnered with Google to help small businesses engage customers with business chatbots through Google Search and Google Maps.