1. Pyramid scheme cheats face 10 years in jail

Promoters of pyramid schemes face up to 10 years in jail under a new law passed by Parliament on Wednesday to protect Kenyans from dubious investments.  The private member’s Bill by Ikolomani MP Boni Khalwale will go through the committee stage for fine-tuning before it is sent to the President for assent. According to the Bill, promoters of pyramid schemes and usury will be fined Sh10 million or be jailed for up to ten years on conviction.

They will also be required to compensate victims and risk having their properties seized.-Business Daily

2. Violence to slow down tourism, warn hoteliers-

Hoteliers have warned that the tourism industry stands to lose the most if the chaos that rocked Mombasa following the killing of a controversial Muslim cleric Aboud Rogo on Monday are not contained. he unrest entered the third day on Wednesday but was quelled by a contingent from the General Service Unit.

However, the disturbances left a trail of destruction in buildings, churches and businesses. Shops and churches were vandalised as the rioters went on a looting spree.- Business Daily

 3. Car dealers build stocks as cheaper loans boost demand

New personal car registration jumped by 95.9 per cent in June compared to units recorded in May, in what dealers attributed to a build-up of stocks in anticipation of higher demand.

Kenya National Bureau of Statistics (KNBS) data shows that 1,562 saloon cars were registered in June compared to 799 units in May, while new station wagon registrations doubled to 5,045 compared to 2,573 units in May.

Car dealers, however, said that sales were sluggish, indicating a bullish outlook by sellers who were expecting to benefit from falling cost, credit, and inflation rates.- Business Daily

 4. Emirates tempts travellers with new fares

Dubai-based airline, Emirates, has unveiled new special fares for travel out of Nairobi, with several tiers of savings going up to 30 per cent, a statement from the airline indicates.

The offer is open to economy class of tickets booked on Emirates between September 1 and October 15 for travel period between September 20 and December 5, and covers 17 popular destinations in North America, Asia, and the Middle East.- The Standard

 5. Bank agents, swipe cards lower ATM withdrawals

More Kenyans are withdrawing money from commercial bank agents and mobile phone payment systems than from ATM machines, new data by the sector regulator has shown.

The Central Bank of Kenya (CBK) numbers show that there is an increase in the number of bank agents and a move towards cashless payments which has resulted in a gradual decrease in the growth of the value of withdrawals done through automated teller machines (ATMs).- Business Daily

6. Fears over new land laws keep banks off property assets, says CBK report

Fear that the new land laws would change rights of ownership kept off commercial banks from lending to property developers and land buyers.

A credit survey conducted by the Central Bank shows that while lending standards in most economic sectors remained unchanged over the last three months, banks kept off lending to building and construction and the real estate.

CBK says that the reduction in borrowing in the two sectors was attributable to expectations of high non-performing loans (NPLs) due to the implementation of new land laws.- Daily Nation

7. Proposed Bill Threatens to Raise Construction Prices

The ongoing revision of a 64 year-old law may spell doom for some players in the building and construction industry. The government is currently reviewing the Architects and Quantity Surveyors Act in a bid to update the ledger’s guidelines.

The Act, which was last reviewed in 1948, identifies only Architects, Engineers and Quantity Surveyors as legitimate contributors to the building and construction process. As such, the government has deemed it necessary to pass a Bill which calls for the mandatory recognition of other parties including Project Managers, Landscapers, Interior as well as Environmental Designers.- Pesatalk

8. Parking Ticket E-Payment Pilot Phase Launched

Orange joins Airtel and Yu Mobile in the City Council of Nairobi (CCN) pilot test phase of e-payment of parking tickets in parts of Nairobi.

The pilot phase, which is expected to go for 3 months, will be first implemented on Koinange Street. Motorists parking along these streets will electronically pay their parking tickets from their phones and Council inspectors will then patrol to ensure compliance.

Motorists will register for this service by sending a short message to the number 3032 with their ID number, surname and last name.- Pesatalk