1. City Hall Sends Notice to Defaulters
City rate defaulters could lose their property if they fail to pay full arrears and penalties as the City Council of Nairobi (CCN) prepares to move to court, seeking orders to take over plots and houses.City Hall told the Business Daily it had on Tuesday started issuing two-week notices to rate defaulters in the Central Business District (CBD), with other parts of the city set to follow.
2. Africa May Have 200 Billionaires Working in the informal Sector
Africa may have as many as 200 “hidden” billionaires operating in the unofficial economy who will seek to legitimize their wealth in the future, investor Mark Mobius said. “There is a lot of hidden wealth,” Mobius, who oversees more than $40 billion as executive chairman of Templeton Emerging Markets Group, said yesterday in London. “You hear about Dangote but there are maybe 200 with the same kind of resources that we do not see. The black economy is very big.”
3. World Bank Climate Innovation Centre Opens up in Kenya
The World Bank has opened a climate innovation centre (CIC), a new business hub for African climate technology entrepreneurs. It is expected to unleash the country’s green business potential, Xinhua reported. The centre will boost locally sourced green technologies in the Africa region, said the bank’s Country Director for Kenya, Johannes Zutt, during its launch in Nairobi Wednesday.
4. Kibaki Optimistic About Kenya’s Future
President Kibaki has declared that Kenya is full of hope for a bright future. Addressing the United Nations General Assembly, he called on warring parties in the world to lay down arms. During the past decade, he told world leaders, “our country has enjoyed a sustained blossoming of democracy.”
The International Monetary Fund is set to cut its forecast for global growth next month with uncertainty over whether European policymakers will keep promises to address the euro zone crisis weighing on confidence, the head of the IMF said. “We continue to project a gradual recovery, but global growth will likely be a bit weaker than we had anticipated even in July, and our forecast has trended downward over the last 12 months,” IMF Managing Director Christine Lagarde said.
6. Brand New Rail Coming Soon to Kenya
The Kenya government has made plans to start the construction of a new railway line, linking Mombasa Kampala, through Malaba. According to the Ministry of Transport, Kenya is set to receive a brand new railway that will put the old one to shame. Aviation, Tourism, Travel and Conservation News Daily reports that Kenya and China may enter a USD 2.6 Billion joint venture to construct the line which will run alongside the current railway.
7. Shilling Weakens on Month End Dollar Demand
Kenya’s shilling weakened for a second session as companies stepped up dollar purchases to cover month-end payments. The shilling declined less than 0.1 percent to 85.15 a dollar by 2:48 p.m yesterday. poising for its weakest closing level since June 13, according to data compiled by Bloomberg.
8. US Seeks to Use Climate funds to Spur Kenya Geothermal
The U.K. government plans to spur use of Britain’s green technology and financial expertise for geothermal and wind power projects in Ethiopia, Kenya and Tanzania by tapping billions of pounds of state funds.
Energy and Climate Change Minister Greg Barker said he will head a trade delegation, including 30 executives from 19 U.K. companies, to the East African countries from Oct. 1 to 5. The markets have the potential to develop more than 15,000 megawatts of geothermal power, as well as wind and hydropower, he said.