1. CBK Moves to Cut Off Money Launderers
The Central Bank of Kenya has issued new rules targeting money launderers in forex bureaus ahead of a crucial international meeting to blacklist countries with weak controls for illicit money.
The regulations, which came into effect on Wednesday, require forex bureaus to report any transactions exceeding Sh840,000 ($10,000) or anyone with transactions totalling an equivalent amount in a day to the newly-established financial reporting centre.
2. Regional States Ask for Stake in Mombasa Port
EAC’s secretary-general Richard Sezibera, told a private industry forum in Kampala that talks were in high gear to have the ports of Mombasa and Dar-es-Salaam considered regionally-owned berths under the management of private arms. “I believe this move will create healthy competition in return bringing down the costs of doing business in the region,” Dr Sezibera said in a statement published by the community.
3. Saccos To Build KES 500 Billion fund to Avoid Costly Banking Credit Line
Savings and credit societies are seeking to build up a Sh500 billion fund from which they can borrow at lower rates to meet the high demand for loans from their members and avoid expensive bank lending. Saccos were grappling with liquidity problems and were unable to meet members’ demand, Alpex Consulting Africa Ltd (ACAL) chief executive Joseph Kibe on Thursday told a saccos summit at Kenyatta International Conference Centre.
4. Ferry Service Employees Issue Another Strike Warning
Kenya Ferry Service employees have made plans to stage a strike on Friday, the 12th of October, 2012. According to Service officials speaking to Pesatalk during a telephone interview, the workers threatened to stop their daily operations unless they are compensated in accumulated bonuses that date as far back as 2010. The ferry channel employees had initially held peaceful protest on the 1st of October 2012. They had also made subsequent threats to cease their operations if the Ports Authority failed to pay them their allowances.
5. A Chance for Future African Nobel Laureates
Apart from the Nobel Prize in Literature, practically no African has ever scooped a ‘professional’ Nobel Prize. In literature, great writers like Chinua Achebe and Wole Soyinka carried the continent’s flag high, although in recent times, the stream of budding young African writers seems to have dried up. The Nobel Prize in Peace, which has had many worthy African winners like Wangari Maathai, Kofi Annan, and Nelson Mandela, is different. Maybe this year there’s a chance.
6. MPs Reject KQ Sacking Evidence
A parliamentary committee investigating circumstances surrounding the recent retrenchment of 576 employees from the Kenya Airways yesterday turned away Investment Secretary Esther Koimetta terming her evidence as inadeaquate.
The Labour and Social Welfare Committee had summoned Treasury Permanent PS Joseph Kinyua to shed light on the government’s position on the retrenchment.
However, it was Koimett who appeared with apologies from Kinyua who he said is away attending the IMF and World Bank annual meeting.
Safaricom traded 3rd and closed unchanged at 4.00 with 11.681m shares worth 47.719m changing hands. I think the proposed excise duty on mobile money is a tax on financial inclusion and our most successful innovation and therefore I expect it to be revisited. Kenya Airways traded 4th but closed unchanged at 11.75 and traded an 11.70-11.90 range and 3.075m shares worth 36.14m.
Uchumi traded 6th and rallied 4.76% to close at 19.80 which is a fresh 6 and a half year closing high. Uchumi is +155.48% in 2012 and the best performer at the Nairobi Securities Exchange. Investors are anticipating strong FY earnings and a dividend.
8. Lessons From the Nairobi International Trade Fair
Loosing money is something we are all familiar with. Just what can we learn about this from the famous Nairobi show?