Good Morning,
2021 is slowly coming to a close and Mariah Carey’s “All I want for Christmas is you” has just re-entered the top 200 on iTunes meaning it’s officially Christmas season!!
Black Friday? : a plane for Ksh 5000.
Last week, KAA (Kenya Airports Authority) announced that it would auction 73 uncollected junk aircrafts for as low as Ksh 5,000. Don’t get too excited just yet, because among the requirements to participate in the auction is a ksh 100,000 deposit.
KAA stated that incase the auction price is lower than the deposit, the balance will be refunded.
The dates for the auction are:
Jomo Kenyatta International Airport - 17 November as from 10 am.
Wilson Airport - November 17 from 2:30pm.
Moi International Airport - 19 November from 10 am.
Lokichoggio Airport - 22 November at 10am.
Viewing dates are from 4th November to 16th November (during normal working hours).
LAND
Payday ! - State to pay Turkana oil field landowners
516 land owners in Turkana will be paid billions of shillings by the Kenyan government after Tullow Oil company presented a clearer plan for oil production in South Lokichar Basin.
The Energy Principal secretary announced that the payouts were to start as of last week.
Additional facts on the Turkana oil fields
Tullow Oil entered Kenya in 2010.
Kenya first announced the discovery of oil in Turkana (Block 10BB and 13T) in March 2012.
December 2021 was the deadline for Tullow Oil to present a comprehensive investment plan for oil production in Turkana.
CAPITAL MARKETS
Kenyans can now purchase shares of MTN Uganda
On Thursday, the Capital Markets Authority gave a ‘no objection’ to MTN Uganda marketing its initial public offering to local investors. The initial public offering (IPO) offer opened in Uganda on October 11.
Details on the offer:
The offer for Kenyan investors runs till the 22nd of this month.
4.4 billion shares representing a 20% stake in the company are on offer.
The price per share is ksh 6.3.
BANKING
Tight rules for Kenyan borrowers
The Kenya Bankers Association announced that Kenyan borrowers with collateral whose value has depreciated will have to provide additional security to the banks.The announcement follows various reports of the depreciating value of many properties (real estate) in Kenya.
Tip: The most common asset used as collateral for loans is real estate.
According to the East African Newspaper, Kenyan banks ‘over-rely’ on real estate as security for loans which increases risk when the value of real estate depreciates.
Did you Know: Approximately $37.1 billion worth of securities held by big banks in Kenya are tied to real estate.
Way forward: As per the Kenya Bankers Association;
Banks will carry out frequent revaluations of charged properties.
Banks will demand additional security from borrowers during the loan repayment period when the value of the existing collateral drops below that of the loan amount.
COMMUNICATION
Advertisements on Zoom
If you thought YouTube advertisements were annoying, imagine watching a ‘Google digital skills for Africa’ advertisement every time you get onto a Zoom meeting.
Zoom is currently introducing a pilot advertising program that will show ads to ‘free’ zoom users.
The ads will appear on the browser page of free users at the end of a call if they join meetings that are hosted by other free basic users.
Although the pilot program will have adverts at the end of zoom calls, Zoom will most likely explore the idea of showing ads in other areas of the user interface.
LEGAL
1. Access to Justice
Chief Justice Martha Koome issued a directive that all persons facing charges of robbery with violence must have legal representation and if they cannot afford it, then legal representation should be provided at the expense of the state.
This is in line with article 50(2) (h) of the Constitution.
2. Extradition powers
The Supreme Court allowed the DPP ( Director of Public Prosecutions) to proceed with the extradition of ex-minister Chris Okemo & ex-Kenya Power boss Samuel Gichuru to Jersey Island to face theft & money laundering charges.
The Supreme court held that:
a. Extradition proceedings are criminal in nature and hence squarely fall under the DPP’s mandate under Article 157 of the Constitution.
b. That the Attorney General’s role is only limited to receiving the request from a requesting state for onward transmission to the DPP.
Want to know more about the case ? Click below and view the 3rd story..
CONFLICT IN AFRICA
“Take up arms” - Ethiopian government to residents of Addis Ababa
The Ethiopian government urged residents of Addis Ababa to arm themselves and protect their neighborhoods after Tigray People's Liberation Front (TPLF) fighters announced plans to march into the capital.
“Those who have weapons but can't take part in safeguarding their surroundings are advised to handover the weapon to the government or their close relatives or friends” - City Administration.
Other Events that happened last week
Ethiopia's government declared a nationwide state of emergency as war intensified in several regions.
Odaa Tarbii, the spokesman for Oromo Liberation army who are allied to the TPLF, stated that the takeover would be complete soon. He said, “if things continue in the current trajectory, then we are talking about a matter of months if not weeks”
By Friday, Thousands of Ethiopians had filled a stadium in the capital Addis Ababa to show their support for new military recruits.
The United Nations Security Council called for an end to hostilities in Ethiopia, urging the negotiation of a “lasting ceasefire” by the parties in Conflict.
Effects of the war
Around 400,000 people in Tigray are facing extreme food shortage, thousands of civilians have been killed and about 2.5 million people have fled their homes. - according to UN data.
The US has suspended duty-free access to Ethiopian exports as a result of the instability.
The US International Development Finance corporation has delayed the disbursement of $500 million loan to finance Safaricom’s entry into Ethiopia’s market.
Must Know ConversationStarters
A win for employees : the amended National Hospital Insurance Fund Act - Members of parliament amended the NHIF act to include a key provision where Employees will be compensated by their employers for hospital bills incurred whenever their employers fail to remit their NHIF contributions.
The employers will also pay penalties for delayed remission of their employees’ NHIF contributions.
Possibilities for Lower fuel prices - Parliament published a Petroleum products tax amendment bill which proposes the reduction of taxes and levies applicable to petroleum products.
The Bill also proposes to restructure the Petroleum Levy fund and establish a Petroleum Development Fund Advisory board which will approve withdrawals from the fund and specify the circumstances when the fund can be used.
Equity’s plan to fund businesses investing in DRC - Equity bank has partnered with Kenya and DRC to host a 2- week trade mission in DRC where over 200 investors are expected to attend. The trade mission will include trade exhibitions, business forums and site visits to the DRC cities of Kinshasa, Lubumbashi, Goma, and Mbuji Mayi.
Equity announced its plan to fund Kenyan businesses seeking expansion opportunities in the four cities.
Deadline for voter registration - The Deadline for voter registration has been extended to 9th October 2021. The original deadline was on 2 November 2021 but the High court in Eldoret issued orders prohibiting the IEBC from closing the national voter registration.
Sad news for Avocado exporters - The Horticulture Directorate has banned the export of Fuerte and Hass varieties of Avocado effective 15 November 2021. The ban is expected to curb the harvesting of immature crop.
A review of the ban will be done on 15 January next year.
E- Mobility - Opibus, an Eco-friendly engine converter company has raised Ksh 834.37 million in equity and grants to scale ups the production of electric motorcycles and buses in Kenya.
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