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KENYA NAMED CHINA’S MOST PREFERRED INDUSTRIAL HUB IN AFRICA

Bizna Reporter
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A Chinese delegation has picked Kenya as the most appropriate industrial hub in the continent. The Chinese delegation that is on a fact finding mission compromising of three countries, Kenya, Ethiopia, and Tanzania determined that Kenya was ready to overtake China’s traditional industrial partners. Apparently, this was due to Kenya’s reforming business environment and incentive framework. A Chinese delegation on a fact-finding mission of the three countries’ industrial readiness said Kenya fits the bill for China’s ambition for an African-Chinese Co-operation model through industrial investment.

Confirming China’s intent on leveraging the development of industrial parks in Mombasa and establishing industrial zones along the Standard Gauge Railway Corridor, Lin Songtian, China’s Director-General of African Affairs, said Kenya’s enabling policies were the decisive factors.
Alluding to favourable policies under the Special Economic Zones Bill awaiting enactment, Songtian said Kenya provides the best option for an open and conducive environment for Chinese investments.

“We are confident of Kenya’s legal mechanism, a one-stop-shop and incentivised framework that will attract and retain Chinese investors as a strategic conduit to the African market and larger Chinese market,” said Songtian.

Adding that Chinese industrial investment in Kenya will help bridge the gap of balance of trade between the two countries, he said the co-operation guarantees Kenyan exporters the huge Chinese market. Welcoming Chinese investment in industrial parks as a boost, Kenya’s Industrialisation and Enterprise Development Principal Secretary Wilson Songa, said Kenya has a 23 year head start in the development, operation and management of industrial zones ahead of Ethiopia.

WORLD TOP LEADERS’ SALARIES REVEALED

Bizna Reporter
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WORLD TOP LEADERS’ SALARIES REVEALED

Here is how the pay of prime ministers and presidents of the big developed and emerging economies stack up, according to the most recent official data and converted into U.S. dollars at the current rate.

President Obama leads the pack with $400,000 a year. The presidential salary doubled when George W. Bush became president in 2001. In addition, Obama gets a tax-free expense account worth $50,000.

Stephen Harper

Angela MerkelMerkel’s salary as German chancellor is set at 216,000 euros a year ($234,383). The chancellor and her ministers got a 2.2% pay rise at the beginning of March, according to government documents.

Jacob Zuma

David CameronThe British prime minister earns £142,500 ($214,782) a year. That includes his salary as a member of parliament, which is £67,060.

Shinzo Abe

Francois HollandeThe French president would have ranked much higher on this list, had he not taken a 30% pay cut the moment he took office in 2012. Without the haircut, Hollande would have earned 255,600 euros a year ($274,522), second only to Obama. Now he makes $194,251.

Vladimir PutinIn the face of his country’s worst economic crisis in years, Putin said last week he was cutting his salary by 10%. He now earns roughly 8.2 million rubles per year ($136,000) as Russian president.

Matteo Renzi

Dilma Rousseff

Narendra ModiThe Indian prime minister’s salary is just 1,900,000 rupees a year, which comes to little over $30,000. That’s according to an official response to a freedom of information request submitted by local media.

Xi JinpingHe might be in charge of the world’s second largest economy, but Chinese President’s salary is just $22,000. And that’s after a 60% pay rise at the start of this year.

VICTORIA RUBADIRI: I WANTED TO HAVE AN ABORTION AFTER FALLING PREGNANT

Bizna Reporter
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VICTORIA RUBADIRI: I WANTED TO HAVE AN ABORTION AFTER FALLING PREGNANT

NTV news anchor Victoria Rubadiri has opened up on how she wanted to secure an abortion after falling pregnant at age 18. Victoria opened up in interviews carried by both Nairobi News and True Love magazine.

According to the decorated anchor, falling pregnant left her desperate to a point where procuring an abortion looked like her only way out. In her interview with True Love, Victoria Rubadiri shared the emotional whirlwind she suffered during her pregnancy especially that she had not intended to get pregnant.

Victoria fell pregnant while studying journalism at Temple University in the United States where her family was living.

In the interview, she reveals how she resolved to procure an abortion because it was the only solution she had in mind at the time.

“I felt I had no choice but to terminate the pregnancy,” she stated. In a separate interview with Nairobi News, Vicky said she chose to share her story in the magazine to further her ambition of reaching out to more affected youths.

“I have been severally invited to speak in churches and institutions where I always share my story to encourage a young person whose life has taken an unexpected turn,” said Vicky.

She added that the decision to open up was aimed at being able to reach out to more young people. “It was a scary experience to find out I was pregnant, and the hardest part was to let my parents know since I never wanted them to go through that,” she told Nairobi News.

When she confessed, the news presenter’s father ruled out the abortion and her entire family helped her through it. “I told my father I needed to get some money I had saved up in the bank but on our way there, he made me open up and tell him what I was going through.” Victoria Rubadiri’s daughter is now ten years old.

OPINION: NOW THAT MUMIAS SUGAR IS UNDER STATUTORY MANAGEMENT, FORMER ROGUE MANAGERS MUST PAY

Bizna Reporter
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OPINION: NOW THAT MUMIAS SUGAR IS UNDER STATUTORY MANAGEMENT, FORMER ROGUE MANAGERS MUST PAY

This analysis by Jaindi Kisero was first published in the Daily Nation.

“In plain English, Mumias Sugar Company Ltd has been put under statutory management by the government, the single largest shareholder with a 20 per cent stake in the company.

Effectively, boardroom power and influence is shifting towards two entities: the audit firm, KPMG, which will serve as the de facto statutory manager, and a group of lenders the company owes Sh6.2 billion.

My guess is that we will now have a situation where the lenders will have representation on the new board, presumably by the mandated lead arrangers who have been handling Mumias matters on their behalf, namely, the head of corporate banking at EcoBank, Mr Peter Makau, and the regional head of investment banking at KCB Capital, Mr Onchi Maiko.

In one fell swoop, the domination of the board by political appointees has come to an end. As we went to press, three members of the board, Sarah Serem, Nimrode Namenge, and Edwin Mukabana, had reportedly resigned

And if things go according to plan, most of directors, including the chairman and CEO, may find themselves forced out during a scheduled special general meeting, where the government intends to exercise its clout as the single largest shareholder of the company to vote them out.

The key drivers of this bold plan are the Deputy President, Mr William Ruto, and the minister for Agriculture, Mr Felix Kosgey.

The government has insisted that it is not prepared to throw money at the company until a complete regime change has been effected.

Last week, Mr Ruto put the position of the government even more bluntly during a consecration ceremony for Bishop Joseph Obanyi of Kakamega. The government, he stated, would not give the money to Mumias Sugar until “the thieves running the company” have been removed.

The language may have been rough and undiplomatic, but it is the same message that the lenders have been sending. “There must be a break with the past history of questionable dealings,” the lenders said in a briefing.

BEST CHANCE

In my view, the turnaround plan crafted by Mr Ruto and Mr Kosgey represents the best chance of reviving the company. You will not get anywhere with Mumias if you do not dismantle the nexus between distributors, transporters, directors, and top managers, who have made a complete mess of pricing and marketing.

You must dismantle and disperse the elite group of distributors and transporters and their cohorts within the board and management who have been siphoning billions from the company through opaque discounts, duplicated credit notes, and opaque forward contracts.

Even after the first batch of the top management was sent home and a new board installed last December, the game of discounts and opaque credit notes to well-connected individuals did not stop.

When the county government lent the company Sh300 million to pay farmers, you would have expected that the transaction would be through a cheque in the name of the company.

The conspirators used the excuse that the county government cannot trade and disbursed the money through an opaque and circuitous route. The money never arrived in the accounts of the company.

A few weeks ago, a Nairobi-based distributor said to have links to a senior board member with a large warehouse in Karen negotiated a contract with huge discounts.

I am not surprised that sections of the elite from western Kenya are reading a political motive in the removal of the company’s board members and top management.

However, the priority right now should be the poor sugarcane farmer, not jobs for the local boys. I want to hear that over-surveys of farms have stopped, that farmers are not losing money from their dues for fertiliser and inputs that they did not receive.

What Mr Ruto and Mr Kosgey are rolling out offers the best chance for reviving the company. Because the lenders have been looped into the deal, you can now easily negotiate a moratorium on both the principal and the interest on debt.

KPMG should be contracted to deliver on the business review study it conducted, which concluded that Mumias is still viable. Let us consider the plight of the sugarcane farmer.”

10 BUDGET HOTELS IN KISUMU

Tonnie Mello
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10 BUDGET HOTELS IN KISUMU

When you travel to a new town, say Kisumu, for a short or extended stay, one of the greatest dilemmas you’ll  face is where to stay. Where as there are many hotels, concerns about security, cleanliness, proximity to your business venue and general ambiance take over. Referrals from someone who has been to this town before you thus come in handy and they serve as the starting point in your search for accommodation.

Should you travel to Kisumu, below is a list of recommended budget hotels to check out published on Travelstart.

1. The Duke of Breeze 

Location – Off Jomo Kenyatta Highway next to Yatin Supermarket

Rate per night – From KES. 2,400

2. Royal City Hotel – Dubai Complex  

Location – Next to Tufffoam Mattresses

Rate per night – From KES. 2,500

3. Shammah Hotel

Location – Aga Khan Road

Rate per night – From KES. 2,500

4. Kisumu Beach Resort

Location: Shores of Lake Victoria, Kisumu

Rates: From KES. 1250 per night

5. New Victoria Hotel

Location: Opposite Odila Plaza, Gor Mahia Street, Kisumu

Rate per night – From KES. 1650

6. Sunset Hotel

Location: Aput Lane, Next To Impala Park, Milimani, Impala Way, Kisumu

Rate per night – From KES. 4500

7. Whirlspring Hotel 

Location: Nzoia Road off Nairobi Road, Kilimani Shopping Center, Kisumu

Rate per night – From KES. 4500

8. The Scottish Tartan Hotel

Location: Ogada Street, Opp Catholic University, Kisumu

Rate per night – From KES. 4000

9. The Triple Trojans Hotel Milimani

Location: Ojijo Oteko Road Milimani Kenya, Kisumu

Rate per night – From KES. 2000

10. Hotel Riversand

Location: Kamas, Accra St, Kisumu

Rate per night – From KES. 2000

Is your favourite budget-friendly hotel in Kisumu missing? If you have you been to any of these hotels, how was your stay? Please share them with us in the comment below:

Read the full article as published on Travelstart blog

AFRICA’S FUTURE BILLIONAIRES WILL BE FARMERS

Bizna Team
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AFRICA’S FUTURE BILLIONAIRES WILL BE FARMERS

Africa’s future billionaires and millionaires will make their money from agriculture, says Akinwumi Adesina, Nigeria’s Minister of Agriculture and Rural Development.

Adesina was named Forbes African of the Year in December 2013 for his reforms to Nigeria’s farming sector, according to a BBC report.

In his acceptance speech, Adesina said at the time he wanted to help people become rich through farming.

“My goal is to make as many millionaires, maybe even billionaires, from agriculture as possible,” he said, according to BBC.

African Development Bank is financing $170 million for a Nigerian project that aims to transform agriculture. The project aims to create agricultural entrepreneurs and producers by providing about 120,000 jobs along the value chain of priority commodities. An additional 20 million tons of key food crops including cassava, rice, and sorghum will be added to the domestic food supply each year, if all goes according to plan.

source:afkinsider

 

U.N CONDEMNS EAST AFRICA ALBINO KILLINGS

Bizna Team
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U.N CONDEMNS EAST AFRICA ALBINO KILLINGS

NAIROBI (Thomson Reuters Foundation) – At least 15 people with albinism, mostly children, have been killed, wounded, abducted or nearly abducted in East Africa in a surge in violence against albinos in the past six months, the United Nations (U.N.) said on Tuesday.

The UN said there has been a marked increase in the number of attacks on albinos in Tanzania, Malawi and Burundi, where their body parts are prized in black magic with three incidents in the past week as gangs roam southern Malawi hunting for them.

“These attacks are often stunningly vicious, with children in particular being targeted,” the U.N.’s High Commissioner for Human Rights, Zeid Ra’ad Al Hussein, said in a statement.

“Many people with albinism are living in abject fear.”

Children with albinism, who lack pigment in their skin, hair and eyes, have stopped attending school because of the risk of assault, murder or kidnapping, he said.

The U.N. called on regional governments to ensure the criminals behind the attacks are prosecuted.

“They are maybe not doing enough to stop it,” the U.N.’s human rights spokesman Rupert Colville told a news briefing in Geneva on Tuesday.

“This is an incredibly vulnerable population in these countries. And when you hear these kind of details of gangs of men roaming around, literally hunting down people with albinism simply to make money by cutting off their limbs and killing them, you must question whether enough is being done.”

In Malawi, at least six incidents have been reported in 2015, compared to four incidents over the previous two years.

Victims range in age from one to 68 years, with their limbs often being hacked off. Relatives have been implicated in the kidnapping and murder of children who have been snatched from their beds.

An uncle is among three men facing charges in Malawi for the kidnapping of an 11-year-old Malawian girl in January. He reportedly later said that he had been promised $6,500 for her body, the U.N. said.

Witch doctors will pay as much as $75,000 for a full set of albino body parts, according to a Red Cross report, using them to make spells believed to bring good luck, love and wealth.

Most cases occur in Tanzania, where there have been eight attacks, including two murders and one gang-rape, since August, the U.N. said, with fears of further attacks ahead of elections later this year when politicians will be seeking good fortune.

The father of a six-year-old Tanzanian boy, whose hand was cut off with a machete at his home on last weekend in Sumbawanga district, is among seven suspects facing charges.

The Tanzanian government imposed a ban on witchcraft in January and President Jakaya Kikwete has vowed to stamp out the practice he says brings shame to his nation. Police last week arrested 32 witch doctors in a bid to stop the attacks.

source:reuters

IVORIAN TIDJANE THIAM TO BECOME CREDIT SUISSE NEW CEO

Bizna Team
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IVORIAN TIDJANE THIAM TO BECOME CREDIT SUISSE NEW CEO

Credit Suisse, a Zurich-based global lender that has come under increased regulatory scrutiny in recent months, has appointed Ivory Coast born and top UK’s insurer Prudential chief executive, Tidjane Thiam, to replace outgoing CEO Brady Dougan.

Dougan, an American who worked for Credit Suisse for a quarter a century, came under heavy criticism last year when Credit Suisse reached a $2.5 billion settlement with US authorities for helping Americans evade taxes via secret bank accounts.

Thiam, a former Ivory Coast government minister who has led Prudential since 2009, will head that Swiss bank from June 2015, becoming one of the few top insurance executives to transition into banking.

The mathematician was a partner at consulting firm McKinsey & Co, before he became the first black CEO of a FTSE 100 company when he moved to the top job at Prudential from insurer Aviva.

He’s “one of the most exceptional leaders in Prudential’s long and illustrious history,” Paul Manduca, Prudential chairman, described Thiam.

“Although the board will be sorry to see him go, we understand his desire to take on a new challenge with another global leader in a different part of the financial services sector.”

In reaction to the Thiam’s appointment Credit Suisse share jumped 7.5 percent in morning trade. Prudential’s shares however slumped 3 percent, despite the insurance giant reporting a 14 percent rise in operating profit in 2014.
“With Tidjane Thiam, a strong and distinguished leader with an impressive track record in the global financial services industry will take the helm of our bank,” Urs Rohner Credit Suisse Chairman said.

In an interview with CBNC Thiam, who holds a dual Ivorian and French citizenship, said There are “huge opportunities” for Swiss banking giant Credit Suisse, with potential growth in emerging markets.

source:afkinsider

M-PESA CUSTOMERS TO ACCESS KCB LOANS THROUGH PHONES

Bizna Reporter
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M-PESA CUSTOMERS TO ACCESS KCB LOANS THROUGH PHONES

It is now possible to access loans at a discounted rate of 2 per cent in a new deal between mobile operator Safaricom and KCB. The KCB-M-PESA Account will enable customers to get loans using their mobile phones.

The loans will be offered with a flexible repayment period ranging from one month to six months. In addition, the facility fee for the loan will start from as low as 2 per cent per month.

Customers will also have the option of two fixed savings options, a fixed deposit account and a target savings account. “This is a new frontier in the evolution of the mobile money journey for both institutions,” said KCB Group CEO Joshua Oigara.

In the last one year, KCB saw its customer M-PESA account transactions triple to Sh125 billion.
Mr Oigara revealed the volume of transactions has grown from 10,000 a day to 100,000.

M-shwari lends a minimum of Sh100 with the maximum dependent on each customer’s loan limit. Loans on M-shwari attract an interest of 7.5 per cent.

Mr Oigara further explained: “We have collated lessons from our experience as the leading bank in the region, and insights from the market to develop this proposition. “

Mobile technology has greatly transformed our lifestyles in the 21st century,” said Safaricom Chief Executive Officer, Bob Collymore. “Mobile technology has greatly transformed our lifestyles. It is increasingly making it more convenient for customers to pay utility bills, withdraw or deposit money in their bank accounts as well as borrow by the click of a button.”

Customers can now enjoy credit facilities from as low as Sh50 to as high as Sh1 million instantly on their mobile phones.
 

“DEAR FUTURE HUBBY…” DIARY OF A BEAUTIFUL KAMBA GIRL – FINAL PART

Tonnie Mello
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“DEAR FUTURE HUBBY…” DIARY OF A BEAUTIFUL KAMBA GIRL – FINAL PART

Here’s the final part and we get to reveal who the beauty is…

You can read Part 1 and Part 2

Dear future hubby…

I am a very romantic gal so be sure there are days i will wear your socks, boxers and t-shirts and dance around the house to Bruno Mars street funk songs. During karaoke nights i will be singing for you in the living room all the ballads i know with my crooked voice and as you laugh at me i will be falling in love with you over and over again. Be sure you will always be having a clean laundry and your clothes all ironed out. Your shoes will be all cleaned up n well polished. You inner wear too… Be sure i will be getting you lots of random gifts of that inner wear.

Beautiful Kamba girl 4
Beautiful Kamba girl 4

I love photos so be sure will have gazillion of them. We will take photos of everything and of us everywhere so be sure of a big gallery in our house. It will be a train of memories for our lifetime together. I will be giving you random massages, manicures and pedicures.I will wash your feet and scrub them clean. These small things will be my way to say ‘thank you’ for being the amazing man in my life.

If you love football; I promise as long as Saturdays are family days, you can have Sunday afternoons to football and if you want to host your boys I will gladly shop for the beer, make snacks, cook food and take the kids or run errands or visit my friends.

Beautiful Kamba girl 5
Beautiful Kamba girl 5

Even if we are married i still expect us to act like we are dating… so ‘yes’ to date nights, movie nights, random gifts, flowers, get-aways and vacations. When you have hangovers i will be waking you up with a glass of fresh orange juice and i will never get bored of listening to your stories and jokes even if they dry i will still laugh hard. Our marriage will be all this and so much more.

All i ask of is loyalty and love. To always make me part of the team. To value my feelings and just make me happy with the simplest of things in life. For a lifetime will never be enough for our love but it will be worthwhile.

I promise to be the best wife i can be and 70 years down the line we will look back and say we truly lived because we had each other.

So excited for Our life together.

With much love,
Your future wife,
Faith Mwendwa

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