TRAFFIC SNURL UP IN CBD AS KENYA PREPARES TO HOST TICAD SUMMIT

Kenya plays host to TICAD

Kenya plays host to TICAD

Commuters in the city have spent hours in traffic today following the closure of major roads in the Central Business District (CBD), to facilitate the movement of delegates attending the Tokyo international conference on African development (TICAD), which will be hosted at the Kenyatta International Convention Centre (KICC) on 27-28 August 2016.

Kenya has become the first African country to host the TICAD summit, which is being held outside Japan for the first time since its inception in 1993. Japan has hosted the conference the last five events.

“It is indeed a great honour and privilege for Kenya and Africa, in general, to host the first ever TICAD Summit in the continent. It is a major milestone and indeed a big boost towards achieving a more strategic partnership with Japan that we all desire,” as posted on the TICAD website.

The summit is expected to attract 35 heads of state from Africa and 10,000 delegates.

Foreign Affairs Cabinet Secretary Amina Mohamed says the conference is key in the country’s economic development.

ROADS CLOSED

Popular Matatu terminus, Kencom, is one of the areas which have been closed, creating a mess in the city center. Other roads closed include Standard Street, Parliament Road, Taifa Road, Harambee Avenue and City Hall Way.

The Nairobi traffic department has directed all heavy commercial vehicles trailers and articulated vehicles, bound for Rift Valley to use the Southern bypass to access their preferred destinations.

Ma3Route ‏:  11:59 Limuru road is bad. You can even walk faster to town and come back to find the mat where you alighted from. Via @martoleo

“I have spent almost two hours on Limuru rd to the CBD,” Annitah

“It took us 30minutes from ambassador to railways,” Lucille.

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PRESIDENT UHURU ASSENTS CONTROVERSIAL BANKING BILL

President Uhuru signs into law Banking Bill 2016

President Uhuru signs into law Banking Bill 2016

President Uhuru yesterday finally signed into law the Banking Bill, which seeks to cap bank interest rates.

Below is the president’s statement;

On July 28, 2016, the National Assembly passed the Banking (Amendment) Bill, 2015. The Bill intends to regulate interest rates that are applicable to banks’ loans and deposits, capping the interest rates that banks can charge on loans and must pay on deposits.  In line with the Constitution of Kenya the Bill was presented to me, for appropriate action as required by law.  Since receiving this Bill, I have consulted widely and it is clear to me from those consultations that Kenyans are disappointed and frustrated with the lack of sensitivity by the financial sector, particularly banks. These frustrations are centred around the cost of credit and the applicable interest rates on their hard–earned deposits. I share these concerns.

This is the third time that the National Assembly is attempting to reduce interest rates to affordable levels. In the previous two instances, dialogue and promises of change prevailed and banks avoided the introduction of these caps. In those instances, banks failed to live up to their promises and interest rates have continued to increase along with the spreads between the deposit and lending rates.  Despite having one of the most efficient and effective financial markets, Kenya has one of the highest returns-on-equity for banks in the African continent. Banks need to do more to reduce the cost of credit and ensure that the benefits of the vibrant financial sector are also felt by their customers.  

Upon weighing carefully all these considerations, on balance, I have assented to the Bill as presented to me. We will implement the new law, noting the difficulties that it would present, which include credit becoming unavailable to some consumers and the possible emergence of unregulated informal and exploitative lending mechanisms.

 We will closely monitor these difficulties, particularly as they relate to the most vulnerable segments of our population. Whilst doing so, my Government will also accelerate other reform measures necessary to reduce the cost of credit and thereby create the opportunities that will move our economy to greater prosperity.  We recognize that banks have done much in the last decade in terms of innovation and promoting financial inclusion and look to their doing more in that direction.  We also reiterate our commitment to free market policies in driving sustainable economic growth, to which we owe much of our success.

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REPORT: KENYA HEADED IN THE WRONG DIRECTION

graphMajority of Kenyans feel that the country is headed in the wrong direction with corruption topping the list of the concerns.

According to a new survey by Infotrack Kenya, which was commissioned by the African Center on Open Government, 58% of those surveyed feel the country is going in the wrong direction while 29% feel that we are headed in the right direction.

Those who feel that the country is headed in the wrong direction cited corruption as the key concern with 73% saying that corruption increased in the last one year, with only one in 10 Kenyans having confidence in the ability of the Ethics and Anti-Corruption Commission (EACC) to fight corruption.

The survey listed the National Police Service as the most corrupt institution with a prevalence of 89%, followed by county governments 78%.  Corruption at the Deputy President’s Office stands at 51% while that of the Office of the President is 46.4.

Other issues that Kenyans want addressed are economy and insecurity.

The survey was conducted between May 31 and June 8.

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KENYA’S NATIONAL ANTHEM STUNS IN RIO OLYMPICS CLOSING CEREMONY

Spectators across the globe were stunned by Kenya’s National Anthem, which played in front of 80,000 at the closing ceremony of the Olympics 2016 Olympics in Rio, Brazil.

Fans took to twitter under the hashtag #KenyaNationalAnthem in praise.

 

Screenshot_2016-08-23-11-54-06

Kenya’s National Anthem, which is a prayer, is derived from a Pokomo folk song. Here are the lyrics.

Kenya National Anthem

Kenya National Anthem

Rio Olympics closing ceremony

Rio Olympics closing ceremony

Screenshot_2016-08-23-11-51-53

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KENYANS ON TWITTER LAUD KK GUARD FOR SH 23 M THEFT

By Winnie Kabintie

KK Security Guard steals sh 23m  cash on transit

KK Security Guard steals sh 23m cash on transit

When the news got on social media that a KK Security Guard had vanished with sh 23m on transit, Kenyans took to social media not to condemn the act but amazingly to applaud the employee for the “heroic” move.

The KK guard identified as, Hudson Nyasaka, was transporting the cash from Mombasa to Nairobi but vanished upon arrival at the Jomo Kenyatta International Airport (JKIA).

Hudson was carrying the money in foreign currencies (USD 50,000, 98,500 Euros and 90,000 Swiss Franc) and had told his colleagues he would land at JKIA at 9.30 am while in reality, he was landing at 7.30 am, so by the time his colleagues alerted authorities (2 hrs later) the suspect had already vanished from the airport.

Below are some of the tweets shared under the trending hashtag #kk security

Alex The Blogger™:   Congratulations to the KK Security employee who disappeared with Sh25 million, the insurance will pay don’t worry. It’s their work.

Edwinlallo:  Congratulations to the KK security officer for the Bet Won…. Aki hiyo ni jackpot tax-free hata KRA hawagusi

Bitcoins Master:  Handson Nyasaka of KK Security is very smart. You guard millions, but you are paid peanuts. So he paid himself Sh25M

Oyugi Stephen Oyugi ‏:  Kk security theft is not news.What do u expect when leaders loot public funds openly. Survival for the fittest.Patriotism achia mau mau fighters

Everyone for himself, God for us all

Perhaps fed up by the runaway corruption in the country, especially the massive looting of public funds as witnessed most prominently in the recent NYS and the Euro Bond scandals, taxpayers who are heavily burdened by taxes and a high cost of inflation amid a rising rate of unemployment, have just become hopeless and its therefore not surprising to see Kenyans react the way they have on the KK security heist because in this case its mwanachi who’s “eating” for once.

“All Kenyans are thieves minus opportunity”

“All Kenyans are thieves, it’s the level of opportunity that matters,” my good friend Kimani always asserts and am beginning to believe his words.

The other day I was shopping for an appliance at Naivas supermarket, Mountain Mall, and the brand I ended up settling for was running a promotion, where buyers would get some giveaway merchandise. Unfortunately, the giveaways that ought to have been inside my appliance were missing and on following up with the customer department, instead of getting to the bottom of the malpractice, all they could do was come up with fallacious, incoherent excuses.

hiyo haiko kwa promotion/The item you bought is not included in the promotion” one of the ladies said.

“Isn’t this the same serial number listed on the giveaway flier, stuck on top of the appliance” I responded, getting a bit agitated now for trying to make a fool out of me.

Ooh, wacha niangalie (let me check)” then she went ahead to “make a phone call” before a supervisor came over and said the promotional stuff were out of stock! How ludicrous!

My experience aside, think about the domestic helps who make away with stolen quantities of foodstuff from their employers households every Sunday morning during their day off, or that staff at the wholesale shops in River Road or Eastleigh who sneak out their employer’s merchandise through the back door and sell later at throw away prices, the list is endless.

So well, Kimani’s words played out right on my face; “every Kenyan is a thief, minus opportunity”; while the privileged Kenyans have access to millions of shillings, others can only do with petty loot.

 

 

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The Kenya National Anthem

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