Corporate Affairs
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Presidential hopeful plans to shun debt-fueled Kenyan projects
Kenyan Deputy President William Ruto, the front-runner to become the nation’s next leader, will scale back spending on mega roads, rail and energy projects, rein in debt and pump more money into small business if he wins this year’s election. The 55-year-old former cabinet minister plans to implement a so-called Bottom-Up model, with the creation of a 200-billion-shilling ($1.8-billion) fund for small businesses to expand their production in industries ranging from housing and food-processing to manufacturing. It would be financed by diverting resources within the budget — estimated by the National Treasury to be about 3.3-trillion shillings in 2022-23 — from major infrastructure projects, Ruto said in an interview.
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Presidential hopeful plans to shun debt-fueled Kenyan projects
Kenyan Deputy President William Ruto, the front-runner to become the nation’s next leader, will scale back spending on mega roads, rail and energy projects, rein in debt and pump more money into small business if he wins this year’s election. The 55-year-old former cabinet minister plans to implement a so-called Bottom-Up model, with the creation of a 200-billion-shilling ($1.8-billion) fund for small businesses to expand their production in industries ranging from housing and food-processing to manufacturing. It would be financed by diverting resources within the budget — estimated by the National Treasury to be about 3.3-trillion shillings in 2022-23 — from major infrastructure projects, Ruto said in an interview.
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Kenya Airways sees Russia’s invasion inflating air ticket costs
Kenya Airways said Russia’s invasion of Ukraine will result in airlines increasing ticket prices after crude oil surged, while uncertainty may reduce demand for travel. “We have started seeing many of the airlines taking action on this to ensure that they are able to keep on flying,” commercial director Julius Thairu said in an interview.
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Kenya Airways sees Russia’s invasion inflating air ticket costs
Kenya Airways said Russia’s invasion of Ukraine will result in airlines increasing ticket prices after crude oil surged, while uncertainty may reduce demand for travel. “We have started seeing many of the airlines taking action on this to ensure that they are able to keep on flying,” commercial director Julius Thairu said in an interview.
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South Africa targets cable thieves holding economy to ransom
South Africa’s government intends making it mandatory for all metal traders to get licenses and prevent them from dealing in cash, a measure aimed at combating a massive illegal trade in cables and wiring stripped from rail, power and telecommunication lines. Traders will also be required to conduct due diligence on their customers and track the origins of their products, the National Treasury said in the annual budget review, which was published in Cape Town on Wednesday.
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South Africa targets cable thieves holding economy to ransom
South Africa’s government intends making it mandatory for all metal traders to get licenses and prevent them from dealing in cash, a measure aimed at combating a massive illegal trade in cables and wiring stripped from rail, power and telecommunication lines. Traders will also be required to conduct due diligence on their customers and track the origins of their products, the National Treasury said in the annual budget review, which was published in Cape Town on Wednesday.
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Zimbabwe Road Agency seeks to extend $140m loan by ten years
The Zimbabwe National Road Administration Agency is negotiating with the Development Bank of Southern Africa to restructure $140-million due in May to be repaid over ten years. The roads agency will adopt a “more cautious” approach in settling the loan due to exchange-rate fluctuations, CEO Nkosinathi Ncube said in an interview in the capital, Harare.
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Zimbabwe Road Agency seeks to extend $140m loan by ten years
The Zimbabwe National Road Administration Agency is negotiating with the Development Bank of Southern Africa to restructure $140-million due in May to be repaid over ten years. The roads agency will adopt a “more cautious” approach in settling the loan due to exchange-rate fluctuations, CEO Nkosinathi Ncube said in an interview in the capital, Harare.
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Shipping companies had a $150bn year, economists warn they’re also stoking inflation
Ocean shipping rates are expected to stay elevated well into 2022, setting up another year of booming profits for global cargo carriers – and leaving smaller companies and their customers from Spain to Sri Lanka paying more for just about everything. The spot rate for a 40-foot container to the US from Asia topped $20 000 last year, including surcharges and premiums, up from less than $2 000 a few years ago, and was recently hovering near $14 000. What’s more, tight container capacity and port congestion mean that longer-term rates set in contracts between carriers and shippers are running an estimated 200% higher than a year ago, signaling elevated prices for the foreseeable future.
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Shipping companies had a $150bn year, economists warn they’re also stoking inflation
Ocean shipping rates are expected to stay elevated well into 2022, setting up another year of booming profits for global cargo carriers – and leaving smaller companies and their customers from Spain to Sri Lanka paying more for just about everything. The spot rate for a 40-foot container to the US from Asia topped $20 000 last year, including surcharges and premiums, up from less than $2 000 a few years ago, and was recently hovering near $14 000. What’s more, tight container capacity and port congestion mean that longer-term rates set in contracts between carriers and shippers are running an estimated 200% higher than a year ago, signaling elevated prices for the foreseeable future.