Developing nations are moving toward cleaner power but not nearly fast enough to limit global CO2 emissions or the consequences of climate change New investment in wind, solar, and other clean energy projects in developing nations dropped sharply in 2018, largely due to a slowdown in China. While the number of new clean power-generating plants completed stayed flat year-to-year, the volume of power derived from coal surged to a new high, according to Climatescope, an annual survey of 104 emerging markets conducted by research firm BloombergNEF (BNEF). The findings suggest that developing nations are moving toward cleaner power but not…
Author: NBM CORRESPONDENT
James Kizza, assistant Commissioner IT, Uganda Revenue Authority (URA), is the winner of the East Africa CIO of the Year Award 2019 for his crucial role in the trail-blazing digital development of the URA. Upon receiving the award from Joe Mucheru, Kenya’s ICT Cabinet Secretary, Kizza said that it was an expected win though it took a long walk considering the 26 years that he has spent in public service. This came after URA introduced digital tax stamps, electronic invoicing – electronic fiscal devices, non-intrusive inspection together with smart gates to better manage its services at the borders and improve client experience…
Martin Oduor – Otieno, the new chairman of Kenya Breweries Limited and UDV (Kenya) Limited which are both subsidiaries of EABL Group, has taken over the mantle of the top brewer from Charles Muchene who completed his maximum tenure of nine years allowed for independent directors as per the Corporate Governance Code issued by the Capital Markets Authority. The former KCB Group CEO and an ex-Treasury principal secretary is among the finest; an accomplished business leader, having worked more recently with Deloitte East Africa as Partner among other senior private sector appointments. Currently, he is an independent leadership and governance…
Brian Kassim Owango, the owner of Aqueous Kenya, in a bid to treat guests to a variety of culinary activities from in-depth tastings to preparation techniques, recently held a two-day beverage culture event that brought different stakeholders in the liquor and bar business together to discuss emerging trends, commonalities and recommendations that can build the industry for a better Kenyan hospitality scene. The pioneer mixologist said that the objective of the event is for consumers to understand and enjoy what the industry has to offer as well as giving a chance to industry players to meet and discuss shared issues…
Diamond Trust Bank (DTB) has partnered up with Simba Corporation to fund small and medium enterprises (SMEs) to acquire new trucks. Under the bank’s motor vehicle financing scheme dubbed Beba Leo, SMEs will have access to FUSO trucks with 100% financing. The deal comes with a flexible repayment period that will allow those interested to gradually repay without disrupting their cash flow or working capital. According to Kennedy Nyakomitta, General Manager Asset Finance at DTB, the scheme is developed in a way that will allow the customer to cater to their most pressing needs without any capital outlay. “With Beba…
Kenya Revenue Authority (KRA) Commissioner, Dr Fred Mugambi has urged policymakers to embrace research and utilize the findings for public decision making to enable Africa realize its fiscal policy goals. Dr Mugambi, who heads the KRA training school, Kenya School of Revenue Administration (KESRA), said that using well done research and findings to transform policies might act as the baseline for making public decisions. “Researches are used to explain situations like trends in economic growth and GDP (Growth Domestic Products) ratios, prove theories and find solutions to problems like illicit financial flows,” said Mugambi. Arguing that findings should not end…
Scope Markets, a global online trading platform, has launched its trading operations in the country. The company looks to provide an online platform where investors can trade global shares, indices, forex, and commodities. Under the entity, SCFM Ltd, the Capital Markets Authority (CMA) has licensed the non-dealing online foreign exchange broker. Already the company boasts to have opened over 1,000 accounts showing the country’s thirst to invest in online trading. According to Jacob Plattner, the CEO of Scope Markets, the strategy of the company has always been to take its institutional heritage to the retail markets. “In order to do…
The end of the tax-year is looming in Kenya and Tanzania, challenging businesses across the region to accelerate their efforts to comply with the laws and regulations around the collection of pay-as-you-earn (PAYE) tax and the submission of tax returns. “Companies have only a few short weeks to get their houses in order. With tax authorities across the region taking a strict line on tax compliance, businesses of all sizes must ensure that they declare correct earnings for all employees and that they include the right statutory deductions in payroll calculations. Those that do not meet their obligations could face substantial…
Cytonn Investments Management PLC has opened CySuites Apartment Hotel, the latest offering under its Private Equity arm. Cysuites is a serviced apartment complex with 32 two- bedroom apartments, 6 one- bedroom apartments and two penthouses that offer contemporary living and working spaces. “Our foray into serviced apartment hotels is backed by thorough market research. Demand for serviced apartments continues to grow, evidenced by occupancy rates of up to 88%, according to our latest research data,” said Edwin H. Dande, CEO Cytton. Serviced apartments, he said, command very strong rental yields of about 12%, compared to residential yields, which stand at…
IFC, a member of the World Bank Group, and IFHA-II Coöperatief U.A, a private equity fund focused on health care in Sub-Saharan Africa, have launched a $115m (Sh11.7b) holding company to acquire and integrate targeted health care service businesses in East and Southern Africa. The project will boost access to quality health care services to help improve lives and achieve universal health coverage across the region. IFC is investing $22m (Sh2.25b) in the Hospital Holdings Investment (HHI) holding company, an investment platform set up by IFHA-II, which is also supported by the European development finance organizations Swedfund, Proparco, Finnfund and…
