It has emerged that despite the data protection law being in force for nearly 12 months, most Kenyans are unprepared to effect its regulations. With Covid-19 pushing more organizations to adopt technology for their operations, public and private sector staff, contractors and executives are working away from their office premises to the extent that 2020 recorded the highest jump in cyber security attacks recorded by Cyber Security Consultancy, Serianu since 2018.These are some of the revelations contained in the latest Kenyan Edition of the annual Africa Cyber Security Report, a regular documentation of threats, trends and opportunities arising in cyber…
Author: NBM CORRESPONDENT
Kenya has signed an economic partnership agreement (EPA) with the United Kingdom (U.K) that aims to boost economic development and promote regional trade between the two nations once the U.K transitions out of EU trading arrangements. The post-Brexit deal was signed by Kenya’s trade Cabinet Secretary Betty Maina and UK’s International Trade Minister Ranil Jayawardena in London. There have been concerns on how Brexit will affect trade between the two countries. However, the deal will ensure the two remain important trading partners. It will ensure that all companies operating in Kenya, including British businesses, can continue to benefit from duty-free…
Global Islamic Finance assets are forecast to reach $3.69 trillion by 2024, according to the 2020 Islamic Finance Development Report early December by Refinitiv and the Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank (IsDB). According to the report, global Islamic Finance assets increased by 14% year-on-year totaling $2.88 trillion in 2019. Islamic Finance assets of Gulf Cooperation Council (GCC) reached $1.2 trillion in 2019, followed by Middle East and North Africa (MENA) at $755b (excluding the GCC), and Southeast Asia at $685b. The Islamic banking sector contributes…
As 2019 came to a close, the outlook for renewable energy growth in developing economies was exceptionally bright. Power-generating capacity from solar plants such as photovoltaic projects reached 325 gigawatts (GW), up from just 1GW a decade earlier, according to new findings from research firm BloombergNEF (BNEF). Wind investment hit an all-time annual high, with $89b deployed to build projects in 30 emerging markets, both onshore and offshore. Powering the growth was the fundamental cost-competitiveness of these clean technologies compared to their fossil-fuel rivals, which foreign investors duly noticed. Total foreign direct investment (FDI) in support of renewables set a…
Kenya has traded a total of 5,895 bitcoins worth a total amount of Sh6.162b between 2015-2020, the second-highest amount of bitcoins traded in Africa only behind Nigeria that traded bitcoins worth Sh63, 154b in the same period. The year 2020, according to Paxful’s database, saw more bitcoin trading in Kenya than ever before, with a bitcoin trade worth Sh5.103b. There has been a steady increase in traded bitcoins from January 2020 to August 2020, with August seeing an all-year high in trading (725.1 BTC), the report reveals. Despite the pandemic and the fact that the year isn’t over, 2020 has seen more…
The investment consortium that has issued a notice of intention to acquire BOC Kenya Plc (NSE: BOC) the listed and leading supplier of industrial, medical and special gases in East Africa has confirmed that the bid has the support of the majority shareholder, BOC Holdings. Carbacid Investments Limited (CIL) (NSE: CARB) in collaboration with Aksaya Investments LLP said that the ongoing intended offer had the blessings of United Kingdom-based BOC Holdings who are BOC Kenya Plc’s single largest shareholder. The two local investment firms last month announced a Sh1.2b takeover bid for 100% shares of BOC Kenya Plc, subject to regulatory approvals.…
Business and civil society executives from across Africa joined United Nations leaders at a virtual UN Global Compact gathering to call for greater commitment to the Sustainable Development Goals in response to challenges created by the COVID-19 pandemic. Just over 2,000 executives and experts from 35 African countries attended the virtual Making Global Goals Local Business – Africa meeting. Speakers included United Nations deputy Secretary-General Amina J. Mohammed, Othman Benjelloun, CEO of Bank of Africa Group BMCE, Celestin Mukeba, CEO, Equity Bank Congo, Siddarth Ramaswamy, vice president, Unilever West Africa and Jane Karuku, CEO, EABL. They participated in sessions covering…
The Mortgage Regulation 2020 has the potential to increase the elusive home ownership in the country, key property industry players and pension industry leaders have said. The regulation stipulates that the funds accessed from the Kenya Mortgage Refinance Company can only be used on a dwelling house for residential purposes with members accessing up to 40% of the accrued benefits. “The regulation comes after section 38 of the Retirement Benefits Act was recently amended to allow members of retirement benefit schemes to utilize a proportion of their accrued benefits to purchase a residential house. It caps the funds at Sh7…
BY ERIC KIMUNGUYI There is a device being used rather often lately by our most vocal lobbyists as they chase new regulation or the overturning of old rules: Europe has banned it, or done it, or changed it, they are telling us, as a reason to reshape our own policies. However, the problem with this form of case building, just as when our children tell us their friend’s parents allow it or have bought it, is that the comparison comes without circumstantial detail, and with the possibility of being untrue in the way it is presented, or, at the very…
BY DAVID ONJILI The evolution of professional football has undergone many stages. There was an era when clubs had the ultimate say. Players would die to feature for certain clubs and fans had undying allegiance to them. Lately, however, this has changed. More and more fans especially the young have turned their allegiance from clubs to individual players. Arsene Wenger, retired Arsenal FC manager once admitted that he envisions a future where the next generation of soccer fans would pledge more allegiance to players than clubs. This meant that their loyalty to players would make them support different clubs as…