Here’s a snapshot of business news in Kenya on Sunday, May 10th, 2020.
1. African Countries in Need of Debt Waiver While Facing Covid-19 Crisis
The Daily Nation reports that Kenya owed Sh 3.1 trillion to
foreigners by the end of December 2019, and the debtors require dollars to pay
them off.
If creditors insist on debt repayment during this pandemic period,
African countries may have to offer their assets, including arable land.
2. Couple Opens Grocery After Covid-19 Shuts Their Events Planning Business
The Daily Nation tells the story of Moses and Julie Chege, a
married couple selling fresh produce as a survival strategy after the new
coronavirus disease (Covid-19) outbreak.
Their events’ planning business died as soon as President
Uhuru Kenyatta announced Kenya’s first case of Covid-19 and the government cancelled
all social gatherings.
3. A Side Hustle Farming 11,000 Tilapia and Catfish
The Daily Nation carries the story of a farmer who invested
about Sh 100,000 from his savings to build one concrete fish pond, and buy
fingerlings and feeds.
Since he’s a building contractor, constructing the one pond
he started with wasn’t a tough task. And he bought 3,000 tilapia fingerlings
from a Maseno farm at Sh10 each.
4. Members Withdraw Savings Putting Strain on Saccos
The Standard reports on how the economy slow down and many
employees being laid off or put on unpaid leave have caused members to withdraw
their Sacco savings for basic needs.
Saccos that can’t monitor their cash flows could see their
lending and investment operations affected.
5. Airbnb Receives a Major Blow From the Coronavirus Pandemic
According to The Standard, the American home-sharing
platform seems to be "hard hit," announcing on Tuesday that it plans
to cut out about 1,900 employees globally, slashing a quarter of its work force.
Spitogatos, Greece’s most popular online property ads
network, carried out a study which revealed a rise in long-term apartment
rental listings in mid-April, which made up 30 percent of central Athens’
market.
6. KPA Finance Boss Patrick Nyoike Arrested by EACC over Sh 214m Irregular Payment
The Standard reports on an arrest by the Ethics and
Antic-corruption Commission (EACC) of Patrick Nyoike, the Kenya Ports Authority
(KPA) Finance Manager, due to irregular payment of Sh 214 million to Nyali Capital.
Noordin Haji, Director of Public Prosecutions, approved the
charges. The DPP stated that the payment raised eyebrows since the KPA boss had
an interest in Nyali Capital.
7. Major US Airlines Support Temperature Checks for Passengers
The Standard carries a report of a major U.S. airline trade
group backing the U.S. Transportation Security Administration (TSA) in checking
the temperatures of customer-facing employees and passengers during the
coronavirus pandemic.
U.S. officials stated that the temperature checks won’t eliminate
the risk of coronavirus cases but may prevent people who weren’t feeling well
from traveling.
8. Weathering the COVID-19 Pandemic and Safeguarding Fair Labour Practices
An article in The Standard elaborates on how employers may
consider the effects the pandemic has on employees.
Employers should consult employees when planning to revise
work contracts that comply with the employment Act No. 11 of 2007.
9. RBA Works to Cushion Industry from Covid-19
The Star reports that the RBA is allowing schemes with
financial year end of December 31st, 2019 which haven’t finalized their audited
financial statements to pay their retirements levy due April 30th, 2020 based on
their last audited as at December 31st, 2018.
Underpayment resulting from this shall be paid once the
accounts are finalized and those underpayments won’t attract penalties.
10.Telkom Will Support Afya Rekod’s Health Management Platform to Monitor COVID-19
The Star reports that Telkom will power Afya Rekod’s health
management platform. The health tech company facilitates COVID-19 monitoring and
analysis which supports global efforts to curb the disease.
Developed in March this year, the health management platform
provides a virtual repository for individuals to store health data in real
time.
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