Business Archives - Page 2 of 5

Trump Picks Devin Nunes and Richard Grenell for Top Positions

Donald Trump has made new appointments prior to his inauguration on the 20th of January, signaling that he continues to bring in individuals that have supported him throughout their campaign and early into his presidency.

China Wakes up to the Thought of Talks as Trump’s Threatens Tariffs

While Donald Trump increases threats to impose new tariffs on Chinese goods, Beijing is devising a more sophisticated tactic that involves rewards as well as sanctions to encourage the US counterpart to the negotiating table. Citing this, they say it is to avoid a full-blown trade war and focus on stabilizing relations if Trump returns to power in 2021.

China’s Strategy: Negotiation Over Escalation

Drawing from lessons of the 2018 trade war, China is taking proactive steps, including:

The Chinese regulators preparing to launch an investigation against U.S. chipmaker Nvidia for supposed antitrust offences.
Enlarging measures to ban leading American industries from importing strategic materials, including some rare earths used in hi-tech industries.

According to Fred Neumann, HSBC’s Chief Asia Economist rounding it off that these moves indicate China’s ‘opening bid to encourage negotiations rather than engage in a tariff battle.

Economic Readiness and Strategic Coexistence
China is in a better situation than before to face tariffs with new developments in areas such as electric vehicles and clean energy. However, the fact that requires import of high technology products especially advanced microchips from the US is its weakness.

George Magnus of Oxford University’s China Centre highlighted that despite the opening up of the economy and decrease of reliance on products such as Boeing jets from the United States, a new round of trade war would still be disadvantageous to China.

Main Factors to Inspire Those Involved in Negotiation

China aims to:

Prevent Additional U.S. Export Controls: Indrade restrictions to critical input such as microchips can greatly affect especially the Chinese technology industry.
Renew Scientific Cooperation: An area of concern is that the U.S.- China Science and Technology Agreement expired in August:It also supports joint research.

Although companies such as China’s Huawei has ramped up efforts to have chipmaking capabilities onshore, it is yet to prove sustainable on the market.

Trump’s Position and Leverage

Trump has threatened to raise tariffs on Chinese imports by 10 % for economic and political factors such as curbing in fentanyl smuggling to the U.S and Beijing considers this as political making the likelihood of reaching an agreement highly unlikely.

However, the probable US increase of its own oil and gas production, Trump might find it suitable to gain enhanced Chinese imports of energy exports, and in line with his “drill baby, drill” campaign.

The Business Climate

The current difficulties of U.S. companies located in China continue to grow and business confidence has hit lows not seen since 1999, per the American Chamber of Commerce. Trade imbalances have forced Washington to act over issues to do with market access and regulatory measures.

Outlook

Indeed both countries have grounds that compel them to engage in talks but given their politically and economically charged relationship any talks would be far from easy. Reference to political objectives like human rights or fight against drug trafficking complicates trade relations and their settlement.

China’s moves reflect a dual strategy: negotiating with promises to get the best deals while admitting strategies if negotiations collapse. The decision making in the current matrix depends with both the economic view of the two players, and the politicking involved.

Good News for Motorists as EPRA Reduces Fuel Prices

The Energy Petroleum Regulatory Authority (EPRA) has given some respite to motorists in Kenya by providing a list of low prices that are to be implemented in the country for the month of December in its latest roller coaster.

Price Adjustments

Effective at midnight, the pump prices for Super Petrol, Diesel, and Kerosene have been reduced as follows:

Super Petrol: Reduced by; Ksh. 4.37 per litre.

Diesel: Reduction by Ksh.3.00 per litre.

Kerosene: Reduce for Ksh.3.00 per litre.

The new prices in major cities include:

Nairobi: Super Petrol – Ksh.176.29, Diesel – Ksh.165.06 and Kerosene – Ksh. 148.39.

Mombasa: Super Petrol at Ksh, 173.05, Diesel at Ksh 161.82 and Kerosene at Ksh 145.15.

These prices are in line with the 16% Value Added Tax (VAT) policy in the Finance Act 2023, the Tax Laws (Amendment) Act 2020, and Legal Notice No. 194 of 2020 adjustments to inflationary excise duties.

Reasons for the Drop

EPRA attributed the price reduction to a decline in the landed costs of imported petroleum products:

Super Petrol: This is quite a drop from the US$ 641.14 recorded per cubic metre in October to US$ 612.53 in November, 4.46% decline.

However, for Diesel and Kerosene products, the landed cost experienced a slightly higher increase thus Diesel by 5.76% and Kerosene by 1.87%.

Context and Impact

This is the second time that the prices of fuel have been reduced in a row – good news for consumers after months of having to pay steep fuel prices. Lower fuel prices should impact the rest of the commodity cycle and I believe it would impact transport costs thereby decreasing the inflation rate on goods and services.

Still, EPRA’s review corroborates such tendencies and proves the virgin intention to adhere to fair pricing strategy which corresponds to the international fuel costs and local taxes.

High Court directs Treasury to reveal deals on Kenya’s debt

A High Court of Kenya has recently made a ruling that will compel the National Treasury to produce all records of debts contracted on behalf of Kenya including sovereign bonds and the exact expenditure of borrowed funds alongside it within 45 days

He also accused the government of unconstitutional treatment of secrecy in public finance.

Justice Lawrence Mugambi went further and opined that denying this information is un-constitutional under Article 35(1). He also accused the government of obscurity in the management of sovereign bond and debt saying this was against the principles of the constitution of Kenya on financial freedom.

According to Justice Mugambi, ‘’It is unconstitutional not to avail treaties and agreements entered into by Kenya; There is need for transparency in financial docket.”

This comes after a two-year legal case pursued by the Institute of Social Accountability and the Kenya Human Rights Commission over accountability on the rising debts in Kenya.

Impact of the Ruling

The ruling mandates Treasury Cabinet Secretary John Mbadi to disclose:
Financial bilateral relations between Kenya and other parties inclusive of foreign states and financial institutions through debt instruments.
Sovereign bonds issued on the market in the past nine years.
The loan proceeds broken down in detail to show how they were used.

Further, these orders should be complied within the set time failure to which one is liable to be charged with contempt of court as Advocate Evans Ogada noted.

Controversial Task Force Shut Down

The ruling arrives several months after president William Ruto exclude an independent task force that is supposed to audit Kenya’s debt. As it will be seen critics opined that the task force duplicated the function of the Auditor General as provided in the Constitution, a contention that Justice Mugambi agreed with.

Kenya’s Debt Burden

The petitioners noted that Kenyans struggle because of the general lack of disclosure relating to public debts. Kenya has been among the fastest-growing economies growing from Ksh. 1.8 trillion in the fiscal year 2013/2014 to Ksh 10.6 trillion in the fiscal year ending June 2024, however, the ballooned debt has raised eyebrows over mismanagement.

In his advocacy, Ogada accused previous governments of perpetuating the begging culture and hiding pertinent information about the debts from the public, making citizens to pay the debts.

Looking Ahead

The outcome of this decision is believed to provide direction as to the level of indebtedness and borrowing that Kenya should undertake. It also re-emphasises the judiciary in the fight for accountability in the management of the nation’s financial resources and empower the people of Kenya with information concerning decisions made on their economic lives.

Given 45 days to act, the Treasury is under pressure to disclose materials that could redefine Kenya’s debt strategy.

Enzo Maresca Hails Cole Palmer ’s Ability as Chelsea Eye Premier League Championship

Chelsea’s boss Enzo Maresca has come out to shower his praise on Cole Palmer, informing his audience that the young 22-year-old is a ‘different’ player whose abilities have greatly enhanced Chelsea to second place in the too much competitive English Premier League this season.

Palmer has been Chelsea’s leading striker and the team’s principal playmaker; he has scored 11 goals in 15 from the team this season and provided 6 assists. Collectively, composed and confident performances Jones’s excellent chipped penalty in the Chelsea match against Tottenham has made him to a standout performer.

Pride of Maresca received from Palmer

Maresca, who landed at Wolverhampton in 2012 from Manchester City where Palmer was once part of its Elite Development Squad told media how proud he was to be associated with the Englishman. He expounded on Palmer’s prefrontal and psychological performance and relaxation in key match situations, something typical of top talent.

Cole is another one out of the lot. Most top players have that kind of a demeanor, and it affords them liberty. Cole was like this five yeArs ago and he is still like this,” added Maresca.

Maresca fell short of anointing Palmer the best player in England, though he had huge words for the young footballer.

And at this moment, he could be that, but the fact is that England is blessed with a wealth of talent. Absolutely stated, Cole is one of them and may be, can be world-class. But he is just 22 and there is always time to learn and memorize the lessons,” he further pointed.

Chelsea’s Title Hopes and Champions League Chances

Chelsea, now four points behind Liverpool at the top of the Premier League, welcome Brentford to Stamford Bridge on Sunday in the title race and the fight for Champions League football.

Maresca is confident that Palmer will also help Chelsea to continue its winning streak, but he also listed the obstacles the young forward has to overcome, namely man-to-man marking and physicality in the Premier League.

Palmer’s sterling performance at the beginning of the season has now firmly established him as part of the reason for Chelsea’s revival, with Maresca citing how the player relishes under pressure and keeps improving.

EPL followers and Chelsea lovers in particular will be looking forward to whether Palmer will continue with his brilliant form to help his side to clinch a trophy this current season.

Raila Odinga calls for Africa’s inclusion in the United Nation’s Security Council.

Kenya’s Former PM Raila Odinga has provided strong justification for Africans to be granted two non permanent veto seats in the United Nations Security Council if he becomes the AU Commission Chairman in February 2025.

In the Mjadala Afrika debate held at Addis Ababa, Ethiopia Raila underlined that the non-membership of Africa in the UNSC weakens the continent’s input within the central decisions related to international security.

Main Issues from Raila’s Proposal

The Structure and Working of UNSC, Veto Power

Raila said that Africa having no seat as permanent UNSC member is colonial hangover that leaves most African states as colonial mortuary.

He remains unyielding that Africa’s 55 nations deserve two permanent seats with voting right and voice, and with veto right to protect their interests.

There are three representatives from Europe and there are no representantives from Africa. This proportion is unprecedented,” Raila said.

Reflections of Vision of President William Ruto

This statement of Raila is inline with President William Ruto’s calls for reshaping the global economic and financial structures. In the past Ruto has criticized Africans as being deemed as high risk borrowers even with the continent endowed with natural resources and has called for the African Union Commission to lead on economic diplomacy.

Amendment of the international financial system

Raila condemned the international financial system, which, according to him, imposes unreasonably high interest rates for African countries.

He recommended establishment of African financial triangle of development that will offer member state low interest funding to unlock their potentials.

Africa filled with natural resources but lacking in living conditions. He further said, “There is a huge imbalance here, which requires us to reform the international financing systems.”

Speaking during the breakfast meeting in May 2024 Ruto called for the construction of fairer international development finance architecture and the transition of the AU from its being liberation bona fide organization to one that responds to today’s challenges.

The Larger Vision

Both leaders are advocating for Africa to be a more active member in the global governance structures which is a typical African agenda in security, finances and development.

In case Raila ascends to the AUC Chairpersonship his lobbying additional UNSC representation and paragon for fiscal reformation may become a watershed in Africa map within the international system.

List of Nationals Awarded During Jamhuri Day

More than 500 Kenyans were honored with the presidential awards to mark this year’s Jamhuri Day celebrations that were held at Uhuru Gardens on Thursday. President William Ruto awarded citizens from the different fraternity for their efforts and work towards the nation demonstrating Kenya’s recognition of hard work and commitment.

Highlights of the Honorees

Head of the Order of the Burning Spear (CBS)

Out of the seventy four distinguished awardees this year, one of them was Nairobi Senator Edwin Sifuna.

The Order of the Burning Spear honor comes in three classes: Chief Burning Spear (CBS); Elder Burning Spear (EBS); and Moran Burning Spear (MBS), and is bestowed on public dignitaries, professionals and members of public service who have distinguished themselves.

Other beneficiaries were a Luo Ohangla musician Prince Indah, and actresses Sarah Hassan and Brenda Wairimu.

The Order of the Grand Warrior (OGW) is received for the service and mostly for brave and selfless people.

Moran with the Honorary Membership of the Order of the Golden Heart (MGH)

Praising Douglas Kanja, Inspector General of Police and Other Five Members of the Kenya Defence Forces (KDF), this was the third category of honor, in the Order of the Golden Heart.

Grand Prior of the Sacred Tribunal of the Order of the Golden Heart (GPH)

The second tier dignity was received by Deputy Chief Justice Philomena Mwilu, its recipients usually include Deputy Presidents, Speakers of Parliament and senior public servants.

Order of the Burning Spear: CBS, EBS, MBS.

Order of the Golden Heart: Lastly, Chief (CGH), Elder (EGH), Moran (MGH).

These are: Distinguished Conduct Order (DCO), Distinguished Service Medal (DSM), Silver Star and the President’s Commendations for military and civilian formations.

Purpose of the Awards

These honors are awarded during national events to reward individual’s devotion to the country with the intention to promote such services throughout the country as the government demonstrates its support to recognizing accomplishment in services, arts and security.

The event was a testimony that there exist a lot of talent in the Kenyan society, as well as the fact that Kenyans are the backbone of the country’s development.

President Ruto: A Reflection on Leadership Accomplishments and Issues

Addressing the Nation during the 61st Jamhuri Day Celebrations held at the Uhuru Gardens, President William Ruto admitted that his government has not delivered on the expectations of the people of Kenya since he assumed power in September 2022. These notwithstanding he quantified some degrees of improvement on several fronts, an indication of his fervor towards the Bottom-Up transformative agenda.

The Importance of Recognizing Deficiency and Achievement

President Ruto bluntly admitted that Kenya is yet to fully realize the desired dreams because the administration is yet to properly execute on all foisted obligations.

The president focused on the areas of reform and change that have boosted livelihoods in areas of population feeding, health care, opportunity creation, and safety and freedom.

Key Achievements

Economic Reforms: Measures that seek to flatten the economic curve and bring conditions that are suitable for operation in the economy.

Social Health Insurance Fund (SHIF): Introducing Taifa Care to enhance access to healthcare.

Affordable Housing Projects: More housing units underway with indications that key handover to owners will commence in the following weeks.

Job Creation: Creating opportunities in local and international job markets including placement of 300 youths for overseas employment.

Addressing Critics

The president asked the critics to stop ranting and instead to start speaking facts because even he stated that there has been progress.

“How long will the cynics use Kenyans to mobilize them to ignore facts that are tangible, facts which people can embrace through their bare vitrual.”

He stated confidence that policy anew such as the BBI, affordable housing and job creation will help Kenya solve its age old problems and impart confidence among the citizens.

Vision for the Future

President Ruto reaffirmed his commitment to achieving Kenya’s aspirations through unity and a shared sense of purpose:

“When we all come together for that common thing we call a dream, to build the nation, then we shall build a great nation.”

Outlook

Although President Ruto embraced the fact that there is still a lot that could be done better his government has confidence in touching up the country’s transformation. His leadership vision focuses on endurance, teamwork, and on the development of sustainable person-centered solutions.

Nairobi gets Ksh 43 Billion for the Development of BRT Project

Nairobi County Governor Johnson Sakaja has gained Ksh.43 billion funding from foreign partners to resurrect the Bus Rapid Transit (BRT) project that has stagnated. After completion of consultations with the European Investment Bank, the European Union, and Avec the French Development Agency this funding is going to further the constructions from Dandora to CBD and Ngong.

Revitalizing Urban Transport

Flying from Nairobi’s South B terminal, BRT targeted to begin by August this year in a project that seeks to improve traffic flow by having well-developed bus lanes and better-designed bus stations in Nairobi’s public transport system. The leader of the day, Governor Sakaja said during Jamhuri Day celebration that development will be manifested early next year.

Key Infrastructure Upgrades

Besides the project of building the BRT, plan of the county government in conjunction with the national government is to rehabilitate the worn out roads within the city.

High impact tarmac roads that include Uhuru Highway, Mombasa Road and Waiyaki Way are targeted for repair and under body makeover as CS – Roads Davis Chirchir disclosed during a tour recently.

All these are endeavors that fall under broader initiatives to increase movement and mobility solutions in Nairobi.

This work is therefore aimed at examining cultural recognition in City Development.

The Governor in making his speech announced ideas of renaming city roads after Kenyan artists. For instance a road in south c will be renamed e-sir Issah Mmari, a Kenya hip hop artist, whose impacts are still essential in the Kenyan music industry.

Impact and Future Outlook

Besides roads, the BRT project is a sign of the authorities’ attempt to develop Nairobi and solve transportation issues that have been around for decades. The cultural acknowledgments also go along with the intentions of the city to incorporate community pride into the process of urbanization.

Solving Japan’s Demographic Disaster

Tokyo to offer Free Daycare as the Government Strives to Promote Birth Rates

Tokyo’s Government says it will offer free early-years childcare from September for all preschool children. This historic project spearhead by the Governor Yuriko Koike, seeks to reduce Japan’s low fertility rate through the reduction in the family’s economic burden.

Even free daycare available before was only available for the 2nd born and other subsequent children, while free daycare for first born children under this new policy will support all families adequately.

Solving Japan’s Demographic Disaster

The population density of Japan has has been on a decline for many years and when compared to many developing countries has one of the lowest birth rates. In her speech, Governor Koike was stressing on the severity of the problem referring to it as a crisis and urging people to act immediately.

Japan has an increasingly aging population ranked second oldest in the world, and limited immigration is a push factor to labor and other economic concerns. Policy makers have however increased efforts to reverse this trend with Tokyo leading by examples such as free daycare.

Broader Policy Shifts

Work-Life Balance

Koike has suggested the transition to the 4-days-a-week work for the officials with government agencies as a part of the national initiatives that would promote parenting by providing better working conditions.

Expanded Access to Daycare

There is already considerable public daycare for working parents but planning is under way to extend to access to all families in the supported society for the Japanese government.

Social Welfare Enhancements

As for the rest of Koike’s social-democrat driven agenda, she has focused on such aspects as social welfare benefits due to high inflation and financial problem of families.

A Regional First

This policy can be regarded as the first in terms of regional policies of its type in Japan, which proves that Tokyo is ready to take the leadership in addressing the demographic problems of the country. The capital has 14 million people, and its measures could become a reference for other areas of the country.

Outlook

Koike’s move is a sign of a new realization that sharp-edged, family-oriented policies are needed to address the impending demographical challenge. If successful, it is conceivable that Tokyo’s measures may give direction on how to control similar problems in the remaining sections of Japan or other countries.