NEWS - Page 8 of 8

Why Ruto Cancelled Adani’s Airport and Energy Deals: A Story of Scandal, Pressure, and Politics

The Billionaire, the Bribery Scandal and A President’s Dilemma

Kenyan President William Ruto canceling multi-billion-shilling deals with India’s troubled Adani Group has caused political and business circles to sit up. What caused this dramatic change of events and what lies in the Kenyan future after it?

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Mounting Opposition: From Clergy to the Street

Street protests and demonstrations against the unpopular agreements on airport construction and transmission of power line crossed the country for months while the ruling elite stood firm to support those projects. However, the shoe was on the other foot when the American authorities charged Gautam Adani and six directors of his company with having conducted a $2 billion bribery and fraud conspiracy.

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Realizing that, he entered the world stage and ignored demands for reforms at home while containing dissent within the limits. Was it an act of political survival or is it truly fight against corruption?

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Adani Under Fire: Fraud, Bribery and Its Consequences Across the World

Adani was charged by the U.S. Department of Justice of offering $250 million in bribes to win the rights to develop and sell solar energy to the nation, extensive fraud to investors and the broader public, as well as obstruction of justice. Adani rejected the charges, described as false.

The fallout was immediate: Adani shares tumbled and Kenyan authorities started doubting that the conglomerate would be capable of fulfilling its commitment.

Sacring Kenya’s National Assets

Even more problematic to outsiders were questions to Adani’s ability to finance the deal – only 30 percent of the needed amount was assured. Even more disturbing was the belief that some important assets such as Jomo Kenyatta International Airport might be sad if Adani used it as security and later failed to service international debts.

“And it seems we did not have much confidence about how Adani would finance these projects. Continuing would have strengthened corruption perceptions,” observed the senior official.

The Breaking Point: What Video Convinced Ruto To React?

The indictment held out to Ruto the perfect chance to turn the deals in his favor, regain the public’s trust while at the same time wooing foreign collaborators.

When the president scrapped the deals, he achieved severing ties with a firm entangled in corruption allegations as well as stimulating resurfacing concerns of Kenyan people’s loss of sovereignty over crucial assets.

No Compensation? Kenya’s Legal Safeguards

Fortunately for Kenya the the deals were still at preliminary stages, the government is thus not likely to incur penalties in case of termination. The integrity clauses enabled Kenya to get out of the agreement without paying the Indian company for losses as envisaged by Adani.

Human suffering and political and public scandal

The cancellation has attracted political lenses with influential politicians accusing Adani of entering Kenya to enrich some political players.

Speaking to The Independent, Barrack Muluka, a political analyst, said: “Adani is just a sovereign guise.” But the back bone is in the government.”

However, Nelson Amenya who leaked such deals has turned into a national icon thanks to his cries for radical openness.

What’s Next for Kenya?

The demise of the schemes is a concern to Kenya’s public-private partnerships and has left a-banter regarding future investors scrutiny.

Energy Minister Opiyo Wandayi, at first a defender of the projects, is now in the firing line. President Ruto has fired a warning shot at all persons involved in corruption by promising to crack the whip hard adding that the sovereignty of this country and its integrity are something that he will not negotiate for.

The photographic history and the statistics of each reformist educate the viewer with a global lesson on accountability.

The Adani crisis gets worse internationally and it has presented the reality and significance of risk assessment while forming partnerships with overseas counterpart. In Kenyan context, it is a sad ode to the fact that the public good cannot be a subsidiary of private gain.

What do you think that is a recent great move by President Ruto? Creative policy-making, or mere accommodation of the highest state official’s vision or political necessity? So let us know in the comments below!

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Eric Bellinger Bridges Cultures with Afro-Inspired Album, It’ll All Make Sense Later

Eric Bellinger Bridges Cultures with Afro-Inspired Album, It'll All Make Sense Later

From Hitmaker to Global Artist

Commonly known as the Grammy award winner singer/song writer in the R&B and Hip Hop fraternity. Eric Bellinger appears to be the only one who can do both with so much efficiency. Most of them remember him from a viral video of him performing Usher’s ‘Superstar’ during NPR’s Tiny Desk Concert.

Reflecting on the impact of that performance, Eric shares:

It was a great privilege to be with Usher for the Tiny Desk concert, and naturally observing it gain the most votes is a blessing. It encouraged me to make songs with a purpose, songs that inspire and can relate with individuals across the globe,”

A Journey to Africa: Where Music and Culture Meet

In January of this year, Eric set off on a change mission to Cape Town, South Africa, plunging himself into the sonar, color and beat of the continent. The result? His latest album, It’ll All Make Sense Later—it is a 15 track album that complements R & B with Afro rhythmic elements.

“This project was inspired by my own life and identity,”, Eric comments. Meanwhile, the experience I earned in South Africa; it’s beaches, woods, and foods helped me concentrate on music without any distractions. He said: “It felt like a creative rebirth.”

The album features several other African artists, such as Ghana’s Afro-Fusion singer Gyakie, and Nigerian artists Burna Boy, Reekado Banks, Oxlade, Tempoe and Taves. These five tracks combine world music with the tunes which promote life, love, and the search for oneself.

Dancing to New Rhythms: Afro Meets R&B

To those that are familiar with previous albums and consistent with Eric’s R&B, this album may come as a shock. Eric describes this project as a celebration of triumph and joy:

“As much as I have been known to stick to the basics of R’n’B – bedroom music, slow lyrics and slow rhythms or fast rhythms to dance to this time I did. I wanted to celebrate. Afro was the first place my heart led me and I rejected what I deemed to be the norm for my music.

Some of these include Feelings Never Die and Shooting Star (Oxlade). Shooting Star is an R&B song that will have anyone grooving to it’s consistent rhythm while Feelings Never Die focuses on issues of heartbreak and one’s ability to recover from it.

I could not have asked for a better partner to work with on this project: Oxlade. This song Tyrant describes hope and going after your dreams and it’s all about victory according to Eric.

A run of countless hits and shifting genre: the experience of penthouse.

From charting hits for Chris Brown (new flame, champion), usher ( Lemme see), and Justin Bieber, G.O.A.T and VALET as an artist, Eric’s story is Unbelievable right from Compton to worldwide. In addition to being of music royalty as he is the son of Robert ‘Bobby’ Day the man behind songs for the Jackson 5, his music has earned him a Grammy Award in addition to the creation of more than 300 songs in 40 albums.

With It’ll All Make Sense Later, released now, Eric goes even further in exploring different fronts of electronic music, incorporating also Amapiano, Afrobeats and R&B.

The Future of Cross-Cultural Creativity

This album is just a start in a new phase of his relation with Africa, the motherland. That is why he is already contemplating a second trip to the continent next year, January 2025, to deepen the cooperation with African artists and promote cultural exchange.

This is how Eric philosophizes about this album: “I see this album as a faith walk.” It’s about believing that more is possible now than what one can see now. It’s my hope that my fans will be encouraged to trust their own processes.”

As Bellinger connects two continents with It’ll All Make Sense Later, the audiences globally can sing, twerk, and go beyond boundaries granted by the music. Could this be the beginning to a new generation of Afro R&B hybridity? Only time will tell.

Watch or Stream It’ll All Make Sense Later now, and let the story develop!

Uber Raises Ride Prices Following Drivers’ Recent Protest

Uber said it had raised the minimum fare to KSh 220 as a result of the drivers’ demonstrations and the high living standards in East Africa and other areas. They have also realized new service categories for drivers to earn more money with what we have today as Uber Comfort and Chap Chap Priority. Uber stated that for them to improve the drivers’ levels of satisfaction; they have started the reward programmes that give the right cash bonuses, and incentives for the foremost performing drivers, coupled with more operational partnerships to cut operating expenses. The reward programmes have been existing even before some of the protests; it is how the platform tries to take care of drivers.

Drivers' Protest

Ride-hailing app Uber has announced a price increase across its services a month after protests by digital taxi drivers over the existing pricing models. The new pricing model, which includes raising the minimum fare from KSh 200 to KSh 220, aims to curb instances where drivers request additional payments—a trend that has caused discomfort among clients recently. About a month ago, drivers from various ride-hailing platforms staged protests demanding a review of prices, which they claimed were exploitative and left them with very thin profit margins.

Pricing strategy and earning of Uber drivers
In a bid to address issues to do with the pricing of the rides as well as the remuneration of drivers, the company outlined several factors that go into the determination of fares including the minimum fare and the price per kilometre, starting price as well as the price per minute. However, the firm had expressed concerns regarding the new emerging voices from the drivers and other stake holder urging Uber to effect fare hike to enhance the dissatisfaction among drivers.

Uber Comfort
To increase driver earnings, Uber has come up with numerous categories of services including, Uber Comfort for which customers are willing to pay. This category demands specific standard of the vehicles used, it can be newer models as a way of offering customer a superior experience.

Reward programs on Uber

Uber Care: This program rewards the 30 most highly rated active drivers and the top active drivers with completed trips with cash bonuses.

Uber Pro: Persons are grouped in the colour code of drivers Blue, Diamond and Platinum. The drivers who gain the Diamond status are eligible for the bonus of KSh 10,000. Additionally, to cut down the operating and maintenance cost for the drivers, Uber stated that it had tied up with some strategic suppliers who offered spare parts at a cheaper rate and maintenance

Chap Chap Priority

The other option is Chap Chap Priority, which is only operational during peak hours and costs drivers an extra KSh 110 on each trip.

Co-op Bank Reports KSH 18.2 Billion Profit for the First Half of 2024

Co-op Bank announced that it made a profit before tax of KSh 18. 240 billion and a laudable 10 billion for the first half of year 2024. Seven per cent increase from KSh 16. 4 billion level seen in the conditions of the first half of the 2023. This is a post tax profit of KSh 13 billion as compared to KSh 12. 1 billion in 2023 which has been reported here in this forum.

Performance Highlights

The impressive result reflects the group’s strategy aimed at sustainable organic growth, solidity and flexibility which provided for the Bank Return on Equity of 22. 1%

Strong Digital Footprint
A core Banking System, which gives the chance for the organisation’s development and improved performance.
The bank has remained keen in using the new core banking system – the latest version of Finacle from Infosys, which has been ranked among the best platforms globally – to enhance the group’s digital synergy. The system will additionally provide better service delivery and advanced and modern solutions in banking. In the diction channel the bank manages to have over 93 per cent of all the customers transaction being relocated to the following strategic areas, 24-hours contact centre, 604 ATMS/CDMs, mobile and internet banking, and over 17,000 Co-op kwa Jirani agents /Networks.

Its Omni-channel platform still provides the users the conveniences and immersed experience. The platform connects with the online banking with the use of personal computers, mobile phones, and USSD give services to all our customers electronically through their chosen channel but feel and transact from wherever they are.

Non funded income streams Mco-op Cash Mobile wallet remains robust with non-funded income of Kshs 36. 4 Billion in loans disbursed in 1H2024; The average table below shows: 6. 1 Billion per month. More than 223000 customers have adopted the MSME packages that were floated in the 2018 with the 63500 being trained in business management. In H12024, expenditure was made in the amount of Kshs. 7. Has successfully disbursed Ksh 5 Billion to MSMEs via our Mobile E-Credit. MSMEs make up 15. It comprises 9% to total Loan Book.

The novel approach of affordability of banking services for FOSA supports cash for enhancing FOSA operation and equips 484 FOSA outlets as a means of offering banking services to over 15 million Sacco members including the rural/remote areas.

Addition to the MSCI Index

MSCI (Morgan Stanley Capital International) had developed the MSCI Kenya Index that captures the performance of large and mid- cap companies listed in the NSE allowing foreign investors to get real time flow of the NSE market hence enhancing their capacity to make investment decisions.

A large and growing number of branches

Branch network has grown to total of 199 outlets (4 in the new country of South Sudan). Other outlets are intended to be established this year, with two of them placed in Imaara Mall on Mombasa Road-Nairobi and at Ugunja in Siaya have already been opened. Kingdom Bank, a suseidiary of the Bank joined the Meru County market opening it’s 22nd branch, out of which 3 branches have been opened this year alone. There is a strong emphasis in the new branch to serve the ever-growing agricultural population in Meru and its environs, and at the same time to act as a stimulus to the growth of business activities in the region. Co-operative Bank of South Sudan has operationalised fifth branch in Wau that will see business expansion and financial accessibility in South Sudan.

Duo creates CBC exams digital tool to assist teachers

Darasa app was adopted in Kenyan schools when schools were closed due to the emerging Covid 19 pandemic.
Co-founders of the Firm are delighted to have been able to develop a product that is well embraced by the market.

At the onset of the Covid-19 pandemic in schools in 2020, Chris Kamande and Brian Gacari co-developed a digital product to support continuity of learning.
The above learning content is in the Darasa app product which would consist of animated videos on different topics and areas, live Life and Career talks as well as live classes from teachers from some of the leading schools in the country.
We could not have hoped or prayed for the innovation at a better time because the outbreak of Covid-19 required the restriction of movement, which in turn ensured that students were able to follow through with their learning.

Video game developers excites investors with pitches at Microsoft camp

Several video game developers who presented their projects to a camp organized at the weekend by Microsoft, one of the world’s largest technology firms are optimistic they will source for funds for their projects.
Some of the games showcased in the camp included ‘Tingish’ and ‘Finke Desert Race’ by Arkitech Studios, which noteworthy received The Fak’ugesi Festival Awards in 2022, the first of its kind in Africa in the video gaming niche. animation, virtual reality/augmented reality, digital arts and music.
Africa’s video games industry is projected to generate $1bn in revenues in 2023 for the first time from $800m (Sh103. 93bn) in 2022.

“Africa is on the precipice of something quite remarkable as far as gaming is concerned. It is refreshing to see the kind of innovative and enthusiast that we have seen here,” Melissa Boone, Principal Xbox Research Manager.

Addressing the same function, Melissa Boone — the Principal Xbox Research Manager as well as the Chief of staff at 343 industries which falls under Xbox game studios- was quick to note that they are more than willing to foster gaming talent.
”At Xbox, we are convinced that games are able to unite and transform people, therefore, our mission is to facilitate the work of gifted designers and assist them in making their vision come true,” she said.